Saving the Cent with Pop Culture
From ancient emperors to modern economics, collectible coins are making headlines. But can Swifties or Musk influence the future of the cent?
Taylor Swift and ancient coins? Has coin collecting once and for all gone off the deep end, collectible coins becoming of interest to this famous singer, songwriter, and cultural icon? Not in the traditional sense, however, Swift has been recently sporting, among other jewelry items, a necklace featuring a bronze coin of Roman Emperor Philip I (224-229A.D.). Her jewelry also includes a piece displaying a replica of a silver denarius of Roman Emperor Hadrian (117-138A.D.), a Ben-Amun bracelet mimicking coins of Syracuse and Corinth, as well as a Roman Republican silver denarius.
By the time of the fall of the Roman Empire, the denarius was evolving into the pfennig throughout much of continental Europe, the English penny, and the U.S. cent. Right now, our cent may need rescuing. It has recently come to the attention of Department of Government Efficiency boss Elon Musk that it costs more than three cents (3.07 cents as of January) to produce our floundering 1-cent coin. This has not been a secret kept from coin collectors, but the government, as usual, appears to be a slow learner.
The Mint lost $179 million producing cents during 2023. The late Senator John McCain and Senator Mike Enzi sponsored the ill-fated Currency Optimization, Innovation, and National Savings Act in 2017, a move that would have suspended minting the cent for 10 years while the Government Accountability Office looked into the coin’s future, or lack of one.
Americans for Common Cents Executive Director Mark Weller has argued, “The alternative to the penny is rounding to the nickel,” pointing out that a cent can circulate for decades and is more cost-efficient to produce than the nickel. Can Musk stop cent production? Maybe we need more coinage promotions through Taylor Swift! Bring on the Swifties?
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