1. 3. Get DIY project ideas and easy-to-follow crafts to help you spruce up your space. 327 views, 5 likes, 2 loves, 11 comments, 2 shares, Facebook Watch Videos from Mount Carmel Baptist Church: Join us as we send off our beloved brother in Christ Brother Carlton Pinney. In June of this year, New York Times op-ed columnist William Safire wrote an article calling for the elimination of the penny. the pennyare affected by higher metal costs. Eliminating pennies would save time at the point of purchase without hurting customers or businesses financially. Creating the penny releases C02 into the air. In 2009, four different cents were issued with images representing key segments of Lincolns life. 4. President Obama in his 2014 YouTube chat suggested that Americans are attached emotionally to the penny because it brings back happy childhood memories of saving pennies in piggy banks and seeing them eventually turn into dollars. Most Americans want to keep the penny. Maybe this is another consideration that the U.S. government should look at. Representative Jim Kolbe of Arizona sponsored a bill in February 2014 that President Barack Obama argued was a common-sense approach to reducing government waste. 2023 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Penny's sentimental value proves priceless - Coppell Student Media We should be keeping the penny! The C.O.I.N.S. To access extended pro and con arguments, sources, and discussion questions about whether the penny should stay in circulation, go to ProCon.org. The penny has practically no value and should be taken out of circulation just as other coins have been in US history. You can easily get rust off a penny using vinegar and salt. Read more to learn about the potential benefits of eliminating the penny. Not if we want to keep ination in check, protect America's Aside from its Lincoln portrait, though, it has undergone a number of major changes in design and composition. Cash transactions there are now rounded up or down to the nearest $0.05. If we were to get rid of the penny, cash transactions would be rounded to the nearest nickel. According to an old superstition, its good luck to find a penny on the sidewalk. The pro-penny group backs up its claim by pointing to the work of economist Raymond Lombra. They're Bad for the Environment. In 1857, the half-cent had the purchasing power that would translate to well over ten cents today, so in some ways, it was akin to our eliminating the dime. New Zealand got rid of its penny and two-penny coins without incident back in 1989, and in 1991 replaced their two lowest paper denominations with coins. Faced with a similar sea of red ink, Canada stopped making cents in May 2012. It's a Money Loser for Retailers. Keep or Get Rid of the Penny? 8 Reasons to Do Either Pennies Argumentative Essay - 605 Words | Studymode Her areas of writing expertise include economic theory and applications, Russian culture and scuba diving. ", ProCon.org. Former Representative Jim Kolbe of Arizona sponsored two bills in Congress to eliminate the penny. There are notable points that both sides make. The United States penny has had a fascinating journey since entering circulation. Despite what the old song says, pennies dont really come from heaven. In fact, during that year the Mint accidentally made 40 copper pennies! Large cents bearing portraits of Miss Liberty were minted for 64 years a long lifespan during the nations first century. However, once stores stop accepting pennies, consumers will have even more incentive to donate the coins to charity because they wont be able to use them anywhere else. The group that conducted that survey Americans for Common Cents advocates retention of pennies, but impartial polls have come up with similar results. This is only the opening salvo in the Great Penny Debate, however. Why We Should Kill the American Penny | PBS NewsHour Both sides in the penny debate make some good points, and the solution is far from being an easy decision. The COVID-19 pandemic could accelerate this trend. For example, a pizza shop that sells a slice of pizza for $1.98 might start charging $2.00 instead. The problem with abolishing coins - BBC Worklife The penny debate gained renewed attention when the coronavirus pandemic led to a nationwide coin shortage as consumers moved towards contactless payment methods. Many wont even bend to pick them up, as Andy Rooney noted on a 60 Minutes segment some years ago. Analyze the pro argument of Mark Weller from Americans for Common Cents. Supporters of the penny point to all-cash transactions as a reason why it should remain in circulation. The rust should come right off! Faced with a similar sea of red ink, Canada stopped making cents in May 2012. Top 3 Pros and Cons,", ProCon.org, "Should the Penny Stay in Circulation? The decision to discontinue it would incur political backlash. As the U.S. Mint faces the prospect of having to find more cost-effective compositions from which to make the nation's coinage, the debate about the continued existence of the humble penny is sure to carry on. For all its current problems, the penny has a long and proud tradition dating back to 1793, when one-cent pieces were the very first coins produced by the fledgling U.S. Mint. To begin with, the Mint itself cant impose such a death penalty. THE PENNY DEBATE sample essay.docx - " THE PENNY DEBATE - Course Hero The cost of making pennies in 2019 was 1.99 cents per coin. The change from brass, the previous composition, took place in 1982 as a cost-cutting measure because zinc was much cheaper than copper. They are good for societies that help with cancer, fundraiser, etc. The main pro-penny lobbying group is Americans for Common Cents, which represents Jarden Zinc, the company that makes the zinc and copper blanks from which pennies are produced. In his spare time, Dominic enjoys running along the Hudson River and exploring the citys art galleries. Pennies are so close to worthless that many people argue its time to do away with them altogether. Keep Copper Pennies? - American Numismatic Association 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. Essay on Why Should We Use Pennies - 554 Words | Bartleby Pennies don't buy as much as they used to: In 1913, a penny purchased a little more than a quarter does today (about 28 cents). The new penny, first issued in 1857 with a Flying Eagle design, was about one-third smaller in diameter than the large cent and less than half the weight. With that in mind, halting production of the penny may be a sensible decision for society as a whole. Eliminating the Penny Reflect: Freewrite Now that you've had a chance to read, review, and reflect on "The Penny Debate," record your thoughts and feelings about whether to keep or eliminate the penny. The current cost for manufacturing a nickel is 7.29 cents per coin. In all, it lost $58 million - and the Mint, keep in mind, is a federal agency that traditionally makes money in more ways than one. According to the Royal Mint, there are 11,430m 1p coins (worth 114.29m) and 6,714 2p . 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. Companies would need to update their price catalogs. Additionally, cryptocurrency transactions are incredibly fast and secure, making them ideal for day-to-day payments. [5], Mark Weller, Executive Director of the pro-penny group Americans for Common Cents, says, The alternative to the penny is rounding to the nickel, and thats something that will negatively impact working families every time they buy a gallon of gas or a gallon of milk. [6], The US Federal Reserve found that minorities and low-income people are more likely to use cash than credit cards. The penny may be worthless, but let's keep it anyway If you have ten pennies for one reason or another, they will still be accepted and you can use them. They are also bf and environment this doesnt make your hands very very very stinky I dont like the smell of metal. 7 Reasons to Get Rid of the Penny 2022-11-18. 9 "Centsible" Reasons to Get Rid of the Penny . The United States mint stopped minting pennies for general circulation after 2013 but cash transactions still make up less than 8% of all payments while credit and debit cards, as well as old-fashioned checks are used more often now than ever before according to Trading Economics. A graduate of NYU, he has an MA in English literature and loves literature from all ages. As a result, the Mint has to keep making more pennies. 7 Reasons to Get Rid of the Penny | The Saturday Evening Post Consider how you felt about the issue before reading this article. The penny debate gained renewed attention when the coronavirus pandemic led to a nationwide coin shortage as consumers moved towards contactless payment methods. The bills, according to the Federal Reserve, cost only $0.155 to print, far less than their $5 face value. Less than forty years later, the mint reduced the weight to 2.67 g and used a composition of 90% silver. If consumers in 1857 could get along without halfpennies, then modern consumers can almost certainly manage without a coin thats worth less than one-tenth as much. The cost of producing them is higher than face value. In Defense of the Penny - InsideSources Or should the U.S. keep it's smallest coin? These composition changes ranged from temporary wartime alterations during World War II, to more permanent switches like using zinc instead of copper for the penny. Even the US Mint admits that the cost of producing a penny in 2007 could be as high as 1.4 cents. The penny-pinching . If we keep the penny prices will go up to five cents. In 1792, Congress created a national mint authorized to make gold, silver, and copper coins, including the one-cent piece known as the penny. The coin shortage could be a rallying cry for a long-running movement that has lost steam in recent years: Kill the penny! We should get rid of pennies because it cost less and is useless but it could be helpful, I think we should keep the penny because it is sill money, what the creep who ever wrote these are all bum hahahahaha. We're Moving Away from Currency. So instead of penny drives, charities could start holding nickel drives, putting out bottles or wishing fountains to collect the new useless coins. It may or may not come as a surprise that it now costs the U.S. Mint almost two cents to make a penny and almost a . Last year, almost 60% of the coins that the U.S. Mint churned out were . Shops' reluctance to accept cash payments, coins included, has disempowered people experiencing homelessness, who often don . 2023 Money Crashers, LLC. Dominic is passionate about writing stories that have the power to make a difference in peoples lives. Why the UK should get rid of 1p and 2p coins - The Conversation One-cent pieces account for nearly three-fourths of the coins now More recently, a 2017 paper by economist Robert Shapiro estimated that each penny only gets used around twice per year, or 55 times over its lifespan. Feb 7, 2014, 08:12 AM EST | Updated Dec 6, 2017. Should We Get Rid of the Penny? - Reasons to Keep It vs - YouTube They support keeping the penny because pennies represent the most expendable part of pocket change. The mint produces billions of these coins every year. The United States Mint makes over 20,000,000 pennies per day, or 7,000,000,000 pennies per year. Based on this data, Whaples concluded that after sales taxes and fees, consumers would come out slightly ahead on average with prices rounded off to the nickel. Should the penny stay in circulation? The U.S. Mint does lose money on pennies and nickels. Vending Machines Don't Want Them. The typical store doesn't even have them available for purchase or give them out in change - they flat-out refuse! [10][11] So what if it costs 1.8 cents to make? Several unsuccessful legislative efforts have sought to bring about the pennys extinction. There will be no sanity in D.C., fiscal or otherwise, until a electoral majority recognizes there is a crisis and places people in office wholl effect a cure. Penny opponents such as Kolbe, Whaples, and Mankiw have all expressed the hope that the pandemic and the resulting coin shortage will finally provide the incentive for Congress to get this virtually worthless coin out of our pockets and our lives. [1] Aaron Klein, former Deputy Assistant Secretary for Economic Policy at the Treasury Department, estimates that the United States could see $1.78 billion in losses over the next 30 years if the penny remains in production. Reason one as to why the penny should be eliminated because in today 's world nothing can be purchased with a penny. 10 reasons why we should keep the penny. The existence of pennies helps raise a lot of money for charities. 10 Things You Can Do With Pennies | Mental Floss This means users can store and transact with their coins without interference from third parties such as banks or governments. For example the article Should we get rid of the Penny 8 Reasons to Keep it vs Eliminate it says,"Design Life-Cycle.org a sight created by students at the University of California, calculates that just transporting pennies to banks-not even counting any other stage of . 8 Reasons to Keep It vs Eliminate It," moneycrashers.com (accessed July 2, 2018), Rodney J. Bosco and Kevin M. Davis, "Impact of Eliminating the Penny on the United States Mint's Costs and Profit in Fiscal Year 2011," pennies.org, Apr. But if we get rid of the penny we would have to stick with the nickel. We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. Since the goal of any business is to make money, most prices would be rounded up, not . Removing the penny would save taxpayers money and reduce unnecessary waste. Some are opposed to change, and others are attached to the penny for sentimental reasons. [9]. However, the nickel is in just as bad a shape as the penny. [17], You cant buy anything for a penny; vending machines and parking meters wont accept them. It may even save money in production costs, as fewer pennies would need to be minted. Economist Greg Mankiw of Harvard University argues that if people start leaving pennies at cash registers due to their lack of purchasing power (in 2020 dollars, 15 pennies would be worth one monetary unit), then maybe then the useless halfpenny will finally be stamped out too. But without its namesake coin, many of these penny points saw a significant drop-off in donations - as much as 90%, according to one group that doesn't provide further details. The penny's diminishing role means that it may not be here for much longer - so get rid of those spare coins you have tossed around in your pocket! Producing pennies also uses a great deal of energy. Is It Time To Kill The Penny? : Planet Money : NPR Whaples, by contrast, analyzed actual data from more than 200,000 convenience-store transactions in seven states. March 10, 2016 Should we keep the penny or not? It's a Money Loser for You. [16] The Ms. Cheap Penny Drive for Second Harvest in Tennessee raised enough to pay for 316,039 meals for the hungry in 2017. There's a downside to life without pennies. We strive to write accurate and genuine reviews and articles, and all views and opinions expressed are solely those of the authors. [ 34 ] 5. The nations earliest one-cent pieces aptly called large cents by collectors were big, bulky pure copper coins roughly the same size and weight as half dollars. After all, we still need the coin for a number of reasons. Because pennies are worth so little, theyre much heavier than any other coin in proportion to their value. In 2010, it cost 1.67 cents to produce each penny. We're talking about those insignificant one cent pieces in your pocket or purse. Nice article, but we need to focus on the true high cost issues that will have a meaningful and measurable impact on getting our fiscal house back in order. In 1856, the weight was further reduced to 2.49 g. In 1873, the weight was increased to 2.50 g where it remained until silver was eliminated from all coins in 1965. The penny has been around for centuries, but it may be time to say farewell. All rights reserved. As the U.S. Mint explains, the copper surface of a penny accounts for only 2.5% of its metal content. 4. So can we do without the penny? The current cost for manufacturing a nickel is 7.29 cents per coin. The content on Money Crashers is for informational and educational purposes only and should not be construed as professional financial advice. NBC's Morgan Radford reports for Weeke. Even during my childhood in the 1980s, there was a candy store not far from our house that sold penny candy in jars one penny for a mini Tootsie Roll, or two for a Mary Jane. Additionally, the United States Mint changed the silver composition and weight of many coins due to the increasing price of silver. This question has been debated for years, with people arguing for and against its elimination. The debate over whether to keep the penny or discontinue it has intensified since the penny crossed the line of one-cent production cost per penny. If we don't have the penny. He argues that there are three main reasons for keeping the penny: Without it, we would become more reliant on the . ProCon.org is the institutional or organization author for all ProCon.org pages. OTC Markets. Should we keep the penny. In theory, a single penny could be used for hundreds or thousands of transactions before it drops out of circulation. The total amount doesn't end when coins and citizens are debating the penny and whether or not it should be kept. Why America should get rid of the penny? - Ufoscience.org Freshly minted pennies at the US Mint in Denver Opinion | The penny should be eliminated | Opinion | breezejmu.org At the time it was eliminated, the useless halfpenny could buy as much as 15 pennies can today. And aluminum cents wouldnt be entirely new. However, new initiatives are being proposed to make the penny more efficient - read more to find out how! Thus, it couldnt affect government expenditures or trigger widespread inflation. In response to this Youtube chat, members of Common Cents, a main pro-penny lobbying group which represents Jarden Zinc Products (a major producer of copper blanks used to mint coins) conducted polls showing that most Americans favor keeping the penny. Whats less clear is why Americans are so committed to a coin with so little monetary value. This is why anti-penny advocates argue that its a bad idea to keep making them when the mint loses money doing so, while other coins like nickels cost less to make but have higher value. 10 reasons why we should keep the penny - theflowerfall.com Essay On Pennies - 584 Words | Cram Franklin is also credited with the saying, A penny saved is a penny earned. [35], 3. Chicago, Illinois 60654 USA, Natalie Leppard Every year charities like the Lymphoma Society and Ronald McDonald House raise funds through penny drives, encouraging people to donate their unwanted pennies. You can also make some hand-stamped bling like this . 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. Why we should keep the penny. For the first 50 years, the Lincoln cents reverse displayed two sheafs of wheat framing the statement of value. In Grey's video, he notes that in 2006, even with pennies only 5 percent copper and 95 percent zinc, "the value of copper rose to more than the value of the penny, meaning they were worth more . It's clear that the modern penny is no longer necessary in our financial system. To access extended pro and con arguments, sources, and discussion questions about whether the penny should stay in circulation, go to ProCon.org. In 2020, the penny debate gained new attention as the coronavirus pandemic led to a nationwide coin shortage. Economist Henry Aaron of the Brookings Institution, a nonprofit research group, reminisces in a 2013 anti-penny screed about paying a nickel for an ice cream cone as a boy. Time to Ditch the Penny; It Is Useless and Bad for the Environment Common Cents, an organization devoted to keeping the penny, runs an annual Penny Harvest and supports the penny largely because of its importance to charities. 1943 pennies were made out of a mixture of steel and copper, due to the war effort during World War II. Should We Get Rid of the Penny? | Jay Zagorsky's Research & Blog - U.OSU Consider the con arguments from NPRs Planet Money reporter Greg Rosalsky. Whatever the rationale, 58 percent of men and 73 percent of women wanted to keep the penny in 2006, according to a Coinstar poll. And in 2010, the Mint introduced a permanent new reverse depicting a Civil War-era Union shield. In 1990, he testified before the Senate Banking Committee that his careful statistical analysis of prices showed that rounding cash sales up or down to the nearest nickel would cost consumers around $600 million per year (around $1.2 billion in 2021 dollars). 10 reasons why we should keep the penny - look.perfil.com 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. A 2006 Coinstar poll found that 33 percent of American men and 22 percent of American women do not value spare change. See Details. The penny is an important part of our history and culture.
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