I support the penny being retired.The article “Should the Penny Retired” written by Toronto(AP) has many valid points on why the penny should be retired.It is such a nuisance to have pennies these days. No one will pick a penny if they see one on the floor or on the street. People nowadays don 't get excited if they see a penny.That is why I am supporting the retirement of the pennies.
Do you know what cost more to make then what is worth,cost taxpayers millions each year to produce and is a hide waste of time? Well it's the penny. For many years the United States have been debated whether or not they should discontinue the penny. They should stop production of the penny because it cost too much to make, it's very time consuming and many Americans are ready to make away from the one cent. Now let me tell you all I the reasons.
“The time has come to abolish the outdated, almost worthless, bothersome, and wasteful penny,” says William Safire. The coin today is not worth what it was before, and very few items can be purchased with the penny. Also, the cost to produce and ship the penny through the country cost more than it is worth.
Pennies, for a majority of people, are just little worthless pieces of mass that are left basins collecting dust, being thrown into water fountains for luck, and at times are refused at supermarkets because of how little they are worth. Along with what the average American does with their pennies, the smallest United States currency is costing us more than seven million dollars a year, in the retail business alone. The Department of Defence doesn’t think that pennies are even worth it. As stated by Chris Ward in paragraph one of Source #2, “Pennies are too heavy and are not cost-effective to ship.” As well as, according to Source #2, “The U.S. Congress is considering eliminating the penny from the United States currency system.”
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.
The penny is the Unites States’ lowest denomination coin, and there are some people who believe it should be abolished. On the other hand, there are people who advocate for the penny to keep its place in our economy and I couldn't agree more. The penny may be annoying, but it plays an important role in our economy, is popular among most people, and is an important piece of symbolism.
Are pennies worth minting? Many people believe they’re a waste of money, but some people believe that they’re still worth minting. Pennies should not be minted for many reasons such as, the penny costs more money to make then the penny has in value.Another reason is that pennies are a severe waste in time such as people often pay with pennies as a practical joke, which means hard working employees often have to spend the time to count those pennies. The final reason is because the penny is losing the government money. 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.
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!
"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?
”-Kashmir Hill,The future of money. This proves that it costs more money to make the penny than it’s actual worth. The united states is losing money every time we produce one of these things. Stopping the production of these might not solve the country 's debt problem but it would at least help. ”A 2007 article in the New York magazine
Don’t you hate when your taxes go to making useless pennies or when they take up space in a mess. Even though people think pennies are helpful they are not because they cost 2.41 to make just one. For years the Unites States have been discussing if we should get rid of the penny. Pennies shouldn’t be made in the United States. Source 1 states, other countries have got rid of the penny and were successful.
This has led to growth in the overall economy. After the Revolutionary War in 1775, the United States Government began issuing continentals, the first paper money. However, as the war dragged on, inflation became a major issue and this led to immense debt. By 1780, continentals only retained 1/80th of their original value, making them nearly worthless (The Early Paper Money of America). Evidently, the economies of the American colonies needed to be more federalized.
The states, back then, had the choice to choose paper money, and most of them did because they didn’t really want to pay taxes with their gold and silver. With this change in currency, the value fell and hurt the economic “reputation”. If the federal government hadn’t given the state governments the right to choose paper money they would have been much better off in the long run. Overall, in his article The Devil in Devolution, Donahue’s main point was the states were being given too much power and weren’t necessarily able to handle all the responsibility properly that comes with power like the federal government would have been able
Toward the end of 1861 using specie payments were not allowed, which meant that paying in gold or silver was no longer acceptable. That left people having to pay only in paper currency. To add to the matter, the Government issued the Legal Tender Act after payment in gold or coins was banned. This caused banknotes to count for most of the currency. The National Bank Act brought financial stability to the nation, but failed to solve the nation’s financial issues.
The density of the penny was 4.68 g/cm3 before the experiment and 4.43 g/cm3 at the end of the experiment. The density of gold, though, is 19.3 g/cm3. Since the densities of the penny and the gold are different, the penny clearly did not change into another element. The gold color of the penny was a result of the flame that it was held above melting the zinc that it was coated in with the original bronze colored coating of the penny, creating an alloy with a shiny yellow color. Since neither of the pennies, silver colored or gold, changed densities throughout the experiment and each retained their own properties; the properties of copper; no new elements were