There are people who say that it is not worth Bill Gate’s time to pick up a $100 bill from the ground, and for the average person the same can be spoken about the penny. The U.S. mint should do away with the production of the penny because it is too expensive. The penny contributes too much of the total debt of U.S. , the penny costs too much to make , other countries have benefited from getting rid of their lowest coin , many companies that accept donations will go up in money if he mint gets rid of the penny , the United States got rid of ½ cent in past without negative effects.
People may think that the penny does not amount to much, but it contributes too much of the total debt of U.S. "nearly 92 billion pennies since 2000, with about
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With pennies being 2.5% copper and 97.5% zinc their material value is worth more than their face value. So they are “worth more dead than alive.” (Solman) The government still manufactures 4 billion pennies a year knowingly wasting 1.8 cents on every penny. "Quarters and dimes are moneymakers too. But it costs $1.43 to produce 100 pennies. Last year, making pennies cost taxpayers almost $39 million." (Appelbaumoct) That means that taxpayers wasted $39 on a coin that has little value and purpose. "Inflation has made the penny obsolete anyway, in 1950 something that cost a penny would just cost a dime today." (Appelbaumoct)
Other countries have benefited from getting rid of their lowest coin. "Canada announced that they planned to stop minting Canadian pennies because it was costing more to make them than spend them." The purpose of the monetary system is to facilitate exchange. The penny no longer serves that purpose." "The Royal Canadian Mint stopped producing and distributing pennies in Canada as of February 4, 2013 ""due to rising costs relative to face value and the significant handling costs of the penny for retailers, financial institutions and the economy in general" The same reason why the US is losing money through our
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
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
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 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.
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 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.
The debate regarding the elimination of the penny has been ongoing for quite some time in the United States, with some agreeing to eliminate the penny and some choosing not to. There are many reasons as to why we should eliminate the penny, not just based on opinions. Although the penny stays popular with the public, they aren’t very beneficial to our economy because they are outdated, take up too much space, and are being overproduced. Eliminating the penny will bring in numerous benefits for our society. The penny is considered outdated in today’s economy for several reasons.
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
It would be best for America to find a way to abolish the penny, while still preserving its history, The argument for abolishing the penny is more complex than it may seem, and could unexpectedly impact even those who don’t use the coins. Abolishing the penny would save valuable time, as well as resources, but could also pose economic problems. Uneven pricing, and an inability to smoothly complete transactions, can be counterproductive when attempting to save
Pennies should stop being made and be eliminated. People care more about other coins like nickels, dimes, and quarters because they are more useful and worth more than pennies. In source 1, ‘ penny wise, or 2.4 cents foolish ‘ by Jeff Sommer, Canadian finance minister Jim Flaherty states that “pennies take up too much space in our drawers at home “ he stated in his speech. This statement is saying that pennies are pointless and a waste of space. Pennies cost more to make than they are worth.
Is the penny truly something that is necessary? Whether or not the United States penny should cease being minted has been a debated topic among many for years, and the issue is nowhere close to being resolved now than when it first started. Even if some may disagree, the penny should be abolished as a form of currency because of the problems that arise as a result of it.
So, a while back, I was at the mall. I bought some stuff, and paid for it with cash. I got given some change back. In that change was a penny. I will never, in my life, use that penny to buy anything.