So what is the current status of the penny, you ask? Well, let me tell you. In December 2010, The Coin Modernization, Oversight, and Continuity Act was passed so that the Treasury could research using alternative (this means less expensive) materials to make the penny. They were given 2 years to accomplish whatever it was they were going to do. The mint reported in December 2012 that they needed more time. So basically what happened is that they were given MORE money, and they didn't do anything with it that they were supposed to do. Will there be any follow up on this? Well, they have another 2 years to file another report. This could take a while.
Another law that currently affects the penny is the Prohibition on Exportation, Melting, or Treatment of 5-Cent and One-Cent Coins passed in 2007. This law makes it illegal for anyone to take anymore than a nominal amount of change out of the country, and also makes it illegal to melt pennies down for their composite metal content. I guess they don't want anyone to take the money that the mint is throwing away by producing the penny in the first place.
More info than you could possibly want on the US one cent coin. This is NOT a coin collecting blog. This blog is about whether we should keep the penny in circulation or get rid of it. Click on the big penny to go to the main page.
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