Opinion The third edit: A penny’s worth

Of the many things that make Homo sapiens human is the ability to tell stories — about ourselves, the past and even looking into the future. One of the most important stories is the one that features money and currency. The leaps of imagination and intellect required to comprehend currency in the current moment — the mediums of exchange of goods and services are becoming increasingly abstract, from scanning codes and swiping cards to the advanced tech behind cryptocurrency — pale in comparison to the humble coin of yesteryear.

When Benjamin Franklin wrote, “A penny saved is a penny earned”, he likely did not imagine that a penny made incurs a loss. Decades of inflation have made the smallest unit of the US currency — 100 pennies or cents make a dollar — all but worthless. In fact, for some years now, it has cost more than a penny (about 4 cents, in fact) to make a penny. This waste has long irked fiscal conservatives and Donald Trump, in line with a campaign promise, has ordered the US Mint to stop striking the coins. But, as it turns out, a penny is sometimes worth it. The zinc-coated cent is used by entrepreneurs worldwide to make souvenirs as it is malleable enough to “stamp” with emblems, such as those of cartoon characters or the outline of a tourist destination. These curios are, of course, sold for well over a penny.

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The penny is perhaps a counterproductive act of minting. But its survival — and the myriad ways it’s being used — is also a reminder that money and value, in the ultimate scheme of things, are products of the human imagination. While the accountant must do her job and money remains arguably one of the most significant concepts human beings have developed, some stories can overcome the cold calculus of its use and origins.