penny news stories on Newser

Canada Phasing Out Pennies

Rob Quinn — Fri, 30 Mar 2012 00:01:00 CDT

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...

Let's Replace Dollar Bills With Coins

Matt Cantor — Fri, 14 Oct 2011 14:24:46 CDT

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 to save...

Amid Debt Mess, Renewed Calls to Kill the Lowly Penny

Mark Russell — Tue, 16 Aug 2011 12:02:05 CDT

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 $42....

5 Common-Sense Bills We Need to Pass

John Johnson — Sun, 15 May 2011 05:13:19 CDT

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 Herb Kohl would end the outdated silliness of forcing people...

Bizarre New Design Ruins Our 'Humble Penny'

John Johnson — Fri, 19 Feb 2010 13:42:00 CST

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 the...

Now 100, Lincoln Penny Was First With 'Heads'

Matt Cantor — Sun, 08 Feb 2009 12:00:00 CST

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 a...

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

Harry Kimball — Sat, 03 Jan 2009 13:10:00 CST

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—when the IRS...

Lincoln Penny Gets a Redesign

Harry Kimball — Mon, 22 Sep 2008 13:40:01 CDT

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’s life,...

Paulson Wants to Toss Pennies

Matt Cantor — Fri, 29 Feb 2008 16:15:00 CST

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 has bigger challenges...