A Thought for Your Pennies

Nothing exemplifies the spirit of capitalism more than Ben Franklin’s favorite (though not his own) aphorism, “A penny saved is a penny earned.” But when everybody saves pennies, there’s trouble in America.

The Federal Reserve Board is asking people to gather up their pennies and use them. Estimates place the number in circulation at 114 billion, but there are spot shortages across the Northeast; the problem extends southward and to the west as far as Chicago. The federal mint cannot turn out new ones fast enough.

What’s the problem? Us. No offense to Abe Lincoln, whose image adorns the coin, but we tend to empty our pockets and purses in the evening, separate the silver and toss the pennies in a jug, mug or saucer. What can you buy with a penny nowadays?

In the Northeast, some banks have paid a premium to customers bringing in pennies. Some penny-short fast-food restaurants and supermarkets have been forced to round down the amount of the bill, losing a few pennies on every transaction. That has not happened in California, yet.

Some drastic measures have been floated by the “who needs them?” crowd. The government should abandon the penny, these critics say--Americans could drill four holes in the useless coins and use them for buttons.

But until the faithful penny is put to rest, it’s still a legal currency. Carry your pennies and spend them. Do the economy a favor.