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
Between 2001 and 2006, there has been an increase of .6 cents for the reproduction of the penny. This increase displays economic problems that may lead to fatal ones. The penny is composed of 2% copper and 98% zinc. These elements are exponentially in demand causing the price of these materials to skyrocket. Many Americans think the penny is putting our country in jeopardy with financial losses. This meaningless coin is losing money for the mint, and should be abolished.
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
In 2001, United Sates Representative Jim Kolbe proposed a legislation to Congress to dispose the penny coin from the currency of America because of its small impact. Although his legislation failed, most people currently argue about the penny’s existence today. Even though the penny stood as a mark of history, it is useless and should be eliminated from America’s currency.
The debate of eliminating pennies or maintaining pennies is a current focus in the United States. Many people think that eliminating the penny would positively influence the United States because the government would not have to devote millions of dollars for pennies. While many other people think that eliminating the pennies would negatively influence the United States because of the rounding tax that would be introduced after the pennies are eliminated. I think that we should continue to keep on manufacturing the pennies because the penny shows how it impacted the English language, it can also help causes that can save lives, and pennies can keep the government from creating the rounding tax which can cost consumers millions of additional dollars.
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.
The Penny is a wonderful coin. It might only be worth one cent but that one cent can help people in all sought's of situations. The penny should kept in circulation. There are many people that use the penny still in today’s society.
We should keep the penny because it has history, in fact it was “the first currency authorized by the United States” (Lewis). The penny no longer has the value that it used to have, but it is still necessary to make purchases as accurate as possible. The penny may seem like a waste of time to many Americans because it takes so long for cashiers to make change, forcing people to wait in line, but it is actually worth the time spent. The penny helps with keeping prices a cent lower, and therefore stimulating the economy. The penny is important to many people who need the money and for whom pennies still have value.
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.
While the penny is only worth one cent what is it worth to millions of Americans who had relatives fighting in the civil war, or that were slaves in that time period? Pennies mean more than just currency it has a very important value in history. Yes the penny may be the lowest type of currency here in the U.S, but its sentimental value means more to Americans than the value to businesses.
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.
The penny is as enamored in US history as the Declaration of Independence, and has been around for almost as long as well. It saw Lincoln abolish slavery, and helps us remember that with his profile on the head side of the coin. However, pennies are not worth what they used to be. With everyone paying with credit and debit cards, many wonder “Why don't we get rid of the penny?” The answer to this problem is this: we should get rid of pennies.
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
seconds to each cash transaction” which is money that workers lose. While this is a valid argument, the negative impacts of abolishing the penny still outweigh the benefits as prices will rise for the entire population rather than just the workers. Not only would abolishing the penny harm consumers and upset Americans, but it would also remove much of the historical significance that the penny carries. The penny, like all other forms of currency, represents America and what it stands for. As indicated by Source F, where President Bush signed Lincoln’s redesign into law, the penny still carries a lot of
I have given a detailed speech on why pennies are not worth it, yet, the next day, I declared my love for the shiny coin when I found a stray on the ground. “I’m one cent richer,” I exclaimed. My love for the penny is something I have in common with many Americans. The penny-lovers might be thinking, "We can't get rid of the penny! We're Americans. See, there's Honest Abe Lincoln. He deserves his place here immortalized on this coin." I share this sentiment, but Lincoln still has the five dollar bill and the Lincoln Memorial. On the other hand, the penny is bad for the environment (Mining creates pollution.), dangerous to people and pets (It is 97% zinc.), and essentially useless to the consumer in
Through the years, developments in Science and Technology can be noticed. Advancement in science and technology have made life better, easier, and efficient. Take computers, as an example. In old days, computers were as big as a room, and were not comfortable to use because the computer screen can damage the eyes. Conversely today, computers are small as the size of our palm, and has better display. Unlike the computers in the past, which were slow and has limited functionalities, computers in the present time are fast and has all the functionalities an individual needs for his or her everyday life. Technology is still developing to improve the life of every living creature on Earth. However, such developments will not happen without the contributions of the people in the past specially the individuals during the Renaissance, which is the time when intellect, and artistic achievements were being recognized.