10 reasons why we should keep the penny
With more consumers moving toward contactless payment methods, news sources from Fortune to NPR began asking: Is the penny finally on its way out? We have to save the penny for the people who are less fortunate and who could . "Penny Stock Rules." Most Americans want to keep the penny. Susan also belongs to the American Numismatic Society (ANS) and CONECA (error and variety coins club). Lincoln Memorial Penny (1959 to Today) Values and Prices, Early Jefferson Nickel Values 1938 - 1964, Kennedy Half Dollar Values and Prices (1964-2015). 10 reasons why we should keep the penny. Similarly, the United States Treasury earns a good profit yearly from producing the penny. I personally think that we should keep pennies for these reasons. United States Mint. Vending machines dont accept them, and neither do most parking meters. 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. Faced with a similar sea of red ink, Canada stopped making cents in May 2012. The Mint accidentally made 40 copper pennies, which have become highly sought-after collectibles. Time spent at the register would be less without having to count out dimes, nickels, and pennies. Her areas of writing expertise include economic theory and applications, Russian culture and scuba diving. bud factor x vs; This is the idea that if the penny were eliminated, businesses would round up prices ending in $.99 to the nearest dollar. 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 change from brass, the previous composition, took place in 1982 as a cost-cutting measure because zinc was much cheaper than copper. [ 10][ 11] So what if it costs 1.8 cents to make? She has written about personal finance and shopping strategies for a variety of publications, including ConsumerSearch.com, ShopSmart.com, and the Dollar Stretcher newsletter. Whether you are starting your first company or you are a dedicated entrepreneur diving into a new venture, Bizfluent is here to equip you with the tactics, tools and information to establish and run your ventures. Pro-penny groups argue that even if pennies seem worthless, they actually add up to hundreds of millions of dollars in charitable donations each year. executive escorts london see. Since the penny costs 0.26 more than face value to Getting rid of the penny will not be easy. Therefore, you can feel calm upon walking through the studios doors. All these toxic metals can contaminate water, soil, and plants in the area surrounding the mine. Without the penny, the U. S. Mint would produce more nickels. Its giving store owners even more reasons to avoid handling cash as much as possible. The U.S. Mint reports that it costs nearly 1.6 cents to product one single cent (Grenoble, 2013). In conclusion we should get rid of the penny. Some people say that finding a penny with the tail-side up is actually bad luck. The problem was resolved by reducing the size of the cent and changing its composition from copper to an alloy of copper and nickel. Commerce continued without any major hiccups, even though the one-cent copper coin suddenly shrunk from a hefty, over an inch in diameter piece of copper that weighed almost 11 grams, to a penny that was less than half the weight and 40% smaller. 3 Reasons Why FactSet (FDS) Is a Great Growth Stock. Abolishing the penny would not save the government money. Prices that end in 99 cents are common, and penny proponents have argued that eliminating pennies would amount to a one-cent sales tax. Some prices would rise a few pennies; some would be rounded down. 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. Eventually, this reduced demand will result in fewer pennies being minted each year. Dr Sanyam Jain's Spine Cure Clinic,A-211, rajhans plazaNear aditya mallIndirapuramGhaziabad. Upon arriving, you will notice the minimalist and fresh vibe of the studio. This paper argues that the penny should be eliminated due to several reasons: pennies they are useless, they harm the environment, and they cost the government and taxpayers money. Some are opposed to change, and others are attached to the penny for sentimental reasons. The United States has eliminated small denomination coins in the past with relatively little trouble. The content on Money Crashers is for informational and educational purposes only and should not be construed as professional financial advice. 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. 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. When we keep things in a biblical balancepeople first, creation secondincreasingly better stewardship should follow. A 2019 poll by Americans for Common Cents found even stronger numbers in favor of pennies, saying 68% of adults want to see the penny remain legal tender. Due to soaring metal prices, the nickel costs almost 10 cents to produce. Whatever the rationale, 58 percent of men and 73 percent of women wanted to keep the penny in 2006, according to a Coinstar poll. The 10 reasons to get rid of the penny are either practical or financial. However, if that is sufficient reason to forbid markets in votes, then it is unclear why we should not, e.g., forbid highly ignorant, irrational, or selfish voters from voting, as their votes are also unusually likely to undermine the common good (Freiman 2014: 771772). 10. Canada stopped making pennies in 2012, and with good reason. TD Ameritrade. Former Representative Jim Kolbe of Arizona sponsored two bills in Congress to eliminate the penny. Eliminating the penny, they argue, would be disrespectful to his memory. The few 1929 Indian Head $5 Gold Coins that survived were quite lucky to do so, as it wasnt legal to own all gold coins from 1933 through 1975 in the United States, online merchant JM Bullion wrote in the description of the coin. Last year, the mint earned $730 million dollars in profit. She may think that she was a bully in high Spending isnt supposed to be an extreme thing. Organizations like the Salvation Army and UNICEF depend on people giving extra coins here and there. The Canadian government stopped producing pennies in May 2012, and the Royal Canadian Mint ceased the distribution of them as of February 4, 2013. Only one student said the government should stop making the penny because it was a waste of money. In some respects, we can make the same argument for the paper dollar. What Are Elastic, Unitary and Inelastic How to Approach Change in an Organization. In 1999, legislation was introduced to Congress for the abolishment of the penny and the dollar bill, but many citizens quickly attacked the bill. They come from mines in the earth zinc mines, mostly, because pennies are more than 97% zinc. 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. Most Americans probably dont even realize that for more than 30 years, their pennies have been 97.5 percent zinc, with a thin copper plating to give them the illusion of being red cents with high copper content. The cost of producing them is higher than face value. People think we should not make pennies because they cost 2 cents to make. Many foreign nations have eliminated their most minor denominations with almost no impact on commerce or consumer confidence in the monetary system. In addition, zinc itself, although necessary in small amounts, is harmful in high doses to both humans and animals. 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. All pennies are worth money, but some have become collectible. Their reasons differ. So why don't we get rid of the penny for good? Penny opponents point out several problems with this argument. you pay $4.00 and what are you supposed to get for change? Unlike some other foreign governments, the penny remains legal tender in Canada. In 1962, pennies were no longer made with tin. Sign up for more easy craft ideas, fun hobbies, and DIY projects, Lincoln Wheat Penny Key Dates, Rarities and Varieties. 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. 10 reasons why we should keep the penny; 10 reasons why we should keep the penny. In theory, a single penny could be used for hundreds or thousands of transactions before it drops out of circulation. Both sides in the penny debate make some good points, and the solution is far from being an easy decision. 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. Of course, spending $0.018 to make a coin thats worth only $0.01 isnt necessarily a bad idea because coins are reusable. But others have a vested interest in keeping the penny alive. It remains to be seen how permanent the new reverse will be, with the fiscal sword of Damocles hanging ominously over the pennys future. It is all because of the donations and charities. Payments made with credit, debit, or old-fashioned checks are still settled down to the cent. The problem is, too many believe the present administration and government in D.C. is reasonable, when its actually FUBAR. Not if we want to keep ination in check, protect America's The Mint made nearly 6 billion pennies in 2012 and lost a cent on every single one of them. One study found that it is possible to win the electoral college by amassing just 6/11/2012 - 0 Comments. Beyond the excess millions the U.S. Mint spends to crank them out, pennies also take up the lions share of the Mints production capacity. "2021 Annual Report," Page 13. You have it. In 1857, the U.S. Mint stopped making the half-cent coin, partly because the Read More. The Penny Debate - Should We Keep the Penny or Get Rid of It? 6. Whatever the reason, I think it's clear that no matter how you add it up, it just makes more sense to get rid of the penny. Its the only coin we have that has Lincolns face on it! Some are opposed to change, and others are attached to the penny for sentimental reasons. With your never ending challenges and your epic extremes. Is Penny A Bully? July. March 10, 2016 Should we keep the penny or not? Back in 1940, and even much after that, we got along just fine without coins that bought as little as pennies and nickels do today. In Aarons vision, the Lincoln on Pennies The face of Abraham Lincoln on the copper cent seems well and proper. posted on Wed, 04/30/2008 - 10:44am There is no 3 cent coin now is there. If more businesses follow Chipotles example and start rounding down their bills, their customers will find themselves with fewer pennies in their pockets. Maybe this is another consideration that the U.S. government should look at. For this list, we are only including small cents: Flying Eagle Cents, Indian Head Pennies, Lincoln Wheat Pennies, Lincoln Memorial Cents, and Lincoln Shield Cents. The U.S. One Cent coin, or penny, has almost no purchasing power today. But the price of copper receded, and plans for the change were dropped. There are reasons for the elimination of the penny, mostly having to do with the inconvenience of the small coin. Once they paid the ticket, guests don't want to spend a penny more. Steel and aluminum are two alternative metals that have been mentioned. 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. Will a suitable substitute be found? Purchases totaling $4.98 or $4.99, for example, would be rounded up to Lots of reasons to keep the penny!! 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10 reasons why we should keep the penny