Should The Penny Go?

pennies in a wishing well

Pennies made the news this month, as they now cost more than their value to mint. (Nickels do, too.) These costs are blamed on the rising prices of the metals used to make the coins, so theoretically, you might be able to melt down a pile of coins and sell them for more than their face value. (Before you run to the smelter’s, read this article to see why it’s not practical to do so.)

The government’s proposed solution to the high cost of minting pennies and nickels is to change the composition of the coins to less expensive metals. However, some would rather see pennies be eliminated completely. These people have some valid arguments backing them up:

1. A penny has l

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15 Responses to Should The Penny Go?

  1. bigben says:

    The penny is the most ridiculous thing in the world. They are so worthless that I throw them away. I know that people are going to say that every penny counts, but it just gets ridiculous. The value of the deposit on cans is worth more 10x that of a penny and everyone puts them into recycling bins, so why is a penny any different? Especially since it is our taxpayer money that it costs to make them.

  2. Yes, the USA should definitely stop using the penny. It fought a War of Independence from 1775

  3. Mike says:

    “While stores would be able to keep prices ending in cents, most would tend to round prices up.” This is not true. Something that costs $4.99 would now be $4.95 not $5.00. I know retail VERY well and this is the way it would go.

  4. barker says:

    I’m not sure what all the fuss is about keeping the penny. We used to have a half penny and we got rid of that. If it no longer makes sense to produce them since they cost more to produce them than they’re worth, I say get rid of them. The same is true for the nickel – get rid of it too.

  5. Miranda says:

    It is a rare event when I pull out the cash, much less going looking for a penny in my purse.

    The penny really isn’t that necessary. My son can’t even use it to buy penny candies — he’d need at least a quarter for me to let him choose anything anyway.

    Down with the penny! We can at least cut back on government waste SOMEWHERE…

  6. gina says:

    All people that throw away pennies are stupid and financially irresponsible. Go ahead and I will gladly pick them up. I get an extra $50 a year picking up coins that people drop and don;t care to pick up. Money is money and 100 pennies is just as good as a dollar.

  7. Gold Why says:

    I personally think we should keep the penny. Yes, I am in agreement with the other posters that the penny isn’t worth much these days, but I think we have a much greater issue: government mismanagement and inflation. Getting rid of the penny is an easy way for us to ignore the real problem, inflation. The question that I think we should be asking is how can we restore value to the penny? What are we doing to stop inflation and the dropping dollar? As someone trying to save money, I hate to see every dollar I save worth less and less over time. Every so often I will go to the bank and pick up a $25 dollar box of pennies. It’s a fun rainy day activity to sort through them. The pre-1982 pennies are actually worth over 2 cents due to their copper content. This is an instant way to get 100% risk-free returns on your investment, but again more of a hobby than anything else. In the long run, if inflation keeps ramping up, this hobby may turn out to be quite profitable. :-) In conclusion, let’s keep the penny and address the real problem at hand.

  8. gorfkl says:

    If they get rid of the penny, what is going to happen to all those machines that squash pennies into historic landmarks at tourist spots?

  9. Pennies are a hassle. They pile up everywhere. I’ve set up a “change jar” and I just empty all my coins in there. When it’s full I just go to my local bank which offers free coin exchange and gives you bills.

  10. toasty aroma says:

    Yeah! let’s get rid of the penny instead of addressing the real problem, inflation and non-asset backed currencies.
    You will never hear anyone say, “let’s get rid of the 1/10th oz. gold coin, it’s worthless and a hassle”.
    It makes me sad when I think about how retarded we Americans are sometimes.
    If a currency is worth less than the materials required to make it, that should be a real clear sign that the currency is FAR TOO DILUTED.

  11. toasty aroma says:

    perhaps the penny and even the nickel being worthless will be a wake-up call for people. Inflation is a hidden tax. When the govt. decides they need money they borrow it (at interest) from the Fed, and the fed just cranks up the printing presses. Every dollar that is printed steals value from the ones in your pocket, because it is impossible to create wealth out of thin air.
    everyone needs to look at this:
    http://www.npn.net/

  12. Penelope says:

    I personally would NOT like to see the penny go. Aside from it being the inspiration for my blogging pen name (Penelope Pince) ;), it is sad to see tradition and longstanding elements of our past disappear. As children, many of us enjoyed collecting pennies and counting them, and they played a role in our early financial education and learning the value of money.

    Those who throw away pennies are not only wasting their own money, but contributing to the inflation. If those pennies aren’t thrown away so frequently, the government wouldn’t have to mint more.

    We don’t need yet another excuse for inflation. Prices are going up quickly enough as is. I shop for groceries once a month and notice significant price increase each month. The worry that everything will cost more next month makes me want to hoard and buy as much as possible this month.

    My sister just posted an article this morning, Homemade Coin Bank for Saving Wayward Coins, about saving spare change and with instructions for making yourself an attractive coin jar. We counted all our accrued change last night and came up with $18.90. So, yes, a single coin isn’t worth much alone, but a few at time over time does add up, and more quickly than you might think.

  13. Rob Panico says:

    “1. A penny has little value and little buying power, especially compared to what it had a century ago, when a first-class stamp cost two pennies and a loaf of bread cost a nickel.”

    I thought constant efficiency improvements in technology were supposed to make everything cheaper. We have loads more tech now than 100 years ago.

    Could it be that things are now thousands of percent MORE expensive? Why is that?

    Perhaps we should deal with the institutionalized theft that has been perpetrated against us by the banks in collusion with the federal government (INFLATION) for nearly 100 years now before we eliminate our coins.

    The penny is not the problem here.

  14. Kelly says:

    What about taxes? They would round up to cover taxes. Therefore, your paying more. I say use a different metal and find a way to add value to the penny. All our money is currently losing value and in another 50 years they will want to get rid of the nickle. Everything is inflating like crazy. Plus, if you throw away ANY kind of money, including the penny, then you are only contributing to this economic decline by your wastefulness (if you throw away pennies how do you treat other items?) Some people should just pull their lower lip up over their head and swallow!! LOL!!!

  15. Sophia Bracho says:

    common big part of this country is what Abraham Lincoln did for us.
    the least we could do is keep his spirit at least worth a penny.
    we do use the penny, every day of our lifes.
    yes lets say if you bought a bunch of items, then added in sales tax, you’d have a 50-50 shot at getting price of, say, $15.82—which would round down for saving two pennies.

    and keep in mind a penny is MONEY!!!

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