There is one coin that unites America and the United Kingdom. It’s a coin that has already been discontinued in Canada and now debate is raging in the US about its future.
The simple Penny has become much-maligned in America, with economists saying for years that their production should be stopped.
It’s hard to argue with the numbers, with production costing more than the monetary value of the coin – it now costs 1.4 cents to make every Penny.
Yet there are around 240 billion Pennies in America – around twice as many as all other coins combined, but many are stored in jars, piggy banks or simply discarded.
It really is America’s neglected coin.
Last month, the US Treasury announced a new generation of paper money, with Harriet Tubman appearing on the new $20 bill, becoming the first black woman to appear on the front of a US bank note.
During the announcement though, no comment was made on the future of the Penny. However, according to the Wall Street Journal, in a memo to President Obama last year, Treasury Secretary Jack Lew argued the case for suspending production of the Penny.
It seems like the American Penny could soon be a thing of the past. How long until the same discussions are had here in the UK? There was already some noise around the idea of dropping the Penny when Canada did the same in 2013.
Expect that to intensify if the US follows suit.
One Penny that won’t be around for much longer…
Priced at just £175 (plus P&P), this is one Penny that will disappear soon. Add one to your Portfolio before it’s too late.