NASHVILLE, Tenn. (WTVF) — Pennies may be a thing of the past. After 230 years, the US Mint produced its last of the coin this week.
Ben Hansen, who teaches finance at MTSU, says it didn't make financial sense to keep around.
"I mean, I think it costs somewhere about 4 cents to produce a single penny," he explained.
Hansen expects the coin, nearly 300 billion of them, will slowly dwindle in the coming decades. Of course, that will take time — time during which pennies will grow in value, but so might the goods we buy.
He predicts companies will round up prices and push us into a new era of "cashless".
"I don't know how many prices are marked at $3.99, so it'll just go ahead and say $4 now," he said.
While many question the future of money, Mary Hance, who you may know as Ms. Cheap from Talk of the Town, is looking into the past.
She started her penny drive with Second Harvest 16 years ago, as a way to put the otherwise forgettable coins to good use.
Now that pennies are on their way out, it's bittersweet. But whether it's modern payment or a classic penny, it goes a long way.
"At first, it kind of bothered me, and I really had toyed with the idea of not doing the drive this year," she said. "But when I saw the need...I just thought anything we get is more than they have."
Unlike the future of the penny, her drive is here to stay.
"It's still the penny drive. I don't think I could call it the nickle drive or the dollar drive," she laughed.
Over the years, Ms. Cheap's drive has raised over $2 million for families in need. If you want to get involved — donating pennies, or any other payment — you can by visiting this website.
Do you have more information about this story? You can email me at nikki.hauser@newschannel5.com.
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