America buries the penny after decades of costly nostalgia
"The U.S. retires the penny after 232 years, ending a costly tradition and marking a rare step toward fiscal sanity.
A penny could never buy you much, but what it lacked in economic prowess, it held an outsized place in Americana, instantly recognizable both physically and symbolically. Pennies were tucked in every pocket, scattered under couch cushions, and immortalized in Ben Franklin’s wisdom of “a penny saved is a penny earned.” Words that were a creed of a simpler time that leaves behind only nostalgia for a coin that could never buy much, but embodied thrift and austerity.
We have traded nostalgia for necessity. But in that trade, something tender slips away.In its place, we gain efficiency, fiscal restraint, and a currency system that reflects reality rather than melancholy, underscoring that sometimes, the smallest change makes the biggest difference.
Critics argue that ending the minting of the penny expunges a piece of American life. Symbolic gestures should not come at a nine-figure annual cost. The Treasury’s decision underscores fiscal responsibility, as the government should not spend more to make money than the money is worth.
The penny will live on as a collector’s item, a teaching tool, and a nostalgic artifact. There are 240 billion in circulation, so it’s not going anywhere too soon. Its image of Lincoln remains iconic, and its role in American lore is secure.
But coins are meant to circulate, not linger as artifacts in our pockets and mason jars tucked away in a closet. The Treasury’s decision acknowledges that currency must serve the economy, not sentiment.
The penny may be gone, but its mythology still jingles. Saving pennies seems almost pointless in our seemingly cashless world. At one time, we were “in for a penny, in for a pound,” but that pound costs a pretty penny, and the old adage asking for a “penny for your thoughts” now comes with a subscription fee.
A hard job was “working for pennies,” while someone who was tight with their spending was a “penny pincher.” Some complain they don’t have “a penny to their name” but still maintain their oversized morning latte.
Such a legacy reminds us that even in a world moving toward a cashless society, irony still holds value, especially when there are plenty of puns to spend my two cents on with no change required." [Greg Maresca-Substack]
