How important is the penny? How many of the little coins are lost throughout the year? Jim Kolbe, a United States Representative, renders the penny coin useless and even introduced a proposition to congress to rid the U.S. of its smallest coin. The penny is often overlooked by the money hungry economy for bigger and better tribute. There are many people who favor the abolishment of the pesky one cent piece for its considered useless and a waste of time at the register. However, little Lincoln is used in the everyday pricing system, is a historical piece in the nation, and the copper coin, even in its small stature, can bring children hope when given to them for a wish.
The United States has a lot of history behind her, therefore she
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America’s entire pricing system is based in units, to get rid of the penny would cause all prices to be rounded to the next small coin, the nickel. The stock market is based around the penny, therefore changing it would be extremely hard, the countries that have changed their pricing system or who have tried ended up not wanting to completely leave the one cent out. In source D it states that, “The EU also sought to avoid the systematic rounding of prices.” This quote is a direct example of how even the European Union has adopted the “one cent euro” which equivalent to the penny. Source D also includes the annual rate of a penny dropping out of circulation and how it is comparable to the rate of other coins. “...the annual rate pennies disappear from circulation is surprisingly similar to all other forms of our coinage.” This quote is against the abolishment of the penny because it explains that not only do Americans lose pennies but they lose all other forms of pocket change and the copper coin is not the only one. Surprisingly, the penny even in it small stature is not the only one to be lost, thus probing it is not a useless forgotten form of money but has a regular rate. Overall, the penny is still popular and is used widely throughout the world. Little Lincoln is far from forgotten but otherwise, those for the abolishment, are …show more content…
For me it’s the waste of time I object to.” This quote directly tells how the one cent piece is a struggle to use when checking out and how many people do not care if they get it back. Nevertheless, if it was a quarter, dime, or nickel the customer was waiting on, they would want it. Time is not the issue because it takes as much time to open a bag of pennies as it would to open a new bag of quarters. The only thing different between the two is not the time it takes but the fact ones quantity is greater than the pennies. Abolitionists of the penny also believe that President Lincoln would be ashamed to be seen on the penny, the exact same President who did not like paper money (source C). On the contrary, President Lincoln was put on the penny to shame him for the emancipation of the slaves, but what was seen as the shameful movement Lincoln created was one of his greatest achievements. Lincoln knew what he was doing when he fought for the rights of all people, so he would not view the penny as a way to embarrass him but a way to display his own
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.
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
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.
"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.
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.
While the penny is only worth one cent what is it worth to millions of Americans who had relatives fighting in the civil war, or that were slaves in that time period? Pennies mean more than just currency it has a very important value in history. Yes the penny may be the lowest type of currency here in the U.S, but its sentimental value means more to Americans than the value to businesses.
One of the reasons why we should keep the penny is that it “remains popular with the public and [is] important to our pricing system” (Source D). In places like the European Union, “the smallest coin…[has] a value equivalent to one cent” (Source D) which assists in international commerce. Moreover, the penny’s value comes from its ability to “avoid the systematic rounding of prices” (Source D). In countries like
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.
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
One reason why penny should be eliminating is that they cost more to produce than it is worth. For example, “it has cost more than a penny to make a penny, highlighting the silliness of continuing to produce the coin. It cost 1.63 cents for every produced”(Gore, 22). This evidence shows that
For instance, in the article “Abolish the Penny (Source 3)”, it clearly states, “Where do they go? Two-thirds of them immediately drop out of circulation, into piggy banks or –as The Time’s John Tierney noted five years ago –behind chair cushions or at the back of sock drawers next to your old tin-foil ball.” Adding on, many people view the penny as a useless currency, and they even leave it in hidden places around their own home. The reason why pennies are sometimes located in piggy banks or at the back of sock drawers is that citizens see no purpose in obtaining them. In other words, it seems as if the penny has lost its fame and glory ever since other forms of currency have been established, such as quarters, dimes, and dollar bills. As explained by William Safire, quarters and dimes seem to circulate more often than pennies, and pennies “disappear” due to their worthless value and troubles. Specifically, the reign of quarters and dimes has overtaken the significance of pennies, and as time passes by, the term “penny” might not even be mentioned anywhere around the United States. In addition, more people nowadays tend to use quarters and dimes for due change, leaving the penny to become less essential for our needs. As stated in Source 3, the British and French have already abandoned their low-value coins approximately 30 years ago. This demonstrates the probable
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.
The penny is so close to worthless that there is a major debate on whether the penny should be kept in circulation. Keeping the penny in circulation would be mostly for those traditionalists who see this coin as history and luck. Many are working very hard to keep that piece of history from meeting its retirement. ALTHOUGH THE PENNY HAS BEEN AROUND THROUGH AN ABUNDANCE OF GENERATIONS; DEPLETING THE NATION OF THIS COIN WOULD BRING LESS HASSLE AND MORE BENEFIT.
... our senseless jingling"(Safire). We have something they do not, and my friend and young educators is the pointless but historical one cent U.S. penny. 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 past on to the future generations.