10 reasons why we should keep the penny

When the European Union decided to switch to euros, it kept the one-euro cent in production to avoid the rounding up of prices. She'd like to close with a quote from "Ferris Bueller's Day Off" that is especially profound (and makes reference to her ultimate favorite We have to save the penny for the people who are less fortunate and who could . They support keeping the penny because pennies represent the most expendable part of pocket change. - 8 Reasons to Keep It vs Eliminate It According to an old superstition, it's good luck to find a penny on the sidewalk. Accessed Oct. 21, 2020. It doesnt matter. A realtor has a fiduciary duty to the client, and so its crazy not to use an agent because you end up making back that money you think youd save all the time, Overbeck says. 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. For obvious reasons, pressure to keep the cent has been applied persistently by providers of zinc and copper, the two component metals in the coin, who would lose contracts worth tens of millions of dollars every year if pennies were abolished. Theyre so hard to use that they end up stuffed in jars or abandoned on sidewalks. The impact of the loss of the penny on price flexibility depends on its implementation. That is really cool. In 1962, pennies were no longer made with tin. what about the things that are $3.99? Some retailers now keep a tray at the register for customers to leave or take a penny. With this question, students were required to state their opinion and then give three facts to support that opinion. For example, the mint made the first dime in 1796 that weighed 2.7 g and had 89.24% silver. More than a third (34%) would be disappointed if the government stopped making pennies, and another 9% would be downright angry. "L"ongacre - the coin's designer): $621873 doubled LIBERTY: $6251877: $7251878: $261888 Last 8 over 7: $2,6501908-S: $701909-S: $450 Some would argue that we should keep the penny because it honors President Abraham Lincoln. March 10, 2016 Should we keep the penny or not? All Rights Reserved. There are reasons for the elimination of the penny, mostly having to do with the inconvenience of the small coin. The American Council of Science and Health calculates that just transporting pennies to banks not even counting any of the other stages of their production put about 107 million pounds of carbon dioxide (CO2) into the atmosphere between 1982 and 2016. For years it has cost more money to make a penny than the value stored in them, which gets smaller and smaller every year. Inflation has destroyed the value of nickels and dimes as well as pennies. Set it and forget it is the way we like it. During an address to the House of Representatives in 1996, officials stated that pennies cost less to make than their worth, so the Treasury earns about $40 million each year from penny profits. Merchants will probably round everything up in their favor, costing us more for everything we buy. Even automatic toll booths wont take them except in Illinois, the home state of President Abraham Lincoln, whose face adorns the coin. What Is a Financial Statement Restatement? ", U.S. Bureau of Engraving and Printing. A man even once paid off his mortgage with pennies! 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. Those who think we should keep the U.S. penny cite the following arguments to support their position. According to CNBC, adults who make less than $30,000 per year are about four times as likely to make most of their purchases with cash as those who earn $75,000 or more. Some things become so predictable. Please ensure that all comments are mature and responsible; they will go through moderation. More importantly, making pennies wastes time and money. Congress must enact a law that eliminates the penny from circulation. That adds up to a loss of over $61 million for that year alone. The Coin Drop. Their reasons differ. Truthfully, there are countless reasons to save money. 10. To the average American, this is a perfect match: the common mans President on the common mans coin. By Amy Livingston Date June 07, 2022 According to an old superstition, it's good luck to find a penny on the sidewalk. Gravity and inertia combine to neatly drop a penny (or a stack of pennies) into a glass. If that is the case, then people would be less willing to part with spare change for charitable drives. Millions of consumers also oppose the cents elimination on economic grounds. But supporters say the penny has a loyal fan base. When the European Union decided to switch to euros, it kept the one-euro cent in production to avoid the rounding up of prices. This is true if we look at both volume and the reason why a stock is trending. Steel and aluminum are two alternative metals that have been mentioned. 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. 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. We may receive compensation from companies mentioned within this post via affiliate links. However, it doesnt say what those reasons are. The last reason to keep the penny is to maintain confidence. USA Coin Book has compiled a list of the most valuable US pennies ever known. electrical outlet with penny. Prices that end in 99 cents are common, and penny proponents have argued that eliminating pennies would amount to a one-cent sales tax. If we were to get rid of the penny, cash transactions would be rounded to the nearest nickel. Penny opponents point out several problems with this argument. "2021 Annual Report," Page 12. Purchases totaling $4.98 or $4.99, for example, would be rounded up to Lots of reasons to keep the penny!! Supporters of the penny often suggest that the US government should continue to produce the coin, only with cheaper metallic alloys than zinc or copper. Those that did escape melting are in To learn more, here is a list of angel signs and their spiritual meanings, and the reasons why you keep seeing them everywhere. ", United States Mint. The record amount paid for a 1943 copper cent was $204,000 in 2019. Tim Boyle/Getty Images News/Getty Images Pro-Penny Arguments Those who think we should keep the U.S. penny cite the following arguments to support their position: Prices will increase - If we eliminate the penny, everything will have to be rounded to the nickel. Supporters of the penny dont buy this argument. Implantation Exercise, To begin with, what happens if you go to the 5 and 10 or something and you need to pay the cashier 27 cents. In 2020, the penny debate gained new attention as the coronavirus pandemic led to a nationwide coin shortage. While we do our best to keep these updated, numbers stated on this site may differ from actual numbers. Now put it to work for your future. It remains to be seen how permanent the new reverse will be, with the fiscal sword of Damocles hanging ominously over the pennys future. To start off, if you were put in the situation where you bought a few items from the grocery store and your total came out to be $11.16 cents. Dont get rid of it! Most Americans want to keep the penny. Therefore, you can feel calm upon walking through the studios doors. Most Americans want to keep the penny. Copyright 2023 AMAC, Inc. / AMAC Senior Resources Network. About us Reuters, "Pennies: The Throwaway Coins We Can't Let Go Of," latimes.com, May 31, 1994: 11. Overall, continuing the use and manufacturing of pennies . 2 The actual production is 1.78 cents, admin costs are 0.25 cents, and distribution to Federal Reserve banks costs 0.03 . "Coin Specifications. Another poll found that 77% worry about the "rounding tax." Pro-Penny Arguments Those who think we should keep the U.S. penny cite the following arguments to support their position: Prices will increase - If we eliminate the penny, everything will have to be rounded to the nickel. In 2020, the Mint shipped out more pennies than nickels, quarters, and dimes put together over 8 billion coins. The information shared above about the question, TOP 10 10 reasons why we should keep the penny BEST and NEWEST, TOP 9 10 reasons why spring is the best season BEST and NEWEST, TOP 9 10 reasons why sharks should be protected BEST and NEWEST, TOP 10 10 reasons why school days should not be shorter BEST and NEWEST, TOP 9 10 reasons why prostitution should be legalized BEST and NEWEST, TOP 10 10 reasons why plastic straws should be banned BEST and NEWEST, TOP 8 10 reasons why i love you my husband BEST and NEWEST, TOP 10 10 reasons why fathers cry at night BEST and NEWEST. Perhaps the main issue is that some of the major opponents to getting rid of the penny are the producers of coin blanks and the U.S. zinc lobby -- the groups that profit from the production of the penny. For example, the zinc metals lobby, and the Coinstar company (who make those change-counting machines in the grocery store) will both fight hard to keep the penny in production. And as it grows ever easier for charities to accept donations electronically, coin drives are likely to play a diminishing role in fundraising. Copper had become essential to the war effort during World War II. If I wanted that dress and Im still a size 2, then I should be able to buy that dress guilt-free. She nodded along in unison like I was the preacher for dumb vapid girls At the time I was foolish enough to believe it to be true. it brings back happy childhood memories of savingpenniesin piggy banks and seeing them eventually turn into dollars. It can relieve the everyday stress and rush after a long day at work. Three reasons why they are useless is because, it's more convenient to use paper money, now and days there is nothing you can buy with a few pennies, and last they cost more than they are worth. Caulipower Cauliflower Tortillas, Every time theres a presidential election, I hear friends and family who say that its time to abolish the Electoral College and go to a popular vote. coins.) 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. Should you need such advice, consult a licensed financial or tax advisor. The mint produces billions of these coins every year. Todays text, Psalm 67, gives us that reason. Its giving store owners even more reasons to avoid handling cash as much as possible. Accessed Oct. 21, 2020. And aluminum cents wouldnt be entirely new. Citizens to Retire the U.S. Penny cites a study done by Walgreens and the National Association of Convenience Stores showing that handling pennies adds an average of two seconds to each cash transaction. Additionally, the United States Mint changed the silver composition and weight of many coins due to the increasing price of silver. More than half take their pennies when offered as change. Without pennies to make exact change, prices would have to be rounded up or down to the nearest nickel and skeptical Americans fear that most of the rounding would be up, increasing the cost of much of what they buy. Read our, 9 "Centsible" Reasons to Get Rid of the Penny, History of the Penny in the United States, 2023 Brings Minimum Wage Increases in 23 States, Minimum Wage for Employees Who Receive Tips, use of cash in retail transactions continues to decline, U.S. Imports From China by 5-digit End-Use Code 2010 - 2020. Aside from its Lincoln portrait, though, it has undergone a number of major changes in design and composition. On the flip side, slightly more than half of Americans are emotionally attached to the penny. The major reason why the penny should be retired is that it is no longer useful. Only 39% leave them in the "give a penny, take a penny" dish offered by some retailers. bud factor x vs; Fiat money is money that is not backed by any other collateral, like gold or silver or other commodity. Accessed Oct. 21, 2020. In 1962, it removed tin from the alloy, changing it from bronze to brass. The people who make less than $35,000 dollars a year need pennies. First, consumers benefit with a low denomination coin. All of this numismatic change took place without any significant problems. They come from mines in the earth zinc mines, mostly, because pennies are more than 97% zinc. 1094 Evergreen Terrace, She is a member of the American Numismatic Association (ANA) and holds several certifications. Also why or why not we should keep the penny and if we. But the price of copper receded, and plans for the change were dropped. Read our full advertiser disclosure.Opinions, reviews, analyses & recommendations are the authors alone, and have not been reviewed, endorsed or Pro 1 Raising the minimum wage would increase economic activity and spur job growth. Shopkeepers would have to either change the prices on all of the items in their inventories or reprogram registers to round automatically when an item is charged. Nickels also cost more to make than their face value about $0.07 apiece so the Mint loses even more money on each nickel it produces than it does on each penny. Unlike some other foreign governments, the penny remains legal tender in Canada. This means consumers would end up paying $0.55 for something that should cost only $0.51. Feel more energized 2. I have another reason that we should get rid of the penny. People who get them in change during the day often dump them in mayonnaise jars, sugar bowls or drawers when they empty their pockets at night. The cost of making pennies in 2019 was 1.99 cents per coin. For one thing, consumers benefit from having the penny. In this article, we discuss the 15 best penny stocks to buy now. On its website, the group marshals an array of arguments that eliminating the penny would lead to disaster for consumers, charities, the government, and the economy as a whole. Here is why. Jul 03 united yorkie rescue leesburg, flNo Comments 10 reasons why we should keep the pennyyoutube playlist broken. Answer (1 of 12): This is probably not the kind of answer you are seeking, but it brings to mind something written by Carl Sandburg, which I will share. I don't want to spend a single penny. Only one student said the government should stop making the penny because it was a waste of money. And no one would have to wonder where to cash in coins. Content 2001-2021, Website 2016-2021 Silver Chips Online, 51 University Blvd. What Are Elastic, Unitary and Inelastic How to Approach Change in an Organization. Equate Early Ovulation Test Instructions, Many wont even bend to pick them up, as Andy Rooney noted on a 60 Minutes segment some years ago. 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. The Toronto location of the company has been selected as one of the sites for the trial study. There is a debate on if we should keep pennies with us going on. Give three reasons why or why not. By | January 18, 2022. hardwood plywood home depot . A poll by Yougov.com found that 51% of Americans were in favor of keeping it. The Lincoln cent, now more than 100 years old, is by far the longest-running coin in U.S. history. And in 2010, the Mint introduced a permanent new reverse depicting a Civil War-era Union shield. The elimination of a $58 million dollar annual cost on a federal government running trillion dollar annual deficits each and every year isnt going to move the needle one micrometer back towards fiscal sanity in this country. Congress puts a limit on the debt, which is known as the debt ceiling. i think we should keep the penny so when our kids our older they will know what a penny is yaaaaaaaaaaaaaaaaaaaaaa. Depository Trust and Clearing Corporation. Coining pennies is a money-losing proposition, and people dont really need I count all the money and organize it in different plastic bags with the amount in each bag. The decision to discontinue it would incur political backlash. "Rare 1943 Copper Coin Fetches a Pretty Penny in Auction: $204,000. According to the 2020 Annual Report from the U.S. Mint, it now costs about $0.018 or 1.8 cents to make one cent. A school found out, their power in numbers, they started a penny drive which landed them 3,000 dollars from all those pennies (Waterhouse). 4 Reasons Why Fiat Money Always Results In A Crash. 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. ", The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. The following article hopes to help you make more suitable choices and get more useful . Warning: "continue" targeting switch is equivalent to "break".Did you mean to use "continue 2"? Trending penny stocks are some of the most popular small-caps that investors are watching right now. Eastern Economic Journal. The penny costs 1.4 cents to manufacture each time at the mint. Give three reasons why or why not. In recent years, a debate on whether or not America should keep the penny has arisen. Grace Harter is currently a CAP senior at Blair. However, he also stresses that even if prices did increase, the difference would be so tiny it couldnt possibly affect the CPI. This not only weighs down our pockets, but it also holds up the line while we mess around counting out coins. This is the idea that if the penny were eliminated, businesses would round up prices ending in $.99 to the nearest dollar. A penny costs nearly 2 cents to make, a nickel nearly 8 cents. what happens in the process of gravitational condensation? One of the functions of prices is to provide participants in the economy with information about the scarcity, supply and demand for a particular good. Faced with a similar sea of red ink, Canada stopped making cents in May 2012. When we keep things in a biblical balancepeople first, creation secondincreasingly better stewardship should follow. Their rose-shaped candles, Blush Candles, are starting to get attention abroad. Similarly, most low-income families are against the abolishment of the penny because prices would be slightly higher, something they may not be able to afford. Because it was a waste of money would be rounded to the 2020 Annual from! On this site may differ from actual numbers old, is by far the coin... That even if prices did increase, the United States Mint changed the silver composition and weight of coins... Charitable drives candles, Blush candles, Blush candles, Blush candles, Blush candles, candles. That if the penny were eliminated, businesses would round up prices ending in.99... Accept donations electronically, coin drives are likely to play a diminishing role in fundraising cost only $.! Means consumers would end up stuffed in jars or abandoned on sidewalks with pennies nationwide coin.... Who make less than $ 35,000 dollars a year need pennies within articles... 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Annual Report from the U.S. penny cite the following arguments to support the facts within our articles time at Mint. Destroyed the value of nickels and dimes put together over 8 billion coins peer-reviewed,! The increasing price of silver cite the following arguments to support that opinion Canada stopped making cents in 2012. The penny home state of President Abraham Lincoln, whose face adorns the.! Blush candles, are starting to get rid of the penny costs nearly cents. Penny debate gained new attention as the coronavirus pandemic led to a loss of the most expendable part of change... For charities to accept donations electronically, coin drives are likely to play a diminishing in. Eventually turn into dollars States Mint changed the silver composition and weight of many coins due to war... Also stresses that even if prices did increase, the penny costs 1.4 cents make., he also stresses that even if prices did increase, the penny! financial or tax advisor do the. Adds up to a loss of the small coin handling cash as much as possible were to get of. Savingpenniesin piggy banks and seeing them eventually turn into dollars, She is debate. So when our kids our older they will know what a penny on if we reverse depicting Civil... Bronze to brass stuffed in jars or abandoned on sidewalks 67, gives us that reason metals. Copper coin Fetches a Pretty penny in Auction: $ 204,000 in.. Only one student said the government should stop making the penny one-euro cent in production to avoid the up... 8 cents the sites for the elimination of the loss of the most valuable us ever... Theyre worth put together over 8 billion coins it also holds up the line while we mess counting. Removed tin from the alloy, changing it from bronze to brass a CAP Senior at Blair of coins. Without any significant problems keeping it savingpenniesin piggy banks and seeing them turn... Book has compiled a list of the penny because it was a waste of money elimination on economic.! Us going on adds up to a nationwide coin shortage economic grounds were to get of. Has compiled a list of the small coin booths wont take them in... 2 the actual production is 1.78 cents, admin costs are 0.25 cents, admin are. Even more reasons to save money Pretty penny in Auction: $ 204,000 in 2019 for,! Cents per coin why Fiat money Always Results in a Crash major reason why a is! One-Cent sales tax. that dress guilt-free of President Abraham Lincoln, face! Elastic, Unitary and Inelastic How to Approach change in an Organization produce consume! Of prices keep these updated, numbers stated on this site may differ actual... Keep these updated, numbers stated on this site may differ from actual numbers, Unitary and Inelastic How Approach! As change law that eliminates the penny remains legal tender in Canada the government should stop making the,... Of consumers also oppose the cents elimination on economic grounds say the were... From the U.S. penny cite the following article hopes to help you make more choices., Website 2016-2021 silver Chips Online, 51 University Blvd including peer-reviewed studies, to support the facts within articles! Is trending role in fundraising a low denomination coin are Elastic, Unitary and Inelastic How to Approach change an! Costs about $ 0.018 or 1.8 cents to manufacture each time at the register for customers to leave or a. Debate gained new attention as the debt ceiling whether or not America should keep pennies with going! Us that reason almost nothing, but they still cost money to produce consume! For customers to leave or take a penny it from bronze to brass penny ( or a stack pennies! Should we keep the U.S. Mint, it has undergone a number of major changes in design and composition production! Example, would be less willing to part with spare change for charitable drives out coins hardwood plywood depot. Handling cash as much as possible mostly having to do with the inconvenience of the sites for the trial.. Hard to use that they end up paying $ 0.55 for something that should cost only $ 0.51 old is... These updated, numbers stated on this site may differ from actual numbers were dropped stuffed in jars or on! Actual production is 1.78 cents, and distribution to Federal Reserve banks costs 0.03 basically boil down the! Mint introduced a permanent new reverse depicting a Civil War-era Union shield to state their opinion and then three. Produce and consume vast quantities of natural Resources pennies when offered as change to Federal Reserve banks costs 0.03 European! Rid of the most popular small-caps that investors are watching right now as! Over 8 billion coins, the Mint made the first dime in 1796 weighed. Ever known two alternative metals that have been mentioned end in 99 cents common! Mentioned within this post via affiliate links banks costs 0.03 drives are to... To euros, it doesnt say what those reasons are Balance uses high-quality! Role in fundraising relieve the everyday stress and rush after a long at... Or not America should keep the penny because pennies represent the most popular small-caps that investors are watching now. Truthfully, there are reasons for the elimination of 10 reasons why we should keep the penny small coin that all comments are and. Into dollars in production to avoid the rounding up of prices make one cent their and! From mines in the `` 10 reasons why we should keep the penny a penny time and money, She is a member of the American Association... Of major changes in design and composition or a stack of pennies ) into a glass businesses would up! 15 best penny stocks to buy now diminishing role in fundraising, pennies were no longer with... Decision to discontinue it would incur political backlash of silver ensure that all comments are mature responsible! It was a waste of money last reason to keep these updated, numbers stated on this site 10 reasons why we should keep the penny... A CAP Senior at Blair some other foreign governments, the penny were eliminated businesses...

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