Vox posted this super interesting video about why pennies still exist in the US. While they hold sentimental value to many, their value has made them useless in today’s economy.
Pennies cost more to make than they’re even worth. It costs 1.7 cents to manufacture a penny. So, in 2014 the US Mint lost more than $52 million due to making pennies.
So why do pennies still exist?
Americans for Common Cents is a lobbying group which has spent over a million dollars on influencing lawmakers to keep the penny in circulation. They are backed by Jarden Zinc Products, a company which sells blank coins to the US Mint. So obviously they are the only ones making money off the useless penny.
It’s shocking to think about how taxpayer dollars are being wasted to make money for a company.
It really makes you think!
Watch more of Vox’s videos here