It seems the all day good luck from picking up that penny, may be coming to an end. At least that is what some of the members of Congress are trying to make happen through legislation. Multiple acts of legislation have been introduced to either use rounding, essentially eliminating the need for pennies, or stop minting the penny altogether. They say it has been a nuisance for years, that the cost of a penny exceeds its value. None of these acts have yet to pass. In 2012, Canada has begun the process to phase out the one-cent piece, providing a boost to the effort here in the U.S. Lobbyists groups on both sides continue to fight for what they think is right. Does it really cost more to fabricate and distribute pennies? There are statistics and economic forecasts from both sides. Two-thirds of Americans polled want to keep the penny. Many Americans have anxiety over what might happen if the penny was to be removed from circulation. What effect would rounding have on business pricing? Would businesses really round down when asked? What would be the direct and indirect effects of the “rounding tax”? Charities would also be effected, many depend on the small donations including pennies. There is also the sentimental value, and not to mention Abraham Lincoln, to consider. So is a penny saved, a penny earned? The debate to abolish the penny relies on economics and cost, but in the end it is still currency, and has value to many Americans and charities.
The original penny, first produced in 1787 by a private mint, was made of 100% copper. This composition would continue into the 1800's. Tin and zinc were added to make the penny bronze, and eventually the tin was removed. A copper/zinc ratio of 95/5% was used until 198...
... middle of paper ...
...do not share the same support to keep the penny as Americans.
The value on the penny from Americans carries over to its charities. The small yet critical contributions helps raise millions of dollars each year for important causes. Pennies are easy to ask for, and easy to give. From the Ronald McDonald House and Leukemia & Lymphoma Society, to the local schools and teachers that raise money homeless shelters, soup kitchens and other charities (“Penny”).
As it stands today it doesn't seem that the penny will be going away anytime soon. As with most issues there are both sides, and legislators armed with their lobbyists. The economics may show that the penny is costing us money, but so is the nickel. So where does it end? This isn't the first time for this debate, and it is sure to have more than enough people giving their “two-cents worth” in the near future.
In 2001 United States Representative Jim Kolbe introduced legislation to Congress to eliminate the penny coin in most transactions. Although this legislation failed, there are still consistent calls to eliminate the penny as the smallest-denomination United States coin. Our nation is founded on passed traditions. Any American can look basically in any place to understand why America has thrived for centuries. Every tradition, sculpture, monument, or artifact gives Americans history about what has occured. The country struggles to destroy any of these long kept traditions. Although some traditions are completely relevant, the use of the penny is of little worth today. Whether the penny is rolling around in your pocket or resting at the
Replacing Jackson from the twenty dollar bill could only benefit America 's image problem. Acknowledging the injustices of history, America would reflect intolerance for hypocrisy, and a progress from the past. The replacement would show that America promotes power in both morality and justice.
The story of the penny starts on 1792 it came with several different coins including the dime, nickel, quarter, and half penny. The pennies were first made out of 100% copper but the price of the copper went up, because of inflation the power of the penny went down. The cause of the mint to reduce the amount of copper in pennies first from 100% to 95% but then to 5% copper and 95% zinc. Despite the debate in 2006 the value of metal on older pennies rose over one. They became more dead than alive so people began to melt and sell.
According to source #4, it states, “The one cent has influenced our language, giving us a number of idioms, such as ‘a penny for your thoughts’ (a way to ask what someone is thinking) and ‘not one red cent’ (meaning no money at all).” This is significant because it shows that the penny has affected the English language, giving the language more idioms to use. It is often said that pennies should not be manufactured anymore due to their excessive cost of manufacturing and distribution. Yes, numerous people do acknowledge that fact, but the government can also propose that pennies are to use inexpensive metal, like steel, which makes the entire coin industry save money and has the cost of coins to be cheaper to make.
Have a good look at the penny, what do you see? You probably see nothing but a copper coated circular poor valued cent. Little does everyone know pennies have been around longer than before their grandparents, even their great-grandparents! Matter of fact, it was around so long ago that Abraham Lincoln’s face was not the first design on the penny. I ask that you take the time to consider the American penny’s worth. Without the people’s belief in its value, the penny will be abolished. I see people every day throwing away a penny rather than to put it in their pocket and save it for future uses. Yes a penny is "outdated, almost worthless, bothersome and wasteful" (Safire) piece of junk, but it's has an economic, cultural, and historical significance to the United States of America. The problem is that nobody pays attention to that, and that gives pennies the image of no value. Three good solutions to show the pennies worth include: tolls and vending machines accepting the coin, more charities to keep their penny drives, and historical evidence of what the penny mean to America so that it can be passed on to the future generations.
Andrew Jackson became the United States of America’s seventh president in the year 1829. Born into poverty, Jackson received fame as a military hero and grew popular by representing the “common man”. He quickly became America's most influential political figure at the time. After such a polarizing career, Andrew Jackson was put onto the present day $20 dollar bill. In recent years there has been questioning by the american citizens about Andrew Jackson's qualifications. I agree that a man responsible for genocide and economic tolls on the country should not be represented on the bill.
"As of 2014, the cost of making a penny was estimated at 1.7¢. So yeah, it almost costs two pennies just to make one penny- which makes no sense (pun intended)". Over time, many people have called for the U.S. to stop making pennies. Three reasons why are, we have a lot of coins and bills, not many people carry around cash, and making pennies can waste time, money, and minerals. That is why I believe the U.S. should stop making the penny.
There is a side to this debate where the penny could win and stay in circulation. To start, the penny has been around for years and years and it has seemed to work for this whole time. This is true, the penny has been around and can be used still in everyday life. The turn side of this, though valid, is with systems changing is is becoming more and more rare for the penny to have a true dire need. One other strong reason to keep the penny alive would be charity. Charity relies on those people who do not necessarily care enough to keep the pennies t drop them off in the donation box. That though, has a simple solution. If the penny were no longer around nickels and dimes would begin to be the change customers and users are no longer wanting. Charity then in result
The penny has been in America for centuries, it's a sentimental object for Americans everywhere. However many have debated on whether or not it should be eliminated or continue being made. The penny should be preserved because it is apart of American culture, given to charity, and keeps items cheap.
A buyer brings along with him snacks that he would like to purchase in a dollar store: chocolate chip cookies, a Pepsi, gummy bears, and a bag of chips. He waits in line, eager to consume this huge delight. It is his turn, and he hurriedly placed his treats on the counter, waiting anxiously to pay immediately. The cashier replies to him, “The price will be $5.99, sir.” The buyer takes out five one-dollar bills and four quarters. Not an instance did he ever use a penny in this case, which he thought was useless and meaningless. As you can see, the penny has become quite worthless and diminished in purpose. Many citizens would prefer to round up and pay rather than spend time and look in their
The article “Giving Harriet Tubman Her Just Due,” by Eugene L. Meyer, describes Harriet Tubman and the challenges that she and her people still face today. Today, in her native county of Dorchester, Maryland, there is a museum that commemorates Harriet and her bravery in freeing more than 300 slaves from bondage with the Underground Railroad. In the museum hangs an enlarged picture of the new twenty dollar bill with Harriet’s image in the center along with a promise that the new banknote is being released in 2020. However, President Trump has not made changing the banknote one of his top priorities. This has upset many in Dorchester County who fervently promoted and capitalized on their county as Harriet Tubman’s birthplace; which consequently
The penny is outdated because technology has grown over years. With todays technology more people are straying away from using cash. According to Charlie Sorrel, "As online shopping becomes yet more prevalent, and prepaid credit cards take the place of more and more low-value cash transactions,
Some of the reasons the penny has not been discontinued in the United States is the penny has a rich history. Also, the penny used to hold more value before inflation caused prices to rise. In our interview with Mr. Stevens, he told us he used to be able to go to a store and buy candy for a penny. Then after we asked him if he thought it should be discontinued and he said no because he had a connection to it. This connection is common throughout people his age which is one reason making a decision is so hard. The Mint is considering other means of coin production, but industries with coin operated machine say it would cost them billions to re-fit machines to accept altered coins. The government has been taking steps to reduce the the gap between price to make the penny and the price of the
Wolman, D. (2010). Want to Help Developing Countries? Sell Them Good Stuff — Cheap. Retrieved from: http://www.wired.com/2010/09/st_essay_pennies/
years to come. The money in our wallets is just a special type of paper with a