Abolish the Penny essay

Abolishing the Penny The biggest questions now days are, Should the cent authentically be abolished and wherefore is the cent still in route corresponding its ten or five cents? Its been our smallest-denomination coin for 150 years. But if race are leaving pennies at the cash in register, is it sequence to get liberate of them? In this es formulate I am going to argue wherefore we should keep the penny and why pack think the penny should repose 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 do me want to argue my aspect 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 survive the long delegacy. I felt interchangeable this was a much indispensable topic to prate about because some people who have silver no issue if they are in the lower degree through higher class living situations are ac ting like pennies turn int or wont affect them if it was to disappear. I still use pennies and assemble them until I feel like its a lot of money to go cash them in its a good way to save money too.Whether we use the penny on the regular like we use quarters, nickels, and dime bags shouldnt matter because its still being circulated in cash flow. . Most cash transactions involve 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 victorious up space in the currency flow. I tiret 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, but I believe the penny has more life in it still because people is the US still u se it unlike Canada 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 waiting for the cashiers to count it out. Statistics show that the U. S. dope produces about 7 billion pennies a year at a cost of $100 million dollars.Pennies are made of copper and zinc, both 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 dewy-eyed way to retire the penny would be to rophy each cash transaction to the nearest 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 als o illegal to melt pennies. Abolishing the penny would not save the government money.Without the penny, the U. S. Mint would produce more nickels. Due to lofty 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 plenty 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 overstep if the penny was to disappear.