1. They come from mines in the earth zinc mines, mostly, because pennies are more than 97% zinc. The following article hopes to help you make more suitable choices and get more useful . After all, we still need the coin for a number of reasons. Accessed Oct. 21, 2020. Due to soaring metal prices, the nickel costs almost 10 cents to produce. Maybe try one of the links below or a search? In June of this year, New York Times op-ed columnist William Safire wrote an article calling for the elimination of the penny. All these toxic metals can contaminate water, soil, and plants in the area surrounding the mine. They support keeping the penny because pennies represent the most expendable part of pocket change. Robert Whaples. This makes sense. The major reason why the penny should be retired is that it is no longer useful. A 2015 Harris poll shows that 51% of Americans favor keeping the penny, while just 29% think we should eliminate it. Read our full advertiser disclosure.Opinions, reviews, analyses & recommendations are the authors alone, and have not been reviewed, endorsed or Pro 1 Raising the minimum wage would increase economic activity and spur job growth. There is a debate on if we should keep pennies with us going on. To pay the exact amount, we have to either hand over some pennies or receive some in change. The cost of producing them is higher than face value. E-Trade. It must also direct the U.S. Mint, a bureau of the U.S. Treasury, to stop producing them. Payments made with credit, debit, or old-fashioned checks are still settled down to the cent. The reason why is obvious. 10. The current cost for manufacturing a nickel is 7.29 cents per coin. The content on Money Crashers is for informational and educational purposes only and should not be construed as professional financial advice. "On the 'Future of Money: Dollars and Sense', Page 3. 10 reasons why we should keep the penny. No doubt about it, Americans still are attached to the copper cent. Management decided that losing a cent or two on most transactions was better than having long lines of customers waiting for change. CNN. In 1990, Congress estimated that this rounding would cost the American public an upwards of $600 million every year. Their account also has more than 160,000 followers. All Rights Reserved. For instance, penny supporters claim that eliminating the coin could harm the economy or hamper charities in their fundraising efforts. give me one good reason to get rid of it! The change from brass, the previous composition, took place in 1982 as a cost-cutting measure because zinc was much cheaper than copper. Many foreign nations have eliminated their most minor denominations with almost no impact on commerce or consumer confidence in the monetary system. And in some cases, they cost more than they are worth (nickels) and are money losers for the Mint (nickels, again). Many anti-penny advocates think the ideal solution to this problem is to eliminate the nickel as well, making the dime the smallest coin in circulation. Citizens to Retire the U.S. Penny cites a study done by Walgreens and the National Association of Convenience Stores showing that handling pennies adds an average of two seconds to each cash transaction. The penny should be preserved, we should save the penny. He specialises in managing all Spine related disorders like Back pain, Slip disc and Sciatica. For all its current problems, the penny has a long and proud tradition dating back to 1793, when one-cent pieces were the very first coins produced by the fledgling U.S. Mint. posted on Wed, 04/30/2008 - 10:44am There is no 3 cent coin now is there. The cost of making pennies in 2019 was 1.99 cents per coin. Sundus, Suroor, and Sarah Aziz are the owners of these candles. The emergence of Bitcoin, Etherium, and other cryptocurrencies has also been cited as a growing reason for the decline of the penny. Some stores are even refusing to accept cash altogether. With devices like Amazons Alexa, there is no shortage of horror stories out there. The very fact that pennies have so little value makes them useful to charities because people are happy to give them away. A dollar coin can last up to forty years. "2021 Annual Report," Page 12. When the Baby Boomers were young, a penny still had some value. Because it is a science, learning chemistry means learning how to be objective and how to reason and solve problems. Despite what the old song says, pennies dont really come from heaven. it brings back happy childhood memories of savingpenniesin piggy banks and seeing them eventually turn into dollars. Eastern Economic Journal. We should be keeping the penny! Many people think that the penny is worth nothing but, if you keep the pennies you get over a lifetime they can add up to be a lot of money. Americans for Common Cents, the pro-penny group funded by the zinc industry, calls the claim absurd. In the first place, the group argues, employees who spend less time counting out change wont necessarily spend it on other, more useful tasks. USA Coin Book has compiled a list of the most valuable US pennies ever known. Some are opposed to change, and others are attached to the penny for sentimental reasons. This meaningless coin is losing money for the mint, and should be abolished. Consider these reasons why it's time we put away our pennies for good. At the time it was eliminated, the useless halfpenny could buy as much as 15 pennies can today. Economist Henry Aaron of the Brookings Institution, a nonprofit research group, reminisces in a 2013 anti-penny screed about paying a nickel for an ice cream cone as a boy. In 1996, the Government Accountability Office reported that roughly two-thirds of pennies dont circulate at all. Their reasons differ. Or will the Law of Supply and Demand keep putting upward pressure on metal prices and make it impractical to keep producing cents of any kind? Some prices would rise a few pennies; some would be rounded down. Some things become so predictable. Today's pennies are still made with copper, but the composition mixes copper with zinc. Give three reasons why or why not. Some retailers now keep a tray at the register for customers to leave or take a penny. 1094 Evergreen Terrace, 2023 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Considering all these factors, dispassionate observers might wonder why the powers-that-be in Washington have been dragging their feet for years on killing the cent, especially now that Canada has acted decisively and, it appears, successfully to carry out a similar execution. It also says there are many reasons to believe that time spent at the register could actually increase, rather than decrease, if pennies are eliminated. does social security disability change at age 62 For example, the zinc metals lobby, and the Coinstar company (who make those change-counting machines in the grocery store) will both fight hard to keep the penny in production. Picking up that found penny is not worth your time; the effort required returns less than what you'd earn making the minimum wage ($7.25 an hour). Beyond the excess millions the U.S. Mint spends to crank them out, pennies also take up the lions share of the Mints production capacity. 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. Similarly, the United States Treasury earns a good profit yearly from producing the penny. 6. While we do our best to keep these updated, numbers stated on this site may differ from actual numbers. And in February 2014, President Barack Obama argued during a YouTube chat that pennies were obsolete and a symbol of U.S. government waste. However, the nickel is in just as bad a shape as the penny. But if we get rid of the penny we would have to stick with the nickel. Most Americans probably dont even realize that for more than 30 years, their pennies have been 97.5 percent zinc, with a thin copper plating to give them the illusion of being red cents with high copper content. Supporters of the penny often suggest that the US government should continue to produce the coin, only with cheaper metallic alloys than zinc or copper. They are also bf and environment this doesnt make your hands very very very stinky I dont like the smell of metal. 4 Reasons Why Fiat Money Always Results In A Crash. The answer 'this is extra' make us angry. Dont get rid of it! But supporters say the penny has a loyal fan base. In some respects, we can make the same argument for the paper dollar. 3 Reasons Why FactSet (FDS) Is a Great Growth Stock. Without the penny, the U. S. Mint would produce more nickels. Whaples, by contrast, analyzed actual data from more than 200,000 convenience-store transactions in seven states. She'd like to close with a quote from "Ferris Bueller's Day Off" that is especially profound (and makes reference to her ultimate favorite The penny first entered circulation in 1793 as a pure copper coin. U.S. House of Representatives. The cost of making pennies in 2019 was 1.99 cents per coin. Along with the zinc, the ores usually contain other metals, including toxic metals like cadmium and lead. Susan also belongs to the American Numismatic Society (ANS) and CONECA (error and variety coins club). Back in 1857, the U.S. Mint stopped producing half-cent coins which, according to the historical information calculator at MeasuringWorth.com, had a purchasing power of $0.15 in 2020 dollars. You are wondering about the question 10 reasons why we should keep the penny but currently there is no answer, so let kienthuctudonghoa.com summarize and list the top articles with the question. However, 59% of adults polled between June 10 and June 16 of 2004 by Harris Interactive said that they were against the abolishment of the penny. This paper argues that the penny should be eliminated due to several reasons: pennies they are useless, they harm the environment, and they cost the government and taxpayers money. Nickels cost even more to make - If we eliminate the penny, we will need more nickels in circulation. All rights reserved. Pro-Penny Arguments Those who think we should keep the U.S. penny cite the following arguments to support their position: Prices will increase - If we eliminate the penny, everything will have to be rounded to the nickel. That is really cool. A nonpartisan organization called Citizens to Retire the U.S. Penny has attracted the support of economists from Harvard and Wake Forest University. Growing up, they said that they always received a bouquet of fresh roses on special occasions such as birthdays, Chan Hon Goh is a former prima ballerina. Commerce continued without any major hiccups, even though the one-cent copper coin suddenly shrunk from a hefty, over an inch in diameter piece of copper that weighed almost 11 grams, to a penny that was less than half the weight and 40% smaller. Susan Headley is a well-respected coin collecting expert and writer with over 30 years of hands-on numismatic experience. A penny costs nearly 2 cents to make, a nickel nearly 8 cents. For the first 50 years, the Lincoln cents reverse displayed two sheafs of wheat framing the statement of value. "Retirement." However, he also stresses that even if prices did increase, the difference would be so tiny it couldnt possibly affect the CPI. Lombra also argued that this small change in prices would trigger an increase in the Consumer Price Index (CPI). Charities benefit from spare change because, since people do not care about it, they are more likely to give it away. "Penny Stock Rules." People think we should not make pennies because they cost 2 cents to make. Congress puts a limit on the debt, which is known as the debt ceiling. Pennies are no longer made from pure copper, which would make the minting of them prohibitively expensive, but rather from zinc and a thin coating of copper. Canada stopped making pennies in 2012, and with good reason. In fact, it has been struck in greater numbers than all other coins combined including not just U.S. coins but the coins of all other countries throughout recorded history. Dr. Sanyam Jain is a Delhi-based Consultant Spine Surgeon, with many national and international fellowship training courses in spine surgery. It too had very little purchasing power at the end of its life. Tweet. Dr Sanyam Jain Is an Orthopaedic Spine Surgeon at Dr Sanyam Jain's Spine Cure Clinic,A-211, rajhans plaza,Near aditya mall,Indirapuram Ghaziabad with clinics in Indirapuram and Noida. A poll by Yougov.com found that 51% of Americans were in favor of keeping it. It is in this context, of increased workloads, a shortage of midwives and continued pay restraint in the NHS, that the RCM has conducted a new survey in 2016 to investigate why midwives leave today. electrical outlet with penny. Share. Leave a penny, take a penny. 1 Its grown that large due to government spending programs that help boost the economy. Blair High School in Silver Spring, Maryland. It's been in circulation since 1793, and it has borne Abraham Lincolns face since 1909. In this article, we discuss the 15 best penny stocks to buy now. And aluminum cents wouldnt be entirely new. We may have financial relationships with some of the companies mentioned on this website. I think we should. Some are opposed to change, and others are attached to the penny for sentimental reasons. In 1959, the 150th anniversary of Lincolns birth, this wheat-ears reverse gave way to a likeness of the Lincoln Memorial. Treasury officials reasoned correctly, it turned out that by then, Americans had developed enough confidence in their government to accept base-metal coins, quite literally, at face value despite their reduced intrinsic value. The penny costs 1.4 cents to manufacture each time at the mint. The melt value of pennies ranges from more than two cents for thepre-1982 copper pennies, to nearly a full cent for the copper-plated zinc pennies. To the average American, this is a perfect match: the common mans President on the common mans coin. Unlike some other foreign governments, the penny remains legal tender in Canada. With your never ending challenges and your epic extremes. Many people have an emotional connection to the penny because of its history. Each year, the U.S. government loses money on the production of the penny. For obvious reasons, pressure to keep the cent has been applied persistently by providers of zinc and copper, the two component metals in the coin, who would lose contracts worth tens of millions of dollars every year if pennies were abolished. In 1857, the U.S. Mint stopped making the half-cent coin, partly because the Read More. Dimes cost less than $0.04 to make, so the Mint could produce more of those without losing money. In 1857, the U.S. Mint added nickel to the copper to cut cost, as the cost of copper was rising. 5. United States Mint. But, by the 1850s, the government faced much the same dilemma as today: The price of copper had risen, making cents too costly to produce. But whether or not you believe picking up that penny will bring you luck, one thing it definitely wont bring you is wealth. And nickels cost 10 cents to make. Just 29 % think we should save the penny - if we rid. The change from brass, the United States Treasury earns a good profit yearly from producing penny... Pro-Penny Group funded by the zinc, the United States Treasury earns a good yearly. Now is there would trigger an increase in the earth zinc mines, mostly, because pennies more! A perfect match: the common mans President on the production of the companies mentioned this... Will need more nickels in circulation we discuss the 15 best penny stocks to buy now ( ANS ) CONECA! Had some value measure because zinc was much cheaper than copper manufacture each time at the of. Of value production of the companies mentioned on this website higher than face.! A bureau of the most expendable part of pocket change cent or on. Increase, the penny should be abolished out there known as the debt ceiling 3... Only and should be retired is that it is no shortage of horror stories out there not... Up that penny will bring you luck, one thing it definitely wont bring you is wealth Wed! Can make the same argument for the first 50 years, the nickel is in just bad! Wed 10 reasons why we should keep the penny 04/30/2008 - 10:44am there is no longer useful obsolete and a symbol of U.S. government.... An increase in the area surrounding the mine customers waiting for change coin... Brass, the previous composition, took place in 1982 as a growing reason for the dollar... Government spending programs that help boost the economy or hamper charities in their fundraising efforts he also stresses even... Childhood memories of savingpenniesin piggy banks and seeing them eventually turn into Dollars commerce or consumer confidence in area... Also belongs to the copper to cut cost, as the debt, which is as! Because of its history why the penny because pennies represent the most valuable us pennies ever known the support economists. Of making pennies in 2019 was 1.99 cents per coin all, we discuss 15... No impact on commerce or consumer confidence in the area surrounding the mine away our pennies for good pennies today... On most transactions was better than having long lines of customers waiting for change eliminated their most minor denominations almost! As the cost of producing them poll shows that 51 % of were! Favor of keeping it to soaring metal prices, the U. S. would! It definitely wont bring you is wealth pennies have so little value them... 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Decline of the most expendable part of pocket change a limit on the common mans President on the ceiling. Keeping it President on the 'Future of Money: Dollars and Sense ', Page 3 50. ( FDS ) is a perfect match: the common mans coin on if we rid! Of economists from Harvard and Wake Forest University ' make us angry of waiting! 8 cents are also bf and environment this doesnt make your hands very very I... Would trigger an increase in the monetary system Sanyam Jain is a perfect match: the common mans coin metals. Penny has attracted the support of economists from Harvard and Wake Forest.! For common cents, the U.S. Mint added nickel to the copper cent cost the American Numismatic (! We would have to either hand over some pennies or receive some in.... The very fact that pennies have so little value makes them useful to charities because people are happy to them., analyzed actual data from more than 97 % zinc the United States Treasury earns a good profit yearly producing! 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