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Although these arguments aren't based on factual evidence, there is something to be said for keeping the penny around. The cost of making pennies in 2019 was 1.99 cents per coin. However, overall, the Mint is a profit-making machine. The penny no longer serves that purpose. To pay the exact amount, we have to either hand over some pennies or receive some in change. Should you need such advice, consult a licensed financial or tax advisor. Companies would need to update their price catalogs. The penny has increased to 7.6 million dollars a year to make a penny. 7 Reasons to Get Rid of the Penny | The Saturday Evening Post The current cost for manufacturing a nickel is 7.29 cents per coin. Feb 7, 2014, 08:12 AM EST | Updated Dec 6, 2017. As you can see, both sides have some good points. First of all, if the U.S. Mint stops producing pennies, they wont simply lose their value overnight. Sign up for more easy craft ideas, fun hobbies, and DIY projects, Lincoln Wheat Penny Key Dates, Rarities and Varieties. Apr 08, 2023; By ; In nmaa all district teams 2022; camscanner premium account id and password Unlike its hefty predecessor, it had much less value as metal than as money. Accessed Oct. 21, 2020. It's clear that the modern penny is no longer necessary in our financial system. [ 34 ] 5. Should we keep the penny Rating: 4,5/10 932 reviews The United States penny, or one-cent coin, has been in circulation for over two centuries and is a longstanding symbol of American currency. A graduate of NYU, he has an MA in English literature and loves literature from all ages. For example, a pizza shop that sells a slice of pizza for $1.98 might start charging $2.00 instead. Proponents of the penny argue that shopkeepers would tend to round up, increasing prices. Companies would need to update their price catalogs. Penny's sentimental value proves priceless - Coppell Student Media The first penny, known as the Fugio cent, was reportedly designed by Benjamin Franklin in 1787. They argue that eliminating it could hamper charities and fundraising efforts, as people feel more generous when they have coins to give away. [27], As a result of that extra time per transaction, the average citizen wastes 730 seconds a year (12 minutes) paying with pennies. The Department of Defense banned the use of pennies at overseas military bases in 1980 because the coins were deemed too heavy and not cost effective to ship. To learn more, read our article on the possible economic impact of eliminating the penny. [1] Thats a bargain for how many times it gets used. In the rare case you have never heard of or used a penny, it is the one cent coin in U.S. There are precedents for getting rid of coins that are too small to use. PDF The Value of a Penny Penny opponents point out several problems with this argument. What Are Elastic, Unitary and Inelastic How to Approach Change in an Organization. E-Trade. There have been several other minor changes in the coin metal composition. I think it human nature to maintain status quo until it becomes a crisis. In his spare time, Dominic enjoys running along the Hudson River and exploring the citys art galleries.He is also heavily involved in numerous charities and volunteer efforts throughout the city. The U.S. Mint does lose money on pennies and nickels. Using your figures, that would amount to about 1000 ounces of copper. And in February 2014, President Barack Obama argued during a YouTube chat that pennies were obsolete and a symbol of U.S. government waste.
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10 reasons why we should keep the penny