Though the government has been trying to get rid of the penny for a while, coin expert John Wold says the penny has a psychological hold on Americans.
Since they’ve been around for so long and are part of American history, it’s hard for us to let pennies go.
Wold thinks the government hangs on to the tiny copper relics – which cost more to produce than they’re worth – because Americans don’t like change, especially during an economic crisis.
Still, this doesn’t mean Wold is in favor of keeping the penny for the long haul.
He believes average pennies are almost worthless and actually slow down day-to-day business and activities, especially when people stop to dig for change.
The only exceptions are rare, coveted antique pennies, which can fetch thousands of dollars.
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