The penny has practically no value and should be taken out of circulation just as other coins have been in US history. You can't buy anything for a penny; vending machines and parking meters won't accept them.
Making pennies wastes natural resources and is toxic to people and the environment - Pennies are 3 percent copper, and 97 percent zinc and are primarily made from virgin ore. ... The process of refining both metals can release sulfur dioxide (SO2), lead and zinc into the environment.
Leaving a penny means you visited and want to thank the veteran of the armed forces for their service. A nickel left at a grave means you trained at boot camp with the deceased servicemen, while a dime suggests you served with him or her.
Given the 107 billion cash transactions per year in 2012 (US Federal Reserve Payments Study), using pennies therefore wastes 120 million hours of time per year counting the time of both the customer and the store employee. At the US median income/hour of $17, that costs the economy $2 billion every year!
Economist Greg Mankiw of Harvard University argues that pennies are simply no longer useful as a means of exchange: “When people start leaving a monetary unit at the cash register for the next customer, the unit is too small to be useful.” There are precedents for getting rid of coins that are too small to use.
First, consumers benefit with a low denomination coin. The penny helps keep high prices in check. ... Groups like The Salvation Army and Ronald McDonald House Charities rely on these small contributions that prove the penny's value.
Well, as it turns out, the production of pennies also are pretty bad for the environment. To create pennies, zinc and copper are needed. That requires mining, which leads to carbon dioxide emissions, pollutants and the use of lots of energy.
There are about 130 billion pennies currently in circulation
The Mint produces 5-16 billion pennies every year.
Those who favor keeping the penny believe the penny plays an important role in keeping down the costs of the goods and services we buy. If there were no pennies, stores and restaurants would round up to the nearest nickel. This means consumers would end up paying $0.55 for something that should cost only $0.51.
A penny is a coin ( pl. pennies) or a unit of currency (pl. pence) in various countries. Borrowed from the Carolingian denarius (hence its former abbreviation d.), it is usually the smallest denomination within a currency system. Presently, it is the formal name of the British penny ( abbr.
Leaving a penny in addition to the tip - usually prominently placed next to or on top of notes is a sign that the customer considers their waiter/waitress to have given excellent service. ... Also years ago, if a table left two pennies, it meant they received bad service.
Some people believe it's only good luck to pick up a penny if heads is showing. A penny with the tails side up should be turned over for another person to find. On the other hand, many people believe any penny you find is good luck. You may hear people repeat a common rhyme to this effect: “Find a penny, pick it up.
Yet No Comments