U.S. redesigns penny instead of abolishing it
From the LAT: This year's Lincoln pennies look different. Each 2009 version, of course, includes the familiar right-facing bust of Lincoln. The backs depict varying aspects of life for the country lawyer, one-time House member and unsuccessful Senate candidate who went on to become the country's first Republican president and the first assassinated.
One new penny shows the late president as a beardless, gangly young man sitting on a log reading a book, which he no doubt walked several miles to return by its due date.
This month's new penny portrays Lincoln standing in front of the old Illinois state capitol in Springfield to commemorate where Barack Obama would one later day announce his own successful presidential candidacy from a different party. A third version depicts a simple log cabin, which was in 19th century American politics a standard political symbol of personal origin showing a candidate to be a regular man of the people much like, say, a Harvard Law School degree has become today.
The fourth Lincoln penny, due out in November, will show a topless U.S. Capitol building, not because it was blown off during nearby Civil War fighting but because it was being built during Lincoln's presidential terms. In fact, despite the war Lincoln insisted on continuing construction as a symbol of imperative national union.
Comments
"...and prepared to foist it upon an uncaring populace..."
The banks aren't ordering these new pennies for use because so many have jusst recently foisted the treasure trove of pennies we have all been hoarding for decades onto the banks.
Posted by: MrRational | August 14, 2009 10:32 AM
Here's what we need to do: eliminate the 1-cent coin and the 1-dollar paper bill. Make the 5-cent coin the lowest denomination. Create a new 2-dollar coin with both Lincoln and Washington on it. This would be used in conjunction with the existing 1-dollar Presedential coin series.
There was a movement several years ago to eliminate the paper dollar to save money, since they have an average circulation life of about 1 year, whereas a coin can last about 30 years. I'm surprised we haven't heard any more suggestion for this these days.
Posted by: PK | August 14, 2009 11:10 AM
Yep, kind of stupid to keep minting the penny.
Here is an unpopular thought:
How about we stop printing the paper dollar (life span of approx. 21 months according to the Federal Reserve http://www.federalreserve.gov/generalinfo/faq/faqcur.htm#13 ?)
Desperate times call for desperate measures, right?
Posted by: Paul R | August 14, 2009 11:41 AM
Canadians will happily tell you what a pain it is to lug around a bunch of heavy dollar coins.
Posted by: Mike | August 14, 2009 11:48 AM
Mike,
How about those crazy Europeans without a paper €1!
If Europeans and Canadians think carrying €1 or C$1 coins is a pain, ask them (immediately after they say, "It's a pain") how much their economies are saving by not having paper dollars. I wonder how many of them would think the pain is worth it.
Posted by: Paul R | August 14, 2009 12:26 PM
For the most part, the US Mint just carries out the marching orders handed down from Congress. They wouldn't eliminate the penny until Congress passes a law telling them to.
Posted by: michael | August 15, 2009 8:28 AM