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The penny debate
Transcript of The penny debate
Rid the penny
Tuesday, March 25, 2014
Vol XCIII, No. 311
The penny: do we keep it or not?
People are buzzing about rather or not we keep the penny in U.S. circulation. Over the past few years there has been some talk about ridding the penny from circulation because it costs more (0.6 cents more) than the penny's net worth, which is 1 cent, as everyone should know. Canada has already collected and melted their pennies with almost no problem from anyone because they agreed that they had no need for it. The government is trying to convince the public to get rid of the pennies because they pay millions of dollars per year to make a few billion pennies.
The penny debate
Many people think that we should keep the penny. Once, in 2012, a national poll showed that 67% of americans want to keep the penny, 30% of americans want to get rid of the penny, and 4% don't know if they want to get rid of the penny. If the penny were to be ridden of, prices of things would have to be rounded to the nearest nickel or dime. That would mean that people would pay more for everything. Also, since things would be rounded to the nearest nickel, the mint would have to produce more nickels, which cost over 4 cents more than the nickel is worth, rather than the 0.6 cents more to make a penny. This means that the government would actually pay more to make more nickels than to just keep the penny and get rid of the nickel. If the government got rid of the nickel, people could just use 5 pennies instead of a nickel and the government would save millions upon millions not having to make costly nickels. There is also no political push against getting rid of the penny.
People of the public want to get rid of the penny because it is costly to make, takes lots of time to sort, and other countries have gotten rid of their pennies and other low-value coins with little to no problems. Pennies cost almost twice they're worth to make and