Why A Penny Is The United States Government Should Discontinue The Manufacturing Of Pennies

To begin with, pennies aren't the only coins that cost too much to make. According to Jeff Sommer, who wrote the article “Penny Wise,or 2.4 Cents foolish?” he states “Each

The United States needs the penny today so they can get exact change. If someone owed three cents how do they pay it? The person would need a nickel, but they wouldn’t get two cents back in change. People would have more coins of higher value. If someone bought something for $1.97 they wouldn’t get change back, because there would be no pennies.

However, these people who have claimed this is unaware to the merchant technique of $9.99, which seems to be psychologically important; to keep that extra digit, $10.00, from showing up and scaring the customers away. And if we do, indeed, eliminate the penny, merchants would find another technique, for example, decrease the price to $9.95, to not increase the price an extra digit. But I say, the realistic idea and goal for eliminating pennies is because their feeble purchasing power means dealing with coins and making change to the nearest cent is an uneconomic waste of time for the nation as a whole, because majority of us are affected by it.

The continuation of minting the penny is costing the U.S more than it should, additionally many other countries have already given up their lowest cent. Production cost is a huge deal and is costing the government and taxpayers money. Many countries, including the military dropped the penny. So why shouldn't we?

The only difference between the U.S. and those countries is that they have made the progressive step to stop producing pennies. Their system is now as follows: Pennies can still be spent, but as no more production exists to balance out wear, tear, and loss, the population of pennies will gradually decrease until they become something of the equivalent of the U.S. 2 dollar bill. Values between 5 cent intervals are rounded up or down, and neither consumers nor vendors need to worry about overpaying/underearning, as the amounts rounded up and down balance each other out in the long run (.02 saved one transaction becomes .03 spent the next, and so on). Credit card transactions still go down to the cent, but as digital currency is handled by computers, it doesn’t pose any inconvenience to

In America, there is still a debate if the penny should be eliminated. If it was to be eliminated it would still be used, but in a minimal way. In Canada, the Canadian penny was eliminated due to cost, time, and the country believed it was a waste of money, “inflation reduced its purchasing power by 95% since it was first minted domestically in 1908: back then the cent could buy goods of the cost of $0.20, today in other words.”(The Economist). Once a small coin can no longer be used to buy individual items at that price, but it is only used to make change, it becomes more trouble than it is worth. Canadian pennies cost “1.6 Canadian cents to manufacture, and the government expected to save $11 million a year by eliminating them”(The Economist). But that sum equivalent to 0.0006% of GDP is small change. Canadians feel that eliminating pennies is that their feeble purchasing power means dealing with coins,

“Penny candy” and similar selling strategies or products do not exist anymore. Not to mention what used to be worth one cent forty-five years ago costs ten cents today. Over time the value of the penny has depreciated with inflation rendering them useless. Furthermore, since the penny cannot function on its own in a purchase the production of the penny is pointless.

The penny cost more to make then it,s actually worth. According to Maria Story “In 2011, it cost cost the U.S. Mint more than 2.4 cents to produce one penny.” Spending that money on a penny is not worth it.

In 2011, it cost 2.4 cents to produce the penny. The penny was first minted in 1857. It cost 2.4 cents to make the penny. Also the United States loses 1.8 cents for every penny being made. In conclusion we should get rid of the penny. The United States should get rid of the penny because it is people are not using them, cost to much, and other countries have already dropped the penny.

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

To begin with, the penny has been around for a long time, it has influenced our culture and has created many sentimental sayings. “The history of a penny reveals more than just a coin, it exposes a piece of American culture.” (Story) The penny has changed many times. There have been many designs all of which reflect the time they were made. There are also idioms that were created because of the penny, some of which are still used to this day. The saying “ A penny for your thoughts” for

The penny costs 1.4 cents to manufacture each time at the mint. This is causing the mint to lose money for the treasury. Last year, the mint earned $730 million dollars in profit. Many mint officials claim the estimation will be about $45 million due to the cost

This is why people think we should keep the penny. First of all, customers benefit from having a low-denomination coin. If we get rid of the penny it would make goods more expensive. Charities raise a lot of money from pennies. Also, 75 percent of America thinks

Pennies cost more than they are worth at 1.4 cents per penny and 2 cents to distribute, meaning if you were to melt down the material of a penny and sell it; you would profit, this also means when the government produces pennies we are actually losing money, last year the penny robbed taxpayers of $115 million dollars to subsidizing penny production. You might ask why we don't just make

Money is crucial in many ways or everyday events like for buying food, paying rent, etc. Money has its own value but not all currency is used. Money has its own value but not all currency is used. The penny has the least amount of currency and is found on the sidewalk, sofa, in between car seats because nobody benefits form the penny. It doesn't have enough value to be kept around so lets just end the penny ones and for all.