The U.S Mint could save $52.9 million dollars every year if it simply eliminated the penny. Canada and Australia have already done so, but the US continues to spend 1.7 cents to manufacture a 1 cent coin. And the penny isn't alone. Because it costs 8 cents to make a nickel!
Thankfully, it's not all bad news because making the other coins, like dimes and quarters, turn a profit. "All together, the Mint made $289.1 million on seigniorage- the difference between the value of the coin and the cost to make it- despite a $90.5 million drag from the penny and nickel."
So how can we justify making those copper-coated coins, the ones that seem to require more effort to pick up when dropped than just leaving it there?
Let me put in my two cents...because those little pennies added together can make a huge difference.
Millions of dollars have been raised since 1994 when the Leukemia & Lymphoma Society started Pennies for Patients. It is done all over the country over a three week time period and elementary, middle and high school students collect change.
Over 650 Georgia Schools participated in the 2014-2015 campaign to raise $645,000. During the 2012-2013 school year, 783 Georgia schools raised more than $663,000 for LLS.
That's a lot of spare change; change that creates change.
It also creates hometown heroes. LLS honors child Cancer Survivors in Georgia. They kick off their Pennies for Patients campaign by selecting students who can be an inspiration. LLS highlights those children who have survived blood cancers and are now happy and healthy!
Jessica Douglas, Sr. Campaign Manager for the Georgia Chapter's School & Youth Campaigns spoke highly of four Roswell schools who have raised over $250,000 since 2007. She said, "The support that the Roswell community provides to Pennies for Patients is vitally important to the success of our campaign."
So next time you're walking through a parking lot and see a dingy penny, bend over and pick it up...unless you happen to be walking down Rockefeller Center in New York. Because it was there that the display called The Penny Harvest was on exhibit. This 30' by 165' foot display was as long as a city block and it included an estimated 100 million pennies! It was "a culmination of the nonprofit organization Common Cents' 17th Annual Penny Harvest." This is a national educational program designed to teach children about their value as contributors to society. Hundreds of thousands of students from more than 800 schools collected pennies and then they were donated to the non-profit organizations of their choice.
Those pennies really add up and save lives!
But imagine what you could do if 5% of your purchases
were sent to the charity of your choice.
Too many times people think their little bit doesn't do any good. But as you can see, even a penny can make a huge difference. So the next time you grab a Blonde Ale from Grinds and Wines, imagine how far that quarter will go. That's right. G&W is a participating Giv360 merchant, so that delicious 5 dollar craft beer will donate 5% to the charity of your choice. It really does add up.
Or maybe you'll order a delicious $8.99 Burrito Chicken Wrap from Hacienda. If so, 45 cents will be sent to your favorite non-profit.
Those small incremental donations can make a huge impact- just from you doing business with the wonderful establishments who you already frequent. For a full list of the generous merchants supporting Giv360 donations, visit Giv360. It's free to sign up and you can start right now.