Finding a penny is sometimes considered lucky and gives rise to the saying, “Find a penny, pick it up, and all the day: you’ll have good luck.” However, did you know May 23rd is national penny day?
Today, because of inflation, the penny does not buy much if anything at all. Changes in the price of metal means that today the metal value of pennies is more than their face value.
The first pennies in the United States, in 1793, were made of copper. Efforts are being made to end the routine use of pennies in several countries including the United States. In 2008, the U.S. spent $134 million to produce $80 million worth of pennies — that’s nearly 1.7 cents per coin. And other studies claim that we lose as much as $1 billion annually from time wasted exchanging pennies.
What are your “two cents” on the use of pennies?