Should the penny still be minted?
Debate Rounds (3)
http://www.economist.com..., that explains that the Canadian government has stop creating pennies. The article they posted said, "The Canadian penny has been eliminated because it is a waste of both money and time. Inflation has reduced its purchasing power by 95% since it was first minted domestically in 1908: back then a cent could buy goods that would cost C$0.20 today, in other words. Once a small coin can no longer be used to buy individual items, but is used only to make change, it becomes more trouble than it is worth. Canadian pennies cost 1.6 Canadian cents to manufacture, and the government expects to save C$11m a year by eliminating them. But that sum, equivalent to 0.0006% of GDP, is small change. The real reason to eliminate pennies is that their feeble purchasing power means dealing with the coins, and making change to the nearest cent, is a uneconomic waste of time for consumers, retailers and small businesses. People instinctively recognize this, which is why pennies pile up in drawers, in jars and on bedside tables. The mint then has to issue more of them. "Pennies take up too much space on our dressers at home," said Mr Flaherty. "We will, therefore, stop making them." The article also briefly explains how pennies are still circulating, but are not being produced. An issue that people find on this topic is also addressed, "The same arguments apply to the United States penny, which costs 2.4 cents to make. But eliminating it would result in greater use of the five-cent coin, the nickel, which costs 11.2 cents to produce. So the American penny survives, at least for the time being." The topic can extend further to removing all forms of coin currency. This would create less metal consumption, cost less for governments, and advance our country into the future with the use of online currency. The topic can be debated further, but advancement is necessary for the success of a nation, and we only get one environment to take care of.
Although coins are more classy, they could still be kept as collector items and thus boosting the antique market. Exactness is confirmed and other various boosts are possible with this strange, but thoughtful method.
With the new penny bills the penny would degrade more making it less circulated and less useful. Pennies are the most circulated physical currency. They would most likely not be accepted by stores and companies because they are a new bill. The Sacajawea coin wasn't accepted by most salesmen because it was a new type of coin. A penny bill probably wouldn't be accepted either because it would be a new bill
1 votes has been placed for this debate.
Vote Placed by Jonbonbon 10 months ago
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Reasons for voting decision: Con showed how the metal coin penny is replaceable by several cheaper alternatives to provide exact change. Pros only defense was that he thought it would drive up the price of cotton, and he didn't think stores would accept a new type of official US currency. Because pro didn't back up his rebuttals, the resolution could not be affirmed and is thus negated.
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