Abolish The Penny Essay Unusual Argumentative Essay Topics
But, even if pennies were minted from something more representative of their true value – like plastic or lint – it wouldn’t fix the fundamental problem that pennies are bad for people and the economy.
Here’s why: The purpose of physical, cash money is to make it easy to transact the everyday business of buying stuff. Rather than bartering like savages for it, you use cash as a medium of exchange.
Charities benefit from spare change because, since people do not care about it, they are more likely to give it away.
Charities worry that if the nickel becomes the smallest denomination, then people will value change more.
Now, if you want to spend pennies, you’re going to have to put in some effort.
A 2006 Coinstar poll found that 33 percent of American men and 22 percent of American women do not value spare change.These adjustments are not costless, so there is resistance from some parties who do not want to pay transition costs. Whatever the rationale, 58 percent of men and 73 percent of women wanted to keep the penny in 2006, according to a Coinstar poll.The decision to discontinue it would incur political backlash. Her areas of writing expertise include economic theory and applications, Russian culture and scuba diving.It is unclear whether the rounding would be up or down.Proponents of the penny argue that shopkeepers would tend to round up, increasing prices.Shopkeepers would have to either change the prices on all of the items in their inventories or reprogram registers to round automatically when an item is charged.Companies would need to update their price catalogs. Some are opposed to change, and others are attached to the penny for sentimental reasons.She holds a Bachelor of Arts in economics and international studies from Yale University.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.The debate over whether to keep the penny or discontinue it has intensified since the penny crossed the line of one-cent production cost per penny. Those who support getting rid of the penny argue that it is useless, inconvenient and takes up space that could be given to other denominations of currency.Common Cents, an organization devoted to keeping the penny, runs an annual Penny Harvest and supports the penny largely because of its importance to charities.