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?
Joshua Long
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I am in favor of getting rid of the penny. It makes no sense to created something that costs way more than it is worth. For such a low value coinage to cause anymore debt for America. The videos are time-consuming but entertaining.
Jason Bailey
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Getting rid of the penny is a relatively straightforward decision: since the penny is a part of the economy and costs more to produce than it is worth, it makes sense to discontinue it. Prices can be rounded down in the consumer's favor ($9.95 instead of $9.99) or up in the producer's favor - whichever is more appropriate.
For those concerned about losing a coin with Lincoln on it, that's not much of an issue; he's on the five dollar bill. And for those concerned that this might be too drastic, America got rid of the half-penny back in 1857 because it became worthless. With the inflation caused by the 1970s and onwards, the penny has outlived its days. Of course, you have to get people to care enough to get rid of it (which is why it hasn't been removed yet... not enough people care enough to push for its elimination).
Some other videos on the penny:
https://www.youtube.com/watch?v=_tyszHg96KI
https://www.youtube.com/watch?v=y5UT04p5f7U
Kody Ngo
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I think that our country should discontinue the production of the penny as it has ultimately outlived it's usefulness. The U.S. Mint says that it costs 1.7 cents to produce a single penny which means it is almost twice as expensive to make than what it is actually worth. It is simple choice to discontinue the production of the penny as it has outlived it's worth.
Period 2
ReplyDeleteI believe the penny should not be continued anymore. Quite frankly, it's a bit obnoxious to have to deal with people who use pennies to pay for stuff; I've encountered cashiers who sell you your merchandise ever if you are a penny or two short. Canada already stopped producing their version of the penny in 2012, and prices get rounded to the nearest five cents, so no real harm was done. Minting them just creates loss, and it isn't worth the trouble.
Arij Moiz period 2nd
ReplyDeletePennies should retire since it costs more to make than it's worth. U.S loses tens of millions of dollars each year producing pennies. Plus, if we stop producing Pennies, then we would save billions of dollars and make economy far more efficient than it is now. As John Green said, "the United States could be pulling in a few billion just by getting rid of the penny." I don't see an opportunity cost in producing a penny which costed me a lot more than it's actual value. Also, these days pennies have lost their value. If people see a penny on the ground, then they are less likely to pick it up thinking that "oh, it's just a penny. What can I even buy something worth a penny."
Janelle Rodriguez
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I am in favor for having the penny become discontinued. It is important that tradition is kept however America has many other holidays that go way back and they help keep America's strong patriotism and tradition. It makes no sense to spend money on a coin that costs more than its worth. Also it is important to note that when people use change more specifically pennies to pay for items it can get a bit annoying. We could stop making the penny and put that money towards something far more beneficial.
Truth Thomas
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The penny should be retired essentially because there are more costs and benefits with the existence of it. In 2016, the cost of the production of one penny was 1.6 cents, 0.6 more than the value of a penny. The United States therefore, loses money for each penny made. Also, the overall demand for the penny is low due to its low worth.
Neelam Patel
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I believe that the penny should be removed because if it costs more to make the penny than the amount its worth there is logically no point of keeping it. We could be saving so much money and use them on more beneficial things than continue making the penny. But John Green does make an important point about how parking spots and etc do not accept pennies, usually there is no purpose for them. You rarely see people using pennies to pay for their groceries or clothing.
Zoe Leibowitz
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I think, overall, that keeping the penny as part of the United States currency would simply be a waste of money. Although the penny has been looked upon as a staple in our currency for decades, I think that, now, there isn't much of a reason to keep it. Today, producing just ONE penny costs three cents. I think our country could actually save a lot of money by simply discontinuing the penny. The other matter is that pennies are incredibly hard to use; most people can typically get by with just using quarters, nickels, and dimes. If the penny were to be discontinued, however, I people would have to start charging others accordingly-- (instead of a price like $14.33 everything would have to be in multiples of 5).
Tracy Colbert
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I think we should get rid of the penny. I completely agree with the points John Green made in his video, he even states that it cost the United States 1.7 cents to produce a penny, thus in the long run we are loosing money even making these useless coins. I think we should follow in the footsteps of oh Canada and get rid of pennies, my Canadian relatives told me that it was practically unnoticeable within a week.
Devin Laird
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I think we should keep the penny. the penny is useful because it makes it to where you can pay in exact change. like would you rather pay $1.93 per gallon for gas or $1.95 per gallon of gas when your filling a gas tank if you gas take is 25 gallons the penny being there saves you 50 cents. Because if they got rid of the penny they won't take the price of their products down from 19.99 to 19.95 they are going to charge you that extra penny its easier. Why not instead of getting rid of the penny we should make more efficient way to produce them.
Kylee Brouwer
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I believe we should get rid of the penny. It makes more financial sense for the whole country, which happens to be about 19 trillion dollars in debt, to get rid of a form of money that costs more to make than it is worth. Although it might stink having to round up amounts to the next multiple of 5 cents, it would put more money into the economy. Stopping production of the penny would make it a collectable item that some unique citizens would pay more than it's worth and would help the economy recoup the loss from the penny production. (This will make pennies even more lucky when you find them on the ground)
Carina Hung, Period 6
ReplyDeleteI believe that the penny has outlived its usefulness, being worth only a fraction of what it had been worth before. Spending the time and money to produce an item that is no longer worth what it was and had been intended to be at the time of creation does not make the most of resources. A similar conflict applies to the nickel, and the costs add up. Discontinuing the penny would be a place to start, and the change would not be sudden and drastic.
Rushil Mistry
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Personally I think getting rid of the penny would be useful and worth it since we already know that making the penny is more then the actual value of it. Since America also has trillions of dollars of debt I think stopping the making of the penny would actually be beneficial and could help America get out of that debt. Also that extra money can be in another good place which is helpful for the people and the country, So discontinuing the penny would be a great way to save some money and put it towards a better cause.
Meyer Wilson
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It has clearly came to the point in time where the penny is ready for retirement. Making the penny is costing the U.S. way more than its actually worth. Therefore this is hurting us more than helping us. This money can be spent on better items like for example the major debt we are still in. By stopping the making of the penny, we would saving an abundant amount of money, money that can used in an actual useful way. Its time to say goodbye to the penny.
Joel Sibi
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I believe much like the others that the penny is a ghost which continues to exist and needs to be expelled permanently. It is no longer useful to the U.S. and does not truly provide any benefit being that it literally costs more to make the pennies than it is actually worth. Even if the loss is small the fact is that, with how many pennies are made the loss ads up to be quite substantial and could be easily avoided by just retiring the pennies from service.
Ronak Patel
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I would have to agree with everyone else about the discontinuation of the penny. The simple fact that they are still being minted seems odd. The cost to make the penny, not surprisingly, is more than the actual value of the coin. The main reason for the ceasing of penny production should be very clear and simple. It is only leading the U.S. into more debt than it already is.
Christopher Yee
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I think the penny should be retired because it is not needed in our modern society. A lot of people are switching over to credit and debit cards because of the efficiency and simplicity it creates when using money. The penny is hardly valuable and not even worth making anymore because of the cost. Most people do not stop to pick up a penny off the ground because it is not worth anything to them. The retirement of the penny could make them like a collectible in the long run.
May Liew
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Considering that the U.S. spent almost $132 million to produce fewer than $50 million worth of circulating currency seems almost hysterically foolish as it would not be intelligent to be accumulating debt unnecessarily. Based solely on the notion of tradition and convention, the coinage of the penny seems outdated from the times as it no longer serves a invaluable purpose and its by time that Americans should realize that the cost is not worth paying for the incomparable worth that the penny has amounted to in the modern age. If people are concerned to paying patronage to Lincoln they should consider other measures to commemorate his legacy instead of besmirching his name with the association to an essentially indebted piece of metal.
Joel George
ReplyDeletePeriod: 2nd
The penny is considered to be a remnant of the British tradition that we still keep. When we converted the pence into a penny we had officially told the royalists that we were done following English ways, but what the Liberated Americans failed to realize was that the penny would lose value over time due to inflation and be worth much less than the British pence
Now due to improper minting methods and falsely believed traditions, the penny costs 1.7 cents to make. The following of this minting process since 2006 has acumulated up to $89,000,000 in debt for the American economy.
We should abolish the penny and make sure that both the market value for products stay constant, so that the loss of the penny isn't noticed.
This comment has been removed by the author.
ReplyDeleteEdwin Cabrera
ReplyDelete6th Period
although I believe that the penny should be discontinued, if they were to keep it the government should make the penny out of a less expensive material so that there is not a unnecessarily large amount of debt accumulated from creating the penny. On the other hand, the penny should just be discontinued because as time progresses, less and less people are using physical currency and using credit/debit cards. If they choose to use cash then let them face the small increment in price of products.
6th Period
ReplyDeleteI think the penny should be discontinued because it is bad for the country. If it costs more to make it then there is no point in making it. The penny also contributes to the national debt as well. In addition, prices keep going up and eventually the penny will be used less because of its low value. Also payments with credit cards are becoming more popular, so in the future paper money production should be decreased too.
Mervin Cherian
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I would like to get rid of the pennies. Rarely does anyone ever use pennies when they go to the store. most of the time they use dimes and quarters. Most countries do not have a 1 cent currency. It really is not reasonable to have such a worthless coin. I do not see any reason why we should make coins that cost more to make them. It is like you giving two dollars for one dollar.
Saniza Sunesara
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I think that pennies should be discontinued. They are useless, cost the government way too much money to make, and also harm the environment. Since pennies are worth so little, they are much heavier than any other coin in proportion to their value. 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. 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. Thus getting rid of the penny is in America’s best interest.
Jane Hua
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I agree with the discontinuation of the penny as it no longer facilitates the national economy. In fact, inflation has caused the penny to no longer be valuable altogether. It simply doesn’t make sense to continue minting pennies when it costs 1.7 cents per coin. According to the article, with the hovering opportunity cost of using the penny, the United States’ economy has lost almost $900 million from the penny each year.
Period 2
ReplyDeleteI believe the penny is still useful. I take advantage of the penny's "worthlessness" by saving them up to convert into other currencies. Yeah it may cost a lot more to produce; but think about the ads that ask for just a penny a day you can feed these people over in another country. Pennies are not worthless, if we could just place them in useful places the world could be happy.
Sarah Rassam
ReplyDelete6th Period
Personally, I agree with John Green and believe that it is time to eliminate penny production. Due to the production of pennies costing more than their actual value, they incur a loss of revenue upon the United States. Since creating the penny requires a waste of many natural resources, pennies should be retired since the opportunity cost to make them exceeds the opportunity benefit.
I am in favor of getting rid of the penny as it drains nearly 900 million dollars a year. This is outrageous as no one really uses pennies as is. Also, Canada discontinued their penny and rounded up to nearest 5 cents, and it has worked for them
ReplyDeleteHunter Bergfeld
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I agree that we should get rid of pennys. Sure they are tradition, but we have other traditions. Not a significant group of people use pennies and they are not even worth much.
Period 6
ReplyDeleteI agree with getting rid of the penny, not only are the costing the government and therefore the tax payer money to produce, but no one uses them. Whenever I get a penny as change, I almost immediately lose it. Other coins are easier to save and use, and aren't as much of a hassle to count out.
Period 4
ReplyDeleteI agree with retiring the penny. It makes no sense to continue making them, since people literally place no value in them. They are rarely used to pay for things, and are often ignored when people get change back. They are also losing the country money, which we really can't seem to afford. I see no reason for why we should keep the penny.
Alexus Guevarra
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As pennies cost more trouble than their worth, it only makes sense to get rid of it. Getting rid of the penny would cause more economic benefits, including avoiding paying seventeen cents to produce a product only worth one cent. As it would lead to rounding taxes, it would benefit customers or businesses depending on it's impact.
Erica Wong
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Pennies should be retired, for all of John Green's arguments still hold despite Lamar Green's ranting and suggestions about what you can do with a penny. For all of his arguments, you could use a dime or quarter. It doesn't fix the underlying issue that our taxpayer money is going towards a program that is losing the U.S government almost a billion dollars a year, which is the main issue. Too bad so sad for Mr. Wilson, because he can love quarters just as much as pennies when pennies are retired and he sees his taxes going towards something more useful, like job-creating programs that don't lose the U.S Government money.
Bryan Pulliam
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Pennies should be discarded because like in the video that John Green did about getting rid of it, The government waste over 70 billion tax payer money making these pennies each year. Rather they could be spending that money on education or our borders perhaps.
Stanley Johnson
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I feel that pennies should be retired because of the fact that it brings debt upon the us economy. Because of the current economic situation that we are in I feel that adding to the debt arguably makes no sense with the creating of more pennies. Instead of making these pennies that are worth of little value this money that was originally set forth the making of the penny could be used to make something else of greater benefit.
Tolu Ojo
ReplyDelete6th Period
I believe that we should get rid of the penny because it doesn't make any logical sense to keep it around. If something costs more to make than it is worth, according to economics, you should not continue to create that product, unless you can find an alternative to make the production of the product cheaper. Since no one has offered up any solutions to making the production cost of the penny cheaper, the only logical solution is to get rid of it all together. And for those sentimentalists, its not like the government will come to your home and take all of your pennies and melt them in front of your eyes. People will still get to keep their pennies to show their grandchildren, they just won't be a part of our economy anymore, SAVING US MONEY.
maverick thigpen
ReplyDelete6th
i believe we should get rid of the penny, its rather tedious and annoying to us to keep up with and move them around. not to mention soon the debt we incur printing them will soon outway its worth. furthermore we should start distancing ourselvves from physical money bgecause frankly its far better for the enviromebt for an electron to be shot to you than to print out and hand deliver it to you,
Aubriana Mc Dermott
ReplyDelete6th period
I think we should get rid of the penny. As John Greene said @58 seconds we spend 7 million dollars just to create a penny that costs more to make then it is even worth. The penny no longer has a purpose. The majority of people have moved to electronic payments anyway. The penny is creating more debt for the government, as long as they continue to make pennies that aren't with their worth.
Stephanie Urbina
ReplyDeletePeriod 6
I believe that the penny should discontinue due to the fact that no one in america is actually using pennies for purchasing certain items they need/ cherish. The penny is doing more harm than good in the goverment. It is creating more debt and plus, the penny throughout the years has become use less . People are relying more on paying online than just change or cash that over the years, we are going to end up paying even a apple online .
Neethu Thampy
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I think the penny should be discontinued because it is not useful and is worth less than the cost to make it. This only adds to the national debt and is not beneficial to the economy in any way. Even in the future, pennies are not likely going to be useful because of new technological advancements.
period 4
ReplyDeleteI think the United States should disregard sentiments and stop manufacturing pennies. Pennies are actually less than worthless, costing the government to make them. The economy would benefit from less diversity in currency, especially ones that are adding to national debt.
period 4
ReplyDeleteI personally believe that the manufacturing of the cent penny should be eradicated due to several reasons. First most obvious argument for eliminating the penny would be a gain of not having to spend more money in making the penny. The penny itself sells on the market for exactly 1 cent. Meanwhile the making of the cent approximates to about 1.7 cents. This meaning that by making the penny the government is losing much more money than what the coin is actually worth. Eventually by refusing to manufacture the coin, the united states will save billions of dollars. Second, the making of the penny is useless. A large percentage of the citizens in the united states never use the penny. And more than half of the companies refuse to take pennies as payment of their products.Thus making the concept of having a penny completely and utterly useless.
Taylor Mott
ReplyDeleteperiod 6
I think that we should get rid of the penny. The sooner the better in my opinion. The penny is valued at one cent. However, the penny costs one and seven tenths of a cent to manufacture. Therefore, each penny we manufacture costs us .7 cents. Over the course of a year this amounts to 70 million dollars. Not only does the penny explicitly cost the US government this 70 million dollars, but by spending the time we do on making pennies instead of other more beneficial ventures we waste another one billion dollars a year. If we continue to manufacture pennies the problem will only get worse. Inflation will cause the cost of making a penny to go up while the value of an actual penny remains one cent. Therefore, we should get rid of the penny as soon as possible.
This comment has been removed by the author.
ReplyDeleteHannah Abie
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I believe that we should discontinue the penny. There is really nothing that you can buy with a penny, it's literally not worth the metal it's made of.Spending $.017 to make a coin that’s worth only $.01 isn’t completely a bad idea, because coins are reusable. In theory, a single penny could be used for hundreds, thousands, or even millions of transactions before it drops out of circulation. However, this only works if the coins actually do circulate and pennies often don’t. They’re so hard to use that they end up stuffed in jars or abandoned on sidewalks. And if a single penny is useless, a whole bunch of pennies isn’t much better. If you try paying for something in a store with a bunch of pennies, you can be refused service. Pennies are so hard to spend that many people don’t even bother they just store them all in jars, or throw them away.
Im not entirely sure how I feel about the penny. On one hand they seem kinda worthless and truly horrific when considering how wasteful they are in environmental terms but I kinda like how pennies are lucky and I think it would be sad to get rid of that expression "Find a penny, pick it up. All day long, you'll have good luck". Also, I don't know why but I get linchpin vibes regarding the elimination of the penny (like our economy will fall apart if we get rid of them or something along those lines). All in all I guess I would have to say get rid of them just because so many other people dislike them and we've got to follow the will of the general public but the whole thing seems so straight forward, I can't help but think there are some crazy unforeseen consequences to come with all this.
ReplyDeleteTaylor Hunter
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I definitely think that pennies have outstayed their welcome. You know when you're at the store, and your total comes to an uneven amount and you have to search for pennies if you're paying cash? Or when the cashier is giving you change and they don't have any of the other increments as ask "is it OK if I just give you all pennies?" NO it's not. they are not an economically responsible choice. They cost more to make them they're actually worth and do we really need them? Wouldn't life be much more simpler if everything ended in a five or a zero? I find that since pennies are the lowest increment of money in America, people value them less and since this is the case why keep them around? When was the last time you saw someone run after a rolling penny that they dropped? just something to think about
Period 2
ReplyDeleteIts very simple why have something that cost us money when in actuality people throw them away and never really use them. it is a worthless currency and they should stop producing the pennies
Drew Garza
ReplyDeletePeriod 2
I am not in favor of getting rid of the penny. Yes, I understand that we pay more to produce the penny than it is worth, but if that's that big of a concern, then there are a lot more way the US could save money. Personally, I think the penny is very useful, and I'd like to know how they would replace a unit of payment that is worth just one cent. Most people actually utilize the penny and what it's worth, so getting rid of it would serve no significant value to bettering our economy in my opinion.
Doris Chien
ReplyDeletePeriod 2
I believe that the penny should stay. So many times pennies have saved my life when purchasing something. Yes, it does take more money to make a penny but there can always be a resolution to finding a way to make a penny cheaper than one cent. If we do not keep pennies, paying for things in the future will be extremely difficult since many of the prices we pay nowadays do not always come out in 5's or 10's. All in all, the penny should stay.
Sarah Johnson
ReplyDelete2nd period
Since most items we purchase are subject to tax, I believe the penny should be kept. Otherwise, who will be responsible for the difference between the cost plus tax less that actual money available.
Heather Bennett
ReplyDeletePeriod 6
I believe that we should keep the penny. Although we are spending a good amount of money on the manufacturing of it, we would have to spend more money on manufacturing more nickels and dimes because those coins have more market value than a dime. This would also raise the cost of all products so they can end in 0 or 5 so we can use dimes, nickels, and quarters for change
I think that we should get rid of the penny. The 1.7 cents it cost to make it is too much to make is a viable option for currency. The final price can be rounded in customer favor. The pain of carrying around extra pennies list in case something costs 99.99 is annoying and can be easily fixed.
ReplyDeleteI believe we should get rid of the penny. Although the inflation of currency will take place, it will eliminate the unnecessary cost and also lessen strain on the treasury to pump out dead cost money, or money coined without value. I also believe in getting rid of cash and coins in general and moving everything electronic. This will cause every person to leave a paper trail, also increasing arrests by tracking transactions of criminals.
ReplyDeleteI believe we should get rid of the penny. Although the inflation of currency will take place, it will eliminate the unnecessary cost and also lessen strain on the treasury to pump out dead cost money, or money coined without value. I also believe in getting rid of cash and coins in general and moving everything electronic. This will cause every person to leave a paper trail, also increasing arrests by tracking transactions of criminals.
ReplyDeleteJoshua Biju
ReplyDelete6th Period
I am against getting rid of the penny. Even though it cost more than one penny to make a penny, pennies play a crucial role in our currency system. When we make payments in cash we usually receive exact change and the only way we can transfer currency using exact change is by using pennies. If we were to get rid of pennies then it would mess up the entire currency system. The values of various currencies will be changed and it will have a negative effect on the economy in the end. So, I believe we should continue to keep the penny even though it might seem to cost us more money as of right now.
Sean Liu
ReplyDeletePer. 6
I do not see any legitimate reason to keep pennies as part of our currency. Research has shown that the cost of a single penny and its opportunity cost had outweighed its $.01 worth. In addition, we can know that pennies are not useful and can be replaced simply by looking at the market. Consumers rarely use pennies as their payment but instead, pennies are only used as change in the market. And really, pennies are so worthless and useless that people don't even bother picking on up when they see it on the floor.
Michael Rosario
ReplyDeletePer 4
Honest;y I think we should take it a step farther than just simply removing the penny. We should get rid of all physical tender and instead move onto an all digital sort of system akin to a debit or credit card across everything. The security of this will be rendered high as cards/credit system will be tied to everyone's identity making it easier in the long run as well as eliminating the smuggling of money
Raunak Jose
ReplyDeletePeriod 6
In regards to whether the penny should be discontinued or not, my opinion is that it is removed. Not to mention that the cost of the penny is 70% more than the cost it is worth, the people of the US loose 1 billion dollars in lost chances because of the time and space the penny takes up. The seconds a consumer spends receiving change in pennies and then having to store them or the time spent trying to find the pennies to pay for the product exactly add up and that is time wasted on something so worthless and avoidable. For these reasons and countless other obvious reasons, the penny should be removed.
Himadri Gehlot
ReplyDeletePd. 6
I think that we should rid of the penny because of the opportunity cost. By making the penny, the economy is only losing money and falling into more debt. It will not be such a difficult process to round up or down in buying goods. As the payment system is moving more towards electronic and credit card basis, the transition will be much easier. Although costs will be inflated, the country's debt will decrease. Canada got rid of the penny as well and nothing crazy happened, its our turn to as well.
Priyanka Ranchod
ReplyDeletePeriod:6
In the debate of whether or not to keep the penny around or not, I believe that we should get rid of the penny all together. For starters, a significant proportion of Americans fail to utilize this coin and during this new generation, a majority of individuals are turning towards the use of credit/debit cards. In addition, research has shown that the cost to make a single penny is worth more than its actual value of $.01.
Robey Lukose
ReplyDeletePeriod 2
Much like almost everyone else, I also stand to discontinue the manufacturing of pennies. It was an easy choice for me to make once watching both videos. John Green states many realistic reasons to get rid of the penny. The fact that pennies cost more than a penny to produce tells us that it is not worth it. The opportunity cost for the production of pennies is very large and has no reason to be continued. In conclusion, they are useless and not worth what we waste for them.
Period 4
ReplyDeleteI think that we should discontinue the Pennie because of its disuse. Although it is somewhat valuable it does cost more to produce than it's worth and should therefore be eliminated.
Asare Dua
ReplyDeletePeriod 4
I think that all things usually come to an end. The penny is another commodity that has long been over due. When Customers are leaving their pennies at the register its time to get rid of them.Not only that, but they are costing America even more to produce them.
Oluwamuyiwa Peters
ReplyDeletePeriod 2
I think we shouldn't discontinue the penny because then prices would be rounded up which will cost the consumer more money for goods also it would take away the honor of having Abraham Lincoln on the penny
Oluwamuyiwa Peters
ReplyDeletePeriod 2
I think we shouldn't discontinue the penny because then prices would be rounded up which will cost the consumer more money for goods also it would take away the honor of having Abraham Lincoln on the penny
2nd
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 money goes to the companies who produce the materials, allowing wealth to circulate in the market. Therefor even the money loss still benefits the market.