should the penny be abolished?

Answer 1

NO. First of all you would have to round EVERYTHING to 5 cents. That means that everything will now become 3 to 5 cents more expensive and in the greater perspective this will be a sure way to initiate the slinky-effect of inflation.

Also, the Fed constantly whines because it actually takes 4 cents worth of materials to create a piece of money only worth 1 cent. They make it sound like they are loosing money, when in reality, it takes only 8 cents to pay for the material required to mint a quarter. The same arguement would have to acknowledge that they are recieving a 17 cent return for every quarter made.

The penny or "One Cent Piece" as it is properly named (No where on the lincoln piece does it say "One Penny". Only in England) is an American Icon. To do away with it will have a severe impact on capitalism. For example, in economic psychology it is a common practice to manipulate the consumer with the arrangement of numbers in the price of an item... $XX.99 is subconciously associated with a bargain in the mind of a consumer....

We need the penny, get over it.

Answer 2

No. The penny is the basis of our economy. Get rid of it, and you might as well find penny inflation having to round up to the nickel. Pretty soon you will see it adds up.

Besides, I'm a stickler when it comes to monetary tradition. I love pennies and 2 dollar bills. Especially the old $2 bills with the red seals on them. That picture of Monicello on the back is so cute.

I wish they'd bring back the $500 and $1000 bills. C notes are worth what they were decades ago when the $500 and $1000 bills were removed from circulation.

Answer 3

The penny must not be abolished because it still has value and could be used as a change for small amount of money exchanges such as sales.. The government decides whether to abolish it if totally worthless.

Answer 4

no. pennys are good to have when you don't want to break a dollar.
the other day my amount due at the store was $3.73
I gave 3 dollars, 2 quarters, 2 dimes, and 3 pennys.
nice transaction, a bit time consuming counting out the pennys but worth it

Answer 5

Presently it costs the government more money to make a penny than it is worth by a lot (in fact, if you melt it down it is worth more than 1cent). People who defend the penny cry 'penny inflation', but the truth is, we already pay penny inflation every time a new one is minted.

The same is true of the nickel. Presently a nickel melted down is worth 9.7 cents.

Answer 6

why should it? a penny has just as much value as any coin. when you get change back people throw the pennies aside not knowing you may have a purchase of $2.02 are you really going to give that person an extra dollar just to get back a hand filled with change? keep the penny alive.

Answer 7

No. According to Ben Franklin, A penny saved is a penny earned. Throw them in a jar and see how fast they accumulate. A good way to painlessly save for anything.

Answer 8

it makes no cents .
it cost more to handle the pennies, then what they are worth..
all they have to do is round the final price of the sale.
1.97= 2.00
1.96= 1.95
1.92= 1.90
do you realize how long it takes to count them.
it will average out. even it would cost to be higher.
if you see a penny on the ground , 90% of the people won't bend over and pick it up.
it still be worth it.

Answer 9

i don't know about abolished...but out of mint...i think we should also get rid of the paper 1 and 5 dollar bill...change them into coins...but i don't think getting rid of the penny will happen anytime soon...some business transactions go down to the cent...

Answer 10

I think NOT! We pay enough taxes now, if you eliminated the penny, I'm sure it would go to the next 5 cents.