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History of US penny
History of US penny
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Feted as the first currency authorized by the United States dating back to 1787, the penny. The penny seems to cause more of a hassle than anything else. ⅓ pennies drop out of circulation everyday, a lot of time is lost during one transaction. However, pennies have a lot of history behind them. Pennies with everything they have been through, should not be abolished.
To begin, more than half the amount of pennies made are lost and dropped out of circulation almost immediately. “ Two-thirds of them immediately drop out of circulation, into piggy banks or—as The Times’s John Tierney noted five years ago—behind chair cushions or at the back of sock drawers next to your old tin-foil ball,” as stated from “Abolish the Penny” by William Safire. To explain, while most pennies are disappearing, never to be seen again, the U.S.
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Mint is punching out 10 million more pennies a day. Edmond Knowles, from “Penny Pinchers” by Ric Kahn, has been saving pennies for 38 years filling jugs with the useless piece of copper and zinc. When all of the coins were recycled he had collect 1,308,459 pennies all together, therefore ended up with $13,084.59. Pennies are disappearing everyday never turning up or maybe 38 years later, and for this reason pennies should be eliminated. To continue, exact change while checking out takes more time than needed.
“...estimated that handling pennies adds 2 to 2.5 seconds to each cash transaction (remember that we are including the occasional customer who spends 30 seconds looking for the penny in his pocket). Let us estimate that each person goes through three of these transactions per day and that on average there is one person waiting in line (making for a total of three people’s time wasted in each transaction),” states “Penny Pinchers” by Ric Kahn. While looking for exact change instead of just receiving more change, more time is taken than needed. “Probably only about half of the wasted time is directly connected with a cash transaction, giving a total of 40 wasted seconds per day per person. This may not seem like a lot, but it translates to 40 × 365 / 3600 = 4 hours per person per year. If each person’s time is worth $15/hour then we arrive at the conclusion that each person is losing $60 per year, at a cost to the nation of over $15 billion per year. . . ,” as stated by Ric Kahn from “Penny Pinchers.” Because people want to give exact change the both people are losing
money. Critics argue, that charities rely on the loose change. “Many charity organizations also rely on pennies for money. Organizations like the Salvation Army and UNICEF depend on people giving extra coins here and there,” states Grace Harter from “The Penny Should Stay.” With charities asking for people’s loose changes, why are there so many coins dropping out of circulation? Charities ask for the change and with confidence people hand over change knowing it’s going to a good cause. “..an armored car picked up his 4.5 tons of spare change, and had it recycled through Coinstar. That would be 1,308,459 pennies, or $13,084.59…,” states “Penny Pinchers” by Ric Kahn. All of the coins were not put to a good cause, like a charity. If the only good thing pennies are used for are charities, people should be giving their coins to them. Therefore pennies should be abolished because they’re not being use for the only thing they are good for. To conclude, pennies should be abolished, even though they are so old. ⅓ pennies drop out of circulation everyday, a lot of time is lost during one transaction, however pennies have a lot of history behind them. Therefore the penny should no be abolished.
The penny costs 1.4 cents to manufacture each time at the mint. This is causing the mint to lose money for the treasury. Last year, the mint earned $730 million dollars in profit. Many mint officials claim the estimation will be about $45 million due to the cost of metals made in pennies. Our country is continuing to have a very strong economy with the stock markets going up. The penny might affect these benefits from the rapid production of these coins. Copper and zinc are the main elements that compose the penny. With the rising costs of these elements, the economy may back up a bit. Because of this, the U.S. mint should reduce their penny production.
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 America’s modern day economy, the penny is very useless and irrelevant in our society today. As source C states, “The time has come to abolish the outdated, almost worthless, bothersome, and wasteful penny.” There is not one item that can be purchased with a penny anymore (Source C). As source C states, “it takes nearly a dime to buy what a penny bought back in 1950.” Stores such as the Dollar Store prove how the cheapest items you can purchase are with only a dollar, not a cent. Pennies are shoved out of the economic picture by credit cards and because of the modern-day technology, there are even self-service machines that help convert coins into paper money (Source B). Furthermore, pennies are easily tossed into piggy banks or appear behind chair cushions. It is not used the same way as it was before.
Barbara Ehrenreich’s use of logos in order to gain the reader’s support and approval was prevalent throughout this section. She clearly outlines her credibility and aptitude in the introduction of her novel - she mentions her education as well as statistical facts about hourly wages in the United States and how they will relate to her experiment. She points out her “…PhD in biology, (which she) didn’t get by sitting at a desk and fiddling with numbers” and how “According to the National Coalition for the Homeless, in 1998 it took an hourly wage of $8.89 to afford a one-bedroom apartment…the odds against a typical welfare recipient’s landing a job at such a ‘living wage’ were about 97 to 1.”
They became more dead than alive, so people began to melt and sell. The death of the penny would have ended there but with the government realizing that they weren't worth minting and happy that its people were removing they became circulation which according to google means that “movement to and from or around something, especially that of fluid in a closed system.” So they made the melting of U.S. coins illegal and continued making 4 billion pennies each year. The pennies instead did the exact opposite by being a literal dead weight on everyone's cash.
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.
My hypothesis for the penny cleaning with the chemicals experiment was accepted. The hypothesis was; “If a penny is placed in salt and vinegar, then it will get cleaner than the other chemicals being used”. The data used from the experiment that supports the hypothesis was that the salt and vinegar chemical cleaned a penny the best it had a 90 out of 100.
In fact there are many people that oppose abolishing the penny. In source E it states “that 62 percent of people oppose abolishing the penny that has a income less then $25,000 a year.” If the penny was to be abolish then the nickel would be the lowest coin in amount of money. If the nickel was the lowest amount of money there was then that means the purchase prices of items sold would increase. The prices would increase on items sold because the penny would not be in circulation to allow the customer to pay with the correct amount of change. Instead of being able to pay $3.47 for a kids meal at MacDonalds the customer would have to pay $3.50 for the kids meal. With the increasing prices of merchandise sold in stores there could be a budget upset for many families that have to follow a tight budget. Many families have to follow a tight budget to be able to provide for there families. With a tight budget there is no room for the prices of merchandise to increase due to losing the penny. Every penny counts when it comes to having a tight budget and providing for your
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.
If you check your pockets, how many of you have pennies in them? Not many people I assume, that is because most people don't carry around pennies anymore. Denver Nicks from Time.com says
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
Many of Americans view the every day penny as only one cent that carries only little to no value, which is why they wind-up stashed away at the back of drawers. What most people don’t have a clue is the value it once held back in the days where a can of coke was about one cent. Our very own citizens who once fought battles and came home scarred knew that the penny wasn’t just one cent, it was the blood shed, their fallen brothers, and the never ending tears that symbolized one single Lincoln. Pennies are worth more than their currency, they are the history of our home and the beginning of where we stand today.
Due to most people believing the penny is useless, they are more than happy to give them away to charities who actually need money. For example, a middle school raised over $3,000 in a week by creating a fundraiser which asks for student’s pennies. “if the United States eliminates the penny, charities will suffer because people will pay more at the store and feel they have less to give those in need.” (Source 4) People think pennies are worth little so they have no problem giving their pennies away. Also, charities who receive pennies would lose a large amount of money if pennies were no longer
For instance, in the article “Abolish the Penny (Source 3)”, it clearly states, “Where do they go? Two-thirds of them immediately drop out of circulation, into piggy banks or –as The Time’s John Tierney noted five years ago –behind chair cushions or at the back of sock drawers next to your old tin-foil ball.” Adding on, many people view the penny as a useless currency, and they even leave it in hidden places around their own home. The reason why pennies are sometimes located in piggy banks or at the back of sock drawers is that citizens see no purpose in obtaining them. In other words, it seems as if the penny has lost its fame and glory ever since other forms of currency have been established, such as quarters, dimes, and dollar bills. As explained by William Safire, quarters and dimes seem to circulate more often than pennies, and pennies “disappear” due to their worthless value and troubles. Specifically, the reign of quarters and dimes has overtaken the significance of pennies, and as time passes by, the term “penny” might not even be mentioned anywhere around the United States. In addition, more people nowadays tend to use quarters and dimes for due change, leaving the penny to become less essential for our needs. As stated in Source 3, the British and French have already abandoned their low-value coins approximately 30 years ago. This demonstrates the probable