in 2006, the US Mint produced 54,448,000,000 pennies, why do we need so many of them?
2006-09-26 12:58:44 · 6 answers · asked by hey people!! 1 in Education & Reference ➔ Homework Help
You need pennies to make change.
If there were no pennies, you would have to round UP to the nearest nickel. And even though it may only be 1-4cents, it can still add up:
"Rounding to the nickel would effectively raise prices. Raymond Lombra, an economics professor at Penn State University, estimates using simulations from convenience stores that rounding would force an annual $600 million "rounding tax" on consumers."
As of July, 2006 it cost more than 1.4¢ to manufacture and distribute a penny, which is sold for only 0.98¢ (in 2004).
http://en.wikipedia.org/wiki/Efforts_to_eliminate_the_penny
Despite the prevalence of the common term "penny", the U.S. Mint has never actually minted a coin for which this is the official name.
2006-09-26 13:00:25 · answer #1 · answered by ĵōē¥ → đ 6 · 1⤊ 0⤋
Principally for making change, paying sales tax, and weighing down our pockets. That's only 180-200 pennies per person in the U.S.
2006-09-26 13:13:13 · answer #2 · answered by Helmut 7 · 0⤊ 2⤋
With all the pennies in circulation we don't need near this many new ones. This is another government waste, in my opinion.
2006-09-26 13:08:00 · answer #3 · answered by delmaanna67 5 · 1⤊ 1⤋
Because without them the population couldn't grow. Ohhhhhhh..... you said Pennies ?? Oh. Nevermind. Good Luck ! :)
2006-09-26 13:01:53 · answer #4 · answered by tysavage2001 6 · 0⤊ 2⤋
Because the world is not ready for dimes.
2006-09-26 13:00:58 · answer #5 · answered by emilykjo@sbcglobal.net 1 · 0⤊ 1⤋
Because I am collecting them.
2006-09-26 13:07:34 · answer #6 · answered by Deena 5 · 1⤊ 1⤋