Pennies Could Soon Be Gone - WSET.com - ABC13

Pennies Could Soon Be Gone

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Roanoke, VA - It's been a debate for years now whether or not to scrap the penny.

We may be nearing that point now because President Obama suggested it may finally be time to do just that. The main reason is because pennies cost nearly 2.5 cents to make and distribute.

On the flipside: For years, speculators have been hoarding pennies made prior to 1982 because at today's copper prices they could quickly double their money.

"Just anticipating a time when you can melt them because they are 95% copper so therefore they are worth more than a penny," said Reggie Luck with the Roanoke Coin Exchange.

Currently it is illegal to melt pennies.

The President made the comments during an online "fireside chat" with citizens. Last year, Canada scrapped the penny from their currency.

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