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Feb062013

A Nickel for your Thoughts?

Canada said goodbye to the penny this Monday, February 4th, 2013. (Ironically, right before Lincoln's birthday, who is on the United States' penny).

It has been said that the Canadian penny is believed to be a cluttery nuisance, having too little value and is sometimes known as the "currency without any currency" due to the fact that it actually costs more to make a penny than the penny itself is worth, according to USA Today.

Some people believe the US is going to follow Canada's footsteps and eliminate the penny also, others believe it to be absurd and worry about inflation and how rounding will affect prices.

According to Americans for Common Cents, a poll was taken in 2012, and found that over two-thirds (67%) of those surveyed favor keeping the penny in circulation, and 77% were concerned that "if the government implements a rounding system for cash purchases, businesses might raise prices."

Fun fact: The average American home has roughly $93.75 worth of pennies collected in jars, lost under sofa cushions, of forgotten in old purses and pockets.

Just over 1,000 new pennies are minted every second. With that being said, what do you think? Is the US penny losing its value or will it be in circulation for years to come?

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