NEW YORK (MainStreet) -- A new report out shows that, while Canada may be eliminating its penny, Americans don't want to part with their copper. What may be surprising is the amount of money consumer save by keeping the penny.
Recurring surveys – the latest released today - by the Washington, D.C.-based Americans for Common Cents shows 66% of Americans favor keeping the penny in the nation’s currency system. (The ACC is a consortium of 50 groups that are working to highlight the benefits the penny provides to the economy and consumers).
But groups like the Citizens for Retiring the Penny point to Canada’s recent decision to ditch the penny and are lobbying for the U.S. government to do the same thing.
That effort may be an uphill fight, as Americans' support for the penny has remained stable over the years.
Consider the track record of support during the past 20-plus years. In 1990, a Gallup poll showed that 67% of Americans favored keeping the penny in circulation. Furthermore, 62% of survey respondents said they would oppose legislation to keep the penny off the market. In the past 10 years, two bills introduced in Congress that would eliminate the copper currency failed to generate support.
That’s a strong track record in support of the venerable penny, especially amidst gathering evidence that eliminating it could cost consumers some serious coin, according to the ACC.
"These results confirm the strong and unwavering support the penny continues to receive from America," Mark Weller, executive director of the ACC, said in a statement. "Americans understand that eliminating the penny would lead to a rounding process and cost them hundreds of millions of dollars in higher prices.”