Why America is done with the penny
It’s been long rumored that the penny is utterly useless. Does anyone really use it anymore, except to fill the excess room in the piggy bank? At this point, it’s more expensive to make than it the penny is even worth. Well, in case you needed any more convincing here are five reasons why we should get rid of the penny.
They add to the National Debt
To go back to the previous statement that they cost more to make than they’re worth, pennies actually add to the national debt. Producing pennies cost taxpayers money. The actual production cost is 1.56 cents, admin cost is 0.24 cents and distribution to the Federal Reserve banks costs 0.02 cents. Let’s stop wasting money to make money!
They cost the environment
Contrary to popular belief, pennies are not just made of copper. They are actually made of a mix of zinc and copper, and zinc mining has a very negative impact on the environment. Mining this element causes leaching into the surrounding soil and streams, affecting food production, and causing major health concerns.
People don’t even want them
Most of the time pennies and other loose change get lost in sofas or disappear in the street. Reports even claim that $62 million in coins are thrown away every year by Americans, and 11% of Americans would rather throw a penny away than carry it around. So what’s the point?
Nobody uses change anymore
Most people today use credit and debit cards, and those who use cash pay in paper money or a spare quarter or two. Even most parking meters take a card or large coins only. With the time it would take to actually count out pennies at the register and the fact that most transactions don’t even include such small coins, why bother?
They’re pretty much useless
The fact of the matter is, pennies just don’t buy as much as they used to. Besides picking one up for good luck (but only if it’s heads) they really don’t have any value. Back in the day, a whole penny could buy what a quarter does today. But inflation has rendered them useless, so let’s just get rid of them entirely!