There's a debate raging in the country that is likely to start another civil war. And who else but Abe Lincoln, or at least his likeness, would find himself at the center of it? Yes, I'm talking about the old penny debate. In the past year or so, copper, zinc, and other metal prices have shot through the roof making it more expensive for the mint to produce coins. Right now, it costs about 1.5 cents to make a penny, which means the production of the penny is costing us millions of dollars a year. There are essentially two arguments in this penny debate/
Argument 1-
The penny is worthless. You can't buy anything with it. It costs too much to make and distribute. It's worth more melted down for it's minimal amount of copper (pennies are mostly zinc)than it is as a piece of currency. So let's abolish the penny.
By the way, it is illegal to melt down your pennies and sell them for copper. Just the fact that this law exists in America not only illustrates to me the worthlessness of the penny but also frightens me because I usually think of smelting currency as a problem in developing countries.
Argument 2-
But, but, but, *sniff sniff* it's the penny! We just gotta keep it. It's been around forever! We won't be able to say, "penny for your thoughts" anymore.
Here's my response to that last one. If anyone offers you a penny for your thoughts, you should punch them in the face. They are essentially saying that your thoughts are worthless.
Here's the real, or at least more logical, argument- If the penny is abolished, prices will round up and cost the consumer more money. You will have to buy juice for $3 instead of $2.98.
So there's the debate. I say get rid of pennies, or at least make it legal to smelt them. I've always wanted to smelt something. Where do you stand? Are you penny-anti? (Har, har, I made a word joke) or are you pro-penny? Or should we just scrap it all and beg the EU to use the euro?
Subscribe to:
Post Comments (Atom)
8 comments:
I wouldn't mind losing the penny. Although Peter and I recently cashed in our little coin jar and there were quite a few pennies in there. Once they're saved up it's fun to have an "extra" $10 or so...
Maybe they'll do away with it all and go to the Amero.
I'm all for getting rid of it. While there is some sentimental attachment, they get gross after awhile. You know when you find those old pennies that have gotten wet... they turn green and black and junk just seems to stick to them better than any other coin. However, there is that penny in a jar newlywed game and I've been kinda looking forward to playing that someday... What do we think about the dollar coin? It's interesting how they've tried different ones in hopes that one would stick... from Susan B. to Sacajawea, now old George. I personally like them... though they're harder to carry around in my pocket...
Elisabeth-
It's true. The penny does seem to have more gunk attached to it than any other coin. And I want the dollar coin too. I think the only way we could make it work in America is if we get rid of the dollar bill and make the dollar coin at least 1.5 times the size of the quarter. I read a couple of articles saying that a dollar coin instead of a paper bill would actually save us money too. So get rid of the penny and bring in the dollar coin.
scrap the penny!
Incidentally, in analytical chemistry in college, we dissolved pennies in nitrating acid and had to figure out what percent of each element was in there. It varied year by year and where it was minted. (I'm not sure this was legal)
Before you know it we won't use physical money at all, just plastic cards.
I am not sure if it is plausable... We would have to chang our taxing system. For example. Would we round before or after the tax? If it is before tax is added then we have to round again after tax (and in some states that is a VERY large amount). I guess we could work on a $.05 system instead, just make everything a mutiple of 5, then there would be no rounding. Though that means our current 7% tax rate would have to be 5% (that would NEVER happen) or 10% (this is the more likly outcome).
I am for keeping the penny as long as we keep currency! I propose we get rid of cash! It would be much cheaper (though it would put people out of work). Banks would not have to have huge cash reserves, but then again that is not such a good idea eather because it would be hard for society to adjust...
We ought to scrap the penny and the nickel and just round to the tenth. Then Instead of $5.89 ('five eighty nine) we might say $5.9 (five dollars nine). This might take some getting used to.
This is true. We should also go to the price listed on the shelf is the price with tax. (like at the gas pump and on cigs) that is the only way I see getting rid of things will work...
Post a Comment