Arguments Against The Penny

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Pennies
“A penny for your thoughts…”(“A Penny Saved is a Penny” K7469): should one-cent currency stay in the United States? Though lobbying against the penny has been occurring for years, legislation was formally presented to Congress fairly recently. Proposed in 2006, the Currency Overhaul for an Industrious Nation (COIN) Act would require sellers to round down to the nearest nickel for “sums ending in 1,2,6, or 7 cents” and up for “sums ending in 3,4,8, or 9 cents” (“Eliminating the Penny Debated.” 5). So long as the public is persuaded to comply with the possibility of trivial monetary losses from rounding, pennies should be phased out of the American Economy as soon as possible because historical precedents have already proved our readiness …show more content…
According to David Owen, America ceased production of the half-cent in 1857 (60). Additionally, the government added the Susan B. Anthony dollar coin in 1979, but because it was largely regarded as a “failed” project it was quickly removed from circulation. (Kinsley 4) Nevertheless, these changes serve as proof of the political authority the government possesses to alter modes of currency, especially within short periods of time. Abroad, Canada, our northern neighbor, halted the manufacture of one-cent coins in 2012 (Aaron). Australia eschewed them in 1992, and military bases held by the U.S. in Europe did the same in 1980 (Sauer B3). Furthermore, due to inflation, other countries are disposing of all their low-valued metallic money: “In Britain and France, the highest-value coin is worth about $1.70. In Germany and Japan it's about three dollars”(Kinsley 4). Because so many precedents exist, no argument exists that phasing out currency is impossible, and moreover, should the penny remain, the United States may further lose its place as a global …show more content…
According to a 2006 poll, 55% of Americans sided with them (Glazer). The public fears that rounding would negatively affect consumers, especially the poor, who primarily use cash (“Eliminating the Penny Debated.” 5). Penny drives, which help the needy, would also be eliminated (“Should the U.S.” 22). Without a doubt, the opinion of consumers matters. However, rounding would not have serious consequences. It “would only apply to the final five cents, no matter how high the price” and for years “sales taxes [have been] rounded [too]…”; besides, people already pay Coinstar nearly nine percent to exchange pennies for bills, which is much greater than the possible loss from rounding (Owen
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