On Dec 15, 2014 Huffington post wrote “Can we all just agree that pennies are stupid and need to be retired?” We can't agree. Huffingtonpost surveyed people and showed most people don't want to get rid of it.I strongly believe pennies should be retired because the following reasons. Pennies cost more than face value, countries have done it before, and they are not useful enough.That is why the US should get rid of the penny.
Throughout time, The cost of the penny has gone up and it’s worth hasn't.Pennies cost more than face value.The cost to produce a penny was 1.7 cents in the 2014 fiscal year according to real time economics.Consumerist.com wrote $105 million were spent on pennys and nickles alone from the goverment..Nickles have this same problem but it cost 9.4 cents in 2013.Smithsonian magizine.com explains copper and zinc mines are …show more content…
The average american produces about a penny every two seconds.When there's a penny in the transaction, it takes a few extra seconds to look around for the coin and buy the item.That means for many people their time is worth more than their money.This is the same for picking up a penny off the ground.People also say dollar amounts will be rounded up instead of down because many prices end in nines but this is wrong.Huffington post did the math and found it would round up and round down almost exactly the same amount of time. They found in a 2006 study rounding to the nickel would give more money to consumers.
Those are the reasons we should stop minting pennies.I Strongly believe we should stop minting pennies because they cost more than face value,Countries have done it before, and They are not useful enough.If america doesn't stop minting the penny, then people will lose money and nothing else will suffer.
Zachary Constantine
Throughout time, The cost of the penny has gone up and it’s worth hasn't.Pennies cost more than face value.The cost to produce a penny was 1.7 cents in the 2014 fiscal year according to real time economics.Consumerist.com wrote $105 million were spent on pennys and nickles alone from the goverment..Nickles have this same problem but it cost 9.4 cents in 2013.Smithsonian magizine.com explains copper and zinc mines are …show more content…
The average american produces about a penny every two seconds.When there's a penny in the transaction, it takes a few extra seconds to look around for the coin and buy the item.That means for many people their time is worth more than their money.This is the same for picking up a penny off the ground.People also say dollar amounts will be rounded up instead of down because many prices end in nines but this is wrong.Huffington post did the math and found it would round up and round down almost exactly the same amount of time. They found in a 2006 study rounding to the nickel would give more money to consumers.
Those are the reasons we should stop minting pennies.I Strongly believe we should stop minting pennies because they cost more than face value,Countries have done it before, and They are not useful enough.If america doesn't stop minting the penny, then people will lose money and nothing else will suffer.
Zachary Constantine