The fight against the penny

The fight against the penny
http://money.cnn.com/2006/06/01/news...enny/index.htm

NEW YORK (CNNMoney.com) - As the soaring price of zinc going into pennies
pushes the cost of production above the coin's value, one congressman is
rekindling plans to eliminate it. Representative Jim Kolbe, R-Arizona, told
CNNMoney.com he plans to reintroduce legislation to eliminate the penny in
the coming weeks.

"Most people still think the penny has no purpose and we should get rid of
it," said Rep. Kolbe, who introduced legislation in Congress in 2001 that
required the rounding of cash transactions to the nearest 5 cents.

Although the Legal Tender Modernization Act did not pass, getting rid of the
penny has taken on urgency for Rep. Kolbe, as the average price for zinc has
shot up from 35 cents a pound in 2002 to 63 cents a pound in 2005 -- driven
in large part by increased demand from China.

....
--
Service Guarantees Citizenship

I agree..Get rid of the penny

wrote:
I agree..Get rid of the penny

With the cost of production approaching twice face value, the cent's
days are numbered, at least in its present form. There's not much
cheaper than zinc. I would like to see it continued in mint- and proof
sets at least through 2009. I believe they will due to recent
legislation regarding commemerating Lincoln's 200th birthday
celebration.
I suppose I could live without the cent, but it's hard to wrap my
mind around eliminating the nickel, which also now has a production
cost that exceeds face value.
Of course, this is the US government, and you can't expect logical
decisions in the same way that you would from a corporation. Any
company long ago would have stopped making Lincoln cents.

Rick
in the Ozarks

On Fri, 2 Jun 2006 10:42:34 -0400, "Jim Higgins"
wrote:

The fight against the penny
http://money.cnn.com/2006/06/01/news...enny/index.htm

NEW YORK (CNNMoney.com) - As the soaring price of zinc going into pennies
pushes the cost of production above the coin's value, one congressman is
rekindling plans to eliminate it. Representative Jim Kolbe, R-Arizona, told
CNNMoney.com he plans to reintroduce legislation to eliminate the penny in
the coming weeks.

"Most people still think the penny has no purpose and we should get rid of
it," said Rep. Kolbe, who introduced legislation in Congress in 2001 that
required the rounding of cash transactions to the nearest 5 cents.

Although the Legal Tender Modernization Act did not pass, getting rid of the
penny has taken on urgency for Rep. Kolbe, as the average price for zinc has
shot up from 35 cents a pound in 2002 to 63 cents a pound in 2005 -- driven
in large part by increased demand from China.

...
Zinc may have been 63c in 2005 but today its $1.63