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07-03-2006, 03:53 PM #1
A Penniless America? Does It Make Cents?
http://www.10news.com
A Penniless America? Does It Make Cents?
POSTED: 1:36 pm PDT July 2, 2006
UPDATED: 1:44 pm PDT July 2, 2006
PLYMOUTH, Mass. -- A penny bought a loaf of bread in early America, but it's a loafer of a coin in an age of inflation and affluence.
It's slowly sliding into monetary obsolescence.
For the first time, the U.S. Mint has said pennies are costing more than 1 cent to make this year, thanks to higher metal prices.
A Maryland man who heads up a group called Citizens for Retiring the Penny says the very idea of spending 1.2 cents to put 1 cent into play strikes many people as "faintly ridiculous."
Gallup polling has shown that two-thirds of Americans want to keep the penny coin. There's even a pro-penny lobby called Americans for Common Cents.
The Mint's announcement is a milestone, though, because coins have historically cost less to produce than the face value paid by receiving banks.Support our FIGHT AGAINST illegal immigration & Amnesty by joining our E-mail Alerts at http://eepurl.com/cktGTn
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