"Abolish the penny?" This is a question that has frolicked around the economic scene for decades. Advocates of abolishing the penny call upon claims supported by faulty evidence, for instance, "Two thirds of [pennies] immediately drop out of circulation" (Source C). This claim is fatally misleading as studies have been conducted to show that "the annual rate pennies dissappear from circulation is surprisingly similar to all other forms of coinage -- around 5.6 percent" (Source C). So why should we, as Americans, abolish something as symbolic to our national heritage as the penny, without proper reasoning? Furthermore, abolishing the penny would lead to detrimental implications such as job loss, a period of economic confusion, and unnecesary economic reform. When you think of the top five most influential presidents …show more content…
Research conducted by The Harris Pole shows that on average, 23% of the entire population supports abolishing the penny (Source E). Why are we putting such a large emphasis on an issue that is supported by less than one-fourth of the entire population? This is yet another example of how this debate is backed by politicians that will enjoy personal benefit from the abolishing of the penny and is not an accurate representation of the majority. Furthermore, a proponent of the abolishing, U.S. Rep. Jim Kolbe, represents a state that would benefit economically if the penny was abolished (Source A). What Kolbe doesn 't care to mention is the damage that would be caused to other states that have a large impact on manufacturing pennies, and the jobs that would be lost due to the …show more content…
The penny serves as a testament to our past and remind us of the influential Lincoln that paved the way for modern society. It is unpatriotic and economically inefficient to abolish the penny as it is
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Financial stability of the colonial people was often thought to be put at stake with the introduction of new taxes and regulations which caused much frustration. Before Parliament had laid out any questionable taxes (i.e. stamp act), the citizens appeared perfectly content with Parliament 's power (Doc C). The stamp act required that every document, used by the colonists be stamped and taxed. One can see why this would anger people (as paper was the “big thing” before modern technology). Chaos ensued, the colonists were not fond of tax collectors whatsoever.
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.
Congress did not possess the ability to tax and states were not willing to give money to support the government of their own free will. Congress did not have the ability to regulate exchange of business between foreign countries or between the states. This combined with each state printing its own form of money led to an extremely unstable economy. Congress quickly realized that an executive branch was needed in order to inforce the acts they passed; unfortunately it may have been realized too late. In western Massachusetts between 1786 and 1787 a slew of protests arose from local farmers who were opposed to the state and local enforcement of tax collections and judgments for debt.
The need for a national bank was very much so necessary. Hamilton also convinced president Washington to sign the bank bill by his lengthy report that stated: “This criterion is the end, to which the measure relates as a mean. If the end be clearly comprehended withan any specified powers, collecting taxes and regulating the currency, and if the measure have an obvious relation to that end, and is not forbidden by any particular provision of the constitution, it may safely be deemed to come with the compass of national authority.”
For many years people have been fighting to eliminate pennies for many reasons. One of the most popular reasons to eliminate pennies is that pennies cost more to produce than the actual worth of the penny. “The united States government lost $60.2 million on production and distribution of pennies in 2011,” (Sommer) wrote, source #1. (Sommer) also wrote that Each zinc and copper coin cost 2.41 cents to produce and distribute”. Meanwhile a penny is only worth 1 cent.
Also, Congress would have the power to tax, and get enough resources to back the currency up. Inflation wouldn’t have happened if Congress had the power to tax, since the money would have had value, and people would buy and sell more. Debt wouldn’t have had happened if Congress could tax because they could raise enough money to pay off their debts. Britain wouldn’t have broken its promise and would let Americans in the profitable markets if the central government wasn’t weak. They would have the power to override the states, and force them to pay the Loyalists, which in turn, would gain Britain’s favor.
The world we live in today is filled with topics of controversy and the penny is just one of many. Some argue that the penny is useless and more trouble than it’s actually worth so we should abolish it. While it’s true that the penny can be a pain, it’s not true that the penny is useless. The penny helps Tennessee capitalize from zinc , was voted to stay in circulation by the majority of people, and commemorates the great Honest Abe. So those who argue that the world would be better without the low denomination coin just don’t know it’s
In the course of American history, many presidents have come and gone. Even some of our Founding Fathers, such as George Washington, became president. In Washington 's case, he was the first president and the one to pave the way for many U.S. presidents to come. They are remembered in text-books, journals, bibliographies, magazines, websites, and much more. Some of their faces are even plastered on our money.
Every American’s favorite insert word that could reference money are getting facelifts. On Apr. 20, Treasury Secretary Jacob Lew announced that Harriet Tubman will be replacing Andrew Jackson on the front of the 20 dollar bill, along with new design plans for $10 and $5 notes. Everybody featured on money, from the father of the country to the emancipator of slaves, is an integral figure in American history. However, one member of this clique, Andrew Jackson, has been up for debate on whether or not he belongs.
Therefore, the one cent not the greatest coin and the government should stop production of the penny. Last reason why the penny should be gone is, people just don't like them anymore and they take up too much space. For example,” people store them in jars refuse them as change and throw them away in water fountains.” See people are over the penny. Also,“pennies are not worth the trouble of carrying them around and take up too much space.”
But on the other side, retailers could be aware of this and bring all their prices down to the lower round and sell them cheaper, which benefits the consumers. Supporters of the penny say we should keep the one cent coin but simply make it cheaper. (Source 2) But if we cut out the penny entirely, we can save even more. A near useless coin can be eliminated and we won't need to spend nears as much money making
Arizona Republican Kolbe, proposed the “Legal Tender Modernization Act”, which rounds prices up or down. The penny would not be ban by this act but merely would render the penny useless (Kolbe). If this system made the penny useless, it would be a better idea to ban it fully. Not banning it would still allow penny production
According to Source 4: Favor Abolishing The Penny? By the New York Times, The data shows 59 percent are for keeping the penny while an underwhelming 23 percent are for abolishing it. Conversely, the reason for the difference is unclear but, if more people were aware of the repercussions pennies are causing they arguably most likely would switch sides in the argument. According to Abolish the Penny by William Safire, “There is no escaping economic history: it takes nearly a dime today to buy what a penny bought back in 1950. Despite this, the U.S. Mint keeps churning out a billion pennies a month.”
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
The expenses are expected to increase over the next ten years and create a burden for the state governments, causing parties such as the Tea Party to conclude that the seventeenth amendment should be repealed in order to allow direct representation for state governments in decisions involving healthcare and education