In 1792 the currency of the United States penny was developed. The circle shaped structure was twice the size of the current penny as we know today. The penny was the United States first currency and Benjamin Franklin is to thank for that. The penny represents the foundation of our country and shows how much we have grown as a nation. But there has been a lot of controversy on whether or not the penny should be kept due to the fact it cost more to make the penny than it is to use it as currency. The United States penny should not be taken out of the United States currency, but should be made with different materials. When the Penny was made in 1792 the original material to make it was 100% Copper. At that time that was the best element of
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Mint lost $105 million last year by producing pennies and nickels. The penny cost 1.8 cents to mint; the nickel cost 9.4 cents.” the increase of price for Copper and Zinc has increased so much in the past thirty years the production of the penny can not be kept up. This issue has been going on since before the Obama administration, but it become a major issue since he has entered office. President Barrack has called in a session to try to address the issue at hand, but in Stein’s article he states they wouldn't make a decision until at least 2016. So, while they just let this issue just sit aside and and wait on it. United States tax payers are potentially throwing away roughly 210 million dollars into the “ Inferno Bank” of our …show more content…
With every form of currency the worth of the object is gonna go down and up that’s just how the Market works. But it makes it seem that making Copper is more of an investment for the Government than it is of producing to invest. This raises the subject of whether the it just should be eliminated completely as a Currency. But But since 1792 the Government has produced over 19 Billion dollars in the past 200 plus years. Eliminating the currency now would be to much of a waste of the economy today. Also, according to forbes.com in an article by Brian Domotrovic two-thirds of the United States citizens do not want to get rid the
Mint lost $105 million last year by producing pennies and nickels. The penny cost 1.8 cents to mint; the nickel cost 9.4 cents.” the increase of price for Copper and Zinc has increased so much in the past thirty years the production of the penny can not be kept up. This issue has been going on since before the Obama administration, but it become a major issue since he has entered office. President Barrack has called in a session to try to address the issue at hand, but in Stein’s article he states they wouldn't make a decision until at least 2016. So, while they just let this issue just sit aside and and wait on it. United States tax payers are potentially throwing away roughly 210 million dollars into the “ Inferno Bank” of our …show more content…
With every form of currency the worth of the object is gonna go down and up that’s just how the Market works. But it makes it seem that making Copper is more of an investment for the Government than it is of producing to invest. This raises the subject of whether the it just should be eliminated completely as a Currency. But But since 1792 the Government has produced over 19 Billion dollars in the past 200 plus years. Eliminating the currency now would be to much of a waste of the economy today. Also, according to forbes.com in an article by Brian Domotrovic two-thirds of the United States citizens do not want to get rid the