“When someone asks you, ‘penny for your thoughts,’ and you put your 2 cents in, what happens to the other penny?” This confusing question, which was asked by George Carlin, may not be worrisome in the future.

There seems to be a group of “ne’er-do-wells” that find the coin to be a bad penny, something you can’t get rid of. They believe the coins are too heavy to carry around, take up space in purses, and can slow down transactions. There also is the unheard outcry of panhandlers tiring of the once copper coin hitting the bottom of their tin cup.

With the face value of 1 cent, the penny is the smallest denomination of currency in the United States. It has been in circulation since 1793. Over past years, there has been a heated argument about whether the penny should be discontinued and withdrawn from circulation.

Some people advocate for discontinuing the penny because the cost of producing a single penny has been more than its face value for years. In fact, it costs about 3 cents to make each penny. Therefore, with inflation affecting the cost of raw materials, labor and distribution, producing a penny is becoming even more expensive. The United States lost over $93 million producing the coin last year, which is only a tiny gnat on the ass of our Nation’s $34 trillion dollar debt.

Since the penny has practically no value, there have been debates regarding its continued production and circulation. Discontinuing them could save the US government millions in coin production costs. Plus, these “no-penny-needers” think it is time-consuming to count and handle pennies when making a purchase. Therefore, eliminating pennies would save time for businesses and consumers alike.

Then there is the negative environmental impact that the penny causes. The production and transportation of pennies negatively affect the environment. This involves mining copper and zinc, which can adversely affect the environment.

Without the penny, cash transactions would have more efficiency. By rounding up to the nearest nickel, transactions become more efficient and reduce the number of coins people have to carry around. These coins however, are what is being asked for charitable donations with penny drives or collection jars. Therefore, eliminating the penny could make it more difficult for them to raise funds.

The copper penny, though no longer copper, has been part of our currency since 1793 when it was 100-percent copper. In 1856 it became 88-percent copper and 12-percent zinc. In 1864 it went back to 95-percent copper and 5-percent tin and zinc. During WWII it became the steel cent and was zinc-coated steel. In 1947, it again went back to 95-percent copper and 5-percent tin and zinc. In 1962 the penny was made with gilding metal, a form of brass alloy of copper and zinc. Then, in 1982, it became the present copper-plated zinc, 97.5-percent zinc and 2.5-percent copper.

Abraham Lincoln became the first real person on a U.S. circulating coin. In January 1909, on the centennial year of the late president’s birth, Teddy Roosevelt commissioned Victor David Brenner to design a cent depicting the president known as Honest Abe. It was the first widely circulated design of a U.S. president on a coin. While the Lincoln portrait has remained the same since then, several different designs have been used on the reverse. From 1909 to 1958 it was ears of wheat to symbolize America’s agricultural might.

Technically, the penny keeps the consumer prices down, and rounding cash transactions to the nearest nickel, could lead to a slight increase in prices. This will not only hurt low-income households, but also contribute to inflation. Critics say that eliminating the penny will cost Americans money because sellers will round their prices up. Research suggests that while some sellers may round up, others would round down, so consumers would break even. We all know with the gluttonous greed of our current society, the rounding would be more widely used in an upper motion.

The United States is not the first country to have discussions about discontinuing the penny. Various countries have already withdrawn their low-value denomination coins. Australia eliminated its 1- and 2-cent coins in 1991. Switzerland stopped minting its single Rappen in 2007 and Canada discontinued its penny in 2012.

Coin users should beware. After the penny is gone we will just be nickel-and-dimed to death. These shiny denominations will be the next to be banished as we tumble closer to a cashless society.

The phrase, “nickel and dime” already comes with a negative connotation. The term is used to describe how someone keeps worrying about minor costs in a financial exchange. It describes insignificant amounts of money that are small when taken individually.

Nickel comes from a German word meaning goblin, demon or devil. Dime is a Middle English derivation of an Old French word originating in Latin, meaning one-tenth.

Dimes figure their way into another expression of low value, “dime a dozen.” If that is all something is worth, it suggests it is common, easily obtained and exists in abundance. “Dime a dozen” remains popular because of its echoing resonance.

The United States federal government has no plans of discontinuing the penny, though there have been numerous talks about the penny being eliminated. Despite the discussions about potentially suspending it, the penny production continues on and is still being circulated.

The nickel, dime, quarter and half-dollar coins are still dispersed and widely used in daily transactions, though it’s hard to find a place to “spend a penny.” The expression started because public toilets were installed in the United Kingdom in the mid 1800s that required a penny deposit to be unlocked. Over time, the phrase has come to mean the general term for using the restroom.

Benjamin Franklin’s quote of “a penny saved is a penny earned” might not have the impactful meaning it did when spoken, but one penny is still a significant thing. Having 100 pennies still means you have a $1 bill, even if it did cost $3 to get the crumpled note into your pocket. - dbA

You can find more of the unfiltered insight and the Art of Dan Abernathy at www.contributechaos.com.