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Rumors of the Death of the Penny are Greatly Exaggerated
Manage episode 520720464 series 3392534
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Noted coinage experts Adam and Jeff convene in an effort to calm down the public, which is panicking over the halt in production of the penny after 232 years. Jeff points out that there are almost 300,000,000,000 pennies floating around and that there is very little likelihood that we will run out of pennies anytime soon. Adam also notes that younger people do not use cash much at all, preferring to carry out their financial transactions with debit and credit cards. As the end of penny production will save an estimated $56 million per year, this awe-inspiring example of financial brilliance will doubtless help the government get its $2 trillion in deficit spending under control in the next few weeks.
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