Wednesday, June 02, 2004
* Humor / Economics
It's a rare day that I agree with Bill Safire, but I do agree with his proposal to Abolish the Penny. Did you know that the U.S. Mint churns out a billion pennies a month?
Where do they go? Two-thirds of them immediately drop out of circulation, into piggy banks or — as The Times's John Tierney noted five years ago — behind chair cushions or at the back of sock drawers next to your old tin-foil ball. Quarters and dimes circulate; pennies disappear because they are literally more trouble than they are worth.Pennies are a waste of time and money.