Penny Cost 2x Research Paper

Is the penny worth the 2.4 cents?

Is the penny worth the 2.4 cents? In my opinion I don 't think so. The US has been wasting money on penny production. The penny cost 2x as much as it really is. 700 million dollars isn 't worth the one cent piece, we could be using this money on charity or something else important.

Though the penny has been part of the U.S for more than a hundred years, it should not be minted anymore because of the high production cost and other countries such as canada don 't even bother using them at all. People argue that the penny should stay because of its long time and history with the US, but what they don 't know is that the penny cost more than 2.4 cents per penny. “The US Mints budget in 2010 was 27.4 million dollars in penny production”(source 1). The time wasted counting money could add up to over 700 million dollars, this money could be spent on something important. For example some countries don 't even use them, one of those countries is canada they stopped minting them in 2013. They didn 't actually ban them they just stopped minting them but made them legal to use(Source 1). In conclusion the penny cost more to produce than it is worth, so it 's not worth making and most countries don 't even mint them anymore.

Rounding to the nearest 5 cents is what we need to do. The U.S military has been

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