Banning the Pennie
Is the penny worth for what it is made for? Pennies are not really worth much, so i think that the United States Of America should ban it out of this country. Pennies are nice and small but they just waste our time. Jim Flaherty, the Canadian finance minister said “Pennies take up too much space on our dressers at home”, like other countries we should take the penny away. Frankly the penny just costs way too much, so why not ban it?
The penny costs more than it is worth. Millions of dollars are going to waste into producing them and it can just add the money up. The cost of producing and distributing one pennie is 2.4 cents(Sommer). Every penny that is made, taxpayers lose money. Even though the penny might not seem worth much but per taxpayer it adds up to sixty million dollars a year(Sommer). To produce a penny it will cost a lot of money and why should we wanna waste money on something that is not worth for what it is.
Other than the pennies costing to much, other countries have released the penny from their countries. Many countries have stopped having the pennies without any major disasters. Already Australia, New Zealand, Brazil, Finland, The Netherlands, …show more content…
They say that banning the penny will not be necessary because since they don't really matter they can be donated for a good cause.A school found out, their power in numbers, they started a penny drive which landed them 3,000 dollars from all those pennies(Waterhouse). All those people out there that want to keep the penny have grown an attachment to them. They say that it is a piece of American culture(Story). Also, they say that the rounding process if not a very good process. If we. Do get ride of the penny then it will cost customers 600 million per year(Mancuso). There is still many people out there that will and want to keep the
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The Currency Act of 1764 was a British Law, passed by the Parliament of Great Britain on September 1, 1764, that was designed to control the colonial currency system. This act prohibited the issue of any new “Bills of Credit” and the reissue of existing currency by the American colonists in the thirteen colonies. The reason the Britain Parliament passes this act was because they wanted to control the printing and use of colonial paper money. Also, it was said that British merchants in England wanted to be paid in British currency and not colony currency. The colonists did not like this act and therefore colonial merchants refused to buy goods from Great Britain.
The Currency Act of 1764 was a law passed by Great Britain on September 1,1764. This act prohibited the manufacturing of any new or re-issuing of any existing currency by the colonists. The purpose of this act was to control the making and use of colonial paper money, please the British merchants who did not trust the colonial paper money, and to reduce the national debt. This act caused the colonies to suffer a constant shortage of silver and gold, this stopped trade between the colonies and other countries.
That is why I am supporting the retirement of the pennies. With me supporting the retirement of the penny I have some evidence on why the penny should be retired. One piece I have is in the article it states that it costs 11 million dollars to make pennies in other countries. That it is a lot of money being used even though the penny doesn’t really get used, it just gets pushed to the side and never gets used. They could be doing more with the 11 million dollars.
All in all the penny should not be printed anymore because they cost more to make then they have value, then they are a waste of time as in counting the, and finally reason is that pennies are losing the government money. A reason pennies should not be minted is because the penny costs more to make then it has total value. As stated in the text,” Because the penny costs more than a cent to produce, the Treasury loses more than $100
Mint. But what they forgot to mention is that they’d have to produce even more nickels, and that could result in an even more loss of money. Every single 5-cent nickel being produced from the US. Mint is costing 11.18 cents. About 1,223,040,000 nickels are produced each year.
Ally Bank, in an effort to promote the value of money, has scattered 100 pennies across 10 major metropolitan cities that are worth $1,000 to those who find them. The pennies have the banks logo on them, and they are slightly larger than a regular penny. Some of the cities where people can find the pennies include Miami, New York, Washington D.C. and Austin, Texas. The promotion is known as the Ally lucky penny and the hope is to prevent people from casually discarding their pennies. In a video released by Ally, the bank states that a million dollars goes to waste each year, one penny at a time.
Should we give the government and charities more money instead of losing so much more for a piece of zinc and copper with the dead guys face on it, along with a bunch of child labor to get these metals, but that’s another can of worms. Penny keeping activists also may argue that the nickel cost over 200% more that what it is worth to make, but if we get rid of the nickle, the lowest value coin will be the dime, which costs about 6 cents to make and then the donations would be outrageous! This feet would only be possible if we get rid of this piece of copper and zinc that is keeping many families and the environment
First, pennies should be eliminated because of how much it cost make them. For example, “taxpayers lost 60.2 million dollars on the production and distribution of the coin. Many people are saying that the number of cost for the penny could increase in the upcoming years. Also,”the economy has changed so had the value of the coin.” But the penny is worth too little for for today's economy.
So why do we still have it? The penny is outdated and unnecessary. The penny costs an irrational amount of money compared to what it's worth. The penny, a one cent coin, costs 2.41 cents to make, which is nearly 1.5 times what it's worth (source 1). That means that annually, the United States loses 60 million dollars in pennies every year!
Pennies do have value, pennies are money and they do add up. On the other hand many people believe that the penny is a waste of money, they think that way because the penny costs more to make than it is worth. However, pennies play a vital role in our economy today because if it were not for pennies all prices would be rounded, and what company or business wants to round down on the money they receive. Also pennies are real handy when it comes to charity techniques, because many people do not find much significance in a penny so they give it up without second guessing if they were going to every need it, however to the charity even one penny is much needed because even with only a few from a few people can go a long way.
On our paper we predicted the amount of pennies that could fit in the boat before it sank. We tested the boat in the water and added pennies one by one. We then calculated the mass of pennies that fit in the boat and the density of it. The purpose of this Lab was to make a boat that holds as many pennies as possible and understand how to calculate
When people take away the penny the cashiers that pay the consumers would not be able to pay the right amount of money. The the penny is a benefit to the economy because without the penny we can’t pay the right amount of change to the people. The penny is a big thing because it takes up a 5th of our money tax. In other words i think getting rid of the penny would be a big cause of money raised then the buyers and everyone else will start losing their jobs and homes.
Have you ever wondered what grocery stores would do without plastic bags? Stores would have to start using reusable bags and without the plastic bags there would be less liter. Other people all around the world are having a debate whether they should ban plastic bags or not. Many people are taking the ban very seriously and believe that they should ban the plastic bags. The U.S. should ban plastic bags because they cause litter, they cost too much, and they can damage to marine life and livestock.