Our latest poll: Should we get rid of the penny? Here's the pros and cons.
Here is the basic breakdown of the penny debate. This is a synopsis of this article on About.com.
Yes Penny
- Prices go up because everything will get rounded up, not down.
- Poor people make more small purchases and so will be burdened most heavily.
- Lots of little charities rely on people's willingness to give away pennies.
- No pennies means more nickels. They cost more to make than pennies.
- Nostalgia. Sentimentality. Change is hard (no pun intended.)
- Lincoln.
No Penny
- Because they have no value as currency.
- They cost more to make than they are worth.
- They waste time. We average 2.4 hours per year handling pennies or waiting for someone else to handle pennies.
- Making enough pennies takes the Mint as much time as making all the other coins combined.
- They cost a lot of money to transport everywhere for something that isn't worth anything.
- Rounding up will only cost us cents to the transaction. We don't value cents.
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