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Is it time to retire the penny? Click on the link above and check out the organized opposition to the penny. Yet is still lives on. After checking out the website, view this guys hilarious take on the penny. Post your stance on the venerable $.01 piece in 3-5 sentences.
33 comments:
That guy is completely right! To me, the penny, let alone the nickel, serves little purpose to me when I buy things. Making nickels and pennies are a waste of tax dollars that could be put to use elsewhere.
Without a doubt I would agree with this guy event though he's kinda crazy. I would agree that it is time for the penny to retire because it is costing more to mint the pennies then what the pennies actually cost. The opportunity cost of the excess amount of money used to mint the pennies could help the Nation get out of debt. Minting pennies is just adding more money into our large debt (aprox. 70 mil/yr). If pennies actually took 1 penny to mint, i would have no problem with pennies. But as of now, i would want the penny to retire because its just wasting the nations cash (taxes) that could be put to better use(opportunity cost) .
The penny has diminished to have little value. Since it does not even facilitate commerce, there is no use spending more money to produce a worthless coin. Also, the myths involved with abolishing the coin are fallacies: if America made every price of every good a multiple of 5, neither the consumer nor the buyer will benefit. Furthermore, the Department of Defense, as well as nearly every other country in the world, has eradicated the use of a one-cent coin with no negative effects. Evidently, the penny has outlived its use.
I completely agree that the penny should be retired. Not only does the production of pennies cost Americans more money to make them than they are worth, but also prices have grown so that pennies are not an efficient method of trade. Australia retired their penny equivalent and no significant consequences appeared. Similarly, the US retired the half-cent in 1857 while the half-cent had more buying power than today's penny. In short, Pennies must go.
I agree with the man in the video. Pennies do add up, but not nearly to as much as they should. If it costs more to make a penny, and a nickel for that matter, and it is putting our country more in debt, I'm all for getting rid of them. But that makes me wonder..how much does it cost to make a quarter? Also, how do we go about getting rid of the penny?
The fact that pennies are costing the taxpayers (us) more money than is necessary to make argues illogical reasoning in today's society. It has been proven by countries around the world and by the Department of Defense that the expulsion of pennies or other minimum units of value would not have any negative impacts. Finally, a country cannot run today's economy on sentimental reasons such as retiring the penny would be dishonoring Abraham Lincoln. In my opinion, Abe is worth more than a penny to me, which is why he's on the five dollar bill. In retrospect, the penny no longer has any use.
The only argument against outlawing the penny is Abe Lincoln, but the 5 dollar bill makes that fall flat. The penny has been here for long enough. What I don't get is that the government keeps making them. Why would you make something that costs more to make than it's worth? Change would have to go by fives but 4 cents doesn't make much of a difference. The country would benefit immensely if the penny was abolished.
I most definitely agree that producing the penny is a waste of resources and productivity. From what the experts say, it would not be much trouble at all to remove it from circulation, making the decision quite easy. I would have sentiments towards the penny, but at the same time, sentiments are not worth billions of wasted dollars. I also really really really dislike change in the first place, especially when something costs $5.01 for example... and you don't have a penny. It's one of the most annoying thing in the world, receiving 99 cents in change.
There honestly is not much of a point for a penny. Although the absence of the penny may create some change problems, rounding and an open mind can easily resolve the issue. Similarly, the amount of money spent and lost on making pennies is ridiculous. There are limitless options where that money could go to.
I am completely in favor of removing the penny for good. It makes no sense whatsoever to produce something for more than it is worth. It not only goes against all rules of economics, it also goes against common sense! The removal of the penny could help the economy a lot, and at this point in our debt,it will help us pay back billions of dollars. In order to keep the public from freaking out we can begin with the discontinuation of the penny and then progress to taking down the nickel.
I honestly agree that the penny should be retired. A penny is useless. Not only that, it costs a lot more money to make it, than its actual worth. Abraham Lincoln will still be honored because he is on the $5 bill.
As a cashier, I hate pennies. Probably even more than this guy. I've been saying we should get rid of pennies for years since the first time I saw that it cost more to make one than they are actually worth. Getting rid of pennies, as this guy has said, would save everyone time, money, and frustration. With all the many reasons to get rid of the penny, and such few trivial reasons to keep it, I'm surprised it hasn't been done away with already.
If everything the article and that guy said is true then yes i would agree that the penny and nickel shouldn't be made anymore, but because I do not know all the facts about pennies and nickels I can't rightfully say that getting rid of them is the right thing to do. I believe that another reason exists other than sentimental reasons as to why the U.S government keeps producing pennies.
Yes i do agree with the crazy guy in the video. He is honestly and accurately correct about the production and worth of the copper disk. If it costs you more to make something than what its worth, why would you make it? However, i do agree with Donovan. I am pretty sure there is probably some other reason for its existence. I mean, they can't all be stupid. If the penny was such a bad idea then i am pretty sure we would have gotten rid of it long time ago. and i don't think president Lincoln would mind getting rid of something that is basically worthless, even if he is on it.
I completely agree with this man that the penny should be retired. I never truly realized that pennies actually cost the American economy so much money to mint (1.7 cents). If America stopped making pennies, we could use that money in more necessary areas, such as job development. As the man states, not only are pennies pointless, but many services (i.e. vending machines) do not even accept them. Regardless of sentimental value, pennies are virtually worthless and are detrimental to our economy, proving why the penny should be retired once and for all.
i believe the penny should be retired. They are costing unnecessarily that could and should be used to help the economy. As the website stated, retiring a coin can be done with out any drastic harm to the nation and as for sentimental value, many people find them to be more of a nuisance and a waste of space than part of our tradition.
At first I didn't want to admit that the penny has no value but after hearing his rant I'd have to agree. I guess I am one of those people who are sentimental when it comes to the penny. It doesn't really have a purpose and if its costing us that much to make them what is the point. Its time to retire the penny. But, nickels are important they have a purpose, I personally us nickles a lot when I buy items. So, pennies its time has come but nickles are still needed.
Because a penny's worth is less than its production cost, it should be retired. Like the man said in the video, the opportunity cost for the production of pennies clearly shows that it is unnecessary to the economy. $1 billion goes to waste when society can being using the money for something useful. Hence, the penny is no longer of use and should retire.
The penny, as well as the nickel, have become useless change in today's world where we can't buy a lollipop for a cent anymore. I think that both the penny and nickel should cease to exist because of the cost it takes to make them. The vast amount of money used to produce these coins can be used to benefit something else.
This guy is on point! Clearly there is no use of pennies in this country. So why spend billions on producing that is worthless? Since studies have proven pennies are worthless, United States should make a move on stopping the production of pennies. Same goes for nickels, pretty worthless!
It is true that the penny and the nickle are hardly used, however the change would be to great to do overnight. Although it is true that the production of pennies is a waste since almost nobody pays for items with them, it would be difficult for the price of an item to be adjusted along with taxes for change to always equal a multiple of 5. It would be possible to get rid of the penny, but it would take a great amount of work from everyone to do it.
Without a doubt I completely agree with this guy. I did not know it cost more to produce a penny than it's worth. So I was pretty shocked and angry at the government. He said it cost millions to produce pennies. Many people don't even use pennies anymore, they just throw it away. I think eliminating pennies might even help lower this country's debt.
I completely agree with this man. I find pennies fully insignificant to our society. They don’t seem to help us in any sort of way. We could do so many other things to help our economy with the cost of making pennies. I believe that it’s time for our government to stop producing pennies, and do something valuable for our economy.
It is pretty crazy that the production of a penny wastes the tax payer’s money by creating something with such little use. Why would you make such a thing, like a penny, that costs twice as much to produce than it is actually worth? The penny seems so insignificant and practically useless because it has such little value and it decreases constantly, year after year. It plays such a little role in our daily lives because people more or less focus on paper money and higher amounts of coin money such as dimes and quarters. Oh well if Honest Abe is upset he is on the five dollar bill so it really shouldn't matter that much. People need to wake up and realize what the penny and its production are doing to our economy and utilize that excess money to some other cause and not on a useless penny.
We should definitely stop with the pennies. It's about time to cash them in for what they're worth. There's really no point in keeping the penny around; it's a waste of our resources.
The penny may be worthless, but the sentimental value attached to it is not. Production of the penny probably should cease because of the opportunity cost of it. Our countries debt is immense and reducing spending on sentimental products would help it. The public has already put a coin out of use, there should be no problem with retiring another
This guy is completely right, it is time to give up the penny. It is crazy to produce something that is worth less than it cost to make the product. Especially if the United State can save millions to billions of dollars just to stop making something that is worthless. The world needs to forget the penny.
Pennies in a sense are completely worthless. As mentioned before, they hold no significant value for the American economy, and in fact hurt more than anything else. In my opinion, the only reason that pennies are still around today is because Americans believe that they hold some sort of sentimental value in history, but in reality, that's the only thing that they are good for. Pennies area waist of time, energy, and resources, all things that are valued in today's society. It's time to leave pennies in the past.
I agree that the penny should be retired henceforth. It serves little use, often getting lost or inadvertently stolen. The fact that it costs more to produce than its actually valued at serves as another reason to get rid of it. Getting rid of them and ceasing their production will help ease the nation's debt.
Yay! John Green! Have you seen his crash course World History?
Anyways, I don't believe that the penny should exist as, like Green said, the opportunity cost for the penny is far beyond it's worst, as well as the supplies used for the penny. Why keep something that's not worth something?
I absolutely agreed with the guy from the video. i think its time to retire penny. The fact that it costs more to produce than the actual value of the penny is the main reason why we should get rid of them. The removal of the penny could help the economy a lot,it will help us pay back billions of dollars at this point in our debt. it is also a save from our scarce resources.
Up until i watched this video i was pro-penny. However, now that i have actually heard the other side of the arguement, i say away with all the pennies. I used to think it was handy, and for people who adamently save them and keep track of them can end up with a couple hundred dollars sometimes is pretty cool! Who does'mt love a couple hundred dollars? But with the really bad oppertunity costs it takes to make them, nickels too, i feel like they should be done with!!
I totally agree with the retirement of the penny. Pennies nowadays are useless. You don't see people going to the store and buying $200 worth of groceries in pennies. If we are spending more money to make the pennies, then that is saying that they need to go because we are wasting money. Bye bye pennies.
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