Informative Essay: The American Penny

981 Words2 Pages

A penny saved may not actually be a penny earned. While the penny has long been an important part of the American coinage system, it may be time to phase out the beloved one-cent coin. The penny was the first authorized currency of any kind in the United States and has been minted since 1787. Though its composition and design have changed many times since, the penny has remained an emblem of the American spirit. Especially with Abraham Lincoln’s commemorative portrayal on the coin in honor of his 100th birthday, the penny embodies American patriotism and unification. (Penny History). Nonetheless, the penny may be living on borrowed time as its worth steadily dwindles away. The American penny should be eliminated due to increased card transactions, the expensive cost of production, and the successful phasing out of similar coins in other countries. …show more content…

According to a 2016 TSYS study on consumer payment, the vast majority of eligible respondents preferred card payments to cash payments. Throughout the four year span of the study, an average of only 11 percent of the respondents favored cash. (2016 U.S. Consumer Payment Study). This means that just under 90 percent of consumers choose to use a card instead of cash as their main form of payment. With only a small portion of people using cash as their main form of payment, it’s no surprise the penny is not utilized in the same fashion as it had been in its past. One contributing factor to this development is the decreased acceptance of the penny such as its rejection from vending machines. Some people even give them away for free in stores and gas stations, or just throw them away without giving it a second thought. In a world where convenience is key, pennies are a prime example of inconvenience. As it happens, the penny may be just as worthless as it is

More about Informative Essay: The American Penny

Open Document