Currently sweeping the internet by its feet, quite the controversial question has been raised. “Should pennies be eliminated or not?” Many are posting their personal opinions as to why the U.S. should get rid of the penny, while others are seen posting as to why the U.S. should not eliminate the penny. Both sides are giving wise reasoning as to why their claim is correct, but neither coming to a conclusion anytime soon. Given the fact that there is history within the penny, the penny isn’t the only coin that costs more than it’s worth, and that rounding taxes will add up eventually without pennies, the penny should not be eliminated.
First off, the penny may only seem like a piece of change that we use in our everyday lives, but there is …show more content…
Other coins such as nickels and quarters also costs a greater amount to distribute, so why are pennies the outlier? In the United States, it costs 2.41 cents to produce and distribute a penny, which may seem pretty expensive. However, in source #1, the author reveals that nickels too cost more than their worth, meaning that pennies aren’t the only ones. “Each nickel costs 11.18 cents to produce and distribute, the mint says, at a loss to taxpayers of $56.5 million in the last fiscal year.” Likewise, why not get rid of the nickel too? Isn’t it a bit unfair to bias the nickel when both coins cost more to produce? “Many argue that the penny is inflating the economy and should be eliminated. However, what many people fail to also consider is that the nickel, too, costs more to produce than it is worth,” shown in source #4. As I stated earlier, many want to get rid of the penny, but they should at least take in consideration the costs of other coins too. In general, pennies aren’t the only coins that cost more than their worth, therefore, they shouldn’t be treated in that …show more content…
While it is true that we could save a lot of the time wasted on counting pennies, the effects of rounding taxes are worse than trying to save maybe a minute or two. Think about it, rounding taxes may seem easier and more time-efficient, but in the long run that amount eventually adds up. Something priced at $9.08 would round up to $9.10, costing you two cents more than the original price. Although two cents may not seem like a lot, after a year or even two years, those two cents rounded up keeps adding on and eventually takes quite the toll on your bank account. Like Mark Weller claims, “the rounding tax will cost consumers $600 million per year,” stated in source #2. Spending only a minute or two on counting pennies would be the far better option than rounding taxes, given the impact. Additionally, while it might be true that the components of the penny are a bit heavy, there are other solutions rather than getting rid of the coin altogether. Over the years, the contents of the penny have been changed many times due to the Congress trying to find cheaper metal substitutions. Back then, pennies were 95 percent copper and 5 percent zinc and now changed to 97.5 percent zinc and 2.5 percent copper to try the lower the costs of the metals. The next step? Substitute steel. Like source #1 states,
First off, the penny may only seem like a piece of change that we use in our everyday lives, but there is …show more content…
Other coins such as nickels and quarters also costs a greater amount to distribute, so why are pennies the outlier? In the United States, it costs 2.41 cents to produce and distribute a penny, which may seem pretty expensive. However, in source #1, the author reveals that nickels too cost more than their worth, meaning that pennies aren’t the only ones. “Each nickel costs 11.18 cents to produce and distribute, the mint says, at a loss to taxpayers of $56.5 million in the last fiscal year.” Likewise, why not get rid of the nickel too? Isn’t it a bit unfair to bias the nickel when both coins cost more to produce? “Many argue that the penny is inflating the economy and should be eliminated. However, what many people fail to also consider is that the nickel, too, costs more to produce than it is worth,” shown in source #4. As I stated earlier, many want to get rid of the penny, but they should at least take in consideration the costs of other coins too. In general, pennies aren’t the only coins that cost more than their worth, therefore, they shouldn’t be treated in that …show more content…
While it is true that we could save a lot of the time wasted on counting pennies, the effects of rounding taxes are worse than trying to save maybe a minute or two. Think about it, rounding taxes may seem easier and more time-efficient, but in the long run that amount eventually adds up. Something priced at $9.08 would round up to $9.10, costing you two cents more than the original price. Although two cents may not seem like a lot, after a year or even two years, those two cents rounded up keeps adding on and eventually takes quite the toll on your bank account. Like Mark Weller claims, “the rounding tax will cost consumers $600 million per year,” stated in source #2. Spending only a minute or two on counting pennies would be the far better option than rounding taxes, given the impact. Additionally, while it might be true that the components of the penny are a bit heavy, there are other solutions rather than getting rid of the coin altogether. Over the years, the contents of the penny have been changed many times due to the Congress trying to find cheaper metal substitutions. Back then, pennies were 95 percent copper and 5 percent zinc and now changed to 97.5 percent zinc and 2.5 percent copper to try the lower the costs of the metals. The next step? Substitute steel. Like source #1 states,