What about the conversation that arises from time to time on discontinuing the penny? Canada stopped producing its penny in 2012 and adopted a round-up/round-down phasing-out program in February 2013, when the Royal Canadian Mint stopped distributing the penny. Today, the "W" mint mark can be found on circulating quarters. It began producing pennies in 1973 and became an official Mint facility in 1988. Would you have included West Point, New York? Better known for the nearby military academy, West Point has a facility that was established in 1938 as a depository for bullion. The Mint is also the custodian for the country's gold and silver reserves.Ĭan you name all the Mint facilities currently operating? Most people I have asked can easily name Philadelphia, Denver, and San Francisco. Treasury responsible for the production of circulating and commemorative coins as well as precious metal bullion coins (gold, silver, platinum, and palladium). Īs I've researched the coin circulation issue, I've frequently visited the website of the U.S. My colleagues also addressed these issues during our year-end "Payments In Review" webinar. Happy 2021 to all our readers! Our Take On Payments posts in 2020 frequently dealt with two aspects of currency, both COVID-related: the hygienic safety of handling currency and the coin circulation disruption. Southeastern Rental Affordability Tracker.Community Development at the Federal Reserve.Survey and Diary of Consumer Payment Choice.Center for Workforce and Economic Opportunity.Center for Quantitative Economic Research (CQER).Center for Financial Innovation and Stability (CenFIS).Advancing Careers for Low-Income Families.Research REIN New Orleans Request Information.Research REIN Nashville Request Information.Research REIN Miami Request Information.Research REIN Jacksonville Request Information.
The pennies are now worth only the nostalgia they call forth, or maybe a bit of luck, but the loafer itself has become a timeless American classic and, in our humble opinion, worth every penny.
The social zeitgeist surrounding the pay phone and the penny loafer has come to its technological end. The smart phone has all but eradicated the phone booth, but the shoe abides. With socks, without socks, sometimes even with white tube socks and shorts, the penny loafer became a centerpiece of the newly solidifying post-war “Ivy Look.” By this time a phone call cost ten cents, some fiscally responsible young gentleman made the switch from pennies to dimes. But, as is often the case with the preppy set, some held onto the traditional penny, or maybe they never even noticed the change in price. The penny loafer had its heyday in the late 1950s and early ’60s. Thus, the penny and the loafer were united. The new loafer design allowed just enough space for a penny in each shoe, equaling the cost of an emergency phone call. Back in the 1930s, the pay phone in the phone booth cost a paltry two cents. That time is now long gone, and the copper penny (now 97.5% zinc) literally costs more than it’s worth. There was a time, before the debit card and ATM, when cash payment required the correct dollars and cents. It’s a lifelong wardrobe staple and all in all just about the most versatile shoe you will ever slip on. But: why the penny? It’s every boy’s first dress shoe (no laces), looks perfect beaten-up and broken down through your college days, and later is formal enough for the office.
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