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What Is The Penny Cost-Effective?

356 Words2 Pages
The penny has been used in many day to day scenarios and is recognized throughout history and even dates back to the Frankish Empire. However, many people see the penny as useless and not cost-effective. The reasoning behind this thinking is that the penny cost more to produce than its actual value, and they take up too much space and time. The cost of pennies is causing a lot of unwanted debt due to pricing for the materials. 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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To calculate the percentage of Cu, we divided the final mass of the penny 0.09 and the initial mass of 2.47 and multiplied by 100. To calculate the percentage of Zn, we divided the final mass of the penny 2.38 and the initial mass of 2.47 and multiplied by 100. During the experiment the hydrochloric acid donated its hydrogen ions in the reaction and then the chloride ions reacted with the zinc ions in the solution. Thus, the zinc dissolved in the highly acidic solution which was caused by the high concentration of H2 ions. Hydrogen gas was generated during the reaction which was seen when bubbles were formed as the penny was dissolved into the beaker.

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Target Corp. sells both items produced by other companies as well as sells items they have produced themselves. Target only sells the products they produce in their stores so they don’t have to worry about filling orders for other companies or be worried about demand from another company decrease. They are in control of their own supply and only have to worry about their own stores and the supply needed in house. While Target does produce some of their own goods, I would say their product or service is the shopping experience. Target Corp wants the consumers to choose them over all the other options there are out there that may offer similar products.

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That is why I am supporting the retirement of the pennies. With me supporting the retirement of the penny I have some evidence on why the penny should be retired. One piece I have is in the article it states that it costs 11 million dollars to make pennies in other countries. That it is a lot of money being used even though the penny doesn’t really get used, it just gets pushed to the side and never gets used. They could be doing more with the 11 million dollars.

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783 Words | 4 Pages

Are pennies worth minting? Many people believe they’re a waste of money, but some people believe that they’re still worth minting. Pennies should not be minted for many reasons such as, the penny costs more money to make then the penny has in value. Another reason is that pennies are a severe waste in time such as people often pay with pennies as a practical joke, which means hard working employees often have to spend the time to count those pennies. The final reason is because the penny is losing the government money.

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514 Words | 3 Pages

For many years people have been fighting to eliminate pennies for many reasons. One of the most popular reasons to eliminate pennies is that pennies cost more to produce than the actual worth of the penny. “The united States government lost $60.2 million on production and distribution of pennies in 2011,” (Sommer) wrote, source #1. (Sommer) also wrote that Each zinc and copper coin cost 2.41 cents to produce and distribute”. Meanwhile a penny is only worth 1 cent.

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First, pennies should be eliminated because of how much it cost make them. For example, “taxpayers lost 60.2 million dollars on the production and distribution of the coin. Many people are saying that the number of cost for the penny could increase in the upcoming years. Also,”the economy has changed so had the value of the coin.” But the penny is worth too little for for today's economy.

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841 Words | 4 Pages

The complete waste of time and money spent producing these pennies just to be forgotten in the couch cushions is astounding. If every penny is 1.8 cents to produce than the government is giving away 800 million USD every single year. The same article says, “...10 million new useless items punched out by government workers who could be more usefully employed tracking counterfeiters.” In other words, the government isn’t only wasting money on penny production but, also a working staff. U.S. currency could be more protected if it wasn’t for the pesky penny.

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701 Words | 3 Pages

“ 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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249 Words | 1 Pages

1a. A U.S. penny meets all the functions of money and count as money in U.S economy. Because it is used as medium of exchange to buy other goods and services. b.

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668 Words | 3 Pages

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!

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Precious metals have been used as a medium of exchange for thousands of years. During the Gold Standard, the period of time in which precious metals backed the value of the currency. In 1717 one dollar was worth 1/20 of an ounce, making an ounce of gold worth $20. From 1789 to 1971 the Gold Standard fell, a fiat currency system taking its place. Fiat is currency not backed by precious metals.

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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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262 Words | 2 Pages

When people take away the penny the cashiers that pay the consumers would not be able to pay the right amount of money. The the penny is a benefit to the economy because without the penny we can’t pay the right amount of change to the people. The penny is a big thing because it takes up a 5th of our money tax. In other words i think getting rid of the penny would be a big cause of money raised then the buyers and everyone else will start losing their jobs and homes.

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545 Words | 3 Pages

The penny is expensive to make. Every year America makes pennies about 60.2 million dollars is spent on pennies.(Source 1) Each coin costs about 1.8 cents to make. Pennies cost this much because they are made of copper and zinc.(Source 1)The cost to make pennies has been increasing by about eight million a year. This is because the U.S. Therefore the penny is not cost effective and is not needed.

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947 Words | 4 Pages

One dollar. In a span of merely seconds, most people would not think twice before spending one dollar. Our subconscious mind allows us to think that this small amount of money is invaluable or worth little to nothing. When approaching the crossroads between intemperance and commiseration, the question of how much a dollar really cost surfaces. In “How Much a Dollar Cost,” Kendrick Lamar exercises his thoughts on the true value of money while questioning the process of attaining wealth.

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