The penny, a coin in the United States is valued at one hundredth of a dollar, or one twenty-fifth of a gumball. Over 1.65 trillion pennies have been produced by the United States Mint for circulation since 1792. The United States penny should be taken out of circulation from the United States economy because pennies cost more to make than what they are worth on its face value. The high amount of penny production has led to a large consumption of metals including zinc and copper. Additionally, inflation has caused the penny to have little to no value in today’s economy. The penny should be eliminated from circulation, as pennies cost more in raw materials to make then amount it is worth. The cost of making a penny today costs 1.63 cents …show more content…
Mint 1.63 cents for every penny it produces- almost 7 billion of them in 2014”(Gore). The price of penny production quickly adds up, as those seven billion pennies cost the U.S. Mint over 114 million dollars. This price differencing has led to people melt down the pennies and resell the metal as a raw material for profit. With the elimination of the penny, the U.S. Mint would stop losing profit on production of the penny, and would stop the government from losing money in a time where the United States is in trillions of dollars in debt. The composition of the penny is a mixture of copper and zinc. The composition of a specific penny can be determined by the year of production marked on the coin. In the article “Is My Penny Solid Copper or a Copper-Plated Zinc Cent,” the writer states, “If your… penny has a date before 1982, it is made of 95% copper. If the date is 1983 or later, it is made of 97.5% zinc”(Bucki).The difference in composition has an effect on price, as copper is worth more than zinc. Since the U.S. Mint has began the production of pennies, over 1.65 trillion pennies have been made for circulation. With the average penny weighing three grams, the total mass of all pennies combined is 4.95 trillion grams. That is 10,912,881,978 pounds of copper and zinc that could have been used to reinforce metals such as iron and steel with zinc, or alloys used for electrical engineering and bronze …show more content…
Although the penny has remained the coin representing one-cent, prices of all objects have significantly increased. As stated from the article “Should America Get Rid of the Penny,” “In the early nineties, you could treat yourself to a candy feast for just a few cents”(O’Neill). This differs from the modern economy greatly as one bar of candy would cost approximately one to two dollars. Additionally, pennies are no longer accepted in most vending machines, and to pay for an item solely in pennies would prove to be a gigantic hassle, as even paying for a candy bar would require counting out one-hundred pennies. An argument might be made that removal of the penny could cause inflation of products, but as stated by Justin O’Neill, “Prices would have to be rounded to the nearest nickel”(O’Neill). This could increase some products to raise prices by one to three cents to the nearest nickel, but this would be counterbalanced by some products lowering their prices by one to three cents to get to the nearest
Next, we determined the mass of the penny by placing it on a balance. The mass of the penny was 2.47 grams. Afterwards, we placed the penny in a beaker filled with 20 mL of 6 M HCl. In the end we put the beaker in the fume hood and allowed it to sit overnight. During day two of the penny lab, we removed the penny skin from the beaker using tweezers.
Others may still believe that the penny should be minted and distributed because it is a part of American history. The text “The Ever-Changing Penny” argues, “The history of a penny reveals more than just a coin—it exposes a piece of American culture. The one-cent piece has influenced our language, giving us a number of idioms, such
All in all the penny should not be printed anymore because they cost more to make then they have value, then they are a waste of time as in counting the, and finally reason is that pennies are losing the government money. A reason pennies should not be minted is because the penny costs more to make then it has total value. As stated in the text,” Because the penny costs more than a cent to produce, the Treasury loses more than $100
In “The Gilded Six-Bits”, the story starts off demonstrating the genuine love that Missy May and Joe have in their marriage. Joe starts bragging about this new ice creams parlor in town that is owned by Otis Slemmons. He goes on and on about how rich he looks with his gold jewelry and about how many women throw themselves at him. Missy May gets under the impression that Joe wants to be just like Slemmons and she ends up sleeping with him for money. Joe is devastated, but ultimately forgives
People now argue that the penny should be eliminated because of its lack of significant value and the excess time taken to use them. Although the penny does not have substantial value, it should not be eliminated because it commemorates a very important historical figure, it is popular
People aren’t seen at stores counting off pennies to buy their groceries or a present for a friend very often are they? This is because pennies are just a waste of our time and space. Despite many people’s thoughts on this debate it has been going on for a couple years and we still haven’t came to a conclusion to this. The manufacture of pennies should be discontinued from the United States currency.
This scandalous coinage, also known as the penny, is a lousy excuse for a currency and should be abandoned. The penny costs the American people precious time and money as they attempt to scour through their purse or wallet just for a 1 cent coin, which is having devastating effects on the economy. The obvious solution to this ordeal is removing the penny and rounding all prices to the nearest nickel. On the other side of the argument, people view this as an opportunity for businesses to charge extra for a product or service that you originally would of although, there is simply no hard defining evidence that this would even occur. With everything considered, the penny is a nuisance to society as a whole, we need to abolish it before it creates
For many years people have been fighting to eliminate pennies for many reasons. One of the most popular reasons to eliminate pennies is that pennies cost more to produce than the actual worth of the penny. “The united States government lost $60.2 million on production and distribution of pennies in 2011,” (Sommer) wrote, source #1. (Sommer) also wrote that Each zinc and copper coin cost 2.41 cents to produce and distribute”. Meanwhile a penny is only worth 1 cent.
This has led to growth in the overall economy. After the Revolutionary War in 1775, the United States Government began issuing continentals, the first paper money. However, as the war dragged on, inflation became a major issue and this led to immense debt. By 1780, continentals only retained 1/80th of their original value, making them nearly worthless (The Early Paper Money of America). Evidently, the economies of the American colonies needed to be more federalized.
“The time has come to abolish the outdated, almost worthless, bothersome, and wasteful penny,” says William Safire. The coin today is not worth what it was before, and very few items can be purchased with the penny. Also, the cost to produce and ship the penny through the country cost more than it is worth. Reason one as to why the penny should be eliminated because in today 's world nothing can be purchased with a penny.
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
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!
“ The U.S. is among the last of the industrialized nations to abolish the peskiest little bits of coinage” (Source C). More and more counties will soon join in on the laughter as they dismantle their low value coins. It would be a different story if we used the pennies. Only about one-third of the pennies are in circulation, the other two-thirds of them are hiding in our chair cushions (Source C). Not only is the government losing money from the missing two-thirds, but it is also wasting money on workers.
That is why I am supporting the retirement of the pennies. With me supporting the retirement of the penny I have some evidence on why the penny should be retired. One piece I have is in the article it states that it costs 11 million dollars to make pennies in other countries. That it is a lot of money being used even though the penny doesn’t really get used, it just gets pushed to the side and never gets used. They could be doing more with the 11 million dollars.
Do you know what cost more to make then what is worth,cost taxpayers millions each year to produce and is a hide waste of time? Well it's the penny. For many years the United States have been debated whether or not they should discontinue the penny. They should stop production of the penny because it cost too much to make, it's very time consuming and many Americans are ready to make away from the one cent. Now let me tell you all I the reasons.