Pennies to Retire?
If you’ve heard any news about the penny recently, chances are it was about their removal from circulated currency. For the first time since their inception, pennies are now costing more to make than their actual value, due to the increased cost of metal. Without a change in economics, it appears as though the penny will be phasing out sooner than later. According to a 2002 polling, 58 percent of Americans store their pennies in piggy banks or some other designated container instead of spending them. Some roll them up to cash them in at the bank [coin sorters make this an easy task], while a small fraction admits to actually throwing pennies away. This is a hot topic since the removal of the penny would mean all prices would be rounded up to the nearest nickel. For the full story, please click here.
