Did you know that a number of countries have already dropped their lowest valued coin? Most people do not even bother to use the penny at all. Even though the penny has been in the United States history for over 200 years, the U.S should quit producing it because over time if the pennies were not minted anymore, there should be no negative price effect, in addition, the production cost is too high.
The penny is hurting the United States with its expensive production cost. Pennies cost more than they are worth to manufacture. Jeff Sommer, in “Penny Wise, or 2.4 Cents Foolish?,” says, “Taxpayers lost $60.2 million on the production and distribution of pennies in recent years,”(Source 1). The one cent may not be a lot, even when added together, but we still …show more content…
Even though others argue that the penny must stay, because of history, individuals should know that the penny would still be around, just not produced, if we follow what the Canadian government did. In the article “Penny Wise, or 2.4 Cents foolish?” they say, “By the fall, it plans to stop minting them and stop distributing them through banks. It won’t actually ban them, though,”(Source 1). Although pennies will not be in the United States currency, they will still be around, just not minted. Also, a number of countries have already dropped their lowest valued coins. In the article “Penny Wise, or 2.4 Cents Foolish?” it says, “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,”(Source 1). This evidence supports the idea that other countries can function without pennies, so we could too. The history of the penny will forever be changing, hopefully, in the near future, the United States Government will stop the distribution and minting of the one
The penny is hurting the United States with its expensive production cost. Pennies cost more than they are worth to manufacture. Jeff Sommer, in “Penny Wise, or 2.4 Cents Foolish?,” says, “Taxpayers lost $60.2 million on the production and distribution of pennies in recent years,”(Source 1). The one cent may not be a lot, even when added together, but we still …show more content…
Even though others argue that the penny must stay, because of history, individuals should know that the penny would still be around, just not produced, if we follow what the Canadian government did. In the article “Penny Wise, or 2.4 Cents foolish?” they say, “By the fall, it plans to stop minting them and stop distributing them through banks. It won’t actually ban them, though,”(Source 1). Although pennies will not be in the United States currency, they will still be around, just not minted. Also, a number of countries have already dropped their lowest valued coins. In the article “Penny Wise, or 2.4 Cents Foolish?” it says, “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,”(Source 1). This evidence supports the idea that other countries can function without pennies, so we could too. The history of the penny will forever be changing, hopefully, in the near future, the United States Government will stop the distribution and minting of the one