Is The Coin Penny Outdated?

A coin penny is a currency unit which was used in many English speaking countries. Although a coin penny is usually a coin of the lowest value in the currency of the country, it is also the most circulated. A coin penny is equal to 1/100 of a dollar in the United States. It was also the first currency officially recognized by the US government.

History Of The Coin Penny.

The first coin penny created in the United States was designed by Benjamin Franklin in 1787. More than 300 billion pennies with 11 different designs have been created since then in the country. The coin penny has been made out of copper or a copper-zinc alloy throughout history. This is what gives it the distinctive color that the coin penny is known for.

In 1909, the Lincoln coin penny made its first appearance. It introduces the portrait of a president on a coin for the first time. This is also the first time the motto “In God We Trust” was stamped on a coin. The coin penny has been the most produced than any other coin in history. It is one of the most popular coins collected by coin collectors today. There are some coin collectors who collect a Lincoln coin penny from every year since it was first minted as the basis for their entire collection.

Will The Coin Penny Be Discontinued?

Some people claim that it costs more to accept and count a coin penny than the coin is worth. Others claim that the penny is now obsolete and should be discontinued because of the rise in prices for everything. Most people can’t even remember the last time anything cost only a penny. The coin penny is mostly thrown away or turned into banks in large quantities than any other coin.

Even if the coin penny was discontinued, most people will not miss it or even notice it was gone. However, it would end the marketing techniques that claim that an item that costs $9.99 sells better than an item that cost $10. The trend of small children tossing a coin penny into a wishing well, hoping that their dreams would come true will also be gone without the coin penny.

Older people remember the days when a coin penny can buy them some of the sweetest candy they ever tasted. Young children nowadays put them into their piggy banks to save for a rainy day. Is the coin penny outdated? Only time will tell if the coin penny will indeed be discontinued.

By Alexandre Laurent

Alexandre Laurentl is working in the jewelry and investment gold since 2002. Alexandre graduated from The Normandy School of Business and from the University of Perpignan a Bachelor of economics in 1995.

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