Penny Synthesis Essay: Abolishing The Penny
Penny Synthesis Essay
To “… not ban pennies, but merely discourage their use by establishing a system…” It is because I agree with Mark Lewis of Forbes.com, that I affirm abolishing the penny, yet with some restrictions. In 2001 a United States Representative by the name of Jim Kolbe introduced a proposition to eliminate the penny (United States’ lowest denomination coin). To deeply reason as to why an individual might support this proposition, we must look at three different points of analysis. First, “ How zinc manufacturing around the nation may be affected due to this decision”, Second, “ What this means for the people of this country on an economical standpoint”, and Thirdly, “ What are the benefits of eliminating the penny in terms …show more content…
of time and money”. According to Source A, since 1982 penny manufacturing has been produced from 97.5% zinc material.
Mentioned, as opposition to this bill, is Tennessee who is rich in raw zinc. Representative Kolbe’s idea is to make the nickel the country’s lowest denomination coin. Interesting enough Kolbe’s state of Arizona is rich in copper, which makes up most of the higher denominational coins. Keep in mind zinc manufacturing is not solely dependent upon penny manufacturing. The fact that this issue is being used to negate this bill is invalid because of this exact reasoning. Moreover, The proposition would gradually eliminate manufacturing instead of suddenly stopping production. This gives time for manufacturing companies to find other means of work besides the penny. It is understood from the proposition that prices would be altered rounding to the nearest nickel’s place. What exactly does this mean for consumers? Studies Show (Source B) that an estimated 27% of Americans don’t keep track of their loose change”, yet if we as a government do them injustice they will definitely start to notice. As stated in my introduction, there must be guidelines and restrictions placed on this proposition. If we are to round prices, we must do so fairly. All prices cannot simply always be rounded up. This would be excruciatingly difficult for the
people. Thirdly, “what are the benefits in eliminating the penny in terms of time and money?” Source C puts it greatly when it states, “…it takes nearly a dime today to buy what a penny bought back in 1950.” The use of pennies is becoming less and less productive. In Truth, the estimated cost of minting the penny in 2008 was 1.7 cents. As you can see, it costs more to make a product that has lesser value. The purpose of using the penny in today’s society is to simply specify the price to a more precise amount. A recent study from former MIT student explains the waste of time it takes for penny transactions. The study shows that if a person’s time is worth $15 an hour (which we all know it’s worth less than that, but that’s a different story) a person would be losing close to $60 per year. The penny will always be a crucial statement in our nation’s history yet we must keep our mind set on the future. In the words of Bob Dylan, “ Times are a changing.” It is a better economical strategy to gradually eliminate the penny from circular use. From this reasoning I affirm Jim Kolbe’s proposition to eliminate the penny.
To “… not ban pennies, but merely discourage their use by establishing a system…” It is because I agree with Mark Lewis of Forbes.com, that I affirm abolishing the penny, yet with some restrictions. In 2001 a United States Representative by the name of Jim Kolbe introduced a proposition to eliminate the penny (United States’ lowest denomination coin). To deeply reason as to why an individual might support this proposition, we must look at three different points of analysis. First, “ How zinc manufacturing around the nation may be affected due to this decision”, Second, “ What this means for the people of this country on an economical standpoint”, and Thirdly, “ What are the benefits of eliminating the penny in terms …show more content…
of time and money”. According to Source A, since 1982 penny manufacturing has been produced from 97.5% zinc material.
Mentioned, as opposition to this bill, is Tennessee who is rich in raw zinc. Representative Kolbe’s idea is to make the nickel the country’s lowest denomination coin. Interesting enough Kolbe’s state of Arizona is rich in copper, which makes up most of the higher denominational coins. Keep in mind zinc manufacturing is not solely dependent upon penny manufacturing. The fact that this issue is being used to negate this bill is invalid because of this exact reasoning. Moreover, The proposition would gradually eliminate manufacturing instead of suddenly stopping production. This gives time for manufacturing companies to find other means of work besides the penny. It is understood from the proposition that prices would be altered rounding to the nearest nickel’s place. What exactly does this mean for consumers? Studies Show (Source B) that an estimated 27% of Americans don’t keep track of their loose change”, yet if we as a government do them injustice they will definitely start to notice. As stated in my introduction, there must be guidelines and restrictions placed on this proposition. If we are to round prices, we must do so fairly. All prices cannot simply always be rounded up. This would be excruciatingly difficult for the
people. Thirdly, “what are the benefits in eliminating the penny in terms of time and money?” Source C puts it greatly when it states, “…it takes nearly a dime today to buy what a penny bought back in 1950.” The use of pennies is becoming less and less productive. In Truth, the estimated cost of minting the penny in 2008 was 1.7 cents. As you can see, it costs more to make a product that has lesser value. The purpose of using the penny in today’s society is to simply specify the price to a more precise amount. A recent study from former MIT student explains the waste of time it takes for penny transactions. The study shows that if a person’s time is worth $15 an hour (which we all know it’s worth less than that, but that’s a different story) a person would be losing close to $60 per year. The penny will always be a crucial statement in our nation’s history yet we must keep our mind set on the future. In the words of Bob Dylan, “ Times are a changing.” It is a better economical strategy to gradually eliminate the penny from circular use. From this reasoning I affirm Jim Kolbe’s proposition to eliminate the penny.