Penny Rounding System

520 Words3 Pages
Hard-working Americans will be significantly affected if the penny is abolished. If we get rid of the penny, the rounding system will then be put into use. The rounding system will work like this. If an item is $5.96, it will then round up to the nearest nickel, so the price will go up to $6.00. Those extra cents may not seem like a lot, but Professor Raymond Lombra of Pennsylvania State University, estimates that those ‘extra cents’ could result in a total of $600 millions dollars a year being spent. There are so many citizens in the U.S that are so close to hitting rock-bottom, and the only thing saving them is the penny. You might be thinking, how does four extra cents emerge to $600 million dollars? Well, how many items do you buy each time you go to the grocery…show more content…
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. That's a lot of money being a spent a year for the government. Also, without the penny, prices could be shooting up and down all day, everyday. Although, if the penny stays we won’t have to have consumers be overcharged by the rounding system every single time they purchase something.

To conclude, supporting the penny will continue to help those in poverty, help charities keep on raising millions of dollars, and preserve the economy for many more years. The penny helps charities raise money, due to people being more willing to donate them rather than nickels. Also, customers won’t have to be overcharged by purchasing merchandise due to the rounding system. Moreover, the low-income Americans won’t have to hit rock bottom, thanks to saving the
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