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The Pros And Cons Of Abolishing The Penny

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"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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