The main reason for the deletion of the penny is cost. The Penny being worth one cent by itself costs around 1.5 cents to manufacture. This although small loss of money Can result in and will amount to the loss of millions of dollars over the course of several years.
Creating a penny today costs more than one cent. Therefore, the Government is losing money creating a form of currency which is trivial in amount and entirely unnecessary. Rounding to the nearest nickel is a future that has long been discussed, and it is bound to happen soon.
The penny is a waste. It costs large amounts of money to create, and is little help. Corporations should simply add however many cents to the usually 99 cents tax to round it up, making there no need for the penny but boosting the economy and saving people's wallet space.
Who uses pennies anymore anyways? It has absolutely no value. It costs more the make one than its actual value of one cent. I think it's extremely pointless to continue the production of pennies. People may say "we can give them to the homeless and charities." A few pennies won't do too much for someone living on the streets. The cheapest thing out there I can think of at the top of my head is maybe a glass of lemonade for a dime, but a penny won't buy you anything.
Handling pennies wastes everyone's time. The statistic of time spent per year on either handling pennies or waiting on someone handling pennies is 2.4 hr/yr. Which may not seem significant, except for the fact that people don't spend these anyway! They tend to either sit in some jar or are even thrown away.
They are only worth one cent each. There's no purpose of having any coin worth so little and goes to waste as most see it as useless. Look at how much copper we are wasting by making all the pennies. If the penny was eliminated, not only we would have more copper but we would save more money.
I have never paid for something with a penny. They are worth too little to fiddle around with when paying for something. That's why I usually pay to the nearest quarter. Even though some may argue that it would be disrespectful to Lincoln, don't forget, he's still got the $5 Bill!
The penny is practically useless. It costs more to make a penny than a penny is even worth. Nothing bad will come of it, except the government will save money.. So if you consider saving money to be a bad thing then I guess I have no argument. Prices would stay the same, and when paying with a card the exact amount will be charged. If you're paying with cash/change then you round to the nearest 5 cents. Easy.
I think the penny (as we know it) should be eliminated because all it is is a scrap of metal that only has worth because congress said so. The Federal Reserve as a whole is unjust because The government needs not to have a monopoly on money...Giving them an excuse to create fiat money during economic down times (Hello, inflation?!) I think all money should be privately printed...Or we could deal with a gold standard.
Even though i'm a thirteen year old and still use the penny to save up i think about my future a a citizen of this country and i think they should stop wasting the money they use to make the penny. They cost the government about .8 cents to make. They are made of scrap metal that is nearly worthless but congress had to put the worthless metal somewhere. The zinc can poison our beloved pets. And when someone donates a penny they are not really donating to charity they are just dropping useless coins into basically a trash bin in their minds. They don't even have to take the penny out of circulation they can just stop minting them. And i know you guys probably don't want to trust a thirteen year old ninth grader but check my spelling and my facts i know what i'm doing and i think that if the country stopped spending useful money on useless things.
Mat_22:17 Tell us therefore, What thinkest thou? Is it lawful to give tribute unto Caesar, or not?
Mat_22:21 They say unto him, Caesar's. Then saith he unto them, Render therefore unto Caesar the things which are Caesar's; and unto God the things that are God's.
Mar_12:14 And when they were come, they say unto him, Master, we know that thou art true, and carest for no man: for thou regardest not the person of men, but teachest the way of God in truth: Is it lawful to give tribute to Caesar, or not?
Mar_12:16 And they brought it. And he saith unto them, Whose is this image and superscription? And they said unto him, Caesar's.
Mar_12:17 And Jesus answering said unto them, Render to Caesar the things that are Caesar's, and to God the things that are God's. And they marvelled at him.
Luk_2:1 And it came to pass in those days, that there went out a decree from Caesar Augustus, that all the world should be taxed.
Luk_3:1 Now in the fifteenth year of the reign of Tiberius Caesar, Pontius Pilate being governor of Judaea, and Herod being tetrarch of Galilee, and his brother Philip tetrarch of Ituraea and of the region of Trachonitis, and Lysanias the tetrarch of Abilene,
Luk_20:22 Is it lawful for us to give tribute unto Caesar, or no?
Luk_20:24 Shew me a penny. Whose image and superscription hath it? They answered and said, Caesar's.
Luk_20:25 And he said unto them, Render therefore unto Caesar the things which be Caesar's, and unto God the things which be God's.
It is such a good thing that we are making us not use. It is a very good coin to give to a charity. If you pick up a penny on the street a lot of times doesn't mean it is popular. Just because we don't pick it up on the street doesn't mean we need it. We learned from our parents, "Don't pick up things in the street!!!!!" To us, we like to take a few pennies and put them into a beggars hands. If prices are to be rounded, the store owners will obviously make prices higher for more money.
I can use it for change. For example, if you buy something that is $1.31 then you would need one penny for the one cent. You are also wasting millions of money. Eliminating the penny would be a waste of materials. The pennies that people already have will be worthless.
The penny should be kept. It has many factors that HELP our economy. Yes it dost cost more to make a penny than a penny is worth but its the same with the nickle. It cost 2x as much to make a nickle than a nickle is worth. If we lose the penny it only costs more to make twice as many nickles. It will just raise how much we have to pay for taxes. Who wants that? Not me.
We've been with the penny for a long time and removing it now will have a huge effect on spending. Government would now have to make more nickels. Prices will no longer be one cent short and would increase their goods. Eliminating pennies would also be dis honoring Abraham Lincoln. Therefore pennies should be kept.
Sure, it would make the government some dough to melt down pennies and it would save time with our wallets, but it would cost us more money in the long run. If we didn't have the penny, everything would rather be rounded up or down, so 99 cent items would turn into rather 95 cents, or a dollar. That's not much, but collectively we would lose a lot of money. Think about the consequences of be ridding the penny before you say yes.
The penny should be minted cheaper, similarly to how the half dollar changed from silver to a cheaper metal, reason being is getting rid of the penny opens the door to accepting inflation and monetary devaluement. Imagine 50 years into the future, a dollar most likely will be like the penny. Remember though, the last thing we need is more inflation, it's practically a secret tax.
The Penny has more history than we know and it was the first coin discovered by abraham lincoln so the the penny has a lot of history and if get rid of it then all the history about it will be gone and so that's why we shouldn't get rid of it.
100 years ago a penny was worth $0.18. 50 years ago a penny was worth $.05. Now people are debating getting rid of pennies altogether. Most people want to get rid of pennies, but I disagree. Without the penny stores would have to round, and they are certainly going to round up. This would cause us to spend a lot of extra money, through the many yearly purchases, and that will cause a collective loss of money, the thing most people are trying to prevent with removing the penny. This is the main reason people want to remove the penny. They cost more to mint than their actual value, 150% of their own value as of 2017. They worry that this will create a negative effect on the economy. However the production of paper money offsets the loss when minting the pennies. The alternative, Nickels, are just as bad as pennies, is some ways actually worse than the penny. The nickel costs about 140% of its face value to mint, however their face value is 5 cents, meaning you are losing more money.
The alternative to pennies, Nickels are just as flawed as pennies. There is only a 10% difference between the minting value, relative to their face value, meaning the losses will be similar. And you would lose roughly 3 times as much money minting a nickels than a penny. And there is also the fact that America isn’t losing all that much money to begin with, paper money offsets the cost of making pennies, and dimes and quarters both create profit.
Another thing that I think people have been ignoring, pennies have had roughly the same value for 50 years, if they haven’t done any noticeable damage to the economy then they aren’t going to at all without some massive depreciation in value. Which is unlikely to happen within the next decade. Because of this, removing the penny is unnecessary, and will cause more problems than it solves.
Should you remove the penny, more precise dealings with money will become impossible, and stores will have to round their prices. This will cause a 1-4 cent difference in prices, that will stack up to large amounts of money, likely in the billions, considering how many purchases are made yearly. With the removal of the penny as a form of currency, that means all pennies minted, will suddenly become worthless which will take out a chunk of the American money in circulation 16.5 million dollars. And this will also leave 4.5 thousand tons of copper hanging around, which will cause a massive depreciation in value, as that totals to about $24750000 worth of copper, and massive depreciation in value of anything, is never a good thing.
For other stats, I used basic math, inflation calculators, and inferences.
If we get rid of the penny, we would be dishonouring Abraham Lincoln. Just because he has his face on the 5 dollar bill and the penny, you cant just take him off the penny. Plus, we could use pennies to help charities to reach their goals. If people take away the penny, we would have to pay more. For example, if a item costed $1.53, we would have to pay more.