They are also bf and environment this doesnt make your hands very very very stinky I dont like the smell of metal. For example, the zinc metals lobby, and the Coinstar company (who make those change-counting machines in the grocery store) will both fight hard to keep the penny in production. Why America Should Get Rid of the Penny - Ontopwiki Charities worry that if the nickel becomes the smallest denomination, then people will value change more. Why we should keep the penny. The coin shortage could be a rallying cry for a long-running movement that has lost steam in recent years: Kill the penny! Even automatic toll booths wont take them except in Illinois, the home state of President Abraham Lincoln, whose face adorns the coin. Pennys also teach kids about money like there 1, 5, 10, 25, and dollars bills if we didn't have the penny they wouldn't even know what they penney is an advanchley we would forget about . Its giving store owners even more reasons to avoid handling cash as much as possible. From an economic standpoint, it simply doesn't make sense to continue producing these coins. If you try paying for something in a store with a fistful of pennies, you can expect dirty looks from both the clerk and the other customers if the store doesnt just flat-out refuse to take them. The melt value of pennies ranges from more than two cents for the pre-1982 copper . Companies would need to update their price catalogs. Lombra also argued that this small change in prices would trigger an increase in the Consumer Price Index (CPI). Economist Henry Aaron of the Brookings Institution, a nonprofit research group, reminisces in a 2013 anti-penny screed about paying a nickel for an ice cream cone as a boy. 25, 2019, Jenny Gross, "Will the Penny Survive Coronavirus? That's why last December, Congress directed the United States Mint to nd ways to produce our coins more cost-effectively. Theyre so hard to use that they end up stuffed in jars or abandoned on sidewalks. See Details. For all its current problems, the penny has a long and proud tradition dating back to 1793, when one-cent pieces were the very first coins produced by the fledgling U.S. Mint. In addition, zinc is toxic in high doses and small amounts can contaminate water and soil in the area surrounding ore roll producing pennies. The group marshals support from consumers, charities and small businesses who argue that without the penny there will be higher prices due to rounding up costs. Essay On Pennies - 584 Words | Cram [27], As a result of that extra time per transaction, the average citizen wastes 730 seconds a year (12 minutes) paying with pennies. Aaron notes in a Brookings Institution editorial that eliminating pennies would help with cash transactions as well, since it would make calculations easier without having to deal with fractions of cents. All rights reserved. A $7.12 bill would be $7.10, so if you have that dime, you still don't have to break a dollar. There are multiple upsides as well as downsides to America discontinuing minting the penny. Americans have a love-hate relationship with pennies. We Have a Precedent for Eliminating Worthless Coins. [11] In 2009, the Leukemia and Lymphoma Society announced that school children had collected over 15 billion pennies in support of its charitable work thats $150 million dollars for blood cancer research and treatment. References to products, offers, and rates from third party sites often change. Despite all this, surveys consistently show that most Americans dont want pennies discontinued. Today, theres literally nothing you can buy with a single penny and you cant do much else with it either. The US Mint shipped 8.4 billionpenniesfor circulation in 2017, more than all nickels (1.3 billion), dimes (2.4 billion), and quarters (1.9 billion) combined. A dollar coin can last up to forty years. However, overall, the Mint is a profit-making machine. As useless as pennies are, most of us cant avoid them. U.S. Securities and Exchange Commission. Why Keep The Penny? - AMAC Despite all the arguments for retiring the penny, the majority of Americans are in favor of keeping it. For example, the mint made the first dime in 1796 that weighed 2.7 g and had 89.24% silver. That makes them a much more cost-effective way to honor Lincoln than a penny that costs $0.018 to mint. They support keeping the penny because pennies represent the most expendable part of pocket change. List two to three ways. Aaron notes in his Brookings Institution editorial that eliminating both pennies and nickels would round off all cash transactions to the nearest $0.10, making for easier math and less stuff in our pockets.. Even the US Mint admits that the cost of producing a penny in 2007 could be as high as 1.4 cents. If consumers in 1857 could get along without halfpennies, then modern consumers can almost certainly manage without a coin thats worth less than one-tenth as much. 10 reasons why we should keep the penny - look.perfil.com "Current Market." After all, we still need the coin for a number of reasons. [4] Several unsuccessful legislative efforts have sought to bring about the pennys extinction. The penny was first minted in 1857. It was first authorized in 1776 to help fund the Revolution. Most Americans probably dont even realize that for more than 30 years, their pennies have been 97.5 percent zinc, with a thin copper plating to give them the illusion of being red cents with high copper content. The people who make less than $35,000 dollars a year need pennies. Since the goal of any business is to make money, most prices would be rounded up, not . The elimination of the penny would cause prices to be rounded up to the nearest nickel, which would be a burden on consumers, businesses, and the economy. You can easily get rust off a penny using vinegar and salt. Danielle DeLee began writing in 2010. Depository Trust and Clearing Corporation. The Penny Debate: to Keep or not to Keep - Free Essay Example - Edubirdie 10 Things You Can Do With Pennies | Mental Floss One problem with this argument, according to penny proponents, is that if there were no pennies, the Mint would have to produce more nickels. Americans were wary of underweight coins at that time, so the government decreed that all U.S. coins even copper coins must contain enough metal to be worth very nearly as much intrinsically as their monetary face value. For example, a pizza shop that sells a slice of pizza for $1.98 might start charging $2.00 instead. We can not guarantee its completeness or reliability so please use caution. In June of this year, New York Times op-ed columnist William Safire wrote an article calling for the elimination of the penny. The Department of Defense banned the use of pennies at overseas military bases in 1980 because the coins were deemed too heavy and not cost effective to ship. However, the penny is a very sentimental coin to most Americans, and many people fear that eliminating the penny would raise prices because things would need to be rounded up to thenearest nickel. That will save Canadian taxpayers $11 . Susan Headley is a well-respected coin collecting expert and writer with over 30 years of hands-on numismatic experience. She holds a Bachelor of Arts in economics and international studies from Yale University. Former Representative Jim Kolbe of Arizona sponsored two bills in Congress to eliminate the penny. Illustration: The Spruce /Danie Drankwalter. 1. http://www.moneycrashers.com/get-rid-penny-reasons/Are you in favor of getting rid of the penny? Every year charities like the Lymphoma Society and Ronald McDonald House raise funds through penny drives, encouraging people to donate their unwanted pennies. We also share information about your use of our site with our social media, advertising and analytics partners. In response to this Youtube chat, members of Common Cents, a main pro-penny lobbying group which represents Jarden Zinc Products (a major producer of copper blanks used to mint coins) conducted polls showing that most Americans favor keeping the penny. 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. Steel and aluminum are two alternative metals that have been mentioned. ProCon/Encyclopaedia Britannica, Inc. It makes no 'cents': Why the United States should do away with the At this rate, the United States loses millions of dollars producing pennies and nickels. Those who oppose keeping the penny say it's not likely that we will identify new ways to bring down the cost of manufacturing pennies. [14], Dagmar Serota, who created a nonprofit called Good Cents for Oakland, said, Pennies are easy to ask for and they are easy to give. THE PENNY DEBATE sample essay.docx - " THE PENNY DEBATE - Course Hero Often, when we pay with cash at a store, the total amount doesnt end in a multiple of $0.05. However, the nickel is in just as bad a shape as the penny. Despite what the old song says, pennies don't really come from heaven. Why We Should Get Rid Of The Penny - The Odyssey Online Should we keep the penny. As you can see, both sides have some good points. Men are nearly twice as likely as women to favor dropping the penny (39% vs. 20%). People think we should not make pennies because they cost 2 cents to make. A graduate of NYU, he has an MA in English literature and loves literature from all ages. The debate over whether or not to get rid of the penny has been going on for years. They argue that eliminating it could hamper charities and fundraising efforts, as people feel more generous when they have coins to give away. Should the United States Stop Using Pennies? 6.9 Reasons Why America Should Get Rid of the Penny - The Balance. No. PDF Statement of purpose Focus and Organization Conventions [37], 7. This cost includes the metal content and the labor used to produce them. Another significant change in U.S. coinage occurred without any catastrophic effects on commerce. If only cash transactions are affected, then electronic transactions will continue to deliver more sensitive data. His mission is to use his platform as an author to bring awareness and perspective on important issues affecting everyday life. The American Council of Science and Health calculates that just transporting pennies to banks not even counting any of the other stages of their production put about 107 million pounds of carbon dioxide (CO2) into the atmosphere between 1982 and 2016. NBC's Morgan Radford reports for Weeke. Penny's sentimental value proves priceless - Coppell Student Media And just five years after that, in 1864, the government changed the coins content again this time to bronze, an alloy of copper, tin and zinc and slenderized it further to 3.11 grams, a weight that remained unchanged until 1982. Simply mix one tablespoon of salt with two tablespoons of white vinegar, then submerge the penny in the liquid for a few minutes. And in 1982, it virtually reversed the percentages of zinc and copper, in the process reducing the weight of the coin to its present 2.5 grams. Unlock the Ultimate Benefits with the United 1K Guide! U.S. Securities and Exchange Commission. Although originally made of pure copper, pennies today are composed of 97.5% zinc and 2.5% copper. )," YouTube.com, Sep. 6, 2010, Greg Mankiw, "Get Rid of the Penny!," gregmankiw.blogspot.com, Apr. Opinion | Abolish the Penny - The New York Times Apr 08, 2023; By ; In nmaa all district teams 2022; camscanner premium account id and password Pro-penny groups argue that even if pennies seem worthless, they actually add up to hundreds of millions of dollars in charitable donations each year. At the time it was eliminated, the useless halfpenny could buy as much as 15 pennies can today. Currently there's no action being taken on the elimination of the penny. Letting us know his views on keeping or eliminating the penny will help us determine how important or unimportant the penny is for us to keep or not keep. 2023 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. News sources such as NPR began speculating whether the penny would finally be retired or if crypto possibilities might replace it. Some Hope Not," nytimes.com, July 29, 2020. Should you need such advice, consult a licensed financial or tax advisor. Should we get rid of the penny? 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!!!! According to CNN, the Mint has researched the possibility of making pennies from cheaper materials, but it could not find a way to bring the cost of producing them below their face value. To anti-penny advocates, thats a lot of costs for a coin that cant even buy a piece of gum anymore. If we don't have the penny. the pennyare affected by higher metal costs. Removing the penny would save taxpayers money and reduce unnecessary waste. None of these changes caused any significant problems in commerce. Later, in 1944, the Mint switched to making pennies out of zinc-bronze alloy. So instead of penny drives, charities could start holding nickel drives, putting out bottles or wishing fountains to collect the new useless coins. It too had very little purchasing power at the end of its life. In fact, it has been struck in greater numbers than all other coins combined including not just U.S. coins but the coins of all other countries throughout recorded history. PDF The Value of a Penny

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