Penny Synthesis Essay

Improved Essays
Since the year of 1787 people have been walking around with a jingle in their pants from their loose change. Today, change is only seen as two additional decimal places in an American’s bank account. In the fast moving world Americans presently live in, their time has become their most precious asset, leaving no moments to count their change to an exact value. Due to this, the existence of the penny has become a marginal inconvenience of the modern day. Altogether, the American penny is no longer practical or necessary in a world where time is money, and time is being wasted counting a cent at a time. In the present day of 2017, Americans no longer have the time for simple inconveniences. At the swipe of a card, purchases can be made in as …show more content…
While it may seem that 2 seconds are not a considerable amount of time, these additional seconds can add up to around 40 seconds a day, leading to a total of 4 hours wasted counting change per year [Source B]. With the elimination of pennies, America could reduce the amount of time people spend at the cash register, preventing long lines and upset customers. Furthermore, the 27% of people who do not keep track of their loose change will no longer have to find their coins in obscene places. Moreover, zinc and copper could be used for creating something worthwhile rather than being thrown into the trash by people who think pennies are “mucky and worthless” [Source B]. Altogether, the elimination of pennies would save cashiers and consumers time during transactions, and prevent the waste of materials such as zinc and copper. While the penny represented a major departure from American coinage and carries a tangible reminder of Abraham Lincoln’s significance in American history [Source F], the penny is no longer an item of sentimental value to all who carry it. As America continues to progress as a nation, we must be able to accurately represent our world as it is today. In order to do so, we must retire the penny as a memory of history, and adopt new ways of currency to match our ever changing society and economy. America can no longer live in it's one-cent past, but must allow for new ideas and different types of currency to

Related Documents

  • Improved Essays

    With the colonists’ low life expectancy due to isolation and being ravished by deadly diseases that were brought from Europe, New England’s population growth quickly fell behind the growth of other cities in the region. Due to an imbalance in trade with the inhabitants of the West Indies, the prospering economy they once establishes with their surplus of “cod, grain, livestock, and barrel staves,” quickly declined (Murrin, 87 p.). In order to correct this economic crisis, the colony of Massachusetts began to issue a paper currency called fiat money. This unique type of paper money was backed by the government’s “promise to accept it in payment of taxes” (Murrin 87 p.). Although successful, the paper money quickly depreciated in value after about 20 years.…

    • 717 Words
    • 3 Pages
    Improved Essays
  • Decent Essays

    Would abolishing the penny be an economical challenge for the state? A United States Representative , Jim Kolbe went to congress with a bill to eliminate the coin. Even though he failed, there is still many wanting to do away with the penny as the smallest coin because they think it is worthless. The penny has a story that shows the importance of history including our previous United States President, Abraham Lincoln.…

    • 229 Words
    • 1 Pages
    Decent Essays
  • Decent Essays

    Overjoyed, they decide to continue using different fertilizer combinations to see how much they can potentially earn. This story is introducing money and coin value. It can give students practice with counting pennies, nickels, and quarters and grouping them into whole dollar amounts. This…

    • 282 Words
    • 2 Pages
    Decent Essays
  • Improved Essays

    The penny may be useful at times, but it is costing the U.S. too much money to produce them. Also, the penny is inflating the economy. In recent years, “It has cost the U.S Mint more than 2.4 cents to produce one penny”(Source 4). The production of this small coin is wasting money and hurting the economy. Due to high production cost the penny should no longer be minted.…

    • 512 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Penny Economic Effects

    • 812 Words
    • 4 Pages

    Many feel attached to the penny and don’t want to see such a continuous part of American history and their own lives go. When addressed about the issue President Obama himself even said “It’s one of those things where I think people get attached emotionally to the way things have been”. For one, if the penny goes out of production, government officials won’t be coming to anyone’s house and taking their pennies away. Everyone will still have their pennies and the sentiment attached to them. Even if you’ve developed an emotional connection to spending your pennies at the store, if we implement a plan to take pennies out of circulation similar to Canada’s (which would be more than likely), pennies will stop being minted, and the penny will remain legal tender until it eventually ceases to…

    • 812 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    “A penny for your thoughts…”: should one-cent currency stay in the United States? (“A Penny Saved is a Penny” K7469). Though lobbying against the penny has been occurring for years, legislation was formally presented to Congress fairly recently. Proposed in 2006, the COIN Act, which stands for “Currency Overhaul for an Industrious Nation,” would require sellers to round down to the nearest nickel for “sums ending in 1,2,6, or 7 cents” and up for “sums ending in 3,4,8, or 9 cents” (“Eliminating the Penny Debated.” 5). So long as the public is persuaded to comply, pennies should be phased out of the American Economy as soon as possible: historical precedents have already proved our readiness, and pennies are not a successful form of currency.…

    • 432 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    So the money that it takes to make pennies are wasted. Pennies aren’t used that much because they are worth so…

    • 524 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Counting pennies out in transactions takes times, & as they say, ‘time is money’. By removing the penny, Dr. Robert Whalpes thinks that the US would save money. Many retail businesses pay customers by the hour, & each 2.5 second segment of counting pennies mean that businesses have to pay workers more. “[These] seconds add up to an estimated $700 million in wages that businesses pay retail clerks to count pennies.” This potential impact could increase businesses’ profit margins, letting them lower costs.…

    • 447 Words
    • 2 Pages
    Improved Essays
  • Decent Essays

    Do you know pennies real cost? Some people think we should get rid of pennies and others think we should keep them. I think we should get rid of pennies because the cost of the pennies has more value then it is worth. My reasons why I think we should get rid of pennies is because the penny costs 1.6 cents to produce and those pennies people have endup under a couches or on the floor.…

    • 354 Words
    • 2 Pages
    Decent Essays
  • Decent Essays

    Civil War Greenbacks

    • 308 Words
    • 2 Pages

    To help fund the Civil War $450 million worth “greenbacks” (dollar bills) were printed by the government. This caused an economic boom, but after the war most Americans agreed that greenbacks should be withdrawn from the nation’s currency in favor of gold and silver. There were three positions to be in on the currency situation. “Gold bugs” wanted gold as the standard currency for the nation. They believed Gold was “honest money” and greenbacks were a national dishonor.…

    • 308 Words
    • 2 Pages
    Decent Essays
  • Improved Essays

    Its value, convenience, relevance, significance. The famous coin that once changed our economy and set it up for its future has now become irrelevant to our current nation and, as a result, should be abolished. Every day, millions of people travel in and out of stores, making purchases which become prolonged due to a common hassle we all face: fishing through pockets, in search of a nearly insignificant coin, the penny. This may just seem like a nuisance, but…

    • 832 Words
    • 4 Pages
    Improved Essays
  • Superior Essays

    Why Eliminating the Penny Just Makes Cents It is an undeniable fact that pennies are a large part of our culture. In America, pennies in many forms, have been around since 1787. However, in today’s day and age, they are almost entirely useless. Pennies need to be eliminated- but it won’t happen overnight.…

    • 2054 Words
    • 9 Pages
    Superior Essays
  • Improved Essays

    Is the penny needed in the United States anymore? Some people believe the penny should be preserved because it is an important historical part of the United States. However, other people believe the menny should be eliminated because it is costs more to produce than what it is even worth. The penny should be eliminated in the U.S. currency because pennies are a waste of time, not worth a lot, too much to make, and nobody can buy something with just one penny. The penny should be eliminated because of several reasons including things will cost less and the government will not waste $100 million each year.…

    • 595 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    So came the birth of the coin. Coins were weighed beforehand and marked to indicate both the weight and the type of metal used. Over time, “the avarice and injustice of princes and sovereign states, abusing the confidence of their subjects, have by degrees diminished the real quantity of metal, which had been originally contained…

    • 1432 Words
    • 6 Pages
    Improved Essays
  • Decent Essays

    Hugh Stevens argues that “When every economic transaction ends in 5 or 0, commerce is more efficient, errors are diminished and bookkeeping is simpler” (Stevens A26). This states that if pennies are gone, then errors would be lower and the commerce would be more efficient. It is explaining how many more things in daily life would be simpler for people if they are gone. Akst believes that “Some economists have actually tried to calculate the cost of the time that is wasted counting out pennies and hoarding them and so forth” (Akst). The quote suggests that people are actually trying to get results on how much time is really wasted in people’s lives counting out these coins.…

    • 659 Words
    • 3 Pages
    Decent Essays