Has the venerable $.01 piece outlived its usefulness? Check out the website for some of the arguments in favor of eliminating the penny. What do you think? Also check out this guys hilarious rant against the penny.
Sunday, January 23, 2011
Is it time to Retire the Penny?
Has the venerable $.01 piece outlived its usefulness? Check out the website for some of the arguments in favor of eliminating the penny. What do you think? Also check out this guys hilarious rant against the penny.
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42 comments:
There really is no point to the penny. I have never seen anyone drop a penny and stop what they are doing to pick it up. When people give me change for tips at work I usually drop the pennies in places where people won't find them (a cup behind the register); they're completely useless. If it costs more than a hundred times its own value to produce a penny that nobody wants and that will end up under a couch or bed or in your car for the next fifteen years, than it's definitely not worth it. I'm anti-penny.
There pretty much is no value to the usage of a penny. When you go to the fast food restaurant time is wasted to find those few pennies to make a payment. People spend more time looking for their pennies to give away at the register than save them in their piggy banks. I feel like our nation should not waste the effort to make these coins if there is no point to have the penny remain in circulation. It is a waste of money and time when we continue to hold on to the sentimental value of a penny, such as our memorable president Abraham Lincoln's face on the heads side. It is about time that the penny be taken out of circulation. There is no benefit of having a coin in circulation that costs more to make than what it's worth. I am totally anti-penny. I feel bad for all the pennies just lying on the ground, under furniture and possibly in a few trashcans.
The penny, like it or not, is a part of economics. It does have many flaws including the amount to produce it exceeds its worth and many other things. Many people including me at times like to view the penny in a negative manner because it is destroying our society. If the government could produce the coin at a value less than it is worth, then maybe it can solve the governments problems such as the national debt. Maybe then, will the penny have a good purpose in society. If one could think about the penny in a different way, if you can add to the amount of pennies you have, then you can actually gain something from it, but it is rarely done because people frown upon pennies.
If the presented facts are true, then yes, we need to stop producing pennies. I don't see any reason in trying to maintain the produce of pennies as it is inefficient to our economy right now. And we're not exactly in a position where we can waste millions of dollars for fun. Additionally, if we eliminate the penny, we could potentially stop carrying around so much change from transactions that are counted to the nearest cent. If nickel becomes our lowest value coin, everything will be priced by multiples of five, which to me, is much more convenient because you will be less likely to receive a large amount of coins back for change. No more "$29.99" or "3.97"!
I do agree that pennies are worthless. The only thing they are good for is paying off useless school fines because they irritate the bookkeeper, which in return gives me satisfaction. But other than that. Pointless. They take up a majority of my change drawer in my car where I could be holding other important valuables, such as dimes and nickels. A negative I have towards eliminating the penny is there can no longer be a 99 cent menu at Taco Bell because with out Lincoln, it is impossible to fulfill that amount.
I think pennies are pretty inept. I never use them and make sure to discard them into the nearest drain when I get them, and yet they always seem to appear in my room. Many people say they add up, but I'm sure any kid with a piggy-bank that has spent years collecting them were pretty disappointed when they found out that 8 years of adding pennies ended up with a little less than 7 bucks. If the penny is discontinued and prices are rounded to the nickel, who cares? At most you pay an extra 4 cents, nothing to be upset over. The only use pennies have, for me anyway, is to throw them at people. Even as an object of sentimentality it's useless because Lincoln holds a solid position on the 5 dollar bill as well. It's time to let go.
Pennies are merely a waste of money and time. There is no benefit gained from either using or producing the penny, so we should stop minting pennies and allocate the money toward something more useful. I don't think it is right for our money to be spent on something no one cares about. The time people spend on looking for or saving easily misplaced pennies is a complete waste because ultimately, the penny is worth nothing, so the time is spent, but nothing is gained. Eliminating the penny from circulation has only positive outcomes to help boost our economy.
Although I disagree that the penny has no value at all, I do agree that the penny should not in the end cost more money then its worth. Making the penny and having it should not cost more than using the penny. But, I disagree it is completely useful. As well as having historical value, the penny, the penny is useful when something cost eight dollars and three cents. You can then use two pennies, rather than a nickle.
Pennies are awesome. I think everyone can agree that we have had that joy of finding a couple of pennies under the car seat or in the cup holder to scuffle up the exact amount of the drive-thru order, saving us from splitting a dollar note. I agree that the opportunity cost is great, and that the marginal cost exceeds the marginal benefit but what does one propose we do. Economies are fragile and I cannot see how we would simply stop making pennies without utter madness on wall street and in society. The removal of the penny would mean complete reconstruction of our economy and prices. The U.S. government would not "pull the plug" on the penny because they know it would risk the jobs and production of the zinc companies. Our economy is so fixated that removing the penny is pointless. I believe that one day the penny will cease to exist due to the cost to produce it, but I don't think it will be until 2025 at the earliest, and until that day I am glad they're here.
It seems like everyone hates the penny and I wish that I was able to argue, but I can't. The penny is worthless to produce and worthless to use in exchanges. If quitting the production of pennies could really save America billions of dollars, I wonder why it's taking so long to get the word out. From what I've read and heard, we could easily eliminate some of the national debt just by getting rid of few bacteria-infested pennies. Sure there will be some angry people but, in the end, I think we would benefit more without the little guys.
It is a complete waste of time to produce and use penny. The only to use penny is to get ride of them Everyone is trying to give out all the pennies, which they hate, when they try to pay for goods and services that they wanted.When I go to a restaurant, I try my best to pay my check with all the pennies I have, simply because I don't want to carry them around. Also, some sales are on for X.99, I honestly think it would not make a difference if you charge that extra one cent in. If the government is producing pennies that cost more than its value, maybe it is the time to consider
I think pennies are only useless because people make them useless. Because pennies have such a low value, people tend to forget they have a worth. I let pennies add up and then roll them to put in a savings account, which is a positive gain for me. However, after seeing the video, i think it is a bit ridiculous that we spend more to make a penny than it is actually worth, but when you think about it, our government wastes tons of money anyway so it makes sense that they wouldn't do anything to fix this issue.
-Nicole McLellan
What i think about abolishing the penny is that:
even though the penny is not valued right now, i feel like the penny will have a significance value in the future. The nation now have more that 3 trillion debt to pay.
we are gong to need even the last penny to get out of that debt. i feel like the penny is the one that keeps the price stable at this point.When the penny is not in the money system may be the price of every single item would fluctuate. we won't we starting at .1 rather we would start at .5. Then when an item says $1.99. that would mean nothing in the future. people now buy more items when the price tag say $1.99 rather than $2.00.
So i say, keep the penyy. for it will have a great affec tin the future
The penny is worthless. The only coin I actually ever use is the quarter. The rest of the coins just sit at home in this box I have, on my nightstand, or in my car. And I find it very shocking the amount it costs to make both the penny and the nickel. The extra money that those coins are not worth is essentially being just thrown out the window. However, getting rid of the penny could cause a chain reaction in the value of coins. If the worthless penny is thrown out, eventually the nickel, the dime, and even the quarter might also be viewed as useless. Because everything is rounded to the penny now, the same effect would probably occur if everything was rounded to the nicke, dime, or quarter. How exactly far could that trend go?
Although I agree that the penny should not cost more to produce than it is worth, the penny still has value. If the penny was discarded, the price of everything would increase to be rounded to the nearest dollar or multiple of five. It doesn't seem like much, at first, but everything adds up. We would end up spending a lot more money in the long run on everything, and tax would probably have to be increased to have a nice rounded number, as well. I think they should find a cheaper way to make the penny, so the government can stop wasting money.
TO me, I think Pennies are very useful. Without pennies the vaule of money will go up. The only reason that people dont think pennies are vaulable is because they just dont care as much due to the fact that it is only worth one cent. No matter what, it is still money and it is part of our money system. Discontinuing pennies will mean that we will have to pay more and in whole numbers.
As the video commentator and the C.R.P find, the penny is certainly a drag on the U.S. economy. Any item (especially a currency) should be worth about the same (or usually even more) than the materials that went into making it. This is not the case for the penny which costs almost twice the amount of money it is worth to produce. This I agree with, it is indeed a waste of money to continue the production of a form of currency that costs more to produce than it is worth. I feel, however, that the time wasted argument is a quite the exaggeration, as relatively few people use pennies, coins or even cash for their purchases (other than in garage sales, vending machines or in other less than frequent transactions).
I can appreciate the argument against the penny, however...
I like the penny. If it were eliminated from our currency then everything would go up in price and taxes would probably also increase, even though I agree that it is utterly ridiculous for pennies to cost so much to produce. I disagree with the author’s claim that pennies waste such a large amount of time. If people aren’t even willing to pick up a penny off the ground, why would they bother spending 2.4 hours per year of their life dealing with it? I think the number is a probably over exaggerated since people waste their time on so many other things. With all great stories, there are two sides. Where is the argument for the penny? For now, we are only being exposed to one biased side in the penny dilemma. There has to be more reasons why we’ve kept the penny so long and why we continue to keep it.
Besides, the zinc lobbyists in Congress are probably way too influential on the issue and since the politicians don’t care, pennies probably won’t be eliminated from our currency system any time soon.
The penny has a usefulness, to make a child feel lucky because they found a penny and to fill the pockets of zinc mining companies. However, every penny is actually unlucky. We are lying to the kids of the nation because actually it is costing them to actually pick up the penny. The money wasted to produce the penny does not help the kids but actually hurts them in the long run. The zinc companies lobbying money should not matter to any congressman or senator because their money does not equal to $10 BILLION dollars a year! The penny has to go and them we can have a truly luck coin, the dime.
Even though pennies cost a lot to make, if you stop making them, its going to raise the price on items and people wont get their dollar's worth if a penny is cut out. Pennies should be made from a different type of material so they dont cost as much or lower the amount of pennies made.
Pennies, pennies everywhere soon gone down the sink. Pennies are a waste of time and useless. They cost more than they are worth and are rarely used. However, that is not really an argument. Americans specialize in items that cost more than they are worth or items that are useless. If we are looking to save money then we should get rid of all paper money and coins, but that will never happen. Dollar bills wear out in four years and are filthy dirty, but we still like to use cash. Coins are just as dirty and get lost all the time, but how else are children going to learn to count and use money. If we get rid of the penny to "save money" then we should be consistent and carry the plan further.
I do not advocate the destruction of the penny but it is something to think about. What else could we get rid of to help the economy? What else costs more than it is worth?
Sure, pennies cost more to produce than they are actually worth; however, I don't think that's really a valid argument to eliminate them. If we stop producing pennies, what else are we going to start eliminating? The fact is, there is a multitude of things the U.S produces that many people can argue to be "useless" and "not worth making." If we stop producing pennies, what's going to happen to the prices of everything? I, for one, like pennies. I get rich off of them since so many people think they are just "useless" and throw them on the ground for me to pick up.
To be honest I cannot remember the last time I even used a penny. I think they serve absolutely no point to the United States and it would save money and time to do away with it. If there is a greater cost of keeping the penny than its benefit, then they should get rid of them. Most of my pennies are either at the bottom of my cloest somewhere or in the tiny, unreachable spaces in my car. I understand it has a historical value and some people cherish it, but it has served its time and has no purpose anymore. They should get rid of it.
Yeah, there's no need for pennies. Essentially, they are worthless in value. It would save money to stop producing them and it seems that it would be beneficial. I honestly don't even remember the last time I used a penny. No one cares about pennies and it's a waste of money to mint them. They need to be done away with.
In my opinion, I feel as if the penny is honestly very useless. When using pennies, one must first search for them whether in pockets or purses, and then sit there and waste time counting them out. They have such little value to most people of today. In my car, I have about 73992 pennies laying around that don't have enough value to me. I feel as if they're not worth producing and should be banished from society.
Whereas, pennies have decreased in value to the point at which the cost to create them outweighs the relative functional use to society, the penny ought to be retired. Whereas, the half penny was retired when it was worth over ten times what the penny is worth now and whereas the nickel and dime are also, therefore, worth less than the half penny was worth, the nickel and dime ought to be retired. Moreover, in order to avoid inflation, currency ought to be transferred electronically. In this way the US would be able to remain on the same price level without spending money to create money.
Of course the penny should be kept. If anything, it calls for preciseness, something that should be valued in todays society. When there is a sale, the tax brings it to a precise total. I am not going to pay the rounded off nickel value as the people selling items would use that to their advantage - Why not just have it always bumped up to your advantage? Set the price so that in the end it rounds up- adding up to an extra cushion (when added up for milions of consumers) for the business industry. In fact, everything is based of off the "cent" system- as long as we have one dollar bills and one hundred dollar bills, we should continue to have one cent coins. People suggest that it is common sense to get rid of the penny, but in getting rid of that foundation, there is a much greater opportunity to get rid of many other things... Anyway, all lobbyists (yes, even business lobbyists) are not bad. What they do is done in order to support an entire industry that includes mine workers on up. Anyway, the time wasted aspect is minimal. if he wants to throw around figures for the time (and money) we waste, make it on something more meaningful. Like solving the issues related to losing one sock...
The penny is not only inconvenient to use but also costs the national government a huge sum of money to produce them every year. The penny is widely mistreated because of its low value and because using a dollar to pay for a $0.99 burrito is so much more classy than evening it out with 4 pennies. Although it might be quite costly to continue to produce pennies, a sudden halt on penny production would hit the economy and the zinc mining industry hard. A sudden removal of the penny would invite chaos. A more realistic approach would be to gradually reduce the dependency on pennies over time until they are completely gone from the United States currency or to produce less pennies which would relieve some of the money loss. Either way, the penny has got to go.
The United States penny is a worthless piece of zinc that does not deserve to stay in circulation. The penny wastes a lot of American's time at the cash register and is really just a hassle. People spend more time counting, handling, and searching for pennies than they should have to. It costs the US about 100 million dollars a year to produce pennies, which is really just a waste of money considering most Americans drop their pennies and don't bother to pick them up. Eliminating the penny will also get rid of weird prices like 1.67 and 23423432234292.98. I feel that starting tomorrow American's should throw all of their pennies into a giant fire pit, and laugh as they watch them go up in flames.
In all honesty, I have always liked the penny. Our generation grew up being taught that a few pennies could change the prosperity of a foreign country who was less fortunate than the United States; or that if we eventually saved enough of them, it would begin to add up. However, if the information being presented is indeed true, then the discontinuation of the penny is probably best for our nation right now. It is costing our nation a great deal of money for no reason at all. There is no reason that the price for the production of the penny should be higher than its actual worth. However, I am kinda mutual on this one.
No Coin Left Behind Act:
I believe in the penny, it makes the world go 'round. It is my best friend when I am at Sonic Happy hour and my fellow comrade when I need my weekly fix of 5 Gum. Therefore I see a use for pennies. If the penny were to stop existing taxes would go up from .08cents a dollar to .10cents because the government would need the money instead of changing tax to .05cents, where they would clearly lose money. The penny is on the endangered species list!! This is a conspiracy planted by the government. They want more money from us and killing the penny would fulfill that desire. Pennies have never harmed anyone; yeah of course they are a nuisance and a bit clingy but that can change. If we use our pennies accordingly they will be worth much more in years to come. Why people hate pennies I will never know, they have always been there. They fill the empty void between the penny and the nickel, the nickel and the dime. Without pennies I am sure the whole world would count by 5s instead of 1s. So thank the penny for its helpfulness at Sonic Happy Hour, Green Tea Fraps that cost $4.28 and other stuff like scratch-off. I am %100 behind the penny
PRO-PENNY!!!!!
I, against popular opinion, do place value in the penny for the sheer reason that it has no realistic value. At the bottom of every ladder is that first step, but how important is that first step when there is a second step just inches away? Important enough to start the steps. Without the penny the next coin in line would eventually become "worthless" and loose its monetary value. It is just like our senior year. Why have it when we finished with all the necessary academics in our junior year? It is for the sole reason that as human beings we need that space/time in our lives to withstand our nature to continuously cut the lowest foundation in whatever structure we build.
Pennies are worthless to everyone in America except one specific group - the zinc industry. It's elimination, however, would simply allow for the redirection of zinc to any number of other, potentially more profitable venues, so even zinc wouldn't be terribly hurt by its elimination. Compiling the wastes of time and financial capital, and the hassle of dealing with the penny creates an obvious answer. Ditch it, and do it quick.
As the country furthers into more economic droughts, the "lucky penny" adage drifts even worse. Although the American penny has been around for decades, I believe it is useless. Honestly, to tell you the truth, the penny hurts our economy. In our economy, based mainly on marginal cost than marginal benefit, American people are more likely to spend more than millions of dollars a year. Where does the ".01" penny worth stand between all of this? Ultimately, it hurts our economy because as inflation rises, Americans look only toward cost that is worth more, totally disregarding the penny. If we took the penny out of our economic system, we could save millions from having to not buy zinc. We could also save time to price exchanges and say goodbye to pennies on the floor.
Money is money. That's the bottom line. Although, the penny seems to be worthless to some it still is a coin that has been around ever since I can recall. I was always taught that a little adds up to a lot. For example, I have a jar in my room that I fill with pocket change which of course includes pennies and other coin values. After about a year I am able to cash that jar for a nice amount of cash. Might I also add that the jar is mainly filled with pennies surprisingly. The penny, although, small in value does add up. I'm a living witness. Hey, and there's nothing like paying for a fast food meal with the exact amount of change all because of the one penny you find in your car. Long live the penny!
The penny is useless. There's no other way to put it. Even if prices had to be raised to the nearest nickel, the time saved would more than pay for the increased costs. The loss of money to our government from continuing to make pennies is ridiculous. I strongly agree with removing the penny from circulation.
I will have to agree with Austin Nash, pennies are completely useless. They are a burden to everyone except the zinc industry. I do not think the cost is actually $ 10B per year, but it is still safe to say that it IS an extremely large sum.
The penny has more worth as a symbol than as part of the American currency, but what would people whenever they have to actually pay something that has one cent? Pennies may seem worthless and a waste of time, but the penny is necessary for the American economy to prosper, otherwise everything would have to be in increments of five cents which makes the nickle the new penny. So either way there will be a penny or a substitute so there is no point of getting rid of it.
I, against popular opinion, do place value in the penny for the sheer reason that it has no realistic value. At the bottom of every ladder is that first step, but how important is that first step when there is a second step just inches away? Important enough to start the steps. Without the penny the next coin in line would eventually become "worthless" and loose its monetary value. It is just like our senior year. Why have it when we finished with all the necessary academics in our junior year? It is for the sole reason that as human beings we need that space/time in our lives to withstand our nature to continuously cut the lowest foundation in whatever structure we build.
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