BURLINGTON, Vt. (WCAX) – Change is in the works that could leave you penniless. Our Hailey Morgan spoke with folks about the president’s plans to get rid of the penny.
Pennies are being pushed to be part of the past.
“I have an old collection of pennies that my parents collected in the day,” said Jim Vitanos, who has owned Jim’s Sports in South Burlington for a decade. He says he has never paid any mind to pennies and isn’t too worried about the president’s plan. “More times than not, when a customer comes into the store. I don’t worry about a few pennies on one side or the other of any transaction. So, I round up or round down.”
Jane Knodel, an economics professor at the University of Vermont, says the penny has lost its value over time. “At the beginning of the 19th century, you needed a penny coin or else people that were paid with very low wages would have a hard time making their daily purchases. But now, with a much higher price level, the penny is less important,” she said.
and Vermonters we spoke to seem to agree. “I feel like it is a good thing that they are going to get rid of them. It is also sad because I bet most people have like millions of them in their house. But I think it is about time that they are gone,” said Vania Duffaut of South Burlington.
Knodell thinks everyone will still be able to use pennies, the country just won’t be making them anymore.