The Price Of The Penny

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How often do you use a penny? Getting rid of the penny has been a big debate going on in the U.S. right now. “The first penny was struck in 1787 by a private mint, and was the first currency authorised by the U.S.(3).” People have many views on this penny but, financially, the penny has become a poor investment and needs to get eliminated. To add, having the penny in our currency wastes your time. With all of the new technology, the penny becomes useless and people do not need to waste their time and produce the penny. The penny needs to be eliminated from the U.S. currency. Financially, the penny continues to be a poor investment. “The U.S. already has 18.4 trillion dollars worth of debt (Patton 2).” With making the penny,…show more content…
However, nowadays, the vending machines don’t accept pennies and payphones have become obsolete and not used because everyone has their own phone. Also, the U.S. has some experience with eliminating defunct currency. In 1857, they stopped minting the half cent coin, equivalent to about 11 cents today, after Congress realized that its purchasing power and cost of production had made it impractical (Wing 4). The move led to no immediate or long-term effects on the value of U.S. currency just like the penny would. While eliminating the penny will save the country money, the elimination will also save people’s time. Eliminating the penny will save everyone time. If the penny becomes destroyed, it would save the customer 's time because they always fish for pennies in their pockets. “Estimates show that dealing with pennies adds 2 to 2.5 seconds on to each transaction (Source B).” It would also save the employer and the owner of the store time, because they won’t need to count all the pennies when they deposit them and when they get handed back to the customer. If someone had a thousand pennies, it would take them a long time to count them. One thousand pennies equate to only ten dollars, so why would they want to waste their time counting them all if the only profit proves to be only worth ten dollars? Also, the people that produce the penny waste
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