William safire writes a all right argumentative piece on why america no longer has any demand for a annoying coin of cu that costs more in employee-hours than it is really deserving. The us one cent coin, or penny, has almost no purchasing power today the cost of making the pennies (166 cents each) is higher than face value, and the melt value of pennies ranges from more than two cents for the pre-1982 copper pennies, to nearly a full cent for the copper plated zinc pennies. One reason is that a 1p coin is now worth less than the 1/2p was when it was abolished in 1984 a penny back then was worth three times what it is today, thanks to the effect of inflation. The cost has been as high as 241 cents per penny produced, and entering 2015, it was 167 cents per penny advertisement since pennies rarely circulate, banks have to order more of them to. There's precedent here: in 1984, the uk abolished the halfpenny the boe says the concerns about inflation were unfounded then and remain so today after years of debate , it might be time to.
10 in the 1980s, us military bases overseas abolished the penny and began rounding all transactions up or down to the nearest five cents this is the system canada plans to implement later this. For this debate penny refers to the one-cent-coin the model i am proposing is that the us mint simply stops producing any more pennies all pennies currently in circulation are to remain as legal tender. Student moves on to an argument to abolish the penny coin the student notes the sentimental and historical reasons for keeping the penny but asserts that the more important issue is the relative monetary.
The penny might be more trouble than it's worth the cost to produce the one-cent coin increased to 15 cents during 2016, the wall street journal reported in 2015, the penny cost 143 cents to make, while in 2014, its production value was 166 cents. Script the story of the penny starts in the first us mint founded in 1792 which produced these one-cent pieces along with other coins including the quarter, dime, half dime and a mystery coin that we'll get back to later. Joe penny was born joseph edward penny jr must read articles how the ferrero family became one of the wealthiest families on the planet, with a combined net worth of $229 billion.
A 2014 poll by americans for common cents found even stronger numbers in favor of pennies, saying 68% of adults want the penny to stay in circulation - although the fact that the poll was conducted by a pro-penny group suggests that the questions might be somewhat biased toward the pro-penny side. I want to know how people feel about the stupid thing i would like to be rid of the brown abomination you can't buy anything for a cent now-a-days so why is it here. Furthermore, this process has already happened once, with the half-pence, and us military bases have already abolished the penny countries like new zealand, finland, and australia have done similarly without a problem. The united states should abolish the penny because its value has greatly diminished and it is inefficient to start off, the penny should be abolished because the value of the penny has greatly diminished in the last few decades. Today, a penny, which is worth one cent, costs 241 cents to make a 141 cent difference may seem minute, but when these coins are produced in such large quantities, it's important to keep the.
Abolishing the penny: the biggest questions now days are, should the penny really be abolished and why is the penny still in route like its ten or five cents. Of course, this penny solution only applied to on-base transactions - us money was generally difficult to spend off base - but that simple policy was, and is, a simple solution to a really not-so-difficult-to-deal-with problem though credit/debit cards were used less then, there wasn't a problem there as you would simply pay the full. Here are a few reasons why we should abolish the penny abolish the penny to save money it costs about 17 cents to make one penny that means that every time a. Abolishing the penny is a move that is likely to work against the interests of charity organisations many charities rely significantly on spare change for funding, and though it may seem small, the total power of the penny shouldn't be underestimated: in 2009, the leukemia and lymphoma society of the usa celebrated raising $150 million- entirely in the form of 15 billion pennies.
The next time you offer someone a penny for their thoughts, step back and rethink your meager offer of copper nobody wants your penny - or do they. You've probably heard that it actually cost more money to make a penny than a penny is worth as of 2014, the cost of making a penny was estimated at 17 cents. Penny, nickel, monetary reform.
Back in the day, the penny was made of mostly copper, but in recent years, the penny as transferred its internal structure to zinc the making of the penny provides many jobs to the employees of the zinc companies , which is a very valuable quality. To abolish penny would be to give into inflation and to trash 1000 years of history #soundmoney 3:57 pm - 13 mar 2018 38 retweets 87 likes. William safire: abolish the penny essay sample william safire writes a fine argumentative piece on why america no longer has any need for a bothersome coin of copper that costs more in employee-hours, than it is actually worth.
This meaningless coin is losing money for the mint, and should be abolished the penny costs 14 cents to manufacture each time at the mint this is causing the mint to lose money for the treasury. Abolish the penny not surego ahead and abolish the penny as long as i have the choice to round down to nickel, but you know that retailers and those that sell will round up to the next highest nickel. A penny, by contrast, has almost no purchasing power that means that the real resources involved in producing one, though hardly enormous, are big enough to make it unprofitable.