"For far too long the United States has minted pennies which literally cost us more than 2 cents, he wrote in an online post in February, as costs continued to climb. This is so wasteful!"
"We have been advocating abolition of the penny for 30 years. But this is not the way we wanted it to go, Jeff Lenard of the National Association of Convenience Stores said last month."
The U.S. Mint in Philadelphia produced its final circulating penny on Nov. 12 after a presidential order to end production due to rising costs that exceeded face value. Pennies have been struck in Philadelphia since 1793 and have been made of zinc with a thin copper coating since 1982. The Treasury expects annual material savings of $56 million by ceasing production. Retailers and banks experienced shortages and rationing during the phase-out, provoking concerns over abrupt implementation and guidance. Convenience stores had long supported eliminating the penny but criticized the suddenness of the change. Millions of pennies remain in circulation.
Read at www.mercurynews.com
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