Pennies and Nickels Could Soon Be Extinct
COLUMBIA - President Obama is thinking about pinching your pennies and nixing your nickels.
The fiscal 2015 budget released Tuesday mentions this idea as a way to make the government more efficient.
In an article out Tuesday, Reuters reports Obama proposed the idea of either phasing out pennies and nickels or using different metals to manufacture them. Here why:
- The new budget says the coins' manufacturing and circulation haven't changed in decades
- The Treasury Department has been reviewing the coins' production
- Rise of electronic commerce is a reason to review the coins' makeup and distribution
- Last year's budget sates the cost of manufacturing a penny is two cents and a nickel is 11 cents
KOMU 8 News wanted to find out what people thought of no longer having these coins.
Conrad Brown is the owner of Sunrise Laundromat and says he's never accepted pennies in his washing machines and hasn't used nickels since the '60's.
"People leave them on the floor here, and I'll probably get 10 to 20 cents a week because people don't use them," Brown said.
But for James Reichel pennies hold more of a sentimental value.
"I like pennies," Reichel said. "I don't think people are going to want to get rid of the penny's though...people like them."
Whatever the opinion, it might be a while before any change is made, the budget didn't reveal a concrete timeline for a decision.