10 reasons why we should keep the penny
Baby boomers may nostalgically reminisce of a time when the penny was king, but economist Henry Aaron of the Brookings Institution and other nonprofit research groups argue that the penny's time has come and gone. "IRA FAQs - Investments." Should Pennies Be Eliminated Research Paper - 539 Words | Bartleby They support keeping the penny because pennies represent the most expendable part of pocket change. [2][3], The US Mint produces coins as instructed by Congress, so a law would have to be passed by Congress and signed by the President in order for pennies to be removed from circulation. That adds up to a loss of over $61 million for that year alone. Here are both re. Some supporters of the penny point out that its the only coin bearing the image of Abraham Lincoln, probably our nations most revered president. [5], Mark Weller, Executive Director of the pro-penny group Americans for Common Cents, says, The alternative to the penny is rounding to the nickel, and thats something that will negatively impact working families every time they buy a gallon of gas or a gallon of milk. [6], The US Federal Reserve found that minorities and low-income people are more likely to use cash than credit cards. The COVID-19 pandemic could accelerate this trend. As a result, the Mint has to keep making more pennies. To the average American, this is a perfect match: the common mans President on the common mans coin. A Dozen Money Facts You Should Know | Cheapism.com The group that conducted that survey Americans for Common Cents advocates retention of pennies, but impartial polls have come up with similar results. The main pro-penny lobbying group is Americans for Common Cents, which represents Jarden Zinc, the company that makes the zinc and copper blanks from which pennies are produced. I was recently given over 10000 wheat back Lincoln Cents for a YN program we run through the Pennsylvania Association of Numismatists. Whaples, by contrast, analyzed actual data from more than 200,000 convenience-store transactions in seven states. Most Americans want to keep the penny. To access extended pro and con arguments, sources, and discussion questions about whether the penny should stay in circulation, go to ProCon.org. Learn how to keep it safe. While the one-cent, once-copper coin doesn't have the purchasing power it used to, Americans still have a hard time letting it go. It may or may not come as a surprise that it now costs the U.S. Mint almost two cents to make a penny and almost a . the pennyare affected by higher metal costs. Also the United States loses 1.8 cents for every penny being made. These arguments arent based on logic which, ironically, makes them much harder to counter. There's a downside to life without pennies. The change from brass, the previous composition, took place in 1982 as a cost-cutting measure because zinc was much cheaper than copper. The penny has been around for centuries, but it may be time to say farewell. Instance penny supporters claim that the penny still holds value and should be kept in circulation. How Much Is My Modern Jefferson Nickel Worth. procon@eb.com, 2023 Encyclopaedia Britannica, Inc. If we were to get rid of the penny, cash transactions would be rounded to the nearest nickel. Accessed Oct. 21, 2020. (This is true for lots of U.S. ,Sitemap,Sitemap, richard sargent obituary new providence nj. The cent has served the nation well since then, and many Americans view it with affection a sentiment that has grown even stronger since the coin began featuring the likeness of Abraham Lincoln in 1909. Jon Ossoff Approval Rating,
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10 reasons why we should keep the penny