Pros and Cons of Penny Essay Example

  • Category: Economics, Money,
  • Words: 545 Pages: 2
  • Published: 24 April 2021
  • Copied: 125

Money comes in many forms like dollars and coins. There are five different coins such as quarters, nickels, dimes, dollar coins, and pennies. The Penny is made out of copper and zinc. The government should not keep the Penny because manufacturing pennies is expensive and pennies are a time waster. 

The average Penny costs more to make then its actual cost. The Penny costs about 2.5 cents when its value is only one cent. That means that the government is not receiving a profit. You may think well it only costs a cent and half more than its value to produce, it can’t be that bad. Well all those extra cents add up. For example, ."  .. Penny costs more to produce, the Treasury loses more than $100 million per year… (Penny Anti - Fund)."  

This is one of the many reasons that the government should stop the production of the Penny. The production of the Penny is hurting the government. The Treasury is losing millions of dollars a year to keep making the Penny. As you can tell all of those extra cents add up to be a big amount. There are roughly 1,040 pennies made every second, thirty million pennies made per day, and roughly thirteen billion pennies made every year. If you add up all of those extra cents you get an estimate of over $100 million dollar lost each year because of something that is not even an inch long. Think about what the treasury would be able to with that money, imagine the possibilities. 

One of the least used coins is the Penny. The Penny is a major time waster. For example, “Few people ever bother to pick up a Penny on the street because it’s simply not worth the time (Penny Anti - Fund).”  This does not sound like the pennies are worth the investment by the government. If people can’t take the time to pick up a Penny on the street, then why should the government use their resources, take their time and use the finances to manufacture pennies. Another example, " . .. on average we spend about two and a half hours a year counting pennies… (Penny Anti - Fund)."   Counting pennies is boring and unnecessary, without the pennies you would get back two and a half hours each year. Imagine what you could do with those two and a half hours.

On the other hand, pennies are a part of history. Getting rid of Penny would be like getting rid of an important piece of american history. For example, “The Penny has captured so many meaningful images over it’s long history, it's more than just a coin, it's a piece of history. (J. Wendell Shelton)."   This shows that the Penny is way more than a piece of copper; it's a part of history. Yes it's a coin but there have been eleven different designs featured on the Penny, that's a lot of history. But if you think about the loss of money and time that is being produced with the Penny [over $100 million dollars lost every year, two and a half hours lost every year because of one small item, the Penny] the best choice is to stop the production of the Penny. 

The penny was the first coin ever minted in the U.S. The average penny lasts twenty-five years. The government should not keep the Penny because manufacturing pennies is expensive. Pennies are a time waster.

 

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