To learn more, read our article on the possible economic impact of eliminating the penny. Cash transactions there are now rounded up or down to the nearest $0.05. Politics latest updates: NHS 'on the brink' says nursing union; 10% A cent that, most of the time, goes unused. The only real muscle the electorate has is the vote. Pennies Argumentative Essay - 605 Words | Studymode Instance penny supporters claim that the penny still holds value and should be kept in circulation. However, while many people are calling for the pennys retirement, others are working just as hard to keep the coin in circulation. Many people thought that 2009, the 100th anniversary of the Lincoln cent, should have been the last year of penny manufacture. We should get rid of pennies because it cost less and is useless but it could be helpful, I think we should keep the penny because it is sill money, what the creep who ever wrote these are all bum hahahahaha. While every effort has been made to follow citation style rules, there may be some discrepancies. In Canada, at least, eliminating the penny has not led to a widespread increase in prices. Its the only coin we have that has Lincolns face on it! [12], Pennies and nickels both cost more to make than their face values, but on average over the last five years, nickels have been made at a loss of 2.58 cents per coin, compared to .65 cents per penny. Supporters of the penny point to all-cash transactions as a reason why it should remain in circulation. For the first 50 years, the Lincoln cents reverse displayed two sheafs of wheat framing the statement of value. The great debate at PAK: Keep the penny, abolish the penny [11] In 2009, the Leukemia and Lymphoma Society announced that school children had collected over 15 billion pennies in support of its charitable work thats $150 million dollars for blood cancer research and treatment. The penny should stay | Silver Chips Online Why We Should Kill the American Penny | PBS NewsHour The typical store doesn't even have them available for purchase or give them out in change - they flat-out refuse! The group marshals support from consumers, charities and small businesses who argue that without the penny there will be higher prices due to rounding up costs. ", ProCon.org. 4. Accessed Oct. 21, 2020. Should the US government consider removing other coins from circulation as transactions become more digital? Learn how to pay for IVF with these strategies for fertility financing. These coins have become highly sought-after collectibles and in 2010 one sold for $1.7 million - a record amount paid for a 1943 copper cent! And just five years after that, in 1864, the government changed the coins content again this time to bronze, an alloy of copper, tin and zinc and slenderized it further to 3.11 grams, a weight that remained unchanged until 1982. [27], Rounding transactions to the nearest nickel instead of using pennies wouldnt harm consumers or stores. In all, it lost $58 million - and the Mint, keep in mind, is a federal agency that traditionally makes money in more ways than one. There's been a debate brewing over the value of the penny, and conversations have grown amid a national coin shortage. Overall, continuing the use and manufacturing of pennies . We may have financial relationships with some of the companies mentioned on this website. The debate over whether or not to get rid of the penny has been going on for years. After only two years, the Flying Eagle cent gave way to the now fondly remembered Indian Head cent. Companies would need to update their price catalogs. Aaron's argument resonates with many modern consumers who remember when a person could buy a mini Tootsie Roll, Mary Jane or ice cream cone at the candy store with just one penny. Americans for Common Cents: The Penny's Importance For Charity, Foldvary Says Keep the Penny; Dump the Sales Tax, US Mint Cost to Produce the Penny and Nickel, Americans for Common Cents: Support for the Penny. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. But if we get rid of the penny we would have to stick with the nickel. Letting us know his views on keeping or eliminating the penny will help us determine how important or unimportant the penny is for us to keep or not keep. For example the article Should we get rid of the Penny 8 Reasons to Keep it vs Eliminate it says,"Design Life-Cycle.org a sight created by students at the University of California, calculates that just transporting pennies to banks-not even counting any other stage of . . Consequently, all government payments tied to the CPI, such as Social Security, would rise, costing the government $1.5 billion ($3 billion in todays dollars) over five years. As a result, the Mint has to keep making more pennies. Despite what the old song says, pennies dont really come from heaven. Here are the proper bibliographic citations for this page according to four style manuals (in alphabetical order): [Editor's Note: The APA citation style requires double spacing within entries. In 1857, the U.S. Mint stopped making the half-cent coin, partly because the cost of making it had exceeded its face value, and somewhat because it was considered to be too small a denomination and it was no longer needed. In 2017, Senators John McCain and Mike Enzi introduced S.759 Currency Optimization, Innovation and National Savings (or C.O.I.N.S.) Baby boomers may nostalgically reminisce of a time when the penny was king, but economist Henry Aaron of the Brookings Institution and other nonprofit research groups argue that the penny's time has come and gone. The reason why is obvious. No. For every dollar's worth of coins it shipped out the Mint made 45 . She is a member of the American Numismatic Association (ANA) and holds several certifications. The United States mint stopped minting pennies for general circulation after 2013 but cash transactions still make up less than 8% of all payments while credit and debit cards, as well as old-fashioned checks are used more often now than ever before according to Trading Economics. With more consumers moving toward contactless payment methods, news sources from Fortune to NPR began asking: Is the penny finally on its way out? CGAA will not be liable for any losses and/or damages incurred with the use of the information provided. The Salvation Army was one of the first charities to hold drives to collect discontinued pennies when the Canadian government announced it would drop its lowest-value coin, due to its cluttering up peoples' pockets. Some stores are even refusing to accept cash altogether. And in 1982, it virtually reversed the percentages of zinc and copper, in the process reducing the weight of the coin to its present 2.5 grams. Should We Get Rid of the Penny? - Scholastic One-cent pieces account for nearly three-fourths of the coins now PDF Statement of purpose Focus and Organization Conventions The Department of Defense banned the use of pennies at overseas military bases in 1980 because the coins were deemed too heavy and not cost effective to ship. (4) Considering that the penny has virtually no purchasing power, it does nothing except add unnecessary weight to our pockets and purses. The U.S. Mint does lose money on pennies and nickels. But since then, the cost of zinc has risen dramatically and thats a big reason the cost of making cents is now over the top. If we keep the penny we would get more taxes over time. Reduced coin usage linked to the pandemic has already had an impact. The penny helps keep high prices in check. In 1990, he testified before the Senate Banking Committee that his careful statistical analysis of prices showed that rounding cash sales up or down to the nearest nickel would cost consumers around $600 million per year (around $1.2 billion in 2021 dollars). He argues that there are three main reasons for keeping the penny: Without it, we would become more reliant on the . Penny's sentimental value proves priceless - Coppell Student Media There are precedents for getting rid of coins that are too small to use. In his spare time, Dominic enjoys running along the Hudson River and exploring the citys art galleries. Accessed Oct. 21, 2020. If that is the case, then people would be less willing to part with spare change for charitable drives. The Canadian government stopped producing pennies in May 2012, and the Royal Canadian Mint ceased the distribution of them as of February 4, 2013. To pay the exact amount, we have to either hand over some pennies or receive some in change. Should We Get Rid of the Penny? - Scholastic Pennies are no longer made from pure copper . [18] Harvard economist Greg Mankiw stated, The purpose of the monetary system is to facilitate exchange.
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