According to, “Penny Anti,” the U.S Treasury loses $100,000,000 dollars annually just from making pennies. Now think about it, your annual paycheck might be $100,000 dollars but the cost from pennies would be 1000X your annual paycheck. This is one of the reasons why we should get rid of the penny, yet the government still wants to lose money from making pennies.…
The penny: Everyday you find them in your coat pocket, or lying on the sidewalk. Anyone who has been to a fast food restaurant has experienced the frustration of being behind someone who is attempting to pay for their purchase off the dollar menu with 100 pennies, wasting the time of everyone else in line. Pennies take refuge under couch cushions, and are either tossed to the side or put in a jar to be eventually traded in. In this day and age, nothing costs a penny anymore. Penny candies are a dime. Vending machines, parking meters, toll booths, slot machines… none of them take pennies. They rattle around in your purse or pocket, find their way into every crevice of your car and often end up being sucked up by a vacuum never to be seen again. The mere uselessness of the coin should be a reason in of itself to get rid of this small hassle. However, it also wastes the United States millions a year.…
Over the past few years, the debate on whether or not the penny should remain a part of the U.S. currency system has increased in popularity. With many politicians, journalists, and everyday citizens giving their opinion, the topic has certainly caused controversy. Although many would suggest otherwise, the penny coin is a historically and monetarily valuable aspect of American culture that should remain intact.…
One argument for eliminating the penny is the wasted time fishing for pennies on cash transactions. Jeff Gore, founder of “Citizens for Retiring the Penny” conducted a study with The National Association of Convenience Stores and Walgreens that determined handling pennies added 2 to 2.5 seconds to each cash transaction. After all of the numbers were crunched, he calculated that four hours per person were wasted each year searching for pennies. This equates to a national cost of over $15 billion dollars per year if each person’s time is worth $15/hour (Source B). How much time did he waste conducting this study? What he didn’t calculate was the extra profits these retailers received on impulse purchases while waiting on the patron to count his pennies. I believe these extra purchases greatly outweigh the “wasted time” counting pennies.…
From time to time, we find an isolate penny in a pocket or purse; however, we never seem to find them in our pockets when paying for a cup of coffee that costs $2.02. This scenario shows one of the main reasons I believe the production of the pennies should stop. In our day and time, most people do not use pennies when paying for things. Most people do not even pay with cash, as…
The penny is a largely recognized historical component of American life, and it is far too entrenched to be easily uprooted. All of the time and money spent to campaign to abolish it is simply not worth the “benefits”. Source E, a poll from the Harris group, shows the strong desire American’s have towards keeping the penny, thus its importance to society. It is noted in Source D that the penny remains essential to the public and is very important to our pricing system, including taxes.…
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.…
Too much time is spent in vain searching for lost pennies. According to MIT graduate Jeff Gore, mentioned in the article Penny Pinchers by Rick Khan, four hours are spent per year looking for pennies. “If each person's time is worth $15 per hour, then each person loses $60 per year at a cost of the nation of over $15 billion per year” Come on people! 15 billion a year! What a waste of money that could have been…
Pennies are heavy, a nuisance and isn't worth carrying around in your pocket. This is why most people leave them on the ground or collect them in a jar. In fact a small study by the mint suggests that 42% of consumers would rather abolish the penny.…
‘‘ Michael Cooper, an eighth grader, said, If you asked for my quarters, I would have said ‘no’ because I use them for video games. Pennies don’t really matter much, so I was happy to give them to someone who could use them. Many other students I spoke with echoed Michael’s words.’’(Source 3, Give a Penny-Save the Day) This means that pennies don’t really matter to people. So why should America keep the penny, if people don’t care about it. You are just paying for the pennies to be lying around the your house.…
The penny is significant to society. If we get rid of the penny, Our only alternative is rounding to the nickel. Penny elimination would be bad for consumers and the economy, and the alternative to the penny - rounding to the nickel - will negatively impact working class families. Research by Penn State University Economist Ray Lombra shows that were the penny to be eliminated, consumers would be hit with a multi-billion dollar rounding tax. Also, rounding the nickel would lead to a demand for them, which would make the nickel cost 11 cents instead of 5 cents. With the survey of the FY cost and shipment survey, we would be in debt of another 10.3 million dollars.…
Pennies may have been practical several years ago; however, now they are inconvenient and obsolete. As an American citizen who pays with U.S. currency almost every day and almost every day, inconvenienced by the use of pennies. Pennies make even less sense provided the fact that the United States Government has made such a large amount of pennies that the materials used to make pennies are worth more than a penny itself. Other countries have already done this and it is working out well for them, therefore, there is not a reason that the same could happen to America. There would be no financial repercussion for the consumers or the business. The penny has become unnecessary and the government should no longer perceive them as currency.…
Do you remember how in Spongbob his friend was a penny? If we don’t have the penny then Spongbob will no longer have a friend. The United States should continue the production of the penny. The reason that we should continue the production of pennies is because the citizens of the United States do not deserve more change than is needed. It will be a lot easier just to keep the penny because then we don’t have to tell everyone to change. Also the penny is a big part of our history.…
You can’t use pennies for a lot of things nowadays. The whole point of having…
Most machines that receive change won’t accept one cent coins anymore and the pennies will just collect in people’s wallets or pockets. Canada got rid of their pennies and it seems America may do the same at some point. It costs almost double one cent to make a penny, and this is not cost efficient. There is a lot of controversy over the matter. People have been discussing whether removing the penny would hurt or help the economy for some time now. In the Time Josh Sanburn claimed, “Pennies would likely be melted down and sold for their zinc and copper, which could yield millions of dollars for federal coffers” (Sanburn 1). Pennies may end up being a rare collectable in the far future, but as of now they remain a neglected form of currency with the increased use of digital transactions. Pennies will remain a staple in history no matter what their future…
