Read our guide on how to clean pennies. As debate continues on both sides, let's explore 8 reasons why we should keep or eliminate it. News sources such as NPR began speculating whether the penny would finally be retired or if crypto possibilities might replace it. Although some stores have decided to practice completely without pennies, an argument from Americans is that it's just common cents to keep them around. Essay on Why Should We Use Pennies - 554 Words | Bartleby Another significant change in U.S. coinage occurred without any catastrophic effects on commerce. While countries such as Australia, Canada, and New Zealand have phased out their one-cent pieces, Harris Poll found that 55% of Americans are in favor of keeping the penny and 29% want to abolish it. [1] Aaron Klein, former Deputy Assistant Secretary for Economic Policy at the Treasury Department, estimates that the United States could see $1.78 billion in losses over the next 30 years if the penny remains in production. In 1962, it removed tin from the alloy, changing it from bronze to brass. ProCon/Encyclopaedia Britannica, Inc. When people start leaving a monetary unit at the cash register for the next customer, the unit is too small to be useful. [19] Former US Mint Director Philip Diehl said, [T]he value of a penny has shrunk to the point that, if you earn more than the minimum wage, youre losing money stopping and picking up a penny on the sidewalk. [20], Comedian John Oliver noted, Two percent of Americans admitted to regularly throwing pennies in the garbage, which means the US Mint is spending millions to make garbage. [21] Two-thirds of the billions of pennies produced are never seen in circulation again once they reach a consumer via the bank. Learn how to protect yourself when the bank takes your car. Making pennies wastes natural resources and is toxic to people and the environment - Pennies are 3 percent copper, and 97 percent zinc and are primarily made from virgin ore. Making pennies from . The penny costs an irrational amount of money compared to what it's worth. 10 reasons why we should keep the penny - theflowerfall.com For example, a pizza shop that sells a slice of pizza for $1.98 might start charging $2.00 instead. This means that taxpayers are losing money every time the mint produces a penny. Commerce continued without any major hiccups, even though the one-cent copper coin suddenly shrunk from a hefty, over an inch in diameter piece of copper that weighed almost 11 grams, to a penny that was less than half the weight and 40% smaller. In 1959, the 150th anniversary of Lincolns birth, this wheat-ears reverse gave way to a likeness of the Lincoln Memorial. And in 2010, the Mint introduced a permanent new reverse depicting a Civil War-era Union shield. The problem was resolved by reducing the size of the cent and changing its composition from copper to an alloy of copper and nickel. Since then, the U.S. Mint has issued several hundred billion Lincoln pennies, making this the most heavily produced coin in human history. Its possible that what happens to the penny could end up depending not on the law, but on decisions made by businesses. The mint produces billions of these coins every year. On its website, the group marshals an array of arguments that eliminating the penny would lead to disaster for consumers, charities, the government, and the economy as a whole. Some Hope Not," nytimes.com, July 29, 2020. Getting rid of the penny would save time since customers wouldn't have to search for their nearest nickel and wait in long lines while customers ahead of them try to count out exact change. However, while many people are calling for the pennys retirement, others are working just as hard to keep the coin in circulation.
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