The United States produced more than 8 billion pennies last year, but it has been producing these nearly worthless coins at a loss — the coins made last year are valued at over $80 million, but at a cost of more than $130 million.
On Last Week Tonight, John Oliver thoroughly discusses how useless the penny is. Americans care so little about it that some admit to actually throwing them in the garbage. Two-thirds of pennies don’t circulate. Numerous TV news crews have thrown dozens of pennies on the ground to see if anyone would pick them up; no one budged.
In fact, Oliver points out, the only thing pennies seem to be good for now is to spite people. Back in July, a student paid a $110 parking fine in pennies. It took officials nearly four hours to count out all 11,000 coins.
So why hasn’t the United States gotten rid of the penny? After all, Canada, Australia, and other countries have done it.
As it turns out, it’s a problem many other U.S. problems face — special interest groups. A penny lobby called Americans for Common Cents actually exists, and then there’s Abraham Lincoln enthusiasts, who say they will fight any attempts to get rid of the penny. But Oliver points out flaws in both groups’ arguments in the video.
See the whole video to hear Oliver’s take on the currency Americans care the least about.
