Every year, 1.2 million pennies are tossed in fountains, on the ground, or are unaccepted. The penny has been a part of the United States for more than 200 years. Its design has changed twenty-one times. As the economy has changed, so has the value of the coin. The United States should get rid of the penny because it is unneeded. The penny takes up too much space, getting rid of it will save time, and it costs more to produce than what they are worth. Some people say, “Getting rid of the penny could cause a one-time inflation burst…” But, François Velde, an expert on the history of small change and a senior economist at the Federal Reserve Bank of Chicago who is working this year at the Bank of France states, “But in a competitive market, …show more content…
A persuasive government brochure stated, “We often store them in jars, throw them away in water fountains, or refuse them as change.” Also, Chris Ward, a spokesman for the Army and Air Force Exchange Service claims, “Pennies are too heavy and are not cost-effective to ship." If Americans do not properly use the penny and they are going to waste, there is no reason in having them. Next, getting rid of pennies will save American citizens’ time. Dr. Robert Whaples, a professor at Wake Forest, claims, “The time wasted counting pennies could add up to over $700 million per year nationwide.” Also, “He asserts that this time saved is even more valuable than eliminating a potential impact on rounding prices.” By getting rid of the penny, Americans will save money and time. Finally, pennies cost more to produce than what they are worth. The United States mint says, “…Each zinc and copper coin costs 2.41 cents to produce and distribute.” The text reads, “The United States Government-that is the tax payers-lost $60.2 million on the production and distribution of pennies.” If something costs more to make than what it is worth, it should not be
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
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
To begin, United States should not eliminate the penny because the coin has impacted our language by giving us more phrases and words. 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
Safire, William. "Abolish the Penny." The New York Times. The New York Times, 02 June 2004. Web. 09 Nov. 2013.
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
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
Pennies have always been respected for having played a big role in american history but does the penny actually deserve to be held in such high regard if it's just collecting dust under the couch. Since 1857, the penny was used and changed throughout the years but it might be a better idea to get rid of the penny because of its expensive production costs and its effect on the economy.
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.
First of all, one of the main reasons that the United States should get rid of the penny is because it is very expensive to make. “The United States government- that is the taxpayers- lost $60.2 million on the production and distribution of pennies in the 2011 fiscal year, the mint’s budget shows, and the losses have been mounting: 27.4 million in 2010, and $ 19.8 million in 2009” ( Source 1). The losses
Debating the Value of the Penny.") If America were to abolish the penny, “Stores [would] round [prices] up or down for cash purchases based on an easy formula. If the final price ends in 1 or 2, round down; 3, 4, 6 and 7, round off to 5; 8 and 9 round up” (“A Penny Spurned”). When every economic transaction ends in 5 or 0, commerce is more efficient, errors are diminished and bookkeeping is simpler. Not only that, but the U.S. Military has already gotten rid of the penny in some offshore bases, and they are doing just fine. It is correct that prices may “…rise five cents, but [stores] might be stickier because these would be startling increases, and maybe gas station owners would be reluctant to raise those prices by that kind of an increment.” Also, “…hundredth of a dollar charges persist when you use a credit card or pay by check.” So it would only affect cash transactions which aren't a big deal ("The Problems with
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 is hard to imagine a place that had never seen a penny lying about. Pennies can be found almost everywhere. Although pennies once seemed to have more value, today pennies amount to almost nothing. Even though Jim Kolbe, United States representative failed to pass the legislation, there are still controversies to eliminate pennies. Despite the fact that discarding pennies would shoot the prices of every commodity to its next nickel, living in 21st century has made it possible for the society to have no products priced in cents.
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.
How often do people use pennies when they are making a purchase? The penny is big part of history that just isn't relevant anymore. Our society is growing and moving more towards all electronic. Some say eliminating the penny will alter prices and perhaps create a mini inflation. The production of a penny is 1.7 cents and it is costing the U.S. money it could use elsewhere. We should eliminate the penny because they are outdated, worthless, and wasteful.
Today, the small cent is once again too expensive to produce, and too irrelevant to bother with. Eliminate the cent and round all cash purchases to the nearest nickel. There will not be a gain or a loss from two more cents on the transaction. There won't be any dwelling over the situation. It is time for the United States of America to grow up and abolish this meaningless Lincoln penny. The penny has been a complete fiasco.