Every year, 1.2 million pennies are tossed in fountains, on the ground, or are unaccepted. The penny has been a part of the United States for more than 200 years. Its design has changed twenty-one times. As the economy has changed, so has the value of the coin. The United States should get rid of the penny because it is unneeded. The penny takes up too much space, getting rid of it will save time, and it costs more to produce than what they are worth.
Some people say, “Getting rid of the penny could cause a one-time inflation burst…” But, François Velde, an expert on the history of small change and a senior economist at the Federal Reserve Bank of Chicago who is working this year at the Bank of France states, “But in a competitive market,
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you might well see prices decrease.” First, the United States should get rid of pennies because in the United States, they take up too much space.
A persuasive government brochure stated, “We often store them in jars, throw them away in water fountains, or refuse them as change.” Also, Chris Ward, a spokesman for the Army and Air Force Exchange Service claims, “Pennies are too heavy and are not cost-effective to ship." If Americans do not properly use the penny and they are going to waste, there is no reason in having them.
Next, getting rid of pennies will save American citizens’ time. Dr. Robert Whaples, a professor at Wake Forest, claims, “The time wasted counting pennies could add up to over $700 million per year nationwide.” Also, “He asserts that this time saved is even more valuable than eliminating a potential impact on rounding prices.” By getting rid of the penny, Americans will save money and time.
Finally, pennies cost more to produce than what they are worth. The United States mint says, “…Each zinc and copper coin costs 2.41 cents to produce and distribute.” The text reads, “The United States Government-that is the tax payers-lost $60.2 million on the production and distribution of pennies.” If something costs more to make than what it is worth, it should not be
made. Because the penny takes up too much space, getting rid of it will save time, and it costs more to produce than what they are worth, the United States should get rid of it. A possible solution to this problem is simply just getting rid of the penny for good. “The whole situation is ridiculous… The serious, simple solution is to do away with the penny.” Although it seems like a small issue, we need to take into consideration the millions of dollars and the amount of time we can save by getting rid of the penny.
This meaningless coin is losing money to the mint, and should be abolished. The penny costs 1.4 cents to manufacture each time at the mint. This is causing the mint to lose money to the treasury. Last year, the mint earned $730 million in profit. Many mint officials claim the estimate will be about $45 million due to the cost of metals made in pennies.
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
Each month the U.S. mint produces one billion pennies a month. It would be better off to abolish the invaluable penny than to waste employees’ time in the government producing the little annoyances. Source C states how these 10 million shiny new useless items are a waste of time to the government workers. The employees could easily be more valuable if they were tracking counterfeiters. In addition, although the penny is a meaningful emblem of our president, Abraham Lincoln, we will still see his honorable face on the valuable five dollar bill. (Source G) The penny has lost its value as
Do we really need pennies? The story of the penny starts in 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 is 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 year.
Yes, numerous amount of people does 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 have the cost of coins to be cheaper to make. Additionally, think about the amount of people that would be fired if the penny industry were to be eliminated. This might the only job that can support their family. Instead of trying to eliminate the pennies which provide a great use for US citizens it is time to ask the government why they would spend hundreds of dollars uselessly for studies, such as a study on why chimpanzees throw their
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.
Millions of Americans work full-time, day in and day out, making near and sometimes just minimum wage. In 1998, Barbara Ehrenreich decided to join them in part by the welfare claim, which promises that any job equals a better life. Barbara wondered how anyone can survive, let alone prosper, on $6-$7 an hour. Barbara moved from Florida to Maine to Minnesota, working in the cheapest lodgings available and accepting work as a waitress, hotel maid, house cleaner, nursing home aide, and Wal-Mart salesperson. She soon realizes that even the lowliest occupations require exhausting mental and physical efforts and in most cases more than one job was needed to make ends meet. Nickel and Dimed reveals low-wage America in all of its glory, consisting of
The penny is so close to worthless that there is a major debate on whether the penny should be kept in circulation. Keeping the penny in circulation would be mostly for those traditionalists who see this coin as history and luck. Many are working very hard to keep that piece of history from meeting its retirement. ALTHOUGH THE PENNY HAS BEEN AROUND THROUGH AN ABUNDANCE OF GENERATIONS; DEPLETING THE NATION OF THIS COIN WOULD BRING LESS HASSLE AND MORE BENEFIT.
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.
Pennies have always been respected for having played a big role in american history but does the penny actually deserve to be held in such high regard if it's just collecting dust under the couch. Since 1857, the penny was used and changed throughout the years but it might be a better idea to get rid of the penny because of its expensive production costs and its effect on the economy.
There is definitely no purpose and meaning in continuing the creation of these worthless objects. All they do to the United States is cause trouble, and they are clearly a bothersome to uphold them in our possession since they barely contain any value. Our economy would be fit with just dimes, quarters, and nickels as our coins. Abraham Lincoln, who was the president represented in this penny, would disapprove having his reputation and honor shown in a futile currency. The government needs to stop producing pennies. They create a loss of money rather than a profit; therefore, these copper cents need to be gone from our economy. What other choice is available? What can these pennies do in order to redeem their glory? It is nearly impossible to convince residents to use pennies once again. The penny has lost its value, and their dignity has become faint to us. It is time to eliminate pennies–for
First of all, one of the main reasons that the United States should get rid of the penny is because it is very expensive to make. “The United States government- that is the taxpayers- lost $60.2 million on the production and distribution of pennies in the 2011 fiscal year, the mint’s budget shows, and the losses have been mounting: 27.4 million in 2010, and $ 19.8 million in 2009” ( Source 1). The losses
Money is the backbone of America. Without it anarchy would break out and bargaining would fail as people would claim the trade wasn’t fair. Thievery would explode across the globe and some lazy people would have no motivation to work. While most people believe that money is important, the question is whether all money is important. For centuries, the penny has shared a role in American currency and has served a great purpose. In the past, pennies could buy candies, slices of bread, and many other things all on their own. But as time changed, so has the value of the penny. As costs went up, the value of the penny went down. And with its lesser value, some people wonder if it’s even worth it to keep the penny around.
It is hard to imagine a place that had never seen a penny lying about. Pennies can be found almost everywhere. Although pennies once seemed to have more value, today pennies amount to almost nothing. Even though Jim Kolbe, United States representative failed to pass the legislation, there are still controversies to eliminate pennies. Despite the fact that discarding pennies would shoot the prices of every commodity to its next nickel, living in 21st century has made it possible for the society to have no products priced in cents.
Pennies can't be made for lower than their value and that is why they are unprofitable. Confirmed by Zagorsky, “One of the most compelling reasons cited fro getting rid of the penny is the fact that its become unprofitable due to inflation and the rising cost of materials. The U.S. Mint has been losing money on every penny it's produces since 2006.” The penny isn't used enough by the people who live in the United States to make up for the production costs so that is why people feel we should abolish the coin. Time is wasted both with production and at the cash register. Demonstrated by Michaela Kaplan, a New York Time writer, “The National Association of Convenience Stores did a study showing that pennies extended transactions by two to two-and-a-half seconds. You lose an hour or two per year dealing with pennies that you happily leave in jars or under the cushion of your sofa.” This emphasizes that stores personally don't like dealing with the inconvenient penny. With how fast paced everyone is in our society today it is hard for people to have the patience and wait for that extra time to get change back and thats why everyone is changing electronically. Each year people will be surprised at how many pennies they lose and how much time they waste in the store worried about getting exact change. People would have more time to get other things done in the day if they didn’t have to worry about