Abolish The Penny Essay

Abolish The Penny Essay-9
It is unclear whether the rounding would be up or down.

It is unclear whether the rounding would be up or down.

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She holds a Bachelor of Arts in economics and international studies from Yale University.

The story of the penny starts in the first US Mint founded in 1792 which produced these one-cent pieces along with other coins including the Quarter, Dime, Half Dime and a mystery coin that we’ll get back to later.

So you have to get rid of them by using exact change.

But, because the United States doesn’t include sales tax in prices – unlike more civilized countries – and you can’t multiply by 8.875% in your head, you can’t get your change ready before you reach the register like a good Samaritan would.

The debate over whether to keep the penny or discontinue it has intensified since the penny crossed the line of one-cent production cost per penny. Those who support getting rid of the penny argue that it is useless, inconvenient and takes up space that could be given to other denominations of currency.

Common Cents, an organization devoted to keeping the penny, runs an annual Penny Harvest and supports the penny largely because of its importance to charities.The value of copper went up and, because of inflation, the buying power of the penny went down.This caused The Mint to reduce the amount of copper in pennies, first from 100% to 95%, and then to only 5% copper and 95% zinc.They support keeping the penny because pennies represent the most expendable part of pocket change.A 2006 Coinstar poll found that 33 percent of American men and 22 percent of American women do not value spare change.Despite this debasement, in 2006 the value of the metal in older pennies rose over 1 cent and suddenly they were worth more dead than alive so people melted them to sell the raw copper for profit. coins illegal and continues to manufacture 4 million pennies each year.In a rational, efficient world, the story of the penny would have ended here with the Government realizing that they weren’t worth Minting and happy that its citizens were removing them from circulation. Which is idiotic as it costs the US Mint about 1.8 cents to make a each 1 cent penny.Shopkeepers would have to either change the prices on all of the items in their inventories or reprogram registers to round automatically when an item is charged.Companies would need to update their price catalogs. Some are opposed to change, and others are attached to the penny for sentimental reasons.These pennies of the new republic were born of 100% pure copper.But, two forces conspired to ensure this wouldn’t remain the case for long.

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