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Penny history and significance
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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.
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.
The Lincoln penny has produced excessive amounts that has resulted in outrageous mintage numbering into the billions. While the cent production has surpassed the one billion count in the 1950's, a change has taken place. The Denver Mint had assumed the role as the nation's main source for the Lincoln pennies. The 1952 production of 746,130,000 D-mint cents quadrupled the Philadelphia output. As a result, Denver struck more than one billion Lincolns in the late 1950's. Into the era of the 60's, Philadelphia, Denver and San Francisco minted a total over 33 billion coins. The penny production d...
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... across the country. An item costing $9.99 sounds a lot better than $10.00. Putting the price into double digits may influence the customer of declining 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 results that could happen in our country's future. This change could lead to disastrous
outcomes but satisfying ones as well.
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.
Let the cent go!
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.
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.
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
Do we really need pennies? The story of the penny starts in 1792; it came with several different coins including the dime, nickel, quarter, and half penny. The pennies were first made out of 100% copper, but the price of the copper went up, because of inflation, the power of the penny went down. The cause of the mint is to reduce the amount of copper in pennies first from 100% to 95% but then to 5% copper and 95% zinc. Despite the debate in 2006, the value of metal on older pennies rose over one year.
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.
Back in the 1900’s kids all over would be so grateful to find a penny. Doing so meant they got to run to the local candy store. William Safire, author of “Abolish the Penny” agrees with the notation of abolishing the penny. In Safire's article he makes a strong claim stating that you, “can’t buy anything with a penny any more” (Safire). Expanding on that claim, there is no point in keeping something around that is taking a resource of zinc and copper, when the resource is being wasted to the garbage. Back in the day it would be absurd to throw such a useful coin away. There is no real need for the coin so keeping it around is simply
"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.
Throughout history, the United States have clung to their founding values, such as freedom and equality, with brute force. Today, with these values still just as prevalent as they were back then it is decidedly so that the legacy Andrew Jackson left behind is not the best fit to be represented on our currency. A man who was too headstrong and selfish and wrongfully followed his own personal agenda doing whatever he pleased, including mass murder, and does not even support the idea of paper money is hardly the person qualified to personify our great country and its legal tender.
The first piece of evidence that I have gathered comes from Source #1 which states that, “each zinc and copper coin cost 2.41 cents to produce and distribute.” This shows that the US is wasting money in order to keep producing and distributing pennies. Another piece of evidence that shows pennies are not worth keeping states that pennies take up too much space. The reason that this proves we should get rid of pennies is that the space that the pennies are taking up could instead be filled with coins of higher value or even bills of higher value. The last piece of evidence that I will be stating is that they are too “heavy and not cost effective.” The reason I say this is because in source #1 Jim Flaherty even agrees with this opinion and it is true pennies are even heavier than dimes which are worth more. This is one of the many reasons that support my
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.
There are many monuments and traditions that are important for the U.S. that need to be remembered due to the show our past and will shape our future. The penny is part of the America culture and is even seen as ‘lucky’ when found. The penny is essential in a person’s everyday life which will guide the nation upward economically.
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.
Coins are an important way for Islamic empires to express what is important to them. Over the decades of Islamic expansion coins were used with designs. These were coins remained in use from the Byzantine and Sasanian empires. Coins began to evolve as Muslims started to depict their own designs from the Byzantine and Sasanians. During the Umayyad dynasty things started to change with the appearance of coins. New designs were implemented during this time that were not the norm. An Umayyad caliph by the name of ‘Abd al-Malik was the one to start this alternation of the design for these coins. This was something that was important for him to strike and to maintain as the coin usage. The importance was because of religion, government, and change
Some people think that pennies hold no value and should be abolished because it is worthless. According to a November 2006 article, written by Safire states, “The time has come to abolish the outdated, almost worthless, bothersome and wasteful penny” (Saf, par 1). On the other hand though, there are many people who think the penny is very important. In a New York Times article released in 2006 Weller said, “The fact is the penny remains popular with the public and important to our pricing system” (Weller, par 4). This means that the penny still has value to many people. Generally, something stays popular because it holds value to them. The penny is still popular and important because people value it.