Design changes unveiled for Lincoln penny

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Oh boy!
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http://ap.google.com/article/ALeqM5het_daiqpVlw58pVg2L59NWah4eAD93C2UN00

WASHINGTON (AP) — Next year, the penny will be getting not just one new look but four of them, the first changes to the 1-cent coin in 50 years.

The U.S. Mint unveiled the new designs during a ceremony Monday at the Lincoln Memorial. The coin changes are part of the government's commemoration next year of the 200th anniversary of Lincoln's birth.

Lincoln's profile will reman on one side of the coin but the Lincoln Memorial will be replaced on the other side by the new images, with a different one being introduced every three months.

The first new design will depict a log cabin, representing the place in Kentucky where Lincoln was born in 1809.

The second design will feature a young Lincoln taking a break from working as a rail splitter in Indiana by reading a book. Lincoln as a young lawyer standing in front of the old state capitol building in Springfield, Ill., will be the design on the third coin.

The final coin in the series will show the half-completed Capitol dome, evoking Lincoln's famous order that construction of the Capitol should continue during the Civil War as a symbol that the Union would continue.

The first new penny is scheduled to go into circulation starting on Feb. 12, Lincoln's birthday, and then every three months after that.

The changing designs mark another effort by the Mint to duplicate the success of the 50-state quarter program, the most popular coin collecting program in U.S. history. The nickel also had changing designs to commemorate the 200th anniversary of the Lewis and Clark expedition and the Mint has embarked on an effort to revive interest in a $1 coin by introducing four new designs each year honoring a different president.

Under the law that authorized the design changes for the Lincoln penny, after 2009 the "tails" side of the coin will be changed to feature "an image emblematic of President Lincoln's preservation of the United States as a single and united country." That image has not been chosen yet.

Lincoln's image was added to the penny in 1909 when the nation was celebrating the 100th anniversary of his birth and the Lincoln Memorial was added to the other side of the coin in 1959 to commemorate the 150th anniversary of the 16th president's birth.
 
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The penny no longer facilitates commerce

Inflation has eaten away at the value of the penny to such a degree that it no longer facilitates commerce. The fact that the penny is still in circulation does not mean that it is useful. If the half penny were minted then it too would be in circulation, even though it would be nothing but a nuisance. The half penny was eliminated in 1858, when it was worth over ten times what the penny is worth today. Assuming that the timing was correct before, this means that we should have eliminated the penny fifty years ago. The penny is now worth so little that nobody even picks it up off the ground, despite the old "lucky penny" adage.



Even if you agree that the penny doesn't serve any useful function, you may still argue that it is not worth the hassle of retiring it. A reasonable question is therefore: What harm is caused by continuing to mint the penny?



1) Waste of money: The US mint produces about 7 billion pennies every year (roughly half of all coins made each year), at a cost of over $100 million dollars. About one-third of this money is used to pay for the zinc that pennies are made out of, which is why the zinc industry is lobbying to keep the penny in production.



2) Waste of time: Most cash transactions involve the exchange of pennies, leading to an increase in the time for the transaction to take place. The National Association of Convenience Stores and Walgreen's drug store chain estimated that handling pennies adds 2 to 2.5 seconds to each cash transaction (remember that we are including the occasional customer who spends 30 seconds looking for the penny in his pocket).

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Let us estimate that each person goes through two of these transactions per day and that on average there is one person waiting in line (making for a total of three people's time wasted in each transaction). We can then calculate that the presence of pennies wastes (2 transactions/day) X (2 seconds/transaction) X (3 people per transaction) = 12 seconds per day, or 1.2 hours per person per year. Of course, when you get home you still have to find something to do with your pennies, meaning that probably only about half of the wasted time is directly connected with a cash transaction (the other time is associated with counting pennies etc), giving a total of 2.4 wasted hours per person per year. The mean wage in the US is approximately $17/hour, implying that each of us is effectively "paying" $40 per year to keep pennies in circulation. Given that the US has ~ 240 million adults, using pennies is currently costing the nation $10 billion per year!


http://www.retirethepenny.org
 

NES

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Why they dont sell Bazooka Joe bubble gum anymore?
 

Woah, woah, Daddy's wrong, Mommy's right.
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F*ing ridiculous. What a ridiculous waste of money, both redesigning the penny and continuing to manufacture it.
 

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