For over a century, pennies have been a staple of American currency, often found nestled between couch cushions or collected in jars on countertops. But now, as the U.S. government looks for ways to save money, these small coins may soon disappear from circulation.
In businesses throughout downtown Fort Myers and beyond, more and more transactions are happening without the use of cash at all. For shoppers like Kurt Palisi, the penny has already become obsolete.
"I never use cash anymore, I've got a debit card, that’s all I use," he said. "So I would not miss the penny."
While cash is still accepted in many places, the inconvenience of using pennies has led some people to avoid them entirely.
"I’ve gotten rid of change a long, long time ago," Palisi said.
The push to eliminate the penny is largely due to its cost of production. Each penny costs the U.S. Mint about 3.7 cents to make, which is a loss considering that it’s only worth one cent. The primary materials used in producing pennies—zinc and copper—make them more expensive than they’re worth.
So, what are the remaining uses for pennies? Some still use them as tips for restaurant servers.
"When I give tips in a restaurant, I put 50 cents of pennies as an extra tip, on top of dollars," he said. Others, such as at casinos, still use pennies for penny slot machines, a tradition for older gamblers. However, for most people, pennies are becoming a thing of the past.
For some perspective, we spoke to economic expert Dennis Pearlman, who explained that the U.S. wouldn’t be the first country to ditch the one-cent coin.
"The elimination of the penny has been talked about for many, many years. In fact, Canada got rid of it in 2012, Switzerland, Norway—this is not the United States leading the pack," Pearlman said.
While the penny may be on the chopping block, another coin could follow suit.
"With the rise in digital transactions and recent inflation, we could see other coins, like the nickel, face similar scrutiny," Pearlman said. He pointed out that eliminating the penny might lead to an increased reliance on nickels, which cost around 14 cents to produce.
"Are you really saving that much money, or is this a bigger picture to think through?" he asked.
At the heart of the penny debate lies emotion and nostalgia. As Pearlman noted, "People don’t care about the penny other than nostalgia. Emotion doesn’t buy you lunch." For many, the penny has become a symbol of the past—one that’s no longer as practical or economical as it once was.
As the discussion continues to unfold, one thing is certain: the future of the penny may be in jeopardy as the U.S. weighs the balance between tradition and the need to reduce costs.