Did you know that Canada just quit making their penny? (Source 1) They aren't the first of many countries to have made this decision. Whether or not to keep the penny is a surprisingly heated debate. The penny should be removed from American currency for a variety or reasons, it costs too much money to make, it wastes money, and plenty of other countries have gotten rid of it and they're fine. So why do we still have it? The penny is outdated and unnecessary.
The penny costs an irrational amount of money compared to what it's worth. The penny, a one cent coin, costs 2.41 cents to make, which is nearly 1.5 times what it's worth (source 1). That means that annually, the United States loses 60 million dollars in pennies every year! (Source 1) That is 60 million dollars we didn't need to lose, and 60 million dollars that won't be spent if we eliminate the penny, and then some. If we were to make a
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Some say we should keep the penny since lots of schools have penny drives and those coins go to charity, and if we stop making the penny, these won't be as successful. These people forget that 60 million tax dollars are wasted on this coin, and that if they care so much about charity, they can donate the money they save in taxes to the charity of their choosing. People are also concerned that since there won't be any penny, prices will have to round to the nearest five cents. If all the retailers decided to round up, consumers could lose up to 600 million dollars a year. (Source 2) But on the other side, retailers could be aware of this and bring all their prices down to the lower round and sell them cheaper, which benefits the consumers. Supporters of the penny say we should keep the one cent coin but simply make it cheaper. (Source 2) But if we cut out the penny entirely, we can save even more. A near useless coin can be eliminated and we won't need to spend nears as much money making
This shows that pennies may have value to some people but not enough to compensate for the money lost by the government for minting a penny. All in all some people believe that pennies are worth minting, but they are just of waste of
Toward the end of 1861 using specie payments were not allowed, which meant that paying in gold or silver was no longer acceptable. That left people having to pay only in paper currency. To add to the matter, the Government issued the Legal Tender Act after payment in gold or coins was banned. This caused banknotes to count for most of the currency. The National Bank Act brought financial stability to the nation, but failed to solve the nation’s financial issues.
The penny serves as a testament to our past and remind us of the influential Lincoln that paved the way for modern society. It is unpatriotic and economically inefficient to abolish the penny as it is
To sum up, if people took the time to research how the penny was affecting us as a nation we could be closer to the
“I really have no use for pennies, says Reno Conte, I use my credit card most of the time. ”-Pennies don’t make sense to a lot of americans. “I think pennies are useless, says Stanford. If i have a penny in my pocket, I try to get rid of it as soon as possible” These are just two people that said they have no use for the penny and wouldn’t care if was not here anymore. ”Pennies are a nuisance and it’s time for them to go.
The states, back then, had the choice to choose paper money, and most of them did because they didn’t really want to pay taxes with their gold and silver. With this change in currency, the value fell and hurt the economic “reputation”. If the federal government hadn’t given the state governments the right to choose paper money they would have been much better off in the long run. Overall, in his article The Devil in Devolution, Donahue’s main point was the states were being given too much power and weren’t necessarily able to handle all the responsibility properly that comes with power like the federal government would have been able
The density of the penny was 4.68 g/cm3 before the experiment and 4.43 g/cm3 at the end of the experiment. The density of gold, though, is 19.3 g/cm3. Since the densities of the penny and the gold are different, the penny clearly did not change into another element. The gold color of the penny was a result of the flame that it was held above melting the zinc that it was coated in with the original bronze colored coating of the penny, creating an alloy with a shiny yellow color. Since neither of the pennies, silver colored or gold, changed densities throughout the experiment and each retained their own properties; the properties of copper; no new elements were
Pennies cost more than they 're worth, and the United States should cease production to due this fact. According to Source #1, the U.S. penny costs 2.41 cents to produce one penny. That 's is over two times of what it can pay for. In 2011, the governments taxpayers lost $60.2 million on the production and distribution of pennies. The year prior— 2010— taxpayers lost $27.4 million, and in 2009, they lost $19.8 million (Source #1).
The penny does have some good and it isn 't the only coin that cost more to produce than its worth. The nickel is 9.4 cents to produce while the penny is 2.4 cents to produce. People say if the nickel is more to produce than its worth why don 't we get rid of the nickel too, well the nickel you can buy more stuff with and the penny has less value and can 't really help you buy anything. Yes, the penny does help schools raise money for charity,Washington middle raised 3000 dollars in a penny drive last week.(source 3) If washington middle school raised 3000 dollars that would equal to 4200 dollars wasted in the
The United States mint confirmed in 2014 that,”...each zinc and copper coin costs 2.41 cents to produce and distribute”(Sommer, 4). This means that the coin isn’t cost-effective, or it is not productive in relation to the items cost. This costs up to $60 million, and near $20 million in losses annually. In addition,
Arizona Republican Kolbe, proposed the “Legal Tender Modernization Act”, which rounds prices up or down. The penny would not be ban by this act but merely would render the penny useless (Kolbe). If this system made the penny useless, it would be a better idea to ban it fully. Not banning it would still allow penny production
Argumentative Text Essay In the book Nickel and Dimed, written by Barbara Ehrenreich, the author argues how challenging it is to live in a life of poverty. To prove to herself as well as others that this statement is accurate, she makes the decision to experience this lifestyle firsthand by taking low-wage jobs and recording the results. Ehrenreich took on jobs including a maid service, waitressing, and assisting the nursing home to make enough money for a place to sleep and food to eat. The work’s central argument is the fact that minimum and low wage workers face a myriad of difficulties in getting by in America; they receive very low pay, harsh treatments from their employers, and the inability to have an actual life.
Another piece of evidence I have is that in Canada the Canadian senate committee held a meeting on whether the penny should be spared and if they did think that it should be spared to come forward to say why. No one came forward and said why the penny should be spared. My last piece of evidence is that already some countries have already the retired the penny. Those countries made a smooth transition in retiring the penny and that the people were okay with it.
For example,”time wasted counting them could add up to over two hundred million dollars per year.” And again the number could easily go up in the next few years. Also,”eliminated the penny will help same more money. That money could go to the U.S. military or NASA. Furthermore,”the losses have been mounting up twenty seven point four million dollars in 2010, and 19.8 million in 2009.”
The federal tax system is plagued with issues: It doesn 't raise sufficient revenue to back government spending, it is unpredictable, it makes results that are unreasonable, and it impedes monetary productivity. This part examines a few approaches to enhance charges, including making an esteem included duty, expanding natural taxes, improving the corporate expense, treating low-and center pay workers evenhandedly and productively, and guaranteeing suitable tax collection of high-wage family units. A good tax system raises the incomes expected to fund government spending in a way that is as basic, evenhanded, and development well growth as could reasonably be expected. The United States does not have a good tax system.