Between 2001 and 2006, there has been an increase of .6 cents for the reproduction of the penny. This increase displays economic problems that may lead to fatal ones. The penny is composed of 2% copper and 98% zinc. These elements are exponentially in demand causing the price of these materials to skyrocket. Many Americans think the penny is putting our country in jeopardy with financial losses. This meaningless coin is losing money for the mint, and should be abolished.
Not only has the penny been around for more than one millennia, but it has become very important to our society, even if its cost doesn’t mean a whole lot unless in a large group. It has worked its way into the zinc
Did you know the first penney the u.S. has ever seen was created and produced in the year 1857? The penny we know of has been in the states for 161 years. In the year 2012 there was a proposal that the United States get rid of the penny, the least valuable coin in the money system. The penny has so little value, but cost too much to make. Although the U.S. loses millions of dollars a year to the production of pennies, American pennies should not be ceased minting because of the risk of economic changes,the piece of culture they each possess and their “ power in numbers”.
The U.S. penny has been a standard in our currency system for almost as long as our country has existed as a sovereign nation, but due to inflation, production costs, and the changing times we live in, it is no longer a sustainable unit of currency and only serves to increase our national deficit and waste our time. When the penny was produced for the first time in 1792 by the U.S. Mint, it was made of pure copper, featured a woman with flowing hair, and was inscribed with the words “Liberty”. Since then, the design and composition have changed numerous times to reflect our changing nation. Despite its fading glory, the penny has been kept alive by numerous false lobbying fronts and a stubborn ideology, but
The penny has been the lowest domination for 154 years. The United States started using the penny in 1793. President Abraham Lincoln is on the penny. The penny is made out of copper. The average penny last twenty-five years.
Silver used to be valuable due to its scarcity, but that ended when a massive lode called the Comstock Lode was discovered in Nevada in 1857. The United States wanted to add Silver when it was valuable, but its price decreases as more and more of it was being mined. In order to avoid inflation, Congress passed the Bland-Allison Silver Purchase Act in 1878 to increase the value of Silver by purchasing between two and four million dollars each month, but this did not work because the government would only purchase the minimum amount. Congress also passed the Sherman Silver Purchase Act in 1890, but this act sought to
The penny, also known simply as the one-cent coin, was first made about 230 years ago in 1787. The first penny ever made was 100% copper and it was heavier and larger than the usual penny today. The design itself was suggested by the famous Benjamin Franklin ("A Brief History of the U.S. Cent”). Lately, people have talked about the idea of abolishing the penny, but others disagree. The penny should not be abolished.
The website www.moneycrashers.com says that the penny used to have actual value when America was young because things were cheaper. Inflation caused the half-penny, a coin the US stopped making in 1857, to be worth whole pennies today. To add on, pennies are hard to spend because they have such little value. Also, even vending machines and Parking meters don’t accept them anymore.
Plautus once said “You have to spend money to make money,” a quote made painfully true by the penny, a coin worth 1/100th of a dollar. The penny’s story starts in 1792 with the first U.S. Mint which produced the dime, quarter, nickel, penny and half penny which we will get back to later. Pennies were originally made of 100% copper, however, as prices of copper rose they soon started to make pennies out of 95% zinc and 3% copper, which is how they are made today. Soon after this, the raw material of pennies began to cost more than the penny itself was worth, therefore people began to melt them down and sell the material for profit. When this occurred, instead of the government getting rid of the pennies all together and being happy citizens where removing them from circulation they made melting the currency down illegal and continued producing 4 billion pennies a year! You can find these tiny useless coins anywhere from in your couch cushion to on the sidewalk. The reason we should stop minting pennies is that they cost money, waste time, are bad for the environment, and they are useless.
In 1811, when the first bank of the United States concluded, many banknotes were distributed, but banks were not keeping enough silver and gold to collect when requested. Large number of notes were handed out with different values and collections all at the same time as a result counterfeiting was easy. Congress handled and funded the second bank of the United States in 1816 which were allowed the state bank to issue money but its amount did not authorize
From 1500 to 1750 silver production in South America and Japan were at an all time high. Due to this new flow of silver economies began to change in response: economies began to become dependent on silver, and inflation and deflation have been more prevalent in regional economies. Socially the effect of the increase flow of silver has harbored a growing pessimism of silver, specifically, the excess use of silver and production of silver itself. Document 4,5,7 and 8 demonstrates that the increase flow in silver has caused economies to become more dependent of silver. Ralph Fitch in document 4 writes that “The Portuguese use this Japanese silver to their great advantage in China.”
The one cent coin was first produced in 1787 by private mints. 5 years later the first U.S. pennies were created. According to the Americans for Common Cents organization, over 300 billion one cent coins have been produced since 1787. Over time, more and more people have thought the penny has outlived its worth. Though, there are still a large amount of people who believe the penny is necessary to the U.S. economy.
Ever since 1690, when the first paper money was issued by the Massachusetts Bay Colony, paper money has been constantly changing. Throughout the history of the United States paper money, the United States has gone through different types of currency. The different types of currency ranged from State Bank Notes to Gold Certificates to National Bank Notes to Silver Certificates to Federal Reserve Bank Notes, and now ending with Federal Reserve Notes. However, in the mean time counterfeit money had been gaining circulation and “thirty-six percent of the dollar value of known counterfeit currency passed in the U.S. was produced overseas, particularly in Colombia, Italy, Hong Kong, the Philippines and Bangkok” (Fun Facts About Money). In
At the end of World War Two, the Bretton Woods system was established for world currencies. This system involved countries fixing their currencies to the US Dollar, which in turn was tied to the value of gold at a fixed exchange rate of $35 per ounce. As this was a fixed exchange rate system it effectively forced countries to pursue a certain monetary policy, in order to keep their currency pegged to the Dollar and in turn the value of gold.