America Must Free Itself from the Tyranny of the Penny

A conservative estimate holds that there are 240 billion pennies lying around the United States — about 724 ($7.24) for every man, woman and child there residing, and enough to hand two pennies to every bewildered human born since the dawn of man. (To distribute them all, in fact, we’d have to double back to the beginning and give our first six billion ancestors a third American penny.) These are but a fraction of the several hundreds of billions of pennies issued since 1793, most of which have suffered a mysterious fate sometimes described in government records, with a hint of supernaturality generally undesirable in bookkeeping, as “disappearance.” As far as anyone knows, the American cent is the most produced coin in the history of civilization, its portrait of Lincoln the most reproduced piece of art on Earth. Although pennies are almost never used for their ostensible purpose (to make purchases), right now one out of every two circulating coins minted in the United States has a face value of 1 cent. A majority of the ones that have not yet disappeared are, according to a 2022 report, “sitting in consumers’ coin jars in their homes.”