10 reasons why we should keep the penny

In 1857, the U.S. Mint stopped making the half-cent coin, partly because the cost of making it had exceeded its face value, and somewhat because it was considered to be too small a denomination and it was no longer needed. Get Rid of Stupid Pennies," acsh.org, June 17, 2016, Mike's Bikes, "Pennies Don't Make 'Cents,'" mikesbikes.com (accessed July 2, 2018), Retire the Penny, "It Makes 'Cents,'" retirethepenny.org (accessed July 2, 2018), Sebastian Mallaby, "The Penny Stops Here," washingtonpost.com, Sep. 25, 2006, Greg Mankiw, "How to Make $1 Billion," gregmankiw.blogspot.com, Sep. 25, 2006, Consumer Affairs, "The Penny's End Is Near," consumeraffairs.com, July 2006, Courtney Waite, "The Origination of the Lincoln Penny," livinglincoln.web.unc.edu, Apr. In theory, a single penny could be used for hundreds or thousands of transactions before it drops out of circulation. We're Moving Away from Currency. However, while many people are calling for the pennys retirement, others are working just as hard to keep the coin in circulation. TD Ameritrade. In fact, during that year the Mint accidentally made 40 copper pennies! 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. . Although originally made of pure copper, pennies today are composed of 97.5% zinc and 2.5% copper. Whaples, by contrast, analyzed actual data from more than 200,000 convenience-store transactions in seven states. However, a newer study published in 2007 by economist Robert Whaples in the Eastern Economic Journal contradicts Lombra's findings. 7 Reasons to Get Rid of the PennyIt's a Money Loser for the Government. Thus, it couldnt affect government expenditures or trigger widespread inflation. It also says there are many reasons to believe that time spent at the register could actually increase, rather than decrease, if pennies are eliminated. She also maintains a personal blog. Nickels also cost more to make than their face value about $0.07 apiece so the Mint loses even more money on each nickel it produces than it does on each penny. Without pennies, the Mint would be forced to make more five-cent pieces. Not only do they cost money to make, but they don't buy much anymore - you can't even buy gum with them! Their reasons differ. The penny has practically no value and should be taken out of circulation just as other coins have been in US history. Feb 7, 2014, 08:12 AM EST | Updated Dec 6, 2017. Should the penny stay in circulation? Danielle DeLee began writing in 2010. 9 Reasons Why America Should Get Rid of the Penny - The Balance 7 Reasons to Get Rid of the Penny 2022-11-18. (5) The United States should follow the lead of other countries and discontinue the penny, because it is obsolete and costs more than it is worth. Top 3 Pros and Cons,", ProCon.org, "Should the Penny Stay in Circulation? Although debate continues today about whether we should get rid of the penny entirely or not, its long history is something worth noting and its clear that it has undergone some monumental changes over time from its composition to its patterns on both sides - which makes it an interesting part of our nations history. Let's take a look at the issues involved in the pro-penny and the anti-penny debate so that you can make up your mind about where you stand on this critical matter. Franklin is also credited with the saying, A penny saved is a penny earned. [35], 3. You have it. Every year charities like the Lymphoma Society and Ronald McDonald House raise funds through penny drives, encouraging people to donate their unwanted pennies. 30, 2012, Army & Air Force Exchange Service, "Retail & General FAQs," aafes.com (accessed July 2, 2018), David Kestenbaum, "What Is Seigniorage?," npr.org, Jan. 9, 2009, Business Wire, "Strong Support for the Penny in Recent Poll," businesswire.com, Apr. Nickels cost 7.7 cents to make, (2.7 cents over face value, as opposed to 0.26 cents over face value to make a penny,) so making each nickel costs 1.44 cents more than making each penny. Additionally, the United States Mint changed the silver composition and weight of many coins due to the increasing price of silver. 10 reasons why we should keep the penny. A penny can be used for decades and is more cost-efficient to produce than a nickel. ProCon.org is the institutional or organization author for all ProCon.org pages. Opinion | Abolish the Penny - The New York Times All these toxic metals can contaminate water, soil, and plants in the area surrounding the mine. Should we keep the penny Rating: 4,5/10 932 reviews The United States penny, or one-cent coin, has been in circulation for over two centuries and is a longstanding symbol of American currency. In his spare time, Dominic enjoys running along the Hudson River and exploring the citys art galleries.He is also heavily involved in numerous charities and volunteer efforts throughout the city. [5], Mark Weller, Executive Director of the pro-penny group Americans for Common Cents, says, The alternative to the penny is rounding to the nickel, and thats something that will negatively impact working families every time they buy a gallon of gas or a gallon of milk. [6], The US Federal Reserve found that minorities and low-income people are more likely to use cash than credit cards. 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. The United States should get rid of the penny because it is people are not using them, cost to much, and other countries have already dropped the penny. The melt value of a zinc penny is one-half of a cent. That will save Canadian taxpayers $11 . They support keeping the penny because pennies represent the most expendable part of pocket change. Is My Penny Solid Copper or a Copper-Plated Zinc Cent? These coins have become highly sought-after collectibles and in 2010 one sold for $1.7 million - a record amount paid for a 1943 copper cent! They are also bf and environment this doesnt make your hands very very very stinky I dont like the smell of metal. Please refer to the appropriate style manual or other sources if you have any questions. Source: Jeffrey Sparshott, The Penny Cost More to Make Than Its Worth, Again, Dec. 27, 2016, The US Mint shipped 8.4 billion pennies for circulation in 2017, more than all nickels (1.3 billion), dimes (2.4 billion), and quarters (1.9 billion) combined. For example the article Should we get rid of the Penny 8 Reasons to Keep it vs Eliminate it says,"Design Life-Cycle.org a sight created by students at the University of California, calculates that just transporting pennies to banks-not even counting any other stage of . The answer, for a variety of reasons, is a resounding "yes.". Convenience stores across the nation have been showing how handling pennies adds up in cash transactions, but that doesn't sound like a huge issue until you look into the 2019 Federal Reserve study that shows the average consumer makes 11 cash transactions in one week. [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. And its very easy for a child to say, Will you help me support this nonprofit, will you give me your pennies? [6] Elementary school students in Los Angeles, CA, gain significant leadership and civic engagement experience from USCs Penny Harvest program by choosing how to donate the money they raise. Keeping the Penny. Back in 1857, the U.S. Mint stopped producing half-cent coins which, according to the historical information calculator at MeasuringWorth.com, had a purchasing power of $0.15 in 2020 dollars. A Penny For Your Thoughts: Why Pennies Are Still Necessary

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