The Instigator
DaPro7822
Pro (for)
Tied
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The Contender
welliott
Con (against)
Tied
0 Points

The U.S. should end the circulation of the penny

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Voting Style: Open Point System: 7 Point
Started: 11/6/2014 Category: Politics
Updated: 2 years ago Status: Post Voting Period
Viewed: 687 times Debate No: 64720
Debate Rounds (4)
Comments (2)
Votes (0)

 

DaPro7822

Pro

Round 1 is acceptance. The rest is your choice. No troll arguments and no plagiarism. Good luck!
welliott

Con

I accept your challenge. Heads up I am not too good at debating yet. And the English (the class) is not my best class by far.
Debate Round No. 1
DaPro7822

Pro

First lets get to the main part of this debate. Should the U.S. end the circulation of pennies? I will now present my contentions:

1. The penny is easy to lose and expensive to produce
Why waste money on a little coin that is not commonly used?
According to the U.S. Mint's 2011 annual report, the current cost of a penny is 2.4 cents per coin. With nearly 5 billion pennies minted in 2011, the U.S. spent almost $120 million to produce less than $50 million of circulating currency. When production cost is added to the opportunity cost of using the penny economists say that the penny drains almost $900 million from the national economy every year!
A substantial amount of change is lost, discarded or destroyed, contributing to the demand for new coins, and pennies get the most dismissive treatment. Since 2000, 21% of pennies have gone missing, nearly twice the proportion of quarters.
Harvard economist Greg Mankiw, who headed President George W. Bush"s Council of Economic Advisers agrees with this.
President Obama stated earlier this year,"Any time we're spending money on something that people use, it is something we
should change."

2. Many countries have gotten rid of their lowest coin
Australia, Brazil, Britain,Denmark, Finland, Hong Kong, Hungary, Israel, Malaysia, Mexico, Netherlands, New Guinea, New Zealand, Norway, Sweden, and Canada have all gotten rid of their lowest coin value. I think that it is time we do the same!
"Canada's decision to retire its penny has provided a tremendous boost to the effort here in the U.S.," says Jeff Gore, an assistant professor of physics at the Massachusetts Institute of Technology and one of the organizers behind the advocacy group Citizens to Retire the U.S. Penny. "Although Canada is far from the first country to retire their lowest-denomination coin, the fact that their monetary system is so similar to ours makes their decision particularly relevant to the U.S."
Treasury estimates the halt in production of the coins will save about $50 million a year.

3.
welliott

Con

welliott forfeited this round.
Debate Round No. 2
DaPro7822

Pro

DaPro7822 forfeited this round.
welliott

Con

Sorry for forfeiting round 2.
The penny is one of the more important coins we have in our currency. The reasons why we should keep producing the penny is that charities love pennies, the poor make smaller purchases and will have to pay more, and nickels cost 10" to make.
Charities depend on coins, especially pennies, the coin nobody really cares about, so people give the unused coin to charities. With enormous amount of pennies coming in it all adds up to a large sum of money that goes torwards a cause.
Poorer people of America usually make smaller purchases that could involve the penny, but mainly if we get riI of the penny the poor have to pay more money. Death of the penny would make the less fortunate even more less fortunate. Could even raise the poverty levels, now thats not good.
The nickel. The nickel costs double it's worth to make. Ridding of the penny would raise production of nickel. Something has to replace all those "worthless" pennies. Businesses will never round down the price once the penny is gone, we all will have to pay more money for anything.
Debate Round No. 3
DaPro7822

Pro

DaPro7822 forfeited this round.
welliott

Con

welliott forfeited this round.
Debate Round No. 4
2 comments have been posted on this debate. Showing 1 through 2 records.
Posted by ShikenNuggets 2 years ago
ShikenNuggets
Considering it costs 2.4 cents to manufacture a penny, it would make sense do this. In fact, Canada already has.
Posted by DaPro7822 2 years ago
DaPro7822
Good Luck!
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