7 reasons why pennies are irrelevant

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7 reasons why pennies are irrelevant

A penny sits uselessly on Sid’s desk.

A penny sits uselessly on Sid’s desk.

Sid Tandel

A penny sits uselessly on Sid’s desk.

Sid Tandel

Sid Tandel

A penny sits uselessly on Sid’s desk.

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Pennies are irrelevant. Here’s why:

  1. They’re useless.

Due to inflated prices over the years, you cannot buy any item with a single penny, rendering them basically useless. In the 1910s you were able to buy a candy bar or a pack of gum with a penny, however nowadays a candy bar or pack of gum costs a dollar or two.

  1. They cost too much.

A single penny currently costs the government more to make than a penny is actually worth. The exact numbers being 1.5 cents to make for a single cent coin. In 2017, the U.S. Mint produced over 8 billion pennies, resulting in a loss of $69 million compared to their total value. Spending that much on a coin nobody uses is ridiculous.

  1. They slow things down

Whenever you’re in a store, you know the annoyance of someone paying with cash to the last penny in checkout.

  1. President Lincoln will not be forgotten.

Someone may argue that the ceased production of pennies wouldn’t pay respect to President Lincoln, however he is still on the five dollar bill. With the elimination of penny production, we would still pay tribute to President Lincoln and stop the making of a useless coin.

  1. Other countries have already eliminated the single cent coin.

New Zealand dropped their one and two cent coins 20 years ago and has been doing fine without them. The prices in New Zealand currently don’t end in 99, cents but rather round up to the nearest dollar or round down to 95 cents.

  1. Rounded up prices wouldn’t be consequential.

Most prices have a number such as $249.99 instead of the more realistic $250.00. With the extinction of the penny, prices would be rounded up or down to the nearest tenth of a cent. The extra penny on every transaction is spare change that no one would want or use anyways.

  1. No one uses them.

When was the last time you used a penny, or pennies, to buy something?

 

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