The penny has circulated in this country for 150 years, but this humblest of coins has come to outlive its usefulness.
Its purchasing power has eroded so far that there is almost nothing that can be obtained for just 1 cent. One study shows that a nickel today buys about what a penny did in 1972. So there seems little point in retaining the lowly copper, especially since it cost the mint $130 million to produce 1.2 billion pennies last year....
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