I'm writing an essay on this for my English class and i thought it'd make a cool debate
Here is a video against the penny that got me interested in the subject: YouTube Video
So what do you guys think? Should the US discard the Penny? Would it have negative effects? Is it worth the effort with all the other problems we face?
Yes and Britain should too, for all the reasons mentioned in the video. We also have a 2p coin in Britain that we could get rid of. We used to have halfpennies (until 1984) and farthings (quarter pennies) (until 1961) that we've got rid of before and nothing exploded/caught fire so why not 1p?
And why stop at 2p? A 5p coin today is worth less than a halfpenny did in 1971 (year of decimalisation) (source: http://www.bankof...fault.aspx)and it's probably the same with nickels in the US. We could work in multiples of 10p/10c easily.
my signature broke, here is a fox snek:
Well i think they should stop producing the penny because i think it takes more money to produce the actual coin then how much the penny is worth. They spend like 1.5p on making it so in a way they are losing money for each one they make. Theres millions of coins in circulation. I think that would be enough for a long time plus I think they make the coins out the taxpayers so in another way you guys would sorta save money?
That video makes some strong arguments, but I should imagine that the situation in America and the UK differ somewhat, so I'm not sure how valid my comments would be.
In the UK, I could understand proposals to scrap the penny (and 2 pence coin), but not all the reasons in that video apply.
Saviour wrote:
Well i think they should stop producing the penny because i think it takes more money to produce the actual coin then how much the penny is worth. They spend like 1.5p on making it so in a way they are losing money for each one they make. Theres millions of coins in circulation. I think that would be enough for a long time plus I think they make the coins out the taxpayers so in another way you guys would sorta save money?
For Phil Mussell, director of industry bible Coin News, changing the penny's ingredients has been key to its survival. "The change means that the penny is costing nowhere near a penny to produce. If it was costing more to produce than it was worth, as it does in Canada, then it could be a different story," he said.
I believe that the Royal Mint produces the coins, and sells them to HM Treasury (for a profit), so the production cost doesn't affect taxpayers.
I would say bye-bye to the penny, BUT...it's unfair... Why remove 1/100th and not 5/100 (5 cents, the nickel), so all we have are 1/10th's+? Everything should be rounded to the nearest tenth, not 5 cents.
One reason that retailers might be against this change is that it would lead to a profit loss. For example, they would have to change their price from 10.99 to 10.95, losing 4p of profit per item, which would certainly add up over large quantities of stock.
ninja wrote:
One reason that retailers might be against this change is that it would lead to a profit loss. For example, they would have to change their price from 10.99 to 10.95, losing 4p of profit per item, which would certainly add up over large quantities of stock.
If you're making so much money that 4 cents a product really makes a difference, you have too much money anyway.
ninja wrote:
One reason that retailers might be against this change is that it would lead to a profit loss. For example, they would have to change their price from 10.99 to 10.95, losing 4p of profit per item, which would certainly add up over large quantities of stock.
If you're making so much money that 4 cents a product really makes a difference, you have too much money anyway.
Go to hell you dirty sticky penny.
It would be significant even for small retailers, too. Perhaps even more so, as they don't get bulk discount on wholesale products that larger chains might, and are therefore already in a way 'losing out' on that profit.
Ehh when ever I have pennies I go to a vending machine and put all the pennies were you get ur change from. Good ridance.
A strong man stands up for himself. A stronger man stands up for others. Are you stronger?
i simply keep a change jar and dump it after a year or so of collecting. Unfortunately pennies have to around because of the cost system and exact change is required.
ZA Code wrote:
USA and UK should join europe and all use the euro
Sorry, but I would most definitely have to disagree with that as the currency is approx. $1.50 U.S. dollars to $1 euro, thus the cost of living would being higher in the U.S. and there is already enough poverty. Then again there may be other unknown changes. There are always unknowns unaccounted for.
ZA Code wrote:
USA and UK should join europe and all use the euro
i would not want that, no offense code, till europe gets there act together (greece, spain, so forth) then i would join the euro. its a great idea. just like the american dollar. the only prob with the euro is a whole bunch of different governments coordinate and use it. since theres nnot just one country, if one decides to do something, the others cant protest since there not one government. ie, one wants to spend lots of money, very wasteful so forth, and the others have to pay for it . but back to penny. its more to produce in the u.s. then its worth. change the formula to get it cheaper to produce or get rid of it �RG� (Renegade Gamers) Senior Admin [C�R] Veteren
ZA Code wrote:
USA and UK should join europe and all use the euro
i would not want that, no offense code, till europe gets there act together (greece, spain, so forth) then i would join the euro. its a great idea. just like the american dollar. the only prob with the euro is a whole bunch of different governments coordinate and use it. since theres nnot just one country, if one decides to do something, the others cant protest since there not one government. ie, one wants to spend lots of money, very wasteful so forth, and the others have to pay for it . but back to penny. its more to produce in the u.s. then its worth. change the formula to get it cheaper to produce or get rid of it
I would have to agree with odis. Europe is in complete shambles right now and the U.S. should not follow suit. The U.S. is currently on economic recovery and the Dow, NASDAQ etc... stocks have spiked hard. I would have too say other way around. Maybe do away with the euro and become USD.
. but back to penny. its more to produce in the u.s. then its worth. change the formula to get it cheaper to produce or get rid of it 
