Essay on All Day Good Luck from Picking up a Penny May Be Coming to an End

Essay on All Day Good Luck from Picking up a Penny May Be Coming to an End

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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 original penny, first produced in 1787 by a private mint, was made of 100% copper. This composition would continue into the 1800's. Tin and zinc were added to make the penny bronze, and eventually the tin was removed. A copper/zinc ratio of 95/5% was used until 198...

... middle of paper ... not share the same support to keep the penny as Americans.
The value on the penny from Americans carries over to its charities. The small yet critical contributions helps raise millions of dollars each year for important causes. Pennies are easy to ask for, and easy to give. From the Ronald McDonald House and Leukemia & Lymphoma Society, to the local schools and teachers that raise money homeless shelters, soup kitchens and other charities (“Penny”).
As it stands today it doesn't seem that the penny will be going away anytime soon. As with most issues there are both sides, and legislators armed with their lobbyists. The economics may show that the penny is costing us money, but so is the nickel. So where does it end? This isn't the first time for this debate, and it is sure to have more than enough people giving their “two-cents worth” in the near future.

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