- The expensive recipe for the penny causes it to cost about 2.4 cents each to make.
- The United States treasury has been attempting to find new metals to make pennies out of, but have not succeeded yet.
- Contrary to popular belief, pennies are actually made out of 97.5% zinc and only 2.5% copper.
- The suggestion of abandoning the penny has not been proposed yet
-There are 2.5 billion dollars in pennies, or 2.5 trillion pennies
Counter Arguments
-The penny would raise nickel costs which would hurt the budget
-The penny helps charities
-Rounding is unfair
-Ending the penny hurts the poor most
-Increased inflation
3.Weighs 2.5 grams
-Obama says people don’t use the penny
-Obama says useless
-Obama says should be changed
-Costs 2.41 cents to make in 2012
4.Adds 2 seconds to transactions
2.Deficit in 2011 473.4 Billion
4.Rounding is neutral
4.900 million lost yearly on pennies
4.Customers gain 1 cent per 40 transactions
-Rounding neutral among classes
4.Time lost to pennies is another 300 million yearly
-Canadian penny is useless
1.Australia and New Zealand removed their 1 and 2 cents in the 90s
-Coins carry germs
-Customers only receive, don’t return
1.Finland and Netherlands don’t take 1 cent euro
1.Canada saved 11 million dollars a year
1.Businesses not required to round but encouraged
-Penny keeps increasing in price to make
-In 1999 Walgreens lost 1.3 million to counting pennies
-Better uses for 22 million
-Credit transactions not affected
-60% of coins made are pennies
3. Out of 73937 people 60% favor ending the penny
-Submitted by Representative Colbe
-In 2006
-Shot down because it would increase business for the nickel benefiting Arizona copper
-Also had commerative coins
-Also just rounds doesn’t abolish the penny
-Penny has been changed 5 times to make it cheaper
2.In 1913 the penny was worth today's quarter
2.In 1947 = today’s dime
2.In 1973 =today’s nickel
-Coinstar wants to keep it
2. A cent made before 1983 is worth 2.15 cents in metal
2. A cent made since 1982 is worth .5 cents in metal
3.50% of pennies leave circulation with in a year
-Brazil killed its cent in 2005
1.Israel hasn’t used anything less than or equal a nickel since 2008
1.New Zealand killed its nickel in 2006
1.Sweden killed its 50 cent piece ~.08 USD in 2009
1.Britain abolished the half penny in 1986
2. It is illegal to melt nickels and pennies
2. Because it costs too much to make
2. $10,000 and/or 5 years prison
4. n 1989 when it was worth more businesses still did not want the penny
-Customers might pay an extra 2-4 billion with rounding
-Public not friendly to it
-The government still has to pay other fixed costs that up the cost of making the penny
-Penny aids charities
-Rounding is not fair
-Workers don’t lose time
No comments:
Post a Comment