The Instigator
395khb12
Pro (for)
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The Contender
anc2006
Con (against)
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Should pennies be eliminated?

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Voting Style: Open Point System: Select Winner
Started: 2/12/2019 Category: Society
Updated: 3 years ago Status: Post Voting Period
Viewed: 666 times Debate No: 120290
Debate Rounds (2)
Comments (7)
Votes (0)

 

395khb12

Pro

I. Pennies are used to control inflation

I don't think the OP understands why we have pennies. It's not to control prices, Per say. It is to control inflation rates. Let me explain. Pennies have low value, Being only. 01$, Which means we can pump however many out we need to control inflation to the number. It is the most precise way to control inflations rates.

If you control inflation rates, You control prices. If you control prices, You control how much consumption and investment goes through the economy. With that said, It is 100% neccesary to have pennies for monetary control of the economy.

II. Forex Trade will Crash

The Opposition needs to take into consideration the volatity of FX trade. Currecy exchanges are very profitable to the US. Here are two reasons why removing the penny would crash USD exchange over FX.

1. We can not control the USD to ensure ultimate deals by trading USD over Forex.

2. Foreign traders will be forced to round to. 05$, Decreasing the amount the USD gets bought and sold.

III. NASDAQ and the Stock Exchange will be hurt

NASDAQ is the national stock exchange of America. The opposition has not thought this out. Most stocks are rounded to the penny. For example. Green Energy Co. Sells stock for. 13$, Or the stock of Speedwat right now is 18. 14$. The problem with abolishing the penny, Is that all stock purchases need to be rounded up to the nearest. 05$, Which for investors who purchase 1000's of shares monthly, This will completely hinder their investments.

That. 01$ adds up, And with the stock market up 140%, This would be the worst possible time for the US to remove the penny.
anc2006

Con

if pennies are supposed to be eliminated then why is it created? Also you can be wise enough that you don't hand a penny of the revolutionary war to an ordinary customer but on Amazon for at least 2. 000. 000 times its value. A penny is a penny. It have its job. You see when shops are labeled $xx. 99 for a thing? That exists. This is because when you see like 999. 99 you think it is in its 900s, And not its 1000s. Even though you paid $1000 and received only a single penny, That is not just to control prices and inflation rates but to give you change which is responsible of caring for the buyer.

also usually adults overthinks way too much. They think of international taxes and trading relationships (when they do not even pay any) just to clear his/her pennies from the stuffed pouch for other things, Like credit cards. Cash is still legal, Including coins. They exist. Also you said that pennies are too small to buy anything, You can build up small amounts to form big amounts.

let me tell you a story. A Jewish man and an Englishman met at a street. The Jewish men picked up the little penny while the Englishman walks over it. The Jewish man pitied for the Englishmen that he did not really even care for the small amount, And the Englishmen pitied for the "fake beggar". After the Jewishmen caught every opportunity but the Englishmen did not, So when the Englishman got hired for a company, The Jewish man worked from a janitor all the way up to the 1st manager. You want to slip away those little opportunities? Charlie in the chocolate factory became the new manager BECAUSE OF A SINGLE COIN. If he did not catch that opportunity he would be poorer. So what you are saying is you have to be a "fake gentlemen and not pick up any coin? There are people that rely on tips, And some even worse, Have to beg. You think the governments give the refugees as much money as more than the minimum wage? If that happens then the presidents are not a thing. They cannot do it cause the money are spending on the people. Some refugees begs, And cannot even get a penny per day, And you are saying we should live big just because you are wealthy, And really ruins his day eternally?
Debate Round No. 1
395khb12

Pro

The penny has practically no value and should be taken out of circulation just as other coins have been in US history. You can't buy anything for a penny; vending machines and parking meters won't accept them. "The purpose of the monetary system is to facilitate exchange. The penny no longer serves that purpose. When people start leaving a monetary unit at the cash register for the next customer, The unit is too small to be useful. "The value of a penny has shrunk to the point that, If you earn more than the minimum wage, You're losing money stopping and picking up a penny on the sidewalk. "
anc2006

Con

a penny is too little to buy anything. True. But that does not mean you cannot buy something using a lot of pennies. Also what's up with those coin collection? There is pennies collection. They strive too. They do not need to spend them away, Like we do not use antiques from the dawn of time. Also there is x9. 99 which gives it a cheaper impression.
Debate Round No. 2
7 comments have been posted on this debate. Showing 1 through 7 records.
Posted by 4ppl3b3rrybl4st 3 years ago
4ppl3b3rrybl4st
i sm3ll p3nn1es!
Posted by K_Michael_Tolman 3 years ago
K_Michael_Tolman
OK, Consider me persuaded.
Posted by John_C_1812_II 3 years ago
John_C_1812_II
I believe the idea that pro was trying to translate is that it is coin not pennies that control the rate of taxation, Not inflation. It does this because changes is not necessarily a legal form of payment for all debt. As its labor created in record can be used against the sale of goods or service provided, This by the way this is also truth as a united state with credit.

The control of inflation takes place with an axiom shift within the Federal Note, Paper dollar, In the United States as well as other Nations, As this is clearly labeled for all to see as bearer legal tender for all debt. Foreign and domestic. The United States axiom is rather low and disproportionate to the rest of the world. This means in basic principle it takes more tax investment as registered receipt to cover the overall larger volume of dept. In place.

This is how the value of money can be exploited without the trail of interest as documentation of payment to and from.
Posted by zapp 3 years ago
zapp
@K_Michael_Tolman, One of the things I tried to highlight is that the elimination of physical pennies does not eliminate it from the digital realm. This means that any transactions done online or through credit/debit cards will still be to the last penny. Hence, Practically, What is happening is that the penny stops being used as hard cash, And shopkeepers do not need to return change to the exact penny. However, The dollar will still be divided into 100 units for all technical (and digital) purposes, And the penny will still be important, Especially in the stock market. It's just that, Since nobody seems to want actual physical pennies for transactions anymore, There seems no reason for the US Mint to keep producing it.
Posted by K_Michael_Tolman 3 years ago
K_Michael_Tolman
Several other countries use even smaller denominations. South Korea's Won, Worth 0. 089 cents, Is further divided into 100 jeon. These are mostly used in international conversions, But they're still there. The U. S. System of currency is fairly large in comparison.
Posted by EStone523 3 years ago
EStone523
I don't know enough about this topic to debate it well, But I'm very interested to see how this debate plays out. Very interesting topic!
Posted by Rockytop 3 years ago
Rockytop
Very interesting debate topic. I look forward to watching it
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