Five of them make a nickel, ten make a dime, 25 a quarter, and 100 a dollar. Is it practical for society to pay the price of something so small in value that one cent is all that it is worth? Due to the small amount and worth, The cost to make a penny compared to how much it is valued, and the fact that these days, credit and/or debit cards have becoming increasingly popular limiting the use of change and even cash, pennies are an additional burden that the US does not need to be carrying. The penny has been used in the United States of America’s currency system for too many years now and it is finally time for a change.
Pennies, as we all know, are extremely small increments of currency that can pay for very few things in today’s society. Many years ago, our older family members were able to buy things for small amounts of money which was one of the main purposes of the penny. The penny was most commonly and effectively used when the prices of products, produce, etc. was much lower than today. As Greg Minkov, A Robert M. Beren professor at Harvard states, “The penny is too small to be useful.” …show more content…
To make a single penny would cost 1.7 cents! I know that doesn’t sound like much but after making 10,000,000 pennies, the price adds up to 17,000,000 cents or 170,000 dollars! That’s 70,000 dollars wasted just making pennies. Obviously this is a cost that the government will not be pleased with especially if ⅔ of pennies fall out of circulation every year in the
Pennies, as we all know, are extremely small increments of currency that can pay for very few things in today’s society. Many years ago, our older family members were able to buy things for small amounts of money which was one of the main purposes of the penny. The penny was most commonly and effectively used when the prices of products, produce, etc. was much lower than today. As Greg Minkov, A Robert M. Beren professor at Harvard states, “The penny is too small to be useful.” …show more content…
To make a single penny would cost 1.7 cents! I know that doesn’t sound like much but after making 10,000,000 pennies, the price adds up to 17,000,000 cents or 170,000 dollars! That’s 70,000 dollars wasted just making pennies. Obviously this is a cost that the government will not be pleased with especially if ⅔ of pennies fall out of circulation every year in the