Has the venerable $.01 piece outlived its usefulness? Check out the website for some of the arguments in favor of eliminating the penny. What do you think? Also check out this guys hilarious rant against the penny.
The second video is from a guy who loves pennies. Which side are you on? Why?
I think it is time for the penny to be retired. The government’s opportunity cost of the penny is way too high to continue to produce the penny. Many coin related machines don’t even accept pennies. Government money that goes into producing pennies could be put towards more important things. In the long run, our economy would suffer from continuing to produce the penny because, while it is worth 1 cent, the penny costs 1.7 cents to make. The taxpayers of America’s money can be put to a lot more useful things.
ReplyDeleteFatima Wahid
Period 2
It is not time to retire the penny. First off, if the penny is a burden to you, you have the freedom to donate all your precious pennies to charity or even throw them away if you please. The government does not need to get involved in such a petty "issue," as limited government should always be the case, as Adam Smith would definitely agree. Second, if the goverment stops producing pennies, what's to stop them from producing nickels, dimes, quarters? It's a slippery slope. Pennies aren't a problem anyway, so why try to "fix" something that's already working? Third, if the goverment stops making pennies, the government will therefore take the initiative to implement regulations on businesses of all types and mandate that prices be set in multiples of 5 cents. Not only is this petty, but time consuming, rediculous, and overbearing from a government that is supposed to be limited. With so many other problems going on in the world right now, it looks pretty bad that the government would spend even a second thinking about changing a simple monetary system.
ReplyDeleteJackie Rosenthal
4th period
I feel that it is time to retire the penny. Before watching the two vlogs I thought the answer to this question was obvious: keep the penny. After the cost numbers for production of the penny was presented to me, I realized that ax money can be going to other charity events Since most people would argue to give pennies to the poor, it would be better to give a certain percentage of taxes to developing countries. The US could build schools, hospitals, etc. in third world countries.
ReplyDeleteDaanish Virani
2nd period
I believe that we should in fact get rid of the penny. Back in 1972, the penny was worth 5 cents due to inflation. This made the economy really good. Now pennies are considered worthless. It takes $1.77 to create a penny which has very little value. Another problem with obtaining the penny is that the time spent counting and converting other forms of monetary value, such as dimes and nickels, into pennies ends up wasting time. The time wasted leads to a loss of a billion dollars a year. This is not fair to tax payers as they pay up to 70 million dollars, just to lose a billion on time wasted counting up small values of nothing. The only company that would practically benefit from the penny would be a company called Jardon Zinc Products. The ideal goal of money is to facilitate the use of goods and services, but the penny fails to do that. For example, parking meters do not even accept pennies, and that is a machine that only takes coins. The only reason why people may want pennies is simply because we have grown not to use them, but they have been just sitting there. It is similar to a tradition once celebrated when you were young, but no longer celebrated now. I believe getting rid of the penny would seriously save a lot of time, which would end up saving a lot of money.
ReplyDeleteAyoub Nasraddine
Period 6
Oh, the penny! Since its conception in 1909, it has been persuading customers to buy a $20 item for only $19.99. I definitely think that a penny should stay. To me, it has been a staple of American currency and a favorite of wishing wells, piggy banks, and tip jars. "Every penny counts" is a slogan that retains importance even to this day, and I agree with Jackie that if anyone has an intoleration with this famed copper disk, please feel free to donate it to your local charity. I am not oblivious to the many reasons why our smallest coinage should be decommissioned, yet the penny is something near and dear to my heart. Lastly, in accordance with this crazed penny-fan, there are many other things one can do with a penny other than just spending it. Give it to a toddler perhaps... watch how it will brighten his/her day. I dare you. You may one day become rich, but until that time.... hold on to your pennies because, together,they can be worth a fortune. Thank you.
ReplyDeleteWe should get rid of the penny because the costs outweigh the benefits of producing pennies. Pennies costs more to produce than they are worth, we are losing money that could be used in other programs such as helping create jobs. If we stopped producing pennies, then we would save billions of dollars and make the economy far more efficient than it is now with pennies. America has always been about modernizing and developing the country for the better, but the production of pennies is holding back the American economy. So pennies should no longer produced because it is a burden on the economy.
ReplyDeleteAna Salim
4th Period
I feel that we should get rid of the penny for the simple fact that cons to making a penny outweigh the pros to it. It costs 1.7 cents to actually make a penny that is only valued at one cent. Therefore the other 7 billion or so dollars goes nowhere because it was spent on making an item that costs more to make than what it's worth. I also feel that John Green is correct in the sense that by scrambling for pennies in the drive-thru that we are indeed wasting much time that could be spent on something more productive. There are many more reasons as to why I feel that we should get rid of the penny, but mainly because of time and money
ReplyDeleteVictoria Avila - 6th period
Pennies! Before answering this very controversial question I took account into looking at all my options and came to a realization that the penny should not retire. Yes, i know that there is controversy because the amount to make a penny is much more than what it is actually worth. However, lets take into consideration how much money one can acquire by saving a penny a day or so. This is even explained in the "New Ideas From Dead Economist" , by giving the example of what happens when you get a penny and double each day for 21 days. At the end of it all you get no less than $10,485.76. Now I don't know about you, but that money sure adds up, which makes the penny worth something. Furthermore as Jackie clearly states, "if the government stops producing pennies, what's to stop them from producing nickels, dimes, quarters?". This will eventually just lead to us trying to get rid of all are currency. and there is no need to that. If you personally don't like the penny just don't mess with it.
ReplyDeleteCynthia Galán
Period 4
I honestly believe that the penny should be retired. As the website says, it takes 1.77 cents to produce a 1 cent coin, which is almost twice as much as the coin is worth. This also means that the government is losing millions of dollars from making several billion coins. There are way too many pennies in circulation already.Last time I checked I had a penny from about 1975 that is just as worthless as one from 2015, maybe even worth more just due to its age. If I dropped a penny on the ground it would be literally not be worth my time to pick it up.
ReplyDeletePoju Adeogba
DeletePeriod 2
I think we should get rid of the penny. It cost way more than a penny to produce and its loss will not affect much. Chipotle is an example of a company that currently rounds to the nearest nickle. I bet no one noticed that. No one noticed the loss of the penny in that scenario. It cuts down on customer wait time due to penny counting and a majority of consumers pay with cards now a days so the penny is essentially obsolete
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteWhen I initially thought about my answer to this blog i was clearly in favor of removing the penny. As i dove deeper into thought my true American creativity shone. The penny is an essential part of life and its value is much larger than currency. But just looking at the penny for its face value we need to understand that the penny gives us the ability to produce money down to the very cent. While prices may not be substantially changed, prices would either have to be rounded up or down to account for the lack of the ability to produce a single cent. The larger issue at hand is the apocalypse. If the world were to come near its end there would be no debit or credit cards to pay for things. When zombies walk the Earth there won't be any computers that I can insert my chip into to guarantee secured money. At this time the many uses of the penny will shine. I could use them to make art sculptures. I could poison my enemies with the zinc. They can become small projectiles I throw at people in close quarters. I could load them into a shot gun and use them as ammunition. I could look at them in the night and remember the time before Armageddon. I could press them against my newborns stomach to repair their outy belly button. The possibilities are endless. Economically speaking are the pennies outrageous? Why yes, yes they are. But we wouldn't be American if we didn't do things that were a little outrageous.
ReplyDeleteGavin Levy
Period 6
When I initially thought about my answer to this blog i was clearly in favor of removing the penny. As i dove deeper into thought my true American creativity shone. The penny is an essential part of life and its value is much larger than currency. But just looking at the penny for its face value we need to understand that the penny gives us the ability to produce money down to the very cent. While prices may not be substantially changed, prices would either have to be rounded up or down to account for the lack of the ability to produce a single cent. The larger issue at hand is the apocalypse. If the world were to come near its end there would be no debit or credit cards to pay for things. When zombies walk the Earth there won't be any computers that I can insert my chip into to guarantee secured money. At this time the many uses of the penny will shine. I could use them to make art sculptures. I could poison my enemies with the zinc. They can become small projectiles I throw at people in close quarters. I could load them into a shot gun and use them as ammunition. I could look at them in the night and remember the time before Armageddon. I could press them against my newborns stomach to repair their outy belly button. The possibilities are endless. Economically speaking are the pennies outrageous? Why yes, yes they are. But we wouldn't be American if we didn't do things that were a little outrageous.
ReplyDeleteGavin Levy
Period 6
I think the penny should stay. While it does have a very small value, it is historical; it is traditional. America was built upon the foundation of liberty and free market; the penny was a result of this. The penny has been around for a very long time, and I think it should stay. Besides, the penny isn't hurting anyone. In fact, a penny only helps people. As a child, and even today, I saved up my coins that were spare change, and it's rewarding exchanging my accumulation of coins for a big sum of money. It teaches value and savings principles to kids. The penny never hurt anyone...why take it away?
ReplyDeleteRifa Shah
Period 4
I believe that we should get rid of the penny. The penny is terrible for the American economy because of the massive amounts of money that we pour into it every year. After adding up production cost and opportunity cost of producing pennies, economists say that we lose about $900 million every year which is money that we could move to develop the infrastructure of our nation. Not only do pennies subtract from our nation financially but it also wastes a lot of time as it increases time of transactions. Convenience stores estimated that dealing with pennies adds about 2 seconds to exchanges and with over 100 billion cash transactions a year, pennies waste a total of about 120 million hours of our peoples time. Much of this time will be saved if we remove the penny and begin to round towards the nickel or even the dime therefore reducing the wait time at stores that feels like forever as we watch people count out their pennies.
ReplyDeleteI think penny should be kept. There has two big parts of reason why we shou keep it. The first one is penny keeps price low. Once pennies are eliminated, all cash transactions will have to be rounded off to the nearest nickel. Consumers using credit might not affect by this, since their transactions could still be counted out to the cent. However, low-income Americans are more likely than other consumers to pay for their purchases with cash – would be hit especially hard. The second reason is many charities rely on them. Charities such as the Leukemia and Lymphoma Society, the Salvation Army, and Ronald McDonald House raise funds through “penny drives,” encouraging people to donate their unwanted pennies for important causes. The very fact that pennies have so little value makes them useful to charities, because people are happy to give them away.
ReplyDeleteJiayu Wang
Period 4th
This comment has been removed by the author.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteOther than than the money value, Americans also hold a strong value with the penny and it would be hard to give it up. We have had this for a while and it would be like breaking culture if it does not exist anymore. Having pennies will make life easier. If we stop making pennies, we would have to change a lot of prices to a higher rate because we won't have the exact money and if we want change back, the change wont be exact.
ReplyDeleteI think we should keep the penny because I do not want the prices of everything to round up. I am a broke teenager as is, and as cliche as it may seem, every cent counts. I have been collecting pennies in a jar for a year and I think I may have fourteen dollars worth of pennies and I have no intention of getting rid of them. I know it costs a little bit more than one cent to create a penny which means we're losing money, but really, I have fourteen bucks worth of pennies sitting on a shelf. Keep the penny.
ReplyDeleteDahlia Chandrahasan, 4th period
I think the penny should be retired, I have to look at it from an economical point of view. The reasons are various, such as the penny not being accepted in some places, like vending machines and parking meters. Another reason that you have to accept as fact, that the opportunity cost is bigger than the benefit you receive from the penny so basically it is a bad investment, you are paying for something that costs you more money than it brings in. As John Green said, the United States could be pulling in a few billion just by getting rid of the penny. If I am paying double the cost of the product to make it and losing profits, I would not stick with it, its a terrible investment. However, looking at countries like Canada and Australia who have gotten rid of their pennies because they realize they are terrible investments have moved on for the benefit and capitalized on their currency shift. Meanwhile, the fact that America can split right down the middle over the worth of 1/100 of a dollar shocks me.
ReplyDeleteBabur Khan, 4th Period
I dont really see a need for the penny mainly because I dont ever use them when I get on i just put it into the tip jar never keep it
ReplyDeleteDavid sander
4th period
ReplyDeleteI’m in the middle on this subject . Although I see no clear value to the penny, I like them. If there was one thing I knew as a child it was that 100 pennies equaled a dollar. I used to go on penny hunts to collect them as a kid until my jar was full. Then I would go to the bank wrap them up in the penny counters and by as much chocolate as I could afford. If we got rid of it we would have to change how sales tax and prices work...that’s a lot of effort. In reality we are wasting our money on a plethora of useless things so until we are really in a deficit, we can leave the penny alone.
Jackie Landoski
2nd period
I believe that the mint should stop producing pennies because not only does it cost more than a penny than a penny making the government spend millions of dollars making them, it's not convenient in our daily lives. Vending machines and parking meters don't accept pennies. If the mint were to stop producing pennies, the government could use the money that were supposed to be spent on producing pennies to other useful things such as creating new jobs.
ReplyDeleteLucky Marchelino
4th Period
I think we should retire the penny. The value of a penny is just $0.1. You would need 100 of them to use it in a vending machine for a can of soda. I find random pennies on the floor everywhere. Not many people want to keep a bunch of pennies in their wallet. Therefore, i think we should stop the production of the penny.
ReplyDeleteIrene Denny
2nd Period
I am in favor of eliminating the penny. It negatively impacts the economy because the money spent in making it exceeds the money it is worth. Instead of wasting that money, we should use it for other, more important, things. Although the penny is seen as a tradition, there is more benefit in removing it.
ReplyDeleteSarah Sam
6th Period
I agree that the penny should be eliminated from our U.S currency. The penny has lost its value and is costing the country valuable money that is going to waste simply to to the continuation of its production. Pennies have gone from being used for daily transactions and dollar bills being used for non daily transactions. Times have changed and now dollar bills are more commonly used for daily transactions instead of coins and credit cards for non daily transactions instead of dollar bills.
ReplyDeleteAllen Watson
Delete6th Period
The penny should be eliminated from the U.S. People waste valuable time in lengthy transactions involving the penny each year, and it "drains almost $900 million from the U.S. economy per year." The metal can be used to make other, more useful things that don't harm the economy.
ReplyDeleteJoyce
6th
At first i thought we should keep the penny, but after watching the videos, i realized that the penny takes up almost $900 million from the US economy and it is a waste of copper being formed into a coin and distributed all over the country just so that it can sit in an piggy bank or thrown in the trash. As a future tax payer, I would rather save money then waste it on the penny.
ReplyDeleteBritney Stephen
4th
In my opinion, the penny should be taken away from the currency system. The US spends 1.07 cents to make a penny. As a result, $70 million dollars is spent from federal tax money to pay for the penny. I think this is a waste of money and something that could help the economy if the penny was diminished from the coin system. Also, handling pennies add two seconds to every transaction. This at the end cost the economy over $2 billion a year. This is a perfect area in which the US government can alter some changes so we do not waste money, but become more efficent.
ReplyDeleteAshley Abraham
6
It's time for the penny to be retired. I love pennies just as much as the next person. I love finding ones with my birth year on them and discovering old copper pennies tarnished mint green, but it seems as though nowadays pennies have more sentimental significance than they do actual monetary value. The bottom line is that pennies are more expensive to create that they are worth, so it's economically rational to discontinue them. Sure, it would take some time for both the American government and public to adjust but the savings amounted from the end of pennies would be worth a temporary inconvenience. Additionally, the penny wouldn't be the first type of American currency to meet its end. In 1857, the U.S. mint discontinued the half cent, which was as much of a staple in currency then as some people believe the penny is now. Our country is changing and advancing and our monetary system should progress with it.
ReplyDeleteLogan Felton
Period 2
I agree with John Green. The United States one cent penny must be eradicated, as it has far outlived its usefulness to society. This false piece of "copper" is not even worth the costs to produce it, of which is $0.017 alone to manufacture. In the year 2014, the United States ended up spending $132 million to mint these rubbish abominations that only amounted to around $50 million in currency, which is money that should be spent elsewhere. Countries like Canada see the big picture, so why has the US not done so either? Abolishing the penny is one of the most simple things that the US government could agree on and it would end up saving us millions. Therefore, we should stop minting the penny, since it is fundamentally flawed and utterly useless.
ReplyDeleteAndrew Auyeung
period 2
Veronica Wang
ReplyDeletePeriod 4
I agree with John's opinion about the penny. Even though I've never thought much about the penny, it's evident that the government wastes too much money and time producing the penny, which costs very little, itself. If it costs more to produce something with little value and little use, then we need to get rid of the value. What made me really think that they penny was worthless was when he brought to my attention that the penny isn't even accepted in many coin-related machines. Thus, all the more reason to get rid of the penny!
i agree with john green about the uselessness of the penny. there are systems that are much eaier to use than counting out single pennies.if we look at the london metal exchange , today the price of a pound of copper is $1.70 per pound , at these rates , we cannot continue to mint this currency . a quick and pervasive action is needed to discontinue this. we should instead melt down this copper and use it for more useful stuff such as pennies.
ReplyDeleteI agree with getting rid of the penny, I mean at least just stop producing more of them. Does not get rid of the value of the penny, but it saves the money it loses when producing more. This way the people who like the penny can keep them and also still has value for further use, and can be given to charity if do not have anywhere to spend it. Also this way businesses have time to adjust to the lack of producton of the penny, making the changes to their prices. Stopping the producton of the penny can save some much of taxpayers money, to where it can be used for more effective programs.
ReplyDeleteShogan Tom
Period 6th
I agree with John Green that the penny has grown to become unnecessary. It is not even real copper, and it costs more to produce it than its real value. The United States spends 1.07 cents on each penny produced. It is outrageous that the cost of produce a penny is more than its actual value. Thus, it would be highly beneficial to the American Economy to cease minting pennies and put the money to use elsewhere.
ReplyDeleteIsabelle Tzeng; 6th
I am in favor of John's opinion on the penny. The government is losing money by making these coins. Yet today they continue to make them. We spend about 36 million dollars a year to make 80 million dollars worth of currency that we barely even use. I think the only thing that it's good for is to throw it in a fountain and make a wish!
ReplyDeleteJohn is correct. The main reason why we should discontinue the penny is because of the costs to make it. A penny should be worth 1/100 of a dollar. Nothing higher than that as that simply makes the penny worth more than intended.
ReplyDeleteI agree with getting rid of the penny. Although it is easy to find a penny today at everywhere, it actually worth nothing. Moreover, United States actually spends about $1.70 on every pound of copper which is the material to make penny. And the product is only worth about a hundredth of a dollar. It is unreasonale to produce a product worth less than its cost. As a result, it will be a better idea to cease the production of pennies and produce more stuffs that worth higher than theirs cost of produce.
ReplyDeleteZhiQi Jiang
2nd
I believe we should get rid of the penny because of the opportunity cost that goes with making these pennies. While the penny is worth 1.7 cents (more than its actual worth), the amount of time and money that goes into dealing with these pennies could be used towards something else. Also, getting rid of the penny would not cut charitable contributions or raise prices. So essentially, it would not hurt the country at all and in fact, it would benefit people because it would save so much time and opportunity cost. Lastly, as John Green said, today the penny is worth 1/26 of what it was worth when Abraham Lincoln. We should definitely get rid of something that has lost its worth that much.
ReplyDeleteI think that pennies should be banned. They are useless, cost the government way too much money to make, and also harm the environment. Pennies come from zinc mines, mainly zinc ores. The ores usually contain other metals, including toxic metals like cadmium and lead. Zinc is harmful to both humans and animals. All these toxic metals can contaminate water, soil, and plants in the area surrounding the mine. Also, producing pennies requires a lot of energy. It takes energy to extract the zinc from the ore, to roll it out and stamp it into coins, and to transport the coins to the banks. Since pennies are worth so little, they are much heavier than any other coin in proportion to their value. A study done by the University of California shows that just transporting pennies, not even including any of the other stages of their production, puts about 1.5 million metric tons of carbon dioxide into the atmosphere each year. Thus getting rid of the penny is in America’s best interest.
ReplyDeleteNeha Shah
Period 6
In my opinion, the penny should be discontinued as inflation has decreased its initial value as well as the fact that it costs more to produce the penny than its actually worth. Given the fragile U.S. economy and desperate need to save money rather than waste it, it would be more beneficial to United States to stop wasting money on something that has become practically worthless.
ReplyDeleteRaymond Loh
Period 6
I agree with John Green, although the penny does not need to cost as much as it does. Yes, the penny costs more than it is worth, but that can easily be solved with a change in materials.
ReplyDeleteRegardless, even though cost of production can be minimized, the opportunity cost will not go away. Thus, the government should not waste its money on pennies. This money can be utilized towards many other underfunded services or towards paying off our debt. The benefits of discontinuing outweigh the minimal costs.
Prakul Suresh
6th Per.
I agree that the use of pennies should be retired. With our faulty economy, it is not benefiting us in any way that we are spending more to make the penny than what it is actually worth. That money lost through the production of pennies should be used for more useful, underfunded programs. In addition, like John Green said, the purpose of money is to take part in monetary transactions like purchases and such, but many things that require payments that a penny may be useful for do not accept pennies. They also look dirty.
ReplyDeleteAlexis Nguyen
6th period
In my opinion, I think the penny should be retired from circulation. It no longer has a practical use in our economy and only serves as a parasite in commerce. The United States needs to be allocating our tax money and resources beacuse we are suffering a major negative opportunity cost by keeping the penny around.
ReplyDeleteAlso in my opinion, if the penny is retired it would make it a novelty which would make the people sentimental to the penny happy. There is no reason we should be making more pennies.
Firstly, many charity organizations rely on pennies for money. Organizations like the Salvation Army and UNICEF depend on people giving extra coins here and there. During Halloween, some children carry around UNICEF boxes in which people can deposit some spare change to donate to the organization. Pennies can add up quickly, and organizations can total donations in the thousands just from spare change alone. Similarly, most low-income families are against the abolishment of the penny because prices would be slightly higher, something they may not be able to afford. When money is tight, every spare cent counts.
ReplyDeletePeople seeking to abolish the penny should also look to other countries for examples of where the penny (or penny equivalent) is still in production. When the European Union decided to switch to euros, it kept the one-euro cent in production to avoid the rounding up of prices.
There are many reasons to keep the penny. Trying to phase out all the coins will take years and cost millions, as will rounding off all prices. The best and easiest choice is to keep America’s most beloved coin in production.
Lameese Taha
6th period
I believe it is time for the penny to be retired. We are a sentimental species who refuses to give up memories of the past even though it is costing us more to produce than it is actually worth. Getting rid of the penny would allow easier calculations for anyone where they are a customer or seller. Other countries have already done so and their economy have not crashed to the ground in ashes and burned. I find more use in a penny I find on the floor heads up that gives me suposed luck that it actually yeilds in terms of money worth. there are thousands of studies that back up with statistical evidence that getting rid of the penny is better for our economy and time. It has been proven that we waste time picking out pennies to pay for things than just using other methods of payment such as cards or anything else except pennies.There is plenty of evidence that supports the elimination of the penny.
ReplyDeleteLeesa Cano 6th
I believe it is time for the penny to be retired. We are a sentimental species who refuses to give up memories of the past even though it is costing us more to produce than it is actually worth. Getting rid of the penny would allow easier calculations for anyone where they are a customer or seller. Other countries have already done so and their economy have not crashed to the ground in ashes and burned. I find more use in a penny I find on the floor heads up that gives me suposed luck that it actually yeilds in terms of money worth. there are thousands of studies that back up with statistical evidence that getting rid of the penny is better for our economy and time. It has been proven that we waste time picking out pennies to pay for things than just using other methods of payment such as cards or anything else except pennies.There is plenty of evidence that supports the elimination of the penny.
ReplyDeleteLeesa Cano 6th
In my opinion, we should keep the penny. If we get rid of the penny, store owners, and merchants will have to round UP to the nickel, forcing the buyer to pay MORE! And trust me it all adds up. Cash transactions would be rounded up or down to the nearest nickel. However, the nickel has it's problems, too: it costs more than 10¢ to make a nickel. Some argue we would be trading in one bad coin for another. Other experts say that the U.S. Should get rid of both the penny and the nickel, and round up to the nearest dime. Where would penny charities be without pennies? The answer is: not where they are today, that is for sure! Just think, the pennies you find in jars, under the couch, and every where are now useless. You can use them to donate! Donating that penny you found could help people who are not so fortunate. It does make a difference.
ReplyDeleteKarina Guerrero
4th period
In my opinion we should't get rid of the penny or make more of it. We should just stop producing it. This way we don't get rid of the penny nor waste money producing more of it. This will make it more of a sport to collect pennies and at the same time if someone wants to get rid of the penny they can start buying it and eventually it will stop since more aren't in production anymore. To me this seems like a win win situation.
ReplyDeleteAlex Ittoop 2nd Period
In my opinion, I feel as if we shouldn't keep the penny because getting rid of it may have a positive effect on the value of currency in America. In addition to this, the cost to make the penny in the U.S. Mint outweighs the actual value of the penny. In regards to the video, I feel as if I support John Green because he statistically explained the uselessness of pennies but also the harmful effects it has on other states. He said that money is used to facilitate the economy, but pennies make it less efficient in the economy. The other video, in response to John Green's video, spoke about the more personal side of pennies such as the arts and crafts part of them which doesn't exactly explain why we need to get rid of the penny.
ReplyDeleteChelsea Godfrey
2nd period
I think it's time to retire the penny. At the moment, the cost of a penny is 1.7 cent per coin. We are spending more than a penny to make a penny. I think the statistics that John Green provided in his video fully convinced me that it's time to say good bye to pennies. I don't think we should spent money on getting the copper, cause more environmental problems but receive less than what we paid for at the end of the process.
ReplyDeleteSophia Lina
2nd period
In my opinion, the penny is a germ collector, is basically worthless and wastes america's time and money. However, if the penny is removed and the new smallest coin is a nickel inflation will occur and the price of basically everything will increase. And overtime the value of a nickel will go down back to what a penny is now and maybe even less. So removing the penny will be useless long term.
ReplyDeleteTemi O
6th Period
In my opinion, it is time for the penny to be placed in the box of distant memories. We have heard the term "every cent counts" throughout our entire childhood, but does it truly matter now? Majority of the people I come across do not see the penny as an entire value, unless they were considering its worth. But overall, the penny just seems to be a hastle, especially when my mother tries to look deep within her bag to try to pay her groceries in full without any change. Even the gallons of pennies sitting in my parents' closet are collecting dust, since they have never bothered to exchange them for cash in those money-stealing machines. To have pennies now just creates more waste of time to worry about them. When I see a penny, all I sense is annoyance. But who knows. Maybe the viewpoints towards pennies will change as time progresses.
ReplyDeleteAbilio Sanchez
6th Period
Tiffany Chan
ReplyDelete6th period
I believe that we should not retire the penny because prices will increase and charities may lose out. If we retire the penny, then most prices will have to increase to the nearest nickel. In addition, nickels cost 7.7 cents making it 2.7 cents over face value. Another reason why the penny should not be retired is because there are some charities who need pennies (penny drives). If people were to do away with pennies then charities may lose a lot of money if things were to add up.
Amira Nickerson
ReplyDeletePeriod 2
I am in favor of retiring the penny. As more people stop paying with cash and switch over to eletronic forms of payment, the penny becomes more outdated. Most people just put any change they have in the tip jar because they feel as if there is no use for it. Pennies cost too much money to only be kept in circulation because it's custom
I think pennies need to go, nowadays they just tend to be everywhere and add an increasing amount of weight to my wallet. aside from that, people really don't bother with pennies, everyone has been in so many situations where they saw a penny and tossed it or just said "keep the change" there's a negative stigma around it. Therefore I think it has to go
ReplyDeleteI agree with the first video, the penny should be gone... Why waste more when we can gain more? Do people really not see that although the penny is part of our national currency, is better off to switch it out for the economys sake? ... Penny lovers can keep their pennies for themselves but they should at least acknowledge that although they are highly praised by many its more for evil than to good for the economy. Someone erase the penny from existence pleas! Thankyou!
ReplyDeleteI believe that pennies should not be taken away, but rather, to replace the materials to create them to make a smaller loss. The loss of value is the greatest concern over the penny. However, we shouldn't take the penny out completely, as the penny has been a custom in our history. Many companies and donation foundations are partly sentered around the penny and there is no real reason to take the penny away. Besides, the money is not lost into the economy. The extra mmoney goes to the companies who produce the materials, allowing wealth to circulate in the market. Therefor even the momey loss still benifets the market.
ReplyDeleteNicholas Tong
6th
I believe that pennies should not be taken away, but rather, to replace the materials to create them to make a smaller loss. The loss of value is the greatest concern over the penny. However, we shouldn't take the penny out completely, as the penny has been a custom in our history. Many companies and donation foundations are partly sentered around the penny and there is no real reason to take the penny away. Besides, the money is not lost into the economy. The extra mmoney goes to the companies who produce the materials, allowing wealth to circulate in the market. Therefor even the momey loss still benifets the market.
ReplyDeleteNicholas Tong
6th
I am i favor with ending the penny and that its production should be stopped. I think the government is wasting too much time and money producing the penny. Another point that stood out is the fact that vending machines for a long time have not accepted pennies as a form of payment. I also think eliminating the penny will significantly help decrease our national debt, because prices will no longer be marked down to .99 cents and be called a discount.
ReplyDeleteAliya Noorani
2nd Period
This comment has been removed by the author.
ReplyDeleteGiven that it costs more to produce a penny than it is worth, the penny is detrimental to our economy. Therefore, I believe we should remove the penny from the American currency.
ReplyDeleteChris Varghese
Period 6
I do believe that the penny has outlived it's usefulness, because it costs more to make than what it's actually worth. In the long-run, the continued production of pennies, would cost us billions of dollars that could have gone into other programs.
ReplyDeleteChristian Cortez
DeletePeriod 2
The penny should go away. The cost of making a penny is worth more than a penny. Increasing the piece of products by a few cents won't do much and will hardly impact consumers' wallets.
ReplyDeleteSunny Patil
4th period
I believe that the penny should be kept because it's been part of our economy for such a long time that the completely erase it from it would possibMarketly cause distress in the economIc market due to a Change In Price And A Change In The Usual Way We Do Business. While It May Be Seen As A "Burden To society" Costing More Than What It Is worth, We Can Simply Find A New Material To Change To That Will Make It A More Efficient Production.
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It is un-economical to keep the penny as the price to make it is more than the actual given value of it. On top of that, we are in a more digital error where we are using much more digital methods of paying more and more, in some European countries, there is talk of making cash out of plastic with chips in them. There is no need for the penny anymore, too old, too outdated.
ReplyDelete