SUPERIOR, Wis. — Superior Choice Credit Union plans to hold a memorial service for the U.S. the penny today.
Noting the United States Mint has ended production of the one-cent coin, the credit union said that in honor of its long-standing place in American history it has decided to give the penny a special send-off.
Throughout today, Superior Choice CU said it will host three commemorative sessions at 10 a.m., noon, and 4 p.m. Each session will feature a tribute to its legacy and a guest speaker from the area, such as Mayor Jim Paine.
Two Cents for Their Thoughts
“It’s exciting to see progress,” said Ben Peters, financial educator at Superior Choice Credit Union, said during an interview with Fox 21 News. “I know this has been a conversation for most of my life. The government’s been talking about this forever, and so, you know, it’s nice to see progress, but there are gonna be some memories that I think people will miss.”
Superior Choice is also hosting a penny drive throughout the week for anyone who is looking to get rid of their pennies.
The penny costs nearly four cents to produce. Stopping production of the penny will save the government $56 million a year.
Guidance & Advice
With the end of the penny, Treasury has offered guidance for small businesses and retailers, while credit unions has responded with their own thoughts and strategies, as the CU Daily has reported here and here.
