The Differences Between The And Gold And Silver

First, the penny cost too much to make. In the first source it says, “Pennies cost to much to produce than they are worth.” This quote says why make something if you are not making any money on them. Also the first source said, “ After the pennies are made they have to get

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 a lot of history, through the 200 years the penny changed design and value. Based on the article “The Ever-Changing Penny.” The first pennies were minted in 1857, they were very large, larger than a modern day quarter and had different images of the statue of liberty on the front(4). With this example, one can see,there were several visions for the penny before the final product of the Abraham Lincoln penny in 1909. The history of the penny reveals more than just a coin, it exposes a piece of american culture. The penny has influenced our language, giving us a number of idioms, such as “A penny for your thoughts” And “Not one red cent”(4). Despite its cultural influences the penny is under attack currently, the reason? Because making the penny also costs money, more than its worth,in 2011, it costs the U.S. more than 2.4 cents to produce the penny. The History of the One-Cent piece is a curious one. How long it will remain a part of your spending currency is yet

The first Colonial currency was issued in 1690 by the Massachusetts Bay Colony, while America was under British rule. Other colonies began to issue their own paper currency, and use of the denominated in Spanish Milled Dollars, Colonial notes were also denominated in British shillings, pounds, and pence. In 1764, the British declared Colonial currency illegal. The Continental Congress in 1775 issued currency to help finance the Revolutionary War. These notes were called “Continentals,” had no value in gold or silver. The Continentals were backed by the “anticipation” of tax revenues, though easily counterfeited and without solid backing, the notes quickly became devalued. This period marked the first time that United States currency’s value was derived solely from its purchasing power, as it is today.

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

To the average person the penny only has one value and that is in the sense of the economy. If asked many people say the penny is worth one cent. Which it is but the penny has more than the economic value it exemplifies the history of the U.S. In source G, Pennies, it shows the two types of pennies one from the past around 1793 and one from the present. These two visuals show that the penny has been around for more than 200 years. It also shows that the penny has meaning to the people because there has been time taken to remodel and enhance the visual appeal. The present visual of the penny can be described as sentimental to the citizens of the United States because of the person that is on the penny. Abraham Lincoln, the 16th president of this country is the face of the copper coin. The penny has a job to pay homage to one of this country’s most important presidents. As said by Michael Bishop in source F, “President Bush signs Lincoln Penny Redesign Into Law”, he states that “the

Pennies are an important part of our past and they will be in our future. Pennies are a good thing to help with Contributions to Institutions. The penny would make a difference in your change. You would have to round up 5 cents. The penny is very important cent and we need

Money has been been a big central network in developing our country today. Back then people used to barter items with others, so they could get different things they may need things like corn, fish, wheat, and etc. Salt was another commodity money salt was very difficult to obtain mainly in the inner countries and it is very good to cook with because it adds flavor to your food. In the south people became so wealthy because they didn't use money either there was a system called “Mit’a” from the age of 15 young Incan males had to do physical labor to state of a set of days. They built public buildings and places in return the government all the basic necessities of life food, clothing, tools, housing and, etc. The first known currency

The three reasons to keep the penny in circulation has to do with the culture that is behind the penny, the added cost to the consumer and the history that is shrouded in the Lincoln penny. In Source 1, it states “On average, the customer will lose two and a half cents in each transaction.” This means that if the penny is taken out of circulation consumer will lose 2.5 cents a transactions. On Source 3 it also states “In truth, it is more than a coin—it is a piece of American culture.” This shows that the coin has evolved to be more than a coin, it has become a part of American Heritage. Also in Source 2 it states the “first penny in the series was created to commemorate the 100th anniversary of Abraham Lincoln's birth. His face has remained

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.

In Forbes magazine, Neena Moorjani said “It’s practically useless in everyday life” (Lewis). Most people today fling their pennies into the trash, they drop out of circulation, or in couch cushions where you won’t see them again. In the 1900’s there was a thing called penny candy. You could go to a local store and buy one piece, or a few pieces of your favorite candy with just one penny. Today, candy bars from a gas station can cost up to two dollars. Adding to this, vending machines cause problems with coins. The vending machines used to take all types of coins, nickels, dimes and even pennies. If you try to put a penny in a machine now it will just spit it back out or an alarm will sound. In stores when someone says “one second I think I have some pennies” is very annoying. It uses about “...40 wasted seconds per day per person.

A penny currently costs 1.8 cents to make. That 1.8 cent chuck of metal is then assigned a value of 1 cent. It is unthinkable to lose .8 cents for every penny manufactured. This is just like the aforementioned example where a dollar worth of gold was made into a 50 cent coin. When quarters and dimes used to be made out of silver, and the price of silver started to rise, the silver content in coins was reduced so