Retire the Penny. Retire the Penny is a commonsense, non-partisan coalition of individuals, businesses, and political leaders who understand that eliminating the penny from
circulation could save the US government close to $85 million annually
. The penny costs twice as much as to produce than it is worth.
Why should America get rid of the penny?
Dimes cost less than $0.04 to make, so the Mint could produce more of those without losing money. Aaron notes in his Brookings Institution editorial that eliminating both pennies and nickels would
round off all cash transactions to the nearest $0.10
, making for “easier math” and “less stuff in our pockets.”
What is the best argument for eliminating the penny?
- It’s a Money Loser for the Government. …
- It’s a Money Loser for You. …
- It’s a Money Loser for Retailers. …
- Vending Machines Don’t Want Them. …
- We’re Moving Away from Currency. …
- We Have a Precedent for Eliminating Worthless Coins. …
- We Won’t Forget President Lincoln.
Why are pennies bad for the environment?
Making pennies
wastes natural resources and is toxic to people and the environment
– Pennies are 3 percent copper, and 97 percent zinc and are primarily made from virgin ore. The process of refining both metals can release sulfur dioxide (SO2), lead and zinc into the environment.
Why should the penny be kept?
Proponents of keeping the penny in circulation say that
its use avoids increased prices that will hurt low-income households
the most, that pennies have a long lifespan and are more cost-efficient to manufacture than nickels, and that pennies are vital to several charities’ fundraising efforts.
Why pennies are bad for the economy?
The Penny Hurts the National Economy
Given the 107 billion cash transactions per year in 2012 (US Federal Reserve Payments Study), using pennies therefore
wastes 120 million hours of time per year counting
the time of both the customer and the store employee.
How much money would we save if we get rid of the penny?
Retire the Penny is a commonsense, non-partisan coalition of individuals, businesses, and political leaders who understand that eliminating the penny from circulation could save the US government
close to $85 million annually
. The penny costs twice as much as to produce than it is worth.
What are two arguments for eliminating the penny?
- Pennies don’t buy as much as they used to. …
- Producing the penny costs taxpayers money and adds to the national debt. …
- Pennies are made of zinc and copper. …
- Most of the zinc for penny manufacturing is imported from China. …
- Pennies are heavy to carry around.
Why did Canada get rid of the penny?
On March 29, 2012, the federal government announced in its budget that it would withdraw the penny from
circulation in the fall of
2012. The budget announcement eliminating the penny cited the cost of producing it at 1.6 cents.
What can I do with all my pennies?
- Use them as a tire tread gauge. …
- Weigh down your curtains. …
- Make cool drink coasters. …
- Use them as washers. …
- Make your own wall art. …
- Create a unique floor, wall, or backsplash. …
- Fix a wobbly table or chair. …
- Make a bowl for your keys, wallet, and sunglasses.
Are pennies a waste of copper?
The store explains: Making pennies wastes natural resources and is toxic to people and the environment –
Pennies are 3 percent copper
, and 97 percent zinc and are primarily made from virgin ore. Making pennies from zinc and copper means mining for those materials.
Will the penny go away?
The U.S. Mint will officially phase out penny production in
late 2022
, and it’ll complete its last batch of penny production on April 1, 2023. … Mint won’t let the penny fizzle, though. Instead, it’ll send off the coin with 50,000 proof sets that it’ll auction off to collectors.
What years to look for on pennies?
- 1943-D Lincoln Wheat Cent Penny: Copper/Bronze.
- 1944-S Lincoln Wheat Cent Penny: Steel Cent.
- 1943-S Lincoln Wheat Cent Penny: Bronze/Copper.
- 1943-P Lincoln Wheat Cent Penny: Bronze/Copper.
How much are pennies worth?
For most pennies, those minted in recent years are worth, well, a penny. Most wheat cents (wheat pennies were minted between 1909 and 1956) are worth about
4 to 5 cents
. Those in better condition can have double-digit value. Special examples (especially those in near perfect condition) can be worth much more.
Are copper pennies worth saving?
Today, the amount of
copper in an old penny is worth a little more than 2 cents
. However, zinc pennies made since 1982 are presently worth only face value.
Is it legal to pay with pennies?
While federal law states that coins are legal tender,
it does not compel anyone to accept them
. If a business doesn’t want to take pennies — or a $100 bill, for that matter — it has a legal right to refuse them.
