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Supporters of the penny point to all-cash transactions as a reason why it should remain in circulation. One of the overlooked reasons why we should keep the penny is that the abolition of the penny would force an increase in the production of the nickel, as more nickels would be necessary to make up for the pennies that are not in circulation. Opinion | Abolish the Penny - The New York Times Unlike some other foreign governments, the penny remains legal tender in Canada. References to products, offers, and rates from third party sites often change. In 1857, the half-cent had the purchasing power that would translate to well over ten cents today, so in some ways, it was akin to our eliminating the dime. Creating the penny releases C02 into the air. The penny debate gained renewed attention when the coronavirus pandemic led to a nationwide coin shortage as consumers moved towards contactless payment methods. A 2006 Coinstar poll found that 33 percent of American men and 22 percent of American women do not value spare change. memorial service for bro. Carlton Pinney | Join us as we - Facebook Overall, continuing the use and manufacturing of pennies . The U.S. Mint does lose money on pennies and nickels. procon@eb.com, 2023 Encyclopaedia Britannica, Inc. As debate continues on both sides, let's explore 8 reasons why we should keep or eliminate it. They are also bf and environment this doesnt make your hands very very very stinky I dont like the smell of metal. Analyze the pro argument of Mark Weller from Americans for Common Cents. The cost of producing them is higher than face value. Author: www.thebalancemoney.com. Are culture would be forgotten shops prices . The penny debate gained renewed attention when the coronavirus pandemic led to a nationwide coin shortage as consumers moved towards contactless payment methods. How would removing pennies impact people who primarily rely on cash transactions? In 1962, it removed tin from the alloy, changing it from bronze to brass. Hardly anyone uses them anymore. Keeping the penny eliminating the penny reflect - Course Hero Eliminating the penny would mean taking away a significant part of his legacy, which many people consider unacceptable. Pennies are no longer made from pure copper . The debate over whether to keep the penny or discontinue it has intensified since the penny crossed the line of one-cent production cost per penny. -Pennies are less costly to make than nickels, as 5 pennies, costing 6.3 cents to make at 1.26 cents per penny are less cheaper than nickels, which are cost 7.7 cents to make. Can We All Just Agree That Pennies Are Stupid And Need To Be - HuffPost Treasury officials reasoned correctly, it turned out that by then, Americans had developed enough confidence in their government to accept base-metal coins, quite literally, at face value despite their reduced intrinsic value.