Abolish the Penny essay

Abolishing the Penny The biggest questions now days are, Should the penny really be destroyed and why is the penny remedy in route alike(p) its ten or five cents? Its been our smallest-denomination chance upon for 150 years. only if if muckle are leaving pennies at the cash register, is it time to get loose of them? In this essay I am going to contend why we should financial support the penny and why people think the penny should stay in route with the rest of the coins. Also why or why not we should keep the penny and if we didnt where would the penny go?What made me want to argue my thought versus the Harvard professor of Economics Gregory Mankiw who believes that the penny should be abolished is because the penny helps a lot of people arrive the long way. I felt like this was a much needed topic to talk about(predicate) because some people who have bills no matter if they are in the lower sectionalisation through higher class living situations are acting like pennie s dont or wont affect them if it was to disappear. I still use pennies and collect them until I feel like its a lot of money to go cash them in its a frank way to save money too.Whether we use the penny on the regular like we use quarters, nickels, and dimes shouldnt matter because its still being circulated in cash flow. . Most cash transactions have the exchange of pennies, and this increases the time it takes to complete them. Also some people are saying that the penny should be abolished because its just taking up space in the currency flow. I dont believe that the penny is taking up space because it works as if it was a quarter, nickel, or dime in some places. For example when you dont have the needed change, you would turn to the penny. Some people say minting pennies is a waste of money. They say the penny has out lived its usefulness so we should retire it, provided I believe the penny has more(prenominal) life in it still because people is the US still use it unlike Ca nada and few other states or countries. Gregory Mankiw points out, When people start leaving a monetary unit at the cash register for the next customer, the unit is too small to be useful. But some people just leave the pennies there because they dont feel like time lag for the cashiers to count it out. Statistics show that the U. S. Mint produces about 7 billion pennies a year at a cost of $100 million dollars.Pennies are made of copper and zinc, two metals that have recently soared in price. Because of the high value of those metals, a penny is worth more melted down than as U. S. currency. A simple way to retire the penny would be to round each cash transaction to the warm nickel, but why would you want to round to the nearest nickel, thats spending more money though. I dont believe that we should abolish the penny because its been around for so long, if we were to abolish the penny what would we use to break five, ten , or odd numbers of cents. Its also ineligible to melt p ennies. Abolishing the penny would not save the government money.Without the penny, the U. S. Mint would produce more nickels. Due to coast metal prices, the nickel costs almost 10 cents to produce. Spending more money to produce more nickels is no way to save money. In conclusion to my argument as well as my opinion versus the Harvard professor of Economics Gregory Mankiw who believes that the penny should be abolished, has been clearly stated that the penny should not be abolished for survey of reasons and the penny should stay in circulation with the rest of the currency. My opinion still stands strong as to why we should keep the penny and what would happen if the penny was to disappear.