NEW YORK (CNNMoney.com) -- Representative Jim Kolbe wants to do away with the penny - and for a second time has introduced legislation that would effectively kill it.
The Currency Overhaul for an Industrious Nation (COIN) Act would force the rounding off of all cash transactions to the nearest 5 cents, making the penny coin useless for everyday transactions.
The move is in part a reaction to the rising cost of zinc - the penny's main ingredient - which at current prices brings the cost of making the coin to 1.4 cents each.
Kolbe (R-Arizona) introduced similar legislation in 2001 when prices for metals weren't as high. The bill failed to pass or even to make it to a floor vote. Since then, however, zinc costs have nearly doubled.
Over half of the U.S. Mint's coin production comes in the form of pennies. At current prices, the Mint would spend some $44 million producing pennies this year, nearly $14 million more than in 2005.
Tuesday, July 18, 2006
Subscribe to:
Post Comments (Atom)
10 comments:
I heard somewhere, Daily Show or some shit, that removing the penny would cause the US economy to crash. I like the penny. I use the penny. USE THE PENNY, DON'T HOARD THEM. I think that Americans should use more coins. When I was in Ireland I loved using the 1 and 2 euro coins. and I'm drunk. Love you all.
Bad Penny Big Black
Love you too big guy.
Yeah, it would be hard to imagine life without the Penny. Using the Penny is fun.
Huh... The federal government's running a $300 billion annual deficit, and someone is worried about the $0.044 billion spent on making pennies?
I would support a penny free USA.
Fuck it, lets eliminate currency entirly, bar codes linked to bank accounts for everyone.
what is next creditcard sensors in the ass crack, that32.95 sir ,oh hold on while i bend over and you can swipe my card.
johnboy
Mark,
Glad to see you're biting sarcasm back in the room! Not to mention your speedy abilities at putting things into mathematical perspective!
I'd like to know how the U.S. economy would crash without the penny. I think that someone's regurgitating the plot from Superman III on that one.
I think that they said that the removal of the penny would be a big enough change to undermine people's confidence in the economy or some shit like that. I'm not saying that I necessarily believe it. Although I heard Brittany Spears husband Federline, I forget his first name Ken or something, is stumping to save the penny. I like the penny, but I don't know that I want to be in the same company as the likes of that talentless hack moron.
well kolbe is a gay republican and is against the inland border check points and i really have no use for the penny(except this one cute girl i once knew) plus if the daily show reported the collapse of the economy it was a parody so i think i gotta side with koble on this on.
a gay republican!!!!
I'll best that one. I've worked for a Gay Jewish Republican. I believe he spends a lot of time firing himself, but then rehiring himself as a consultant, only to get fed up at the ongoing request for benefits for his domestic partner. At least he doesn't believe in gay marriage, lest someone think him a hypocrite.
Post a Comment