That doesnt sound like much, but a 2019 Federal Reserve study shows that the average consumer still makes 11 cash transactions each month and according to the Bureau of Labor Statistics, there are over 343 million consumers in the country. In 1999, legislation was introduced to Congress for the abolishment of the penny and the dollar bill, but many citizens quickly attacked the bill. USA Coin Book has compiled a list of the most valuable US pennies ever known. We strive to write accurate and genuine reviews and articles, and all views and opinions expressed are solely those of the authors. According to an old superstition, its good luck to find a penny on the sidewalk. First of all, if the U.S. Mint stops producing pennies, they wont simply lose their value overnight. Steel and aluminum are two alternative metals that have been mentioned. A subsequent piece sold for $10,000 in 1981. Vending machines dont accept them, and neither do most parking meters. The cost of making pennies in 2019 was 1.99 cents per coin. In June of this year, New York Times op-ed columnist William Safire wrote an article calling for the elimination of the penny. Faced with a similar sea of red ink, Canada stopped making cents in May 2012. This paper argues that the penny should be eliminated due to several reasons: pennies they are useless, they harm the environment, and they cost the government and taxpayers money. The Penny Debate - Should We Keep the Penny or Get Rid of It? The reason why is obvious. Whatever the rationale, 58 percent of men and 73 percent of women wanted to keep the penny in 2006, according to a Coinstar poll. Back in 1909, when the penny was introduced for the centennial of Lincolns birth, it was made with 95% copper. And in some cases, they cost more than they are worth (nickels) and are money losers for the Mint (nickels, again). The following article hopes to help you make more suitable choices and get more useful . Most Americans probably dont even realize that for more than 30 years, their pennies have been 97.5 percent zinc, with a thin copper plating to give them the illusion of being red cents with high copper content. It also says there are many reasons to believe that time spent at the register could actually increase, rather than decrease, if pennies are eliminated. Our pockets would be lighter by not having to make the additional change. This is the main argument of this faction, but it is not bulletproof. Since then, the U.S. Mint has issued several hundred billion Lincoln pennies, making this the most heavily produced coin in human history. This cost includes the metal content and the labor used to produce them. Let's take a look at the issues involved in the pro-penny and the anti-penny debate so that you can make up your mind about where you stand on this critical matter. Grace Harter is currently a CAP senior at Blair. Why America should keep the penny? At a time when federal spending is under intense scrutiny, this strong public support seems somewhat surprising, for analysts say it now costs the U.S. Mint two cents double face value to make a single penny. In 2009, four different cents were issued with images representing key segments of Lincolns life. The idea that a billionaire we used to have 600 or so in the United States of America; now there's 1,000. . Charities such as the Leukemia and Lymphoma Society and Ronald McDonald House raise funds through penny drives, encouraging people to donate their unwanted pennies for important causes. The main pro-penny lobbying group is Americans for Common Cents, which represents Jarden Zinc, the company that makes the zinc and copper blanks from which pennies are produced. Management decided that losing a cent or two on most transactions was better than having long lines of customers waiting for change. Read our, 9 "Centsible" Reasons to Get Rid of the Penny, History of the Penny in the United States, 2023 Brings Minimum Wage Increases in 23 States, Minimum Wage for Employees Who Receive Tips, use of cash in retail transactions continues to decline, U.S. Imports From China by 5-digit End-Use Code 2010 - 2020. Faced with a similar sea of red ink, Canada stopped making cents in May 2012. Additionally, saving money can help you pay for large purchases, avoid debt, reduce your financial stress, leave a financial legacy, and provide you with a greater sense of financial freedom. They sell a single rose candle for $9 6 rose candles for $48. Pennies are also ingrained in our popular culture, everywhere from the phrase "A penny for your thoughts" to the discovery of a lucky penny on the sidewalk. You don't have to be a mathematician or an economist to conclude that it costs nearly two pennies to make one penny. Most Americans want to keep the penny. Blair High School in Silver Spring, Maryland. With your never ending challenges and your epic extremes. We should be keeping the penny! As a result, the Mint has to keep making more pennies. In 1990, Congress estimated that this rounding would cost the American public an upwards of $600 million every year. Pennies are made of zinc and copper, and zinc can be harmful: Zinc mining and industrial use has negative environmental and health impacts. According to the 2020 Annual Report from the U.S. Mint, it now costs about $0.018 or 1.8 cents to make one cent. If we were to get rid of the penny, cash transactions would be rounded to the nearest nickel. - 8 Reasons to Keep It vs Eliminate It According to an old superstition, it's good luck to find a penny on the sidewalk. For all its current problems, the penny has a long and proud tradition dating back to 1793, when one-cent pieces were the very first coins produced by the fledgling U.S. Mint. Susan also belongs to the American Numismatic Society (ANS) and CONECA (error and variety coins club). Organizations like the Salvation Army and UNICEF depend on people giving extra coins here and there. The people who make less than $35,000 dollars a year need pennies. ", Federal Reserve Bank of San Francisco. When surveyed, 71% said they pick up pennies they see on the ground. That is really cool. In Canada, it has not been approved as a method of treatment for any medical condition. Will a suitable substitute be found? 10 reasons why we should keep the penny; 10 reasons why we should keep the penny. Trending penny stocks are some of the most popular small-caps that investors are watching right now. Decrease risk of illness 6. Americans were wary of underweight coins at that time, so the government decreed that all U.S. coins even copper coins must contain enough metal to be worth very nearly as much intrinsically as their monetary face value. More than half take their pennies when offered as change. A 1943 copper cent was first offered for sale in 1958, bringing more than $40,000. 1. In addition, zinc itself, although necessary in small amounts, is harmful in high doses to both humans and animals. And, there are a few good reasons as to why this is the case. They support keeping the penny because pennies represent the most expendable part of pocket change. 8 Reasons to Keep It vs Eliminate It," moneycrashers.com (accessed July 2, 2018) 12. Upon arriving, you will notice the minimalist and fresh vibe of the studio. Some people say that finding a penny with the tail-side up is actually bad luck. These composition changes ranged from temporary wartime alterations during World War II, to more permanent switches like using zinc instead of copper for the penny. Many charity organizations also rely on pennies for money. References to products, offers, and rates from third party sites often change. "Coin Specifications. Former Representative Jim Kolbe of Arizona sponsored two bills in Congress to eliminate the penny. If it Improve overall appearance 4. The cost of producing them is higher than face value. Accessed Oct. 21, 2020. In fact, it costs almost a dime to make a nickel today. The Indian Head cent endured for half a century before its design was replaced by the Lincoln portrait in 1909, the 100th anniversary of the 16th Presidents birth. One-cent pieces account for nearly three-fourths of the coins now being made by the federal government and critics maintain that the Mints facilities and workforce could be used to better advantage, and much more profitably, by devoting them instead to higher-value coins that yield substantial profits. You have it. Should We Get Rid of the Penny? Getting rid of the coin would be getting rid of an item that pays homage to one of the greatest former leader of this country. However, it would hit low-income Americans especially hard. In 1990, he testified before the Senate Banking Committee that his careful statistical analysis of prices showed that rounding cash sales up or down to the nearest nickel would cost consumers around $600 million per year (around $1.2 billion in 2021 dollars). Pro-Penny Arguments Those who think we should keep the U.S. penny cite the following arguments to support their position: Prices will increase - If we eliminate the penny, everything will have to be rounded to the nickel. So can we do without the penny? Consider these reasons why it's time we put away our pennies for good. Casares To Malaga Airport, Increase lean body mass You can give them a dime but then you would need change. 2 The actual production is 1.78 cents, admin costs are 0.25 cents, and distribution to Federal Reserve banks costs 0.03 . In 2020, the Mint shipped out more pennies than nickels, quarters, and dimes put together over 8 billion coins. No doubt about it, Americans still are attached to the copper cent. Dont get rid of it! In a penny-free world, sellers would round your bill to the nearest nickel for cash purchases. 1 Its grown that large due to government spending programs that help boost the economy. Those who support getting rid of the penny argue that it is useless, inconvenient and takes up space that could be given to other denominations of currency. For example, the mint made the first dime in 1796 that weighed 2.7 g and had 89.24% silver. We actually had to pay a quarter for each gameand we don't regret a penny of it. Whats less clear is why Americans are so committed to a coin with so little monetary value. In 1857, the U.S. Mint stopped making the half-cent coin, partly because the Read More. amr covid testing results springfield, ma. With this question, students were required to state their opinion and then give three facts to support that opinion. 7 Reasons Why You Should Track Your Spending. Reuters, "Pennies: The Throwaway Coins We Can't Let Go Of," latimes.com, May 31, 1994: 11. Why should the penny be eliminated? The only real muscle the electorate has is the vote. "Retirement." Interestingly enough, many students thought that the government should continue making the penny. That's why last December, Congress directed the United States Mint to nd ways to produce our coins more cost-effectively. The decision to discontinue it would incur political backlash. coins.) i think we should keep the penny so when our kids our older they will know what a penny is yaaaaaaaaaaaaaaaaaaaaaa. The group that conducted that survey Americans for Common Cents advocates retention of pennies, but impartial polls have come up with similar results. There are reasons for the elimination of the penny, mostly having to do with the inconvenience of the small coin. Tweet. executive escorts london see. Read our full advertiser disclosure.Opinions, reviews, analyses & recommendations are the authors alone, and have not been reviewed, endorsed or Pro 1 Raising the minimum wage would increase economic activity and spur job growth. So long as most Americans remain attached to the penny whether their reasons are logical or not its unlikely that a bill to eliminate it will ever make it through Congress. (This is true for lots of U.S. In the rare case you have never heard of or used a penny, it is the one cent coin in U.S. Nickels cost even more to make - If we eliminate the penny, we will need more nickels in circulation. One of the functions of prices is to provide participants in the economy with information about the scarcity, supply and demand for a particular good. Accessed Oct. 21, 2020. And since the Mint produces billions of pennies a year, the government loses millions of dollars annually in the process. But the price of copper receded, and plans for the change were dropped. CNN. The U.S. One Cent coin, or penny, has almost no purchasing power today. For example, the zinc metals lobby, and the Coinstar company (who make those change-counting machines in the grocery store) will both fight hard to keep the penny in production. Jul 03 united yorkie rescue leesburg, flNo Comments 10 reasons why we should keep the pennyyoutube playlist broken. In 1943, pennies were made of zinc-coated steel. The cost of making pennies in 2019 was 1.99 cents per coin. However, if that is sufficient reason to forbid markets in votes, then it is unclear why we should not, e.g., forbid highly ignorant, irrational, or selfish voters from voting, as their votes are also unusually likely to undermine the common good (Freiman 2014: 771772). Coining pennies is a money-losing proposition, and people dont really need them anymore. Abraham Lincoln has adorned the coin for 95 years. Abolishing the penny would not save the government money. The United States should get rid of the penny because it is people are not using them, cost to much, and other countries have already dropped the penny. In 2010, it cost 1.67 cents to produce each penny. However, it doesnt say what those reasons are. Learn how to keep it safe. Eventually, this reduced demand will result in fewer pennies being minted each year. Top Ten Reasons to Exercise and Be Physically Active 1. In 1962, pennies were no longer made with tin. Also we should ks to make the government get his money out and thats over $8 million more than a penny is work. It is in this context, of increased workloads, a shortage of midwives and continued pay restraint in the NHS, that the RCM has conducted a new survey in 2016 to investigate why midwives leave today. 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