Newswise — A panel discussion on the history and future of the penny will be held Thursday, March 1, as part of the continuing West Virginia University Festival of Ideas lecture series.
The panelists, which include Russell S. Sobel, WVU professor of economics and James Clark Coffman Distinguished Chair in Entrepreneurial Studies; Mark Weller, executive director of Americans for Common Cents; and Robert Whaples, professor and chair of economics at Wake Forest University, will discuss the ongoing battle between legislators and citizens to "pitch" the penny ? or save it. Moderator will be Stephen R. Sears, dean of the WVU College of Business and Economics.
And everyone will get a chance "to put their two cents in" on the issue. Dana Coester, WVU assistant vice president for branding and creative direction, said large circle ballots will be available at the Mountainlair on Wednesday, Feb. 28, and Thursday, March 1, to ensure that everyone gets an opportunity to express their opinion on the copper coin. The ballots will also be available at the panel discussion. The results will be announced at a later date.
In addition, a graphic timeline of the history of the penny will be on display, including a campaign by fourth and fifth graders from Morgantown Learning Center to "save the penny." Teachers, parents and students raised more than 5,000 pennies, approximately $50, which they donated to a local animal shelter.
Critics of the penny have called it "the Rodney Dangerfield of coins." Former U.S. Rep. Jim Kolbe of Arizona introduced a bill called the Legal Tender Modernization Act in 2002 that would essentially eliminate the penny. The bill failed, but in 2006, Kolbe introduced follow-up legislation called the Currency Overhaul for an Industrious Nation (COIN) Act, which will round cash transactions to the nearest nickel, removing the penny from circulation. The second bill is currently being considered in committee.
Its main goal is to stop the continual production of pennies, which supporters viewed as having virtually no value, yet costing the government billions to produce. Supporters of the legislation say because of the rising cost of zinc, the penny's main ingredient, it costs the government 1.4 cents to make a penny.
Critics of the bill allege that by cutting the penny, the act would only lead to increased nickel production and hoarding of pennies. In addition, the penny is a much beloved coin linked historically with Lincoln's picture on it and phrases like "penny for your thoughts," "a penny saved is a penny earned" and "penny wise, pound foolish" attached to it.
According to a recent Gallup poll, 55 percent of Americans want to keep the penny, while 43 percent say the government should do away with it.
The penny panel is the third event in the Festival series which runs through April. This year's theme revolves around Abraham Lincoln in recognition of the opening of Lincoln Hall, WVU's new residential college.
Coordinated through WVU Arts and Entertainment, the sessions explore Lincoln's history, influence and legacy. Other upcoming speakers include novelist, essayist and playwright Gore Vidal and best-selling author, social observer and contributor to public radio's "This American Life" Sarah Vowell.
"The annual Festival of Ideas lecture series represents in microcosm the work that we do at WVU every day," said WVU President David C. Hardesty Jr. "This year's Festival illuminates Abraham Lincoln ? his history, relevance and legacy ? from many angles. It's impossible for any of us to perceive the full array of ideas that flourish across our campus at any given moment. By participating in the Festival of Ideas, however, we can each observe and enhance the creative process that defines our work, and, more importantly, we can each participate in that intellectual forum."
Festival presentations are free and open to the public; however, seating is limited to a first-come, first-served basis. More on the Net: http://www.events.wvu.edu/foi/index.shtml.
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