Take the Penny, Leave the Penny

Legislation

Efforts to discontinue the penny have been met with legislative roadblocks. Gary Arndt highlights attempts like the 1990 Coin Act and the 2017 Coins Act, both of which failed due to lack of interest in Congress 1. Despite the economic drag caused by handling pennies, the legislative push to eliminate them has been stymied by apathy and lobbying pressures.

The bill just advocated a ten year freeze on the minting of pennies, but it too never went anywhere.

--- Gary Arndt

Without significant political backing, these efforts remain stalled, leaving the penny's future uncertain.

   

Public Opinion

Public sentiment and lobbying efforts play a crucial role in the penny's continued existence. While many Americans express a fondness for the penny in surveys, few are willing to take action to preserve it 1. Gary points out that the zinc industry, through groups like Americans for Common Sense, actively lobbies to maintain the penny's production.

The biggest reason, to be honest, is the zinc lobby. Yeah, big zinc.

--- Gary Arndt

This lobbying, combined with public indifference, ensures the penny remains in circulation despite its economic inefficiency.