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Quick takeaways
- The cost of minting a penny exceeds its value, rendering it economically inefficient.
- Introduction of self-service in grocery stores by Piggly Wiggly revolutionized retail but impacted job security.
Deep dives
The Penny: A Useless Currency
The American penny, with a value of one one hundredth of a US dollar, costs more to mint than its actual value. Despite featuring President Abraham Lincoln's profile since 1909, the penny fails to serve its economic purpose. Not accepted in vending machines or parking meters, pennies are mostly hoarded or discarded, contributing to a loss of millions for the US Mint annually.
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