Our View: A penny pressed is not a penny earned

With wasteful government spending, one generally thinks about plush, high-dollar office furniture and $700 light fixtures decorating government offices. Examples of wasteful spending can encompass much more however and a recent purchase approved by the Rock Springs Historical Museum’s board illustrates this concept perfectly.

The museum board recently decided to purchase a $3,400 penny stamping machine from donations given to the museum. It will, for 50 cents and a penny, smash the penny into an oval-shaped commemorative image. Some people enjoy collecting these things as a way of showing off where they’ve been.

On the surface, this sounds like a great idea, but it doesn’t hold up under scrutiny. The obvious issue at hand is how long it would take to earn back that initial investment.

At 50 cents per use, the machine will earn back its initial cost after 6,800 pennies have been molded. When 10,000 pennies get molded by the machine, the museum will only have made a profit of $1,600.

According to Jennifer Messer, director of the Rock Springs museum, they had 10,426 visitors throughout 2017. While that number doesn’t take repeat visitors into account and excludes opportunities to take the machine to International Day and the Sweetwater County Fair, there is something else to consider as well.

The reason why these machines are popular for national parks and other touristy locations is due to the large volumes of pedestrian foot traffic those places attract. Go to Mount Rushmore or Yellowstone and you’ll see people everywhere. This isn’t always the case with the Rock Springs museum.

Yes, the museum is used as a hub for events in downtown Rock Springs, but the traffic, even at its peak, isn’t anywhere near the amount seen at a national park. It may take a couple of years for the machine to pay for itself. Even longer for it to generate a meaningful profit.

The Rock Springs Historical Museum’s board should have taken more time to consider their options before committing to the penny press.

Boards should not feel pressed to spend the money they have on the first option brought to them. Jumping into a commitment with check in hand will only result in missed opportunities and buyer’s remorse.