ACC Responds to Mint Request for Comments

ACC Responds to Mint Request for Comments

Information Collection on Public's View of Circulating Coins

ACC responded this week to the U.S. Mint's plan to use opinion surveys and focus group interviews to solicit the public's views on the nation's circulating coins. The Mint request for public comment is geared to provide information for inclusion in the Mint's anticipated December 2014 Report to Congress on the metal content of U.S. coins, required under the Coin Modernization, Oversight, and Continuity Act of 2010.

In its Mint letter, ACC encouraged the Mint to broaden the scope of their review of public perceptions about circulating coins. More specifically, ACC asked the Mint not to focus exclusively on the penny when many of the issues to be examined - such as negative seigniorage and consumer's use of coins - implicate the nickel as well.

"Any focus group discussion or polling on the cost to produce the penny does not provide respondents with the full picture unless the nickel is part of the conversation," said ACC Executive Director Mark Weller.

ACC also noted that questions about the penny should be in the proper context. National polling over the past two decades has consistently shown that between two-thirds and three-fourths of Americans support keeping the cent in circulation. The ACC letter encouraged the Mint to ask polling questions about support for the penny or penny elimination in context of the alternative to the penny, which involves rounding final transactions to the nickel.

Potential topics suggested by ACC for the Mint to explore included:

1) Price rounding - The alternative to the penny - rounding to the nickel - harms consumers and simply cannot be done fairly. ACC polling has shown over three-quarters of Americans (77 percent) are concerned merchants would raise prices without the penny.

2) The penny as a hedge against inflation - Eliminating the penny will have an impact on inflation, both real and perceived. Even a small increase in inflation mounts to considerable sums since virtually all government outlays (e.g. Social Security, welfare programs, interest on the public debt) and many private sector costs (e.g. wages) are tied either formally or informally to the Consumer Price Index.

3) Consumer behavior with the use of coins - ACC has found that consumers and charities benefit greatly with a low denomination coin. The penny is important to the economy and without it working families and America's many charitable organizations will be harmed. Organizations such as the Ronald McDonald House, Muscular Dystrophy Association, the Taco Bell Foundation and Salvation Army, among others, thrive on the penny and rely heavily on donations from the collection of pennies. These collections prove the penny’s value as money.

In their concluding remarks, ACC said the alternative to the penny, rounding transactions to the 5-cent coin, is bad for consumers and our economy. Under the current economic climate, elimination of the penny would automatically increase inflationary impacts after a period of recessionary pressure.

 

President's Day - A Time to Celebrate Abraham Lincoln and Cheaper Pennies

President's Day gives us the chance - at least once a year - to recognize Abraham Lincoln's immense contributions to the country and a legacy that continues to enrich us daily.


President Lincoln is a unique cultural and historical figure," said Mark Weller, Executive Director of Americans for Common Cents. "It's not just that the front of the penny has had Lincoln's image since 1909, it's what Lincoln did for our nation," Weller added "He possessed all the qualities we want in a president -- the ability to unite a divided nation, honesty, strength, and humility," Weller concluded.


For the full press release, please click here

 

Special Announcement!

Pennies for Pasta and Pennies for Patients

These are run by The Leukemia and Lymphoma Society through its local chapters as part of its renamed Student Series program:  www.studentseries.org

For more information, you should call your local Chapter which may be found by going to the Society's website at: www.lls.org

Please note Americans for Common Cents does not get actively engaged in any fundraising activities.

Collapse of the zinc market means the penny is cheaper to make; saves taxpayers!

A collapse in metals prices means U.S. coins, including the penny, are less expensive to make. The penny has reached its lowest cost in seven years. Each 1-cent coin, made almost entirely of zinc, now costs the taxpayer much less to produce and its likely to stay that way for the foreseeable future.

Click here to read more.

More than Two-Thirds of Americans Still Favor Keeping the Penny

Recent Poll Shows Increasing Penny Support and Concern About Price Increases If Penny Is Eliminated

WASHINGTON--(BUSINESS WIRE)--A poll released today by Americans for Common Cents (ACC) continues to show overwhelming and increasing support for the penny by the American public. 68% of those surveyed favor keeping the penny in circulation, representing a slight increase since the last poll in 2012.

"These results confirm the strong and unwavering support the penny continues to receive from Americans," said Mark Weller, Executive Director of ACC. Weller's group includes more than 50 organizations that support continued production of the penny.

For the full article, please click here

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