penny

16 Stories

Penny Might Go the Way of the Dodo

Treasury secretary detailed plan to eliminate coin in 2015 memo

(Newser) - Now might not be the best time to invest in zinc. The US could be following in Canada's footsteps —and those of a host of other countries, per Quartz —in ridding itself of the pricey penny, according to a March 2015 memo sent to President Obama. In... More »

Man Cashes in 500K Lucky Pennies

Otha Anders' $5K fortune will help pay off a dental bill

(Newser) - Otha Anders picked up his first lucky penny more than 45 years ago. Since then, he's gone out of his way to get as many as possible, each one a "God-given incentive reminding me to always be thankful," the 73-year-old tells the News-Star of Monroe, La. "... More »

Beverly Hills Man Pays $4.8M for 26 Cents in Coins

Kevin Lipton paid the prettiest penny ever for a one-cent piece

(Newser) - One man's cash is another man's treasure. Just ask Kevin Lipton, a Beverly Hills man who placed the winning bid of $2,585,000 for a rare penny last Thursday. Lipton doesn't find anything unusual about paying so much for this rare Birch Cent , one of only... More »

This Is the Least Valuable Coin in the World

And you thought the penny was paltry...

(Newser) - The Canadian mint has started its effort to wipe the penny from existence, and plenty of people in the US (including President Obama ) would like to do the same . But the BBC reminds us that the one-cent piece isn't the smallest to change hands in US history—the... More »

Canadian Pennies Are No More

Mint stops distributing coins today

(Newser) - That's it for Canada's penny: Today is the last day the coin will be distributed after minting stopped in May as a cost-saving measure . Still, there are 6 billion pennies in circulation, so they could be around for a long time: "We estimate three to four years"... More »

Penny Costs 2 Cents to Make, Mint Stumped on Fix

2 years of testing returns no usable alternative

(Newser) - A penny costs more than two cents and a nickel costs more than 11 cents to make and distribute. The Mint is trying to figure out how to produce coins more cheaply without sparing our change's quality and durability, or altering its size and appearance—and its initial findings... More »

Mint Tells Singer to Pay for Using Photo of Pennies

But Canadian government backs down as he launches penny drive

(Newser) - A folk singer was stunned when penny-pinchers at the Royal Canadian Mint told him he would have to pay for using pennies in a photo on the cover of his new album. Nova Scotia singer Dave Gunning was told that there would be no charge for the first 2,000... More »

Canada Phasing Out Pennies

Coin has become a nuisance: government

(Newser) - The Canadian government has decided to save millions of dollars by pinching the penny out of existence. The Royal Canadian Mint—which makes 25 pennies per Canadian every year, at a cost of 1.5 cents per coin—will stop producing pennies next month, and the government will start withdrawing... More »

Let's Replace Dollar Bills With Coins

And while we're at, it's time to ditch pennies, too: Los Angeles Times

(Newser) - Here's a quick way to cut government spending: Stop making one-dollar bills. Switching to coins could save us some $5.5 billion over 30 years, write the editors of the Los Angeles Times . That's the lifespan of a coin, while a paper dollar lasts only 3 years. Want... More »

Amid Debt Mess, Renewed Calls to Kill the Lowly Penny

Gov't could save millions each year by dropping the one-cent coin

(Newser) - Calls to ditch the penny—which cost 1.79 cents apiece to manufacture last year—are nothing new . But with budget-slashing and debt-reducing on America's mind, proponents of the move are renewing their call, reports Politico . So is the time finally right? Many think so. The US Mint lost... More »

5 Common-Sense Bills We Need to Pass

Here's two: Let's vote on weekends and stop making pennies

(Newser) - Ezra Klein uses his Washington Post column to give a push to what he sees as logical bills languishing for lack of "partisan passion." Among his first No-Brainer Awards:
  • Weekend voting: A bill from Rep. Steve Israel and outgoing Sen. Herb Kohl would end the outdated silliness of
... More »

Bizarre New Design Ruins Our 'Humble Penny'

No more Lincoln Memorial? What a shame

(Newser) - The newly designed penny continues the long tradition of ugly-looking US currency, writes William Bostwick. The front of the 2010 cent looks generally the same, but the back now has a Union shield in place of the Lincoln Memorial. That's only "the most emotionally and socially charged building in... More »

Now 100, Lincoln Penny Was First With 'Heads'

'Monarchical' fears long prevented use of presidents

(Newser) - As Honest Abe's 200th birthday approaches, his likeness in our pockets is often disregarded. But the 100-year-old Lincoln penny is actually an American artistic milestone: Its debut marked the first appearance of a real person on a US coin, the New York Times reports. After the nation’s birth, putting... More »

IRS Notice Stuns Lawyer: 'You Owe Us a Penny'

(Newser) - Washington may be loaning billions to automakers, but a Detroit lawyer? He has to pay an IRS bill of 5 cents, the Detroit Free Press reports. James Howarth was busy tallying the cost of paying his debt—which is "several hundred percent over the nickel," he said—... More »

Lincoln Penny Gets a Redesign

Commemorative issue marks Lincoln's 200th birthday, and the coin's 100th

(Newser) - The US Mint today unveiled four new designs that will adorn the back of the Lincoln penny next year to commemorate the bicentennial of Honest Abe’s birth, CNNMoney reports. The classic portrait of the 16th president will remain on the heads side. The reverse will depict scenes from Lincoln’... More »

Paulson Wants to Toss Pennies

Costs outweigh value of small change, but government has no plans to cash out

(Newser) - Henry Paulson sees little point in pennies and would stop their production if he could, the AP reports. “The penny is worth less than any other currency,” the Treasury Secretary said today in a radio interview. But a sea change in change isn't imminent: Paulson says he... More »

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