Sunday, September 01, 2024

The stupid, expensive penny

When Russia invaded Ukraine in February 2022, I immediately subscribed to the New York Times, Washington Post, and National Review to plump out my information about the world. (My go-to newspaper is the Wall Street Journal.) Today well repaid the cost of the first of these, in a wonderful article by Caity Weaver in the NYT Magazine: "America Must Free Itself from the Tyranny of the Penny". Omigosh. I have been throwing away pennies for many years. But I had no idea that to mint a penny costs us 3 cents, nor that we have to mint tons of these useless objects at a cost of $45 million every year. Well done, Ms Weaver! Perhaps you will next turn your attention to the nickle and the dime....

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