66% of Americans Favor Keeping Penny

Americans are concerned about a costly price rounding system if the penny is eliminated, a poll shows. 

The American public overwhelmingly supports the penny, according to a recent poll by Americans for Common Cents (ACC). More than two-thirds (67%) of those surveyed favored keeping the penny in circulation.

“These results confirm the strong and unwavering support the penny continues to receive from America,” said Mark Weller, executive director of ACC. Weller’s group includes more than 50 organizations that support continued production of the penny. “Americans understand that eliminating the penny would lead to a rounding process and cost them hundreds of millions of dollars in higher prices.”

Canada recently announced it would eliminate the penny from the coinage system. According to Weller, Canada’s decision to remove its lowest denomination coin will have little impact on the U.S. penny. Congress has already asked the U.S. Mint to make recommendations on how to produce coins less expensively. Congress and the Administration will likely wait for the Mint recommendations, especially in an election year when the public is sensitive to price issues.

“Suggesting that eliminating the penny saves money is wrong,” Weller said. The Mint has stated publicly that it takes almost a dime – 11 cents –  to make every nickel. “From a budget standpoint, it’s hard to see how you save money by eliminating the penny and making more costly nickels.”

More than three-quarters of those surveyed (77%) are opposed to rounding cash transactions, fearing merchants will raise prices rather than lose pennies and round down. “The alternative to the penny is rounding – something that Americans abhor,” Weller said.

The poll results showed that:

 

  • Over two-thirds of adults (67%) favor keeping the penny in circulation;
  • 77% were concerned that if the government implements a rounding system for cash purchases, businesses might raise prices;
  • 66% of Americans oppose eliminating the penny and establishing a price rounding system.


Americans for Common Cents is a coalition of business and charitable organizations dedicated to keeping the penny. It was formed in 1990 in response to Congressional threats to eliminate the coin (www.pennies.org). Opinion Research Corp. International of Princeton, N.J., conducted a phone survey of 1,019 adults (506 men and 513 women) nationwide from March 22 to 25.

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Mercer Names Two Key Leadership Positions

 

 

Sue Crosby and Dan Burke were appointed to key leadership positions at Mercer.   

 

Crosby was appointed as investment director—endowments and foundations, effective immediately. In this role, Crosby will work closely with investment market business leaders and market investment directors. She will have national responsibility for all of Mercer’s endowments and foundations business development initiatives. Crosby will also assist in leading Mercer’s future proposition development and positioning in this important market segment. She will report to Tom Murphy, Mercer’s U.S. head of fiduciary management and will be based in New York.  

Burke was appointed as investment director—alternative investments, effective immediately. In this role, Burke will have national responsibility for all business development efforts across Mercer’s alternatives offerings, including hedge funds of funds and private equity, both directed and discretionary In addition, Burke will continue as investments director within the Northeast Market. He will report to John Nussbaumer, Mercer’s U.S. national investment director and will be based in Boston.

Previously, Crosby focused on expanding Mercer’s implemented consulting business, and supported the firm’s endowment and foundation consulting practice. Crosby also initiated the endowment and foundation relationship management effort at Merrill Lynch, and led business development for Perella Weinberg, an investment outsourcing provider. 

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Crosby holds a B.A. and B.S. in economics from Northern Illinois University, and a Ph.D. in economics from Northern Illinois University. She serves on the Board and Investment Committee for The Art Student’s League of New York. She previously served on the Board of Northern Illinois University Foundation and on the Investment Committee from 2004 to 2006.   

Burke was previously investment director for Mercer’s New England and Mid-Atlantic markets. He has business development experience in the alternatives market through previous roles at both Oppenheimer Funds and Gottex Fund Management, a hedge fund of funds firm based in Lausanne, Switzerland. 

Burke holds a B.A. in political science and a J.D. from Boston College. He also received his MBA from F.W. Olin Graduate School of Business at Babson College.

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