The us penny should it be scrapped

United States Mint Annual Report - According to Walgreens and the National Association of Convenience Stores, using pennies wastes million hours of time per year in cash transactions with customers and retailers. According to the Federal Reserve Payments Study, non-cash payments continue to grow at a faster rate, and cash withdrawals from ATMs continue to decline, showing a slowing need for cash Federal Reserve Payments Study - The US would join a growing list of post-industrial countries that have eliminated the penny including Canada, Denmark, Australia, and Ireland.

The United States Department of Defense discontinued use of the penny at all overseas military bases more than 30 years ago. Join the fight and stand with Retire the Penny by signing up below. This form will automatically tell those in the Trump adminstration how important this issue is to you! Also, you may click here to find your local elected government officials and voice your concern. Is it finally time to get rid of the penny? The question was put to the top currency official in the country this week after comedian John Oliver took a swing at pennies on his TV show.

John Green discusses his virulent hatred for pennies and nickels, two utterly irrelevant coins that inexplicably remain money in the United States of America. Talk of eliminating the penny is nothing new, and we can only hope that the quest to make it happen is closer than ever to success. Most recently, some highly educated, well-known individuals have decried the stubborn perpetuation of the penny. From professors to politicians, Citizens to Retire the Penny is not alone in its desire to usher the penny into a long-overdue retirement.

A professor of Economics at Wake Forest University , Whaples has long supported the elimination of the penny. He has done much research into the economic impacts of the penny and its cost to produce. A presidential campaign advisor and professor of Economics at Harvard, Mankiw has advocated elimination of the penny.

Check out his blog to read more on his thoughts in support of this movement. In the fiscal year , it cost the U. Mint 1. While that was down from the 1. To make pennies, the U.

Mint needs copper and zinc. This leads to mining, which increases carbon dioxide emissions, further harming our already delicate environment. Eliminating the penny will limit the demand for these materials and the mining industry. In , the U. Go to any store and find what you can buy with a penny. Bhadra Professional. Joined Jul 11, Messages 11, Likes 23, Ewald said:.

Only if it's heads up. We don't need to do anything just because Canada does it. We don't have the penny now, anyway. The US coin is a one cent piece, not a "penny. The penny is a British coin. You must log in or register to reply here.

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