Resolution to Abolish the Penny

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  • Topic: United States, Pound sterling, Cent
  • Pages : 1 (411 words )
  • Download(s) : 130
  • Published : October 25, 2012
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A resolution to abolish the penny

Okay everyone… think about this. How often do you pass by pennies lying on the sidewalk and don’t pick them up? Okay, maybe some of you pick up the penny and throw it over your shoulder whilst making a wish for good luck. But really, think about it… a penny itself doesn’t really mean as much as it used to. Why? Cause with decades of inflation, a penny isn’t really worth much anymore. In fact, it actually cost two pennies just to produce a single penny. There are many factors that go toward my proposal to eliminate the penny such as: The fact that prices would not get higher; research has shown that using data on nearly 200,000 transactions from a multi-state convenience store chain shows that rounding would have virtually no effect. Consumers would gain a tiny amount of about 1/40th of a cent per transaction. Pennies are nearly useless nowadays… they’re not accepted in many vending machines or toll booths. They are also most generally not accepted in bulk. Also, people don’t usually use single cents to pay at all; they’re more likely to use bigger change and get pennies in return. Pennies usually end up sitting in jars or are thrown out, making them no longer in circulation. Some of the hazards that go along with pennies, more so than other coins, are that they hold additional dangers if swallowed by children. If the copper plating is broken down, the penny quickly begins to corrode into a sharp-edged object, which is more likely to be lodged into the digestive tract. Not to mention the fact that zinc and copper digested can be extremely toxic. If you’re around young kids, this is something to think about. An example of different places no longer accepting pennies, is that in 2007, a New York City man was paying for his meal at a Chinese restaurant and they had refused to let him pay with 10 pennies (along with other cash). This man persuaded a state senator to draft a bill requiring pennies to be accepted everywhere at...
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