In, an interview by CNBC Squawk box Philip Diehl, president of the US Reserve speaks about how a penny has become devalued in current day. It is no longer copper and instead is made out of zinc. In today’s world people often pass a penny by. Sometimes they don’t even take it back from the cashier.
There is talk that at some point they will stop producing the penny and often it is more expensive to make the monetary coin than it is even worse which makes little sense in today’s world. The need to keep the penny around is more done for the conversation of the coin that one of our most famous presidents sat on, Abraham Lincoln.
Is it more important to have it as a symbol or to get rid of it and help the economy. It is interesting how it is considered such an important token of history and that keeping it around is even considered.
It is interesting to think about how many people would now just pass it by instead of taking it’s importance in to context. The thought of making something, losing money and keeping it around seems to be a fruitless effort. There is also thoughts that it would make bookkeeping a difficult effort. Strangely enough the opinion is that it really wouldn’t cause any problems and is more trouble than it is worth.
According to Crunch Base, Soon the United States will move to get rid of the penny and nothing much will probably change the US Money Reserve. Instead of a Pennies could be a thing of the past..penny being the biggest issues people are concerned that a nickel might be more of an issue but, it is truly not a big of a problem to be concerned about.
Someday in this world a child will be born and the shiny copper (not really) will be something we never discuss again. It sounds like most of the reason for hanging on to the penny is simply rooted in tradition and nothing more. Eventually the penny will be some sort of nostalgic peace of history. It will definitely be remembered but, probably not used.