Custom Search

Tuesday, July 18, 2006

Bye Bye Penny?

Well, it looks like there is another attempt to get rid of the penny as part of our monetary system. You know what? It is probably about time.

Apparently, because of the cost of zinc, it now costs 1.4 cents to make each penny. In a time where you can’t buy anything for a penny (except maybe novelty candy in cute little tourist towns) and our country is running a deficit, we should stop making pennies.

Rep. Jim Kolbe of Arizona has introduced legislation that among other things, includes a provision for the elimination of the penny. My favorite thing about this bill, aside from getting rid of the penny is that is called the Currency Overhaul for an Industrious Nation or COIN Act. I really want the job of the person in Congress who is responsible for coming up with names for acts that form such perfect acronyms (See also USA-PATRIOT Act and US-VISIT). But I digress…

Thought a Gallop poll says that 55% of Americans favor keeping they penny, I don’t put much faith in polls, especially when the CNN poll right next to this statistic says 62% of those polled favor getting rid of the penny. Spending more to print the penny than it is worth is just ludicrous. This is just one of the many reasons why our country continues to go farther and farther into debt.

I hope that someone will read this and contact their Representative to support this bill.

I do not believe the bill has been posted on the house website yet, but I am told the bill number will be H.R. 5818, which you can search for here.