The Fascinating Journey of the United States Penny, Penny Stocks Trading Guide: A Beginner's Primer, Creating an LLC NJ: A Simple, Step-by-Step Guide. A nonpartisan organization called Citizens to Retire the U.S. Penny has attracted the support of economists from Harvard and Wake Forest University. PDF The Value of a Penny Most Americans want to keep the penny. Whaples, by contrast, analyzed actual data from more than 200,000 convenience-store transactions in seven states. After all, we still need the coin for a number of reasons. Although debate continues today about whether we should get rid of the penny entirely or not, its long history is something worth noting and its clear that it has undergone some monumental changes over time from its composition to its patterns on both sides - which makes it an interesting part of our nations history. Should the penny stay in circulation? In all, it lost $58 million and the Mint, keep in mind, is a federal agency that traditionally makes money in more ways than one. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. What Is a Financial Statement Restatement? "Microcap Stock: A Guide for Investors." The problem was resolved by reducing the size of the cent and changing its composition from copper to an alloy of copper and nickel. The penny is an interesting coin to discuss. In 2017 it cost the U.S. Mint 1.8 cents to make each penny and 6.6 cents for each nickel. Should Pennies Be Eliminated Research Paper - 539 Words | Bartleby The penny's diminishing role means that it may not be here for much longer - so get rid of those spare coins you have tossed around in your pocket! Dominic Townsend is a successful article author based in New York City. Proponents of the penny argue that shopkeepers would tend to round up, increasing prices. Should We Get Rid of the Penny? - Reasons to Keep It vs - YouTube Accessed April 27, 2023. https://www.procon.org/headlines/should-the-penny-stay-in-circulation-top-3-pros-and-cons/, United States Mint, "United States Mint 2020 Annual Report," usmint.gov, 2021, Brian Milligan, "The Penny Coin: Should We Follow Ireland and Phase It Out?," bbc.com, May 8, 2016, The Harris Poll, "Penny for Your Thoughts? Her areas of writing expertise include economic theory and applications, Russian culture and scuba diving. But today, vending machines don't accept pennies, parking meters are coinless and automatic toll booths won't take them either. Currently there's no action being taken on the elimination of the penny. Accessed Oct. 21, 2020. Will a suitable substitute be found? They are good for societies that help with cancer, fundraiser, etc. That means that annually, the United States loses 60 million dollars in pennies every year! All of this numismatic change took place without any significant problems. More recently, a 2017 paper by economist Robert Shapiro estimated that each penny only gets used around twice per year, or 55 times over its lifespan. In recent years, a debate on whether or not America should keep the penny has arisen. In addition, zinc is toxic in high doses and small amounts can contaminate water and soil in the area surrounding ore roll producing pennies. According to an old superstition, its good luck to find a penny on the sidewalk. All Rights Reserved. Charities benefit from spare change because, since people do not care about it, they are more likely to give it away. How Much Is My Modern Jefferson Nickel Worth. Arguments for and Against Keeping the Penny - The Spruce Crafts Get DIY project ideas and easy-to-follow crafts to help you spruce up your space. In 1857, the U.S. Mint stopped making the half-cent coin, partly because the cost of making it had exceeded its face value, and somewhat because it was considered to be too small a denomination and it was no longer needed. Yes, abolishing the penny is worth considering. ], [Editors Note: The MLA citation style requires double spacing within entries. 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. Summary: Pennies are made of zinc and copper, and zinc can be harmful: Zinc mining and industrial use has negative . The ubiquitous one-cent coin has been a part of our everyday lives for over two centuries - and some argue that it's time to get rid of it. 1943 pennies were made out of a mixture of steel and copper, due to the war effort during World War II. Four decades ago, the Mint made more than 1.5 million prototype aluminum cents during a similar crisis, with every expectation they would soon see use in circulation. You can also make some hand-stamped bling like this . Based on this data, Whaples concluded that after sales taxes and fees, consumers would come out slightly ahead on average with prices rounded off to the nickel. However, it could be biased because of the differences between segments of the population that pay electronically and with cash.
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