As Congress weighs retiring the penny, collectors fight to keep it alive

Congress considers getting escaped of the penny

The penny's days whitethorn beryllium numbered arsenic Congress considers ending production 04:14

The humble penny, erstwhile a pouch staple, has agelong since mislaid its radiance successful American commerce, but it retains devoted fans who spot worth beyond its monetary worth. 

In North Carolina's Copper Penny Grille, proprietor Shelly Gref has transformed thousands of pennies into barroom tops and artwork, giving Lincoln's likeness caller purpose.

"It grew into a small spot of an obsession with me. And past everybody conscionable started donating pennies," Gref said. "People conscionable travel by and they say, I privation to beryllium a portion of something."

Gref said she appreciates the humanities value of the coins. 

"I similar the older ones due to the fact that they person much of a story," she said. "It conscionable has a truly peculiar spot successful my heart."

But economical realities person prompted bipartisan legislation successful Congress that could extremity penny production, an thought President Trump has besides supported.

Wake Forest University prof Robert Whaples has advocated for eliminating the penny for decades, citing applicable concerns.

"They conscionable person to support making much and much of these, due to the fact that we don't bring them back, and we don't bring them backmost due to the fact that they're of specified debased value. So we got a vicious rhythm going here," Whaples said.

The economics don't adhd up, either. It costs astir 4 cents to nutrient each one-cent coin, and Whaples estimates astir $7 worthy of pennies beryllium for each American.

"Even if we could nutrient the penny for escaped retired of bladed air, it's conscionable a discarded of our time, and our clip is valuable. Time is money," helium said.

At the Penny Depot, the Kilcoyne family—whose sanction aptly sounds similar "kill-coin"—creates customized collectible pennies with pressing machines. They interest astir their concern if the coin is discontinued.

"If they instrumentality it retired of circulation, past that tin hurt," Michelle Kilcoyne said.

Her hubby Josh sees imaginable upside: "But connected the flip broadside of that, it's a collectible. And you know, if they commencement to marque a collectible go much rare, the worth starts to spell up."