This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

How Americans Feel About the Penny

NEW YORK (TheStreet) -- More than 140 billion pennies are in circulation, and more than 300 billion pennies have been issued since the first penny was coined in 1787.

What's more, 100 million pennies are thought to be out of circulation or lost forever, buried deep in sofa cushions or out of arm's reach under the passenger seat of the family Buick.

If all of the pennies in circulation were lost, that would be just fine with most men in the country (women don't feel the same way).

Spectrem Group's Millionaire Center just released a survey indicating where the lowly penny stands in the eyes of the American public -- or in some cases, where it should just roll away for good.

Must Read: What We'll See as Downton Abbey Heads into the Crash

What's most interesting is how the penny's value breaks down demographically, with 62% of men wanting the penny shelved for good, while 57% of women still like the copper currency around. And it's not young people, but Americans between 41 and 50 years old that want to roll the penny away forever. Americans 60 and older want some pennies in their pocket for the foreseeable future.

Overall, a slight majority of adults -- 53% -- want the penny gone.

Will the federal government bend to pressure and stop circulating pennies into the economy?

It's doubtful, even as Canada, New Zealand and Australia have eliminated their lowest currency coins amid weakening popularity.

There is a good financial case to be made to eliminate the penny. Time is one issue -- the penny accounts for 60% of the U.S. Mint's production, and it cost 1.83 cents to make every one penny as of Sept. 30, according to (It costs 9.41 cents to make another coin decreasing in popularity -- the nickel.)

And for the eighth consecutive year, the penny has generated a net loss for the taxpayer, losing $55 million in 2013 (after losing $58 million a year earlier). In the past seven years, the penny has cost taxpayers $573 million, says.

But there's no discernible movement in Congress to shed the penny, and no real clamor from lobbyists or consumer groups to start one anytime soon.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
TSLA $241.80 0.00%
YHOO $36.53 0.00%
AAPL $93.64 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs