10 reasons why we should keep the penny

9 Reasons Why America Should Get Rid of the Penny - The Balance But since then, the cost of zinc has risen dramatically and thats a big reason the cost of making cents is now over the top. Not if we want to keep ination in check, protect America's The Salvation Army was one of the first charities to hold drives to collect discontinued pennies when the Canadian government announced it would drop its lowest-value coin, due to its cluttering up peoples' pockets. ProCon.org. How would removing pennies impact people who primarily rely on cash transactions? In conclusion we should get rid of the penny. This argument pointing to honoring Lincoln has been enough to stave off elimination for years, with few anti-penny advocates willing to make this penny point in their arguments against it. Vending Machines Don't Want Them. [ 34 ] 5. "Retirement." And since the Mint produces billions of pennies a year, the government loses millions of dollars annually in the process. [25] A California company called Mikes Bikes has banned the penny from its registers because Making pennies wastes natural resources [and] is toxic to people and the environment. [26], The use of pennies in paying for goods and making change adds time to sales transactions. The cost of pennies is a minor problem. memorial service for bro. Carlton Pinney | Join us as we - Facebook Large cents bearing portraits of Miss Liberty were minted for 64 years a long lifespan during the nations first century. Learn all you need to know about United Airlines seat selection - tips and tricks to get the best deal and a comfortable flight every time. According to Trading Economics, the inflation rate in Canada since the changeover has wavered between a high of around 3% and a low of negative 0.5%. However, a newer study by economist Robert Whaples, published by the Eastern Economic Journal in 2007, contradicts Lombras findings. Get DIY project ideas and easy-to-follow crafts to help you spruce up your space. Chipotle restaurants have already taken this initiative by simply rounding bills off to the nearest nickel, but when management decided to do this some customers complained about paying extra cents added on their bills. Pennies are still good but, many people think not. In 1943, the Mint produced cents made of zinc-coated steel in order to conserve copper, a metal vitally needed for military uses during that pivotal year at the height of World War II. 9 " Centsible " Reasons to Get Rid of the Penny. Last modified on July 2, 2018. Currently there's no action being taken on the elimination of the penny. You're saving it. A 2015 Harris poll shows that 51% of Americans favor keeping the penny, while just 29% think we should eliminate it. List two to three ways. [18] Harvard economist Greg Mankiw stated, The purpose of the monetary system is to facilitate exchange. Americans for Common Cents, the pro-penny group funded by the zinc industry, calls the claim absurd. In the first place, the group argues, employees who spend less time counting out change wont necessarily spend it on other, more useful tasks. Accessed Oct. 21, 2020. [23], Making pennies also has environmental consequences from mining and transportation. You can also make some hand-stamped bling like this . From an economic standpoint, it simply doesn't make sense to continue producing these coins. Argumentative Essay: Keep The Penny | ipl.org - Internet Public Library Susan Headley is a well-respected coin collecting expert and writer with over 30 years of hands-on numismatic experience. Citizens to Retire the U.S. Penny cites a study done by Walgreens and the National Association of Convenience Stores showing that handling pennies adds an average of two seconds to each cash transaction. A low-denomination coin helps keep prices in check. Dominic is passionate about writing stories that have the power to make a difference in peoples lives.He believes that knowledge is key to understanding and progress, which he strives to bring to his readers through his work. Will a suitable substitute be found? For every dollar's worth of coins it shipped out the Mint made 45 . Many anti-penny advocates think the ideal solution to this problem is to eliminate the nickel as well, making the dime the smallest coin in circulation. Crypto possibilities are coming into play as more and more businesses accept digital currencies as payment. The discontinuation of the penny would require significant turnover. The Fascinating Journey of the United States Penny, Penny Stocks Trading Guide: A Beginner's Primer, Creating an LLC NJ: A Simple, Step-by-Step Guide. While every effort has been made to follow citation style rules, there may be some discrepancies. Even automatic toll booths wont take them except in Illinois, the home state of President Abraham Lincoln, whose face adorns the coin. There are precedents for getting rid of coins that are too small to use. Making pennies wastes natural resources and is toxic to people and the environment - Pennies are 3 percent copper, and 97 percent zinc and are primarily made from virgin ore. Making pennies from . And aluminum cents wouldnt be entirely new. A penny can be used for decades and is more cost-efficient to produce than a nickel. Depository Trust and Clearing Corporation. Dont get rid of it! The official name for the US penny is one-cent piece, according to the US Department of the Treasury, but early Americans were allegedly in the habit of using the British term penny. [4][35], 4. Those profits result from seigniorage, a positive cash flow that occurs when coins face value exceeds the cost of minting them, rather than the other way around. In 2017, Senators John McCain and Mike Enzi introduced S.759 Currency Optimization, Innovation and National Savings (or C.O.I.N.S.) However, in recent years, there has been much debate about whether or not we . The C.O.I.N.S. More recently, a 2017 paper by economist Robert Shapiro estimated that each penny only gets used around twice per year, or 55 times over its lifespan. Here are both re. That means whenever the Mint produces a penny and sends it out to a bank, its losing money on the deal. A 2006 Coinstar poll found that 33 percent of American men and 22 percent of American women do not value spare change. 12, 2012, United States Mint, "United States Mint 2015 Annual Report," usmint.gov, June 2016, Associated Press, "US Penny Campaign Benefits Blood Cancer Research," newsday.com, Feb. 10, 2009, University of Southern California, "The USC Penny Harvest Wrapped up Its Third Successful Year," communities.usc.edu (accessed July 2, 2018), Common Cents, "Non-Profits," commoncentsdallas.org (accessed July 2, 2018), Mary Hance, "Penny Drive Sets Record in Raising Money for Second Harvest," tennessean.com, Feb. 17, 2017, Vlogbrothers, "I HATE PENNIES!!!! Several unsuccessful legislative efforts have sought to bring about the pennys extinction. [1] Aaron Klein, former Deputy Assistant Secretary for Economic Policy at the Treasury Department, estimates that the United States could see $1.78 billion in losses over the next 30 years if the penny remains in production. Less than forty years later, the mint reduced the weight to 2.67 g and used a composition of 90% silver. Should we get rid of the penny? "IRA FAQs - Investments." PDF The Penny Debate - Should We Keep the Penny or Get Rid of It? Remember to focus on content rather than grammar or mechanics. Even the US Mint admits that the cost of producing a penny in 2007 could be as high as 1.4 cents. The cost of producing them is higher than face value. Robert M. Whaples, Professor of Economics at Wake Forest University, crunched the numbers and found that The convenience stores and the customers basically broke even. [30], 1. No, we can't, for some reason. Although originally made of pure copper, pennies today are composed of 97.5% zinc and 2.5% copper. Former Representative Jim Kolbe of Arizona sponsored two bills in Congress to eliminate the penny. According to the U.S. Environmental Protection Agency, zinc ores contain only 3% to 11% metallic zinc. The arguments for halting production of pennies basically boil down to the idea that theyre more trouble than theyre worth. Pennies today are worth almost nothing, but they still cost money to produce and consume vast quantities of natural resources. This article was published on July 2, 2018, at Britannicas ProCon.org, a nonpartisan issue-information source. A pro-penny group backed by economist Raymond Lombra testified before the Senate Banking Committee in 2006 that his careful statistical analysis of store prices showed that rounding cash sales to the nearest nickel would cost consumers billions in extra costs.

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