Everyone knows that a penny is worth one cent. But do you know how much it costs to make a penny? More than three cents! The U.S. Mint, which produces our coins, makes pennies out of zinc and copper. In recent years, the prices of those metals have increased.
That cost is one big reason many people think the U.S. should no longer produce pennies. Supporters of eliminating pennies also point out that the coins often wind up on sidewalks or under couch cushions. About two-thirds of the billions of pennies produced each year end up with consumers and are never used again. That’s according to the Congressional Research Service.
The U.S. wouldn’t be the first country to get rid of its lowest-value coin. Canada, Australia, and other countries have already done so.
But not everyone wants to ditch the penny. Though the one-cent coin may seem worthless to some, penny supporters point out that many people collect and save them. They can turn in their pennies at banks for cash.
Also, many charities collect pennies to raise money for important causes. For example, since 2009, an annual penny drive has raised more than $2 million for a food bank in Tennessee.