Should We Abolish the Penny?

Topics: Thomas Jefferson, Pennies, Jefferson Memorial Pages: 2 (612 words) Published: October 28, 2012
From “jingl[ing] in … [our] pockets” to rolling off counters, the penny serves as an essential facet of everyday life, for without its existence, prices would increase, the way we save our money would change, and we would lose an important testament to our national roots. If we eliminated the penny, “cash transactions would [have to be] rounded up or down,” but most likely up to the nickel, for merchants would probably round everything up in their favor, costing us more for everything we buy. Eliminating the penny just gives our government the option of raising prices and taxes by default. Instead of going to a store and seeing an item for $9.99, it is automatically $10.00. If taxes make an item that is $1 to $1.06, how can you get the correct change back if the penny is eliminated? This is simply something to consider. A business would have to arrange all of their prices according to tax and elimination of the penny. If the penny is eliminated, our government had better have a good layout for businesses and banks that does not require us to spend more. Additionally, the manner in which thrifty people save their money would transform dramatically. As source B points out, people who have thousands of pennies saved up from over the years of rescuing them from the streets and from the deep, dark crevices of sofa cushions will not have the opportunity to convert these pennies into thousands of dollars. I can say this from experience because my grandma has saved every penny she has seen in a big jar since I was little and plans to give it to me for my college fund. If we abolish, as Safire calls, the “worthless, bothersome, and wasteful penny,” then my poor grandma’s sixteen year’s collection of pennies will have gone to waste. Also, the people who really need to be thrifty, the poor, will be affected the most, because they are most likely to make more frequent, smaller purchases, thus suffering the rounding up more often. Another problem that falls in this category...
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