Dick Johnson writes:

End pennies, save money

Are pennies worth the trouble? Data from the U.S. Bureau of Labor Statistics shows that the purchasing power of one cent in 1913 was approximately equal to that of today's quarter. In 1913, the cent was the lowest denomination coin and today it still is. Over 2.5 billion pennies were struck (2014-2016) and comprised 55 percent of the total coins minted. Estimates of the cost to produce and distribute pennies range from 1.7 to 2 cents each and the Treasury loses $100 million yearly by continuing to produce these nearly worthless coins.

Canada stopped minting pennies in 2012, and it's time that the U.S. does likewise. This action would halve U.S. coin production and could justify consolidating coin manufacturing from three mints to two. Given the country's ballooning deficit, it makes perfect economic sense for the U.S. Treasury to abandon nostalgia and end deficit-enhancing penny production.

Tom DeFiore
Hammonton

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