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Argumentative Essay: Keep The Penny

668 Words3 Pages

Did you know that Canada just quit making their penny? (Source 1) They aren't the first of many countries to have made this decision. Whether or not to keep the penny is a surprisingly heated debate. The penny should be removed from American currency for a variety or reasons, it costs too much money to make, it wastes money, and plenty of other countries have gotten rid of it and they're fine. So why do we still have it? The penny is outdated and unnecessary.

The penny costs an irrational amount of money compared to what it's worth. The penny, a one cent coin, costs 2.41 cents to make, which is nearly 1.5 times what it's worth (source 1). That means that annually, the United States loses 60 million dollars in pennies every year! (Source 1) That is 60 million dollars we didn't need to lose, and 60 million dollars that won't be spent if we eliminate the penny, and then some. If we were to make a …show more content…

Some say we should keep the penny since lots of schools have penny drives and those coins go to charity, and if we stop making the penny, these won't be as successful. These people forget that 60 million tax dollars are wasted on this coin, and that if they care so much about charity, they can donate the money they save in taxes to the charity of their choosing. People are also concerned that since there won't be any penny, prices will have to round to the nearest five cents. If all the retailers decided to round up, consumers could lose up to 600 million dollars a year. (Source 2) But on the other side, retailers could be aware of this and bring all their prices down to the lower round and sell them cheaper, which benefits the consumers. Supporters of the penny say we should keep the one cent coin but simply make it cheaper. (Source 2) But if we cut out the penny entirely, we can save even more. A near useless coin can be eliminated and we won't need to spend nears as much money making

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The United States mint confirmed in 2014 that,”...each zinc and copper coin costs 2.41 cents to produce and distribute”(Sommer, 4). This means that the coin isn’t cost-effective, or it is not productive in relation to the items cost. This costs up to $60 million, and near $20 million in losses annually. In addition,

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Toward the end of 1861 using specie payments were not allowed, which meant that paying in gold or silver was no longer acceptable. That left people having to pay only in paper currency. To add to the matter, the Government issued the Legal Tender Act after payment in gold or coins was banned. This caused banknotes to count for most of the currency. The National Bank Act brought financial stability to the nation, but failed to solve the nation’s financial issues.

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The states, back then, had the choice to choose paper money, and most of them did because they didn’t really want to pay taxes with their gold and silver. With this change in currency, the value fell and hurt the economic “reputation”. If the federal government hadn’t given the state governments the right to choose paper money they would have been much better off in the long run. Overall, in his article The Devil in Devolution, Donahue’s main point was the states were being given too much power and weren’t necessarily able to handle all the responsibility properly that comes with power like the federal government would have been able

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"Abolish the penny? " This is a question that has frolicked around the economic scene for decades. Advocates of abolishing the penny call upon claims supported by faulty evidence, for instance, "Two thirds of [pennies] immediately drop out of circulation" (Source C). This claim is fatally misleading as studies have been conducted to show that "the annual rate pennies dissappear from circulation is surprisingly similar to all other forms of coinage -- around 5.6 percent" (Source C). So why should we, as Americans, abolish something as symbolic to our national heritage as the penny, without proper reasoning?

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489 Words | 2 Pages

I support the penny being retired. The article “Should the Penny Retired” written by Toronto(AP) has many valid points on why the penny should be retired. It is such a nuisance to have pennies these days. No one will pick a penny if they see one on the floor or on the street. People nowadays don 't get excited if they see a penny.

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551 Words | 3 Pages

The penny does have some good and it isn 't the only coin that cost more to produce than its worth. The nickel is 9.4 cents to produce while the penny is 2.4 cents to produce. People say if the nickel is more to produce than its worth why don 't we get rid of the nickel too, well the nickel you can buy more stuff with and the penny has less value and can 't really help you buy anything. Yes, the penny does help schools raise money for charity,Washington middle raised 3000 dollars in a penny drive last week.(source 3) If washington middle school raised 3000 dollars that would equal to 4200 dollars wasted in the

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783 Words | 4 Pages

All in all the penny should not be printed anymore because they cost more to make then they have value, then they are a waste of time as in counting the, and finally reason is that pennies are losing the government money. A reason pennies should not be minted is because the penny costs more to make then it has total value. As stated in the text,” Because the penny costs more than a cent to produce, the Treasury loses more than $100

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125 Words | 1 Pages

Pennies cost more than they 're worth, and the United States should cease production to due this fact. According to Source #1, the U.S. penny costs 2.41 cents to produce one penny. That 's is over two times of what it can pay for. In 2011, the governments taxpayers lost $60.2 million on the production and distribution of pennies. The year prior— 2010— taxpayers lost $27.4 million, and in 2009, they lost $19.8 million (Source #1).

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At two public meetings in delaware last year he says he asked the crowd for an opinion and found the consensus both time overwhelmingly favored doing away with the penny. ”-Do pennies still make sense. The big banks want to keep them so instead of giving out to the every fifth cent they only have to give it to the first. In conclusion there isn’t much pennies can actually do.

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521 Words | 3 Pages

Do you know what cost more to make then what is worth,cost taxpayers millions each year to produce and is a hide waste of time? Well it's the penny. For many years the United States have been debated whether or not they should discontinue the penny. They should stop production of the penny because it cost too much to make, it's very time consuming and many Americans are ready to make away from the one cent. Now let me tell you all I the reasons.

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This scandalous coinage, also known as the penny, is a lousy excuse for a currency and should be abandoned. The penny costs the American people precious time and money as they attempt to scour through their purse or wallet just for a 1 cent coin, which is having devastating effects on the economy. The obvious solution to this ordeal is removing the penny and rounding all prices to the nearest nickel. On the other side of the argument, people view this as an opportunity for businesses to charge extra for a product or service that you originally would of although, there is simply no hard defining evidence that this would even occur. With everything considered, the penny is a nuisance to society as a whole, we need to abolish it before it creates

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“ The U.S. is among the last of the industrialized nations to abolish the peskiest little bits of coinage” (Source C). More and more counties will soon join in on the laughter as they dismantle their low value coins. It would be a different story if we used the pennies. Only about one-third of the pennies are in circulation, the other two-thirds of them are hiding in our chair cushions (Source C). Not only is the government losing money from the missing two-thirds, but it is also wasting money on workers.

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876 Words | 4 Pages

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The density of the penny was 4.68 g/cm3 before the experiment and 4.43 g/cm3 at the end of the experiment. The density of gold, though, is 19.3 g/cm3. Since the densities of the penny and the gold are different, the penny clearly did not change into another element. The gold color of the penny was a result of the flame that it was held above melting the zinc that it was coated in with the original bronze colored coating of the penny, creating an alloy with a shiny yellow color. Since neither of the pennies, silver colored or gold, changed densities throughout the experiment and each retained their own properties; the properties of copper; no new elements were

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