Pennies are the iconic symbols that have always been a key part in the United States, why would anyone want to get rid of that? Well in Canada, they banned the coin due to the waste of time and money put into making it. They thought that many people just store them in dressers or put them in jars. To prevent continuing the wasting of pennies, Canada is thinking of melting the coins or donate to charities. Due to the loss of money to make the coins, and inflation, the banning of pennies is a good idea.
Starting off, pennies are a waste of yours and the governments money. If you ever thought that pennies cost the same as it’s worth, that is completely wrong. Pennies may seem worthless, but it actually cost about 1.6 Canadian cents to make a
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penny, which is more than it should be. That money for pennies is going into taxes, and the taxpayers in the United States, “...lost $60.2 million on the production and distribution of pennies…” (Sommer). The taxes being paid in the United States is going to the making of one cent, meaning that you are paying lots of money to only get a cent back. It isn’t worth keeping them around if all you are doing is wasting money to get little to nothing back. Though the saying, “a penny saved is a penny earned” is true, you’d get even more back in return if the coin was banned. If you don’t know what the money from taxes go to, a part of the money the taxes go to is production of some things, such as the penny. As said before, it costs 1.6 Canadian cents to make a penny; costs more to make the penny then the actual price of the coin. As the author of ‘Penny wise, or 2.4 Cents Foolish?’ said, “Pennies may not be big money, even if you add them together...we are paying a cost for the privilege of squirreling them away in drawers and on dressers” (Sommer). There isn’t a need for storing them, due to there little worth, as well. Think about it, if you even want a dollar out of them, that would mean saving up 100 pennies. Overall, the money going into pennies doesn’t pay off. Another reason pennies should be banned is because of the thing everybody fears; inflation.
Inflation is the causing of price to increase, but before you think it’s a bad thing, listen up. Though inflation may seem outrageous and that there is no way you are going to pay even more for the high prices there already are, think again. In paragraph 7 in ‘Penny wise, or 2.4 Cents Foolish?’, it says, “A $2.01 cup of coffee should be rounded down to $2…” (Sommer). You may think that it’s only a cent taken off, so there is no point in banning it. That’s true, it’s only a one cent difference, but everyone that has experienced that feeling of dread when searching through your purse, wallet, or pockets looking for that one pesky penny hiding in the oddest places wouldn’t feel the dread they did before. Although others argue that they might not experience that dread nor want to pay extra, because prices that are above or at three cents will be rounded to five. Those who think that must take into consideration that in a competitive markets the price will most likely decrease for business purposes. Because of that, this brings into the fact that in some places, they can go down a whole five cents, maybe even ten. The article, ‘Penny wise, or 2.4 Cents Foolish?’ states, “...In a place like New York, a 99-cent price pizza might go down to 95 cents rather than $1…” (Sommer). For those who do believe the government shouldn’t ban the penny because of inflation, it really isn’t too much of a
hassle. In other words, inflation isn’t as bad of a thing as it’s made out to be. All in all, the loss of money and inflation, the penny should in fact be banned from the United States money system. The reasons made today have proved that the way money is treated in the U.S. and how much people care about money, the government should actually consider banning the coin. As much as people want to deny that it shouldn’t be banned, they cannot deny that the penny has little to no use in the money system at all. If they do ban the coin, the world will most definitely remember this classic and unforgettable piece of history.
An item costing $9.99 sounds a lot better than $10.00. Putting the price into double digits may influence the customer to decline the item that he/she wants. With the rising costs of the nickel, this could lead to rounding up prices to the nearest dime. There's so many things that could happen in our country's future. This change could lead to disastrous outcomes, but satisfying ones as well.
Throughout the past decade, costs of everything have skyrocketed. According to Source C, America used to have “five and dime stores;” now its a dollar store. In addition, no one can buy anything with just a penny anymore. The source also made a fair observation that these worthless zinc disks are, “behind chair cushions or at the back of sock drawers next to your old tin-foil ball. Quarters and dimes circulated; pennies disappear because they are literally more trouble than they are worth.” According to a New York Times article, “it takes nearly a dime today to buy what a penny bought back in 1950.” The penny is still stuck in the 1950s while America just keeps moving on. As stated by Mark Lewis in his concept of establishing a bill, “the bill would not ban pennies, but merely discourage their use by establishing a system under which cash transactions would be rounded up or down.” (Source A) This motive will help keep the America exceed and
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 must be eliminated, but you might think. Wont prices go up and charities lose money? No. new zealand , finland, and the netherlands stopped using the one cent or the one cent euro and noticed no change in cost instead they round to the nearest five cent. Anyways the US has already gone through this process without trouble like the half cent it was eliminated in 1857 because it was too little worth. Another thing is that everyone loves lincoln so they might think that his monument might be taken away but taking away the penny won't take away his memory we will still have him on our five dollar bill which won't go away. Yes you might think it is unpatriotic or disrespectful to take away lincoln but the us military is not using pennies because they have already realized that pennies are useless and not needed so they round to the nearest five cent. So basically pennies just aren't worth making, they waste people's time and they don't even work as money like they are supposed to, and because of inflammation lose more value every year making them making everything
According to source #4, it states, “The one cent has influenced our language, giving us a number of idioms, such as ‘a penny for your thoughts’ (a way to ask what someone is thinking) and ‘not one red cent’ (meaning no money at all).” This is significant because it shows that the penny has affected the English language, giving the language more idioms to use. It is often said that pennies should not be manufactured anymore due to their excessive cost of manufacturing and distribution. Yes, numerous people do 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 has the cost of coins to be cheaper to make.
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.
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.
"As of 2014, the cost of making a penny was estimated at 1.7¢. So yeah, it almost costs two pennies just to make one penny- which makes no sense (pun intended)". Over time, many people have called for the U.S. to stop making pennies. Three reasons why are, we have a lot of coins and bills, not many people carry around cash, and making pennies can waste time, money, and minerals. That is why I believe the U.S. should stop making the penny.
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.
Cost. It is what drives the economic market of the world today. Back in the 1950’s, the penny was used for buying an array of smaller items. Stated in Source 3, “...it takes nearly a dime today to buy what a penny bought back in 1950.” Furthermore, the world is driven by cost. As known, prices increase everywhere - making it impossible to buy anything with just a penny. Moreover, where do all of the pennies disappear to? Penny heaven? “Two-thirds of them immediately drop out of circulation, into piggy banks… behind chair cushions or at the back of sock drawers next to your old tin-foil ball.” additionally stated in Source 3. Since most of the pennies in circulation cannot be found, what is the point in having them? Exactly, there not a valid reason. As stated earlier, it takes about a dime to buy
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
Inflation is defined as an increase in the expected price level and has been the signal for an improving economy, but it has also weakened an economy due to the unemployment it usually produces which usually hurts the Middle class the most. A healthy rate of inflation means an expanding economy due to higher tax revenues for the government and higher wages for businesses that are booming due to the high demand of their products. But if inflation surpasses of what is expected than employer will have to reduce wages to meet these new prices. When the Federal Reserve creates inflation most argue that this is robbing people of the money that they have saved because they have to use it due to the rise in prices. Printing
Inflation is one of the most important economic issues in the world. It can be defined as the price of goods and services rising over monthly or yearly. Inflation leads to a decline in the value of money, it means that we cannot buy something at a price that same as before. This situation will increase our cost of living.