In 2013, it was estimated it costs the United States 1.99 cents to produce every penny. That’s why there is a push among some Americans to eliminate the coin and round up or down to the nearest nickel for the purposes of conducting transactions.
In a survey of more than 1,200 investors by Spectrem’s Millionaire Corner, 53 percent said they believe the United States should get rid of the one-cent coin.
There was some discrepancy between investor segments about keeping pennies around. Sixty-two percent of male investors were willing to get rid of pennies while only 43 percent of females felt that way.
Among investors with a net worth over $500,000, 56 percent said to get rid of the penny. Sixty-nine percent of corporate executives said the government should stop producing them.
For some reason, married investors were more likely than unmarried investors to kiss goodbye to the penny (57 percent to 45 percent).
Another topic among people who use cash is the existence of the paper dollar. There is some push to promote the idea of dollar coins as opposed to the dollar bill.
In a report by the Dollar Coin Alliance, a group of businesses which support and promote the idea of transitioning to the one-dollar coin, the lifespan of a $1 bill is 4.8 years compared to 30 years for the coin. That would offset the cost of producing the coins, which is 18 centers per coin compared to five cents per $1 bill.
That report was written by former deputy assistant secretary to the Treasury Aaron Klein.
The investors surveyed by Millionaire Corner were far more forgiving to the dollar bill. Only 14 percent said they thought the U.S. should get rid of the paper dollar, while 86 percent want them to stick around.
The male-female dynamic followed with paper dollars, as 20 percent of men said “get rid of them” while only 6 percent of females felt that way.
Among the wealthiest investors, those with a net worth over $5 million who perhaps have less use for a dollar bill, 19 percent were in favor of getting rid of the paper dollar.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.