Penny Argumentative Essay

In 1857 America stopped minting the half-cent coin after congress realized that its purchasing power (equivalent of around 11 cents today) and cost of production had made it impractical. By most calculations, the move led to no immediate or long term effects of the value of U.S. currency. Some say the alternative to the penny is rounding transactions to the nearest nickel. That will make goods and services more expensive, making consumers spend over $600 million a year. But when that average is spread across all Americans, it brings the personal cost down to nothing but a few dollars. With all the evidence considered the removal of our current lowest cent, the penny, would for the most part help our economy. The penny had its time in the

That means the government spends nearly $169 million in 2013 just to put 70$ million of currency into circulation, and not only that but it started to cost more than what it's worth since 2006! That’s 9 years of wasted funds! Why does the government keep printing pennies? We could be spending this money on something to help our nation. Remember that old fun fact about Bill Gates, his time being so valuable that it wouldn’t be worth it for him to stop and pick up a $100 bill? The same goes for Americans and the penny. The average wage was right around $22 an hour in 2012, meaning that you could save your time, and you should, because in the end it is just not worth bending down, picking up the penny, and putting it in your pocket. Time is money, so spend it wisely. When Canada began the removal of its lowest value coin, it followed the example of many other nations that had been successful. A study conducted by the Bank of Canada showed that there would be no significant impact on inflation. About a year into Canada's removal of the penny, this is proven to be true, like most other countries. In 2006 the penny became worth more than its actual buying power, leading people to melt down the coins and sell the copper for

But no instead they outlaw melting them down. But, even if pennies were minted from something more representative of their true value like plastic, or lint. It wouldn’t fix the fundamental value that pennies are bad for people and the economy, here is why. The purpose of physical cash money is help the transaction of buying stuff. A shopkeeper has stuff, and you want that stuff. So rather than bartering like savages you use cash as a median of exchange. To get the price right the cash must be divisible, but it gets to a point where the cash is so low it's not worth anything buyable. If you want to be a good person and spend your pennies somewhere so you don’t waste everyone else's time at the cash register then perhaps you can find a machine that will accept them. Good luck, with that. Vending machines don’t, laundry machines, toll booths, parking meters, all don’t accept pennies. Pennies failed there only job, being money. There are absolutely no economical arguments to be made except for two about the penny, The possibility of inflation, and donations. Countries that have removed the penny have rounded to the nearest 5 cents. And none of them have saw prices rise or charitable donations drop. And plus as further evidence the U.S. has already done