Harvard Economist Greg Mankiw one said, "It costs the mint well more than a cent to make a penny. The solution, in my view, is to get rid of the penny." This means that the penny costs more to make than they are worth. The materials that are used in the penny are expensive and taxpayers lost millions of dollars for the production of the penny. The production of pennies should be eliminated throughout the United States. It is a big part of American history, but they cost too much to produce.
For a start, pennies cost more than they are actually worth. Jeff Sommer wrote, "In the United States, the mint says, each zinc and copper coin costs 2.41 cents to produce and it distribute." (Penny Wise, or 2.4 cents Foolish?). This is saying that pennies cost too much to make than what they are actually worth. Sommers also wrote, "Taxpayers lost $60.2 million on the production and distribution of pennies in the 2011 fiscal year." (Penny Wise, or 2.4 Cents Foolish). The taxpayers money was wasted on the production of pennies. We can either find a different, cheaper material to make them out of or we can just end all production of pennies. …show more content…
Sommers writes, "A number of countries, including Australia, New Zealand, Brazil, Finland, the Netherlands, Norway, Sweden, Switzerland, and Britain, have already dropped their lowest-denominated coins, without dire consequences." (Penny Wise, or 2.4 Cents Foolish). All of these countries have stopped their lowest denominated coin with anything really awful happening. The mint wanted to find cheaper ways to make the penny but maybe an easier way would just be to get rid of it. A lot of countries have already done it so why can't we do
For a start, pennies cost more than they are actually worth. Jeff Sommer wrote, "In the United States, the mint says, each zinc and copper coin costs 2.41 cents to produce and it distribute." (Penny Wise, or 2.4 cents Foolish?). This is saying that pennies cost too much to make than what they are actually worth. Sommers also wrote, "Taxpayers lost $60.2 million on the production and distribution of pennies in the 2011 fiscal year." (Penny Wise, or 2.4 Cents Foolish). The taxpayers money was wasted on the production of pennies. We can either find a different, cheaper material to make them out of or we can just end all production of pennies. …show more content…
Sommers writes, "A number of countries, including Australia, New Zealand, Brazil, Finland, the Netherlands, Norway, Sweden, Switzerland, and Britain, have already dropped their lowest-denominated coins, without dire consequences." (Penny Wise, or 2.4 Cents Foolish). All of these countries have stopped their lowest denominated coin with anything really awful happening. The mint wanted to find cheaper ways to make the penny but maybe an easier way would just be to get rid of it. A lot of countries have already done it so why can't we do