As far back as anyone can remember, picking up a penny on the side of the road is good luck. Nonetheless, whether you believe the penny will bring you good luck or not, it definitely won’t bring you riches, or much of anything else. The penny is the lowest denomination coin in the American money system, and it is time to get rid of it. When this viewpoint is brought to the attention of the public, some feel that the penny is too historically significant to get rid of it. However, the penny happens to be the smallest of all tributes to the 16th President and his accomplishments, thus removing it is not an issue when based on historical significance. Though many people see the penny as an important part of American history, it is expendible to …show more content…
keep in the money system because it is a waste of time to use, not worth the cost to make, and the smallest of all the tributes to Abraham Lincoln. Using the penny is simply a waste of time.
Time is wasted, by all parties involved, in each transaction when cash, and more specifically pennies, are used. In an excerpt from a New York Times article, writer William Safire states, “They cost more in employee-hours—to wait for buyers to fish them out, then to count, pack up and take them to the bank —than it would cost to toss them out.” Getting rid of the penny would save time for not only the customers, but also for the employees and employers. If customers no longer use pennies, the transactions will go faster, allowing more transactions to take place in a given period of time. No longer using pennies can not only save time, but it can also save money. MIT graduate Jeff Gore created an equation to express the amount of money that is lost because of the copper coins, and he concluded that “‘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….’” Gore’s equation shows how inefficient the use of the penny is, and further develops the thought that it should be abolished. The penny simply costs more money to use than it is even worth. The current lowest denomination coin has been easily proven to be a waste of time and money, and should no longer be used in the U.S. money …show more content…
system. With the new technological advances in banking and transaction systems, the penny has become worthless.
One of these advances is credit cards, which are now used instead cash and pennies. Rick Kahn, writer for Globe, perfectly demonstrates how the penny has been subsided by stating that the penny has been “shoved out of the economic picture by charge cards.” While credit cards have taken dominance over cash all together, when cash is used, bills are more common than pennies. Even more so, one can’t buy really anything with the penny anymore, making it even more useless. Also, bills are much easier to grab for than digging for pennies. As a result of this, pennies disappear because they are literally more trouble than they are worth (Safire). Pennies have become impractical. The use of this extremely low denomination coin is more so a burden than anything else, and are no longer needed in the money system. Because of new technologies, pennies have been rendered useless, are no longer necessary for buying products, and should be
abolished. Though some people may argue the historical significance of the coin, it is the smallest of all the tributes to Abraham Lincoln. Since 1909, the penny has been marked with the side profile of President Lincoln. And, of all the tributes to Lincoln, it is often thought to be, by some, as the “‘most visible and tangible reminder of Lincoln’s significance in American history’” (President). The fact that it is the most tangible reminder is true, but it is also true that there are many other and more sufficient ways that Lincoln has been commemorated. Because it isn't necessary as a monument anymore, it has become unimportant both historically and economically. It is small and useless, and “[e]ven President Lincoln, who distrusted the notion of paper money because he thought he would have to sign each greenback, would be ashamed to have his face on this specious specie” (Safire). The penny is pointless, and new rounding system would better suit the economy, and it is an embarrassment for one of our greatest presidents to be shown on it. In conclusion, while the penny could be seen as historically significant, there are many other monuments that do a better job at portraying the strength and sturdiness of Lincoln’s presidency; therefore, the penny should be abolished. Though many people see the penny as an important part of American history, it is expendable to keep in the money system because it is a waste of time to use, not worth the cost to make, and the smallest of all the tributes to Abraham Lincoln. With all this in mind, the penny is ineffectual both as a historical pigment of Abraham Lincoln and as a coin in our money system. Therefore, the penny should be eradicated, and finding one on the side of the road will be even more lucky.
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.
We strive on making everything more efficient. As stated by a www.globe.com article, “The National Association of Convenience Stores and Walgreens drug store chain 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)” (Source B) That is a lot of unneeded time. When you get the penny back does it mean anything to you? It was also estimated that if you add those 2.5 seconds, it equates to 4 hours per year handling pennies. In keeping with the thrive and efficiency to move along in America, you can be using those 4 hours for something much more productive. As another example, say you are walking down the street and you see a penny on the ground, will you stop and pick it up? You most likely will not pick it up because it has no value. Now what if it was a nickel, or a quarter? Will you pick it up? Most people will definitely pick it up. A penny is just a waste of time. Finding a penny at the bottom of your pocket or in your bag drives cashiers crazy. There would be no need for this wasted time if we abolished the penny. The penny is stopping every great American from pursuing the next biggest breakthrough or
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.
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.
Treasury Secretary Jack Lew’s proposal to introduce a woman onto American currency, although meant to make up for an injustice, does not come without a major flaw. Lew’s proposal to remove Alexander Hamilton from his prominent position on the ten dollar bill relegates an influential historical figure. Although it is important to recognize women’s contributions to America, it should not be done at the expense of Hamilton when an undeserving man such as Andrew Jackson is honored on the $20 bill. Due to the debate surrounding America’s currency, Thomas Jefferson’s worthiness of being on the nickel has also been questioned. Admittingly, all men and women have their weaknesses, but it is important to recognize when those weaknesses outweigh their strengths.
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 affect the United States because the government would not have to devote millions of dollars to pennies. While many other people think that eliminating the pennies would negatively impact 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. To begin, the United States should not eliminate the penny because the coin has impacted our language by giving us more phrases and words.
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.
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
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.
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
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 production of a penny costs about two cents each and the value of the penny is gradually decreasing throughout the years, however, penny production should not stop in the United States. Without the penny, all prices would be rounded up to nickel prices. Prices tend to be rounded up considering most prices end in a nine. Therefore, the tax buildup that Americans would pay throughout the next few decades would increase dramatically. The deletion of the penny from our current society will also force Americans to rely more heavily on nickels, which will end up taxing the government more money in the end. Though some believe that the penny should no longer be manufactured, there are a plethora of reasons why the penny is an essential part of the United States’ currency system.
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
In today's century pennies has no purchasing power,pennies are useless and should be abolished.Pennies are not worth the same amount as they did before. Pennies are made out of copper,but if we use the copper for a more valuable coin that could be utilized,states will get rich and have a beneficial in the economy."Arizona is rich in copper...bigger percantage of the large-denomination coins that might be more heavily used it the penny were discontinue."(Source A) If pennies would be "discountinue" the states that have copper would make coins that are in use and beneficial for the people.For example, quarters,dimes,and nickels are worth more than a penny and are in use and acceptable in stores or even vending machines.Making,"A system under which cash transactions would be rounded up and down"(Source A) would be an advantage for the United States.This is a system that would help the stores by not wasting time counting pennies.When,"replacing paper dollars with long-lasting $1 coins"(Source A) would benifit the economy by making dollar coins which will be more beneficial than an ordinary penny.