The penny is an important part of our history and culture. Aaron notes in a Brookings Institution editorial that eliminating pennies would help with cash transactions as well, since it would make calculations easier without having to deal with fractions of cents. The melt value of pennies ranges from more than two cents for the pre-1982 copper . A dollar coin can last up to forty years. This not only weighs down our pockets, but it also holds up the line while we mess around counting out coins. The C.O.I.N.S. Producing pennies also uses a great deal of energy. Citizens to Retire the U.S. Penny points out that in countries that have retired their one-cent coins, charities have not reported a significant drop-off in donations although the group doesnt provide any sources to back up this claim. Last year, almost 60% of the coins that the U.S. Mint churned out were . Pennies don't last forever, and the US Mint explains that the copper surface can corrode away after a few years. As the U.S. Mint explains, the copper surface of a penny accounts for only 2.5% of its metal content. Making pennies wastes natural resources and is toxic to people and the environment - Pennies are 3 percent copper, and 97 percent zinc and are primarily made from virgin ore. Making pennies from . The arguments for halting production of pennies basically boil down to the idea that theyre more trouble than theyre worth. Pennies today are worth almost nothing, but they still cost money to produce and consume vast quantities of natural resources. As a result, the Mint has to keep making more pennies. Another piece of evidence against Lombras claims comes from Canada, which stopped minting its penny in 2013. Should We Make Cents? - CBS News A zinc penny weighs 2.5 g. Doing the math, 327 billion pennies weigh 1.8 billion pounds Managing Editor A graduate of NYU, he has an MA in English literature and loves literature from all ages. [1] While countries such as Australia, Canada, and New Zealand have phased out their one-cent pieces, Harris Poll found that 55% of Americans are in favor of keeping the penny and 29% want to abolish it. However, it doesnt say what those reasons are. In fact, it has been struck in greater numbers than all other coins combined including not just U.S. coins but the coins of all other countries throughout recorded history. To learn more, read our article on the possible economic impact of eliminating the penny. However, it is removed from circulation when tendered at a Canadian banking facility. We Won't Forget President Lincoln. Despite all the arguments for retiring the penny, the majority of Americans are in favor of keeping it. Men are nearly twice as likely as women to favor dropping the penny (39% vs. 20%). Should We Get Rid of the Penny? - Reasons to Keep It vs - YouTube [28] Harvard economist Greg Mankiw says that this wasted time costs the US economy around $1 billion annually. Pennies are so close to worthless that many people argue its time to do away with them altogether. This is the least substantive argument in favor of keeping the penny, and yet, ironically, its probably the most effective. Accessed Oct. 21, 2020. The US Mint produces coins as instructed byCongress, so a law would have to be passed by Congress and signed by the President in order for pennies to be removed from circulation. After only two years, the Flying Eagle cent gave way to the now fondly remembered Indian Head cent. This question has been debated for years, with people arguing for and against its elimination. Chipotle restaurants have already taken this initiative by simply rounding bills off to the nearest nickel, but when management decided to do this some customers complained about paying extra cents added on their bills. MAKE JEWELRY. And as it grows ever easier for charities to accept donations electronically, coin drives are likely to play a diminishing role in fundraising. One of the overlooked reasons why we should keep the penny is that the abolition of the penny would force an increase in the production of the nickel, as more nickels would be necessary to make up for the pennies that are not in circulation. Analyze the pro argument of Mark Weller from Americans for Common Cents. [34], 5. 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. They come from mines in the earth zinc mines, mostly, because pennies are more than 97% zinc. In 2009, four different cents were issued with images representing key segments of Lincolns life. [22], At a total per unit cost of 1.82 cents, it costs nearly two pennies to make one penny. The melt value of pennies ranges from more than two cents for thepre-1982 copper pennies, to nearly a full cent for the copper-plated zinc pennies. Last modified on July 2, 2018. Their reasons differ. Rating: 4 (257 reviews) Highest rating: 4. procon@eb.com, 2023 Encyclopaedia Britannica, Inc. What Are Elastic, Unitary and Inelastic How to Approach Change in an Organization. Anti-penny advocates scoff at this argument, pointing out that Lincoln would still remain on the $5 bill, which is actually useful to consumers. It doesnt matter. While the one-cent, once-copper coin doesn't have the purchasing power it used to, Americans still have a hard time letting it go. 10 reasons why we should keep the penny - elzanproperties.com The penny is no longer a useful form of currency and its continued existence is costing the US government money. Illustration: The Spruce /Danie Drankwalter. Essay on Why Should We Use Pennies - 554 Words | Bartleby Because pennies are worth so little, theyre much heavier than any other coin in proportion to their value. The ubiquitous one-cent coin has been a part of our everyday lives for over two centuries - and some argue that it's time to get rid of it. Or should the U.S. keep it's smallest coin? Accessed Oct. 21, 2020. Faced with a similar sea of red ink, Canada stopped making cents in May 2012. Pennies are so hard to spend that many people dont even bother they just store them all in jars, or even throw them away. But since then, the cost of zinc has risen dramatically and thats a big reason the cost of making cents is now over the top. That adds up to $2,100,000,000 every generation of only pennies. The group that conducted that survey Americans for Common Cents advocates retention of pennies, but impartial polls have come up with similar results. Those who support getting rid of the penny argue that it is useless, inconvenient and takes up space that could be given to other denominations of currency. Also we should ks to make the government get his money out and thats over $8 million more than a penny is work. The very fact that pennies have so little value makes them useful to charities because people are happy to give them away. She is a member of the American Numismatic Association (ANA) and holds several certifications. Should We Get Rid of the Penny? | Jay Zagorsky's Research & Blog - U.OSU Penny supporters point out that if we get rid of the penny, all-cash transactions will have to be rounded off to the nearest nickel. Let's take a look at the issues involved in the pro-penny and the anti-penny debate so that you can make up your mind about where you stand on this critical matter. If you try paying for something in a store with a fistful of pennies, you can expect dirty looks from both the clerk and the other customers if the store doesnt just flat-out refuse to take them. We Have a Precedent for Eliminating Worthless Coins. People think we should not make pennies because they cost 2 cents to make. Some Hope Not," nytimes.com, July 29, 2020. Of course, spending $0.018 to make a coin thats worth only $0.01 isnt necessarily a bad idea because coins are reusable. Former Representative Jim Kolbe of Arizona sponsored two bills in Congress to eliminate the penny. Penny's sentimental value proves priceless - Coppell Student Media Remember, pennies cost 2 more than how much their worth, while nickels cost 5 more than the nickel is worth. Source: Jeffrey Sparshott, The Penny Cost More to Make Than Its Worth, Again, Dec. 27, 2016, The US Mint shipped 8.4 billion pennies for circulation in 2017, more than all nickels (1.3 billion), dimes (2.4 billion), and quarters (1.9 billion) combined. Getting rid of the penny would save time since customers wouldn't have to search for their nearest nickel and wait in long lines while customers ahead of them try to count out exact change. The penny should stay | Silver Chips Online The primary reason is the soaring cost of metals. His mission is to use his platform as an author to bring awareness and perspective on important issues affecting everyday life. In his spare time, Dominic enjoys running along the Hudson River and exploring the citys art galleries. Feb 7, 2014, 08:12 AM EST | Updated Dec 6, 2017. Get DIY project ideas and easy-to-follow crafts to help you spruce up your space. To the average American, this is a perfect match: the common mans President on the common mans coin. According to Trading Economics, the inflation rate in Canada since the changeover has wavered between a high of around 3% and a low of negative 0.5%. Report this Content. It's a Money Loser for Retailers. Its possible that what happens to the penny could end up depending not on the law, but on decisions made by businesses. Copper, which makes up the other 2.5 . In 2010, it cost 1.67 cents to produce each penny. To anti-penny advocates, thats a lot of costs for a coin that cant even buy a piece of gum anymore. For these types of payments, rounding to the nearest nickel would cost consumers an extra 2021 dollars annually. NBC's Morgan Radford reports for Weeke.
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