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...
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...do 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.
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.
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
Replacing Jackson from the twenty dollar bill could only benefit America 's image problem. Acknowledging the injustices of history, America would reflect intolerance for hypocrisy, and a progress from the past. The replacement would show that America promotes power in both morality and justice.
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.
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
"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.
The article “Giving Harriet Tubman Her Just Due,” by Eugene L. Meyer, describes Harriet Tubman and the challenges that she and her people still face today. Today, in her native county of Dorchester, Maryland, there is a museum that commemorates Harriet and her bravery in freeing more than 300 slaves from bondage with the Underground Railroad. In the museum hangs an enlarged picture of the new twenty dollar bill with Harriet’s image in the center along with a promise that the new banknote is being released in 2020. However, President Trump has not made changing the banknote one of his top priorities. This has upset many in Dorchester County who fervently promoted and capitalized on their county as Harriet Tubman’s birthplace; which consequently
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
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.
Some of the reasons the penny has not been discontinued in the United States is the penny has a rich history. Also, the penny used to hold more value before inflation caused prices to rise. In our interview with Mr. Stevens, he told us he used to be able to go to a store and buy candy for a penny. Then after we asked him if he thought it should be discontinued and he said no because he had a connection to it. This connection is common throughout people his age which is one reason making a decision is so hard. The Mint is considering other means of coin production, but industries with coin operated machine say it would cost them billions to re-fit machines to accept altered coins. The government has been taking steps to reduce the the gap between price to make the penny and the price of the
Andrew Jackson became the United States of America’s seventh president in the year 1829. Born into poverty, Jackson received fame as a military hero and grew popular by representing the “common man”. He quickly became America's most influential political figure at the time. After such a polarizing career, Andrew Jackson was put onto the present day $20 dollar bill. In recent years there has been questioning by the american citizens about Andrew Jackson's qualifications. I agree that a man responsible for genocide and economic tolls on the country should not be represented on the bill.
Wolman, D. (2010). Want to Help Developing Countries? Sell Them Good Stuff — Cheap. Retrieved from: http://www.wired.com/2010/09/st_essay_pennies/
years to come. The money in our wallets is just a special type of paper with a