"A Penny for Thought"
Lindley Russell
March 9, 2014
Atkins
A Penny for Thought The great debate of the penny is an intriguing and quite controversial one. While some may feel the penny is worthless and not needed, others argue passionately that the penny is worthy of great praise and deserves to be kept around. It is not only a great American tradition with great sentiment but it is also functional and extremely convenient. Along with unequivocal opinions, statistics are also available to prove how practical and favorable pennies really are. For starters, pennies are purely an age-old American tradition. It has been a proud practice since 1793 when pennies were first produced by the U.S. Mint (Fuljenz). America is truly based on long-lived rituals and the penny is among them. Traditions like these are what make America, America and by preserving them we are preserving the eminence of our great country. Imagine a world that could not feel the joy and excitement of throwing a penny into a fountain. Many Americans have their own prized collection of pennies; whether it is in a jar in the laundry room, a huge pink piggy bank, or a giant plastic jug. Pennies are an ingredient to living the true, authentic American life. As if that wasn’t enough, pennies are essential for exact change. If the penny is taken away from our nation, retailers are bound to round upwards (Williams). Purchases for $15.66 today will round up to $15.70 (Estrin). With one purchase, it does not seem like a big issue but it will soon add up to more than you can expect. Professor of Economics at Penn State University, Raymond Lombra, Ph. D., conducted a study that concluded that, if the penny were eliminated and stores were to round up prices to the nearest nickel, Americans would lose roughly $600 million yearly. Americans for Common Cents, a pro-penny organization, also conducted a survey which revealed that 77% of Americans are concerned of the possibility of elevated prices if the rounding system was
March 9, 2014
Atkins
A Penny for Thought The great debate of the penny is an intriguing and quite controversial one. While some may feel the penny is worthless and not needed, others argue passionately that the penny is worthy of great praise and deserves to be kept around. It is not only a great American tradition with great sentiment but it is also functional and extremely convenient. Along with unequivocal opinions, statistics are also available to prove how practical and favorable pennies really are. For starters, pennies are purely an age-old American tradition. It has been a proud practice since 1793 when pennies were first produced by the U.S. Mint (Fuljenz). America is truly based on long-lived rituals and the penny is among them. Traditions like these are what make America, America and by preserving them we are preserving the eminence of our great country. Imagine a world that could not feel the joy and excitement of throwing a penny into a fountain. Many Americans have their own prized collection of pennies; whether it is in a jar in the laundry room, a huge pink piggy bank, or a giant plastic jug. Pennies are an ingredient to living the true, authentic American life. As if that wasn’t enough, pennies are essential for exact change. If the penny is taken away from our nation, retailers are bound to round upwards (Williams). Purchases for $15.66 today will round up to $15.70 (Estrin). With one purchase, it does not seem like a big issue but it will soon add up to more than you can expect. Professor of Economics at Penn State University, Raymond Lombra, Ph. D., conducted a study that concluded that, if the penny were eliminated and stores were to round up prices to the nearest nickel, Americans would lose roughly $600 million yearly. Americans for Common Cents, a pro-penny organization, also conducted a survey which revealed that 77% of Americans are concerned of the possibility of elevated prices if the rounding system was
Cited: Bosco, Rodney, and Kevin Davis. Impact of Eliminating the Penny on the United States Mint 's Cost and Profit in Fiscal Year 2011. Publication. N.p.: Navigant Consulting, 2012. Web. 05 Mar. 2014. . Estrin, Michael. "Is the US Getting Rid of the Penny?" Bankrate.com. N.p., 31 July 2013. Web. 05 Mar. 2014. Fuljenz, Mike. "AMAC - The Conservative Alternative to AARP." AMAC.com. AMAC Inc, 31 July 2013. Web. 05 Mar. 2014. Lombra, Raymond. “Statement of Raymond E Lombra Before the Senate Banking Committee.” June 1990. Testimony. (available in writing at pennies.org) Pennies.org. Americans for Common Cents, n.d. Web. 05 Mar. 2014. . Williams, Geoff. "The American Penny: How It 's Stuck Around All These Years." US News RSS. N.p., 14 Feb. 2013. Web. 05 Mar. 2014.