Barack Obama said Thursday that he’d like to get rid of pennies, as they cost more to make than they’re worth. He said, “Any time we’re spending money on something people aren’t going to use, that’s something that should change.” But when asked why he doesn’t do something about it, he commented, “I got to tell you, I don’t know … It’s one of those things where people get attached emotionally to the way things have been . . . The penny is something I need legislation for, and frankly given all the big issues, we’re not able to get to it,”
Obama blamed Congress, saying he has asked Congress for the authority to reorganize inefficient agencies, (look out, another power grab) but Congress has refused.
The penny’s value first fell short of its cost in 2006; it now costs over 2.4 cents to make one. The main ingredient is zinc, which comprises 97.5 % of the coin along with 2.5% copper. There are options such as changing the composition of the coin, using other, cheaper metals.
But even the nickel costs 11.18 cents to make, so the question is, where do you stop? Prices would increase, as differences in price would have to be measured in larger disparities.
With prices increasing year-by-year under Obama, it’s no wonder he favors losing the penny; hardly anyone would notice.