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Are You Ready to Kiss the Penny and the Nickel Goodbye?
Posted By Patrick Kiger On March 12, 2014 @ 1:37 pm In Bulletin Today | Comments Disabled
A penny for your thoughts? Well, maybe not for long.
In 2015, the U.S. Treasury Department will begin studying  “alternative options for the penny and the nickel.”
A big problem is that the cost of producing the lowest-denomination coins is now nearly twice their face value. According to the 2013 annual report of the U.S. Mint , a penny now costs 1.8 cents to make, and a nickel costs 9.4 cents to make. The Brookings Institution estimates that the difference costs taxpayers $1 billion a year . And if Canada, which eliminated its penny in 2012 , is a good example, U.S. banks will save billions of dollars a year that they spend transporting, storing and counting all those pennies and nickels.
In truth, our lives may be a little less cluttered without all those coins rattling around in our pockets or piling up on our bedroom dressers. Even so, pennies and nickels have a certain cultural significance to those of us who grew up with them, and it’ll take some adjustment to get used to a world without them.
Here are seven things that could change with the demise of the penny and the nickel:
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URL to article: http://blog.aarp.org/2014/03/12/are-you-ready-to-kiss-the-penny-and-the-nickel-goodbye/
URLs in this post:
 Image: http://blog.aarp.org/wp-content/uploads/2014/03/US_One_Cent_Obv.png
 will begin studying: http://www.whitehouse.gov/sites/default/files/omb/budget/fy2015/assets/treasury.pdf
 2013 annual report of the U.S. Mint: http://www.usmint.gov/downloads/about/annual_report/2013AnnualReport.pdf
 $1 billion a year: http://www.brookings.edu/research/opinions/2013/11/13-case-against-pennies-lets-drop-aaron
 eliminated its penny in 2012: http://www.bloomberg.com/news/2012-03-29/canada-eliminates-penny-that-costs-penny-and-a-half-to-make.html
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 Image: http://www.youtube.com/watch?v=sV8KlJvChB8
 Image: http://www.youtube.com/watch?v=mfFQXStPvag
 10.9 percent “service fee”: https://www.coinstar.com/#services
 Image: http://www.youtube.com/watch?v=jszzStU4Jug
 Penny floors: http://thepennyfloor.com/
 Image: http://www.youtube.com/watch?v=VXL9GmS2qO8
 Brooks Brothers: http://blog.brooksbrothers.com/the-clothes/a-penny-for-your-thoughts/
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