Americans for Common Cents is an organization based in Washington, D.C. that lobbies in favor of keeping the United States penny in circulation. It was established in 1990.[1] The organization has conducted surveys and organized advertising campaigns in support of the continuing production of the penny. Its executive director, Mark Weller, has argued that eliminating the penny would lead to retailers rounding prices mainly up, not down, leading to inflation, but has offered little evidence to support this assertion.[2]
| Abbreviation | ACC |
|---|---|
| Formation | 1990 |
| Type | Interest group |
| Headquarters | Washington, D.C. |
Executive director | Mark Weller |
| Website | pennies |
History
editThe organization was established in 1990. That year, they commissioned a study which concluded that if the penny were eliminated, rounding purchases up to the nearest five cents could cost consumers $1.5 billion over a five-year period.[3] In 2000, the organization asked Raymond Lombra to conduct a study on the effects of eliminating the penny on the rounding of prices. Lombra did so, and his study estimated that consumers would pay an extra $600 million per year in rounded-up costs were the penny to be eliminated.[4] This averages to $1.94 per American based on a population of 309 million in 2010.[5]
In 2006, the organization joined Virgin Mobile and Kevin Federline to launch a publicity campaign in support of the penny, in which Federline emerged from a red truck wearing an Abraham Lincoln mask. A Virgin representative said Federline became interested in this topic because he likes text messaging.[6]
Funding
editAmericans for Common Cents receives funding from about 40 separate organizations,[7] including Jarden Zinc Products, the company that sells zinc coin blanks to the U.S. Mint.[8] In 2012, Weller, a lobbyist, was paid $340,000 by Jarden Zinc to discuss issues relating to minting with members of Congress and the US Mint.[9] Weller has acknowledged this funding, saying that “We make no secret that one of our major sponsors is a company that makes the zinc ‘blanks’ for pennies."[10]
Surveys
editIn 1990, the organization commissioned a survey which found that 62% of Americans opposed eliminating the penny.[11] They commissioned another survey in 2012 which came to a similar conclusion; namely, that about two-thirds of Americans supported keeping the penny.[12]
References
edit- ^ Boye, Roger (29 April 1990). "Americans For Common Cents Calls For Penny-wise Policy". Chicago Tribune. Retrieved 30 October 2014.
- ^ Mitchell, Dan (11 April 2012). "Don't mess with the penny lobby". Fortune. Retrieved 30 October 2014.
- ^ Williams, Geoff (14 February 2013). "The American Penny: How It's Stuck Around All These Years". U.S. News & World Report. Retrieved 31 October 2014.
- ^ Associated Press (9 December 2000). "Economist: The Penny Just Makes 'Cents'". The Victoria Advocate. Retrieved 2 November 2014.
- ^ Resident Population Data. "Resident Population Data – 2010 Census". www.census.gov. Retrieved February 22, 2013.
- ^ Brady, Jonann (21 June 2006). "K-Fed Pleads for Pennies". ABC News. Retrieved 30 October 2014.
- ^ Hagenbaugh, Barbara (6 July 2006). "A penny saved could become a penny spurned". USA Today. Retrieved 30 October 2014.
- ^ "U.S. Penny to Be Kept as Canada Bids Coin Farewell". ABC News. 30 March 2012. Retrieved 30 October 2014.
- ^ Weinberg, Ali (19 February 2013). "Penny pinching: Can Obama manage elimination of one-cent coin?". NBC News. Archived from the original on 17 January 2022. Retrieved 13 November 2023.
- ^ Harper, Jennifer (13 February 2009). "Do pennies still make sense?". Washington Times. Retrieved 31 October 2014.
- ^ Benjaminson, Wendy (24 May 1990). "Americans Getting Centimental About the Penny". Associated Press. Retrieved 31 October 2014.
- ^ Ingraham, Christopher (10 March 2014). "Taxpayers lost $105 million on pennies and nickels last year". Washington Post. Retrieved 31 October 2014.