What was your first memory of a penny? What ever it may be, it is likely that you have remembered pennies being around since you were born. Well the story of the beloved currency starts in 1792 in the US in the first American mint. At that time the pennies could actually buy things and were useful. Well times have changed and it’s time the penny says it’s goodbye to the world, however the US still clings to the penny to this very day. It’s time for a change, death to pennies.
Ok, so back in 1792, the pennies were made of 100% Copper, and was worth over 2 dollars back then. However, due to inflation and the value of Copper Increasing the penny’s buying power was reduced, and the penny was eventually an alloy, that consisted of Copper and Zinc. At first, it was 95% Copper 5% Zinc, and it ultimately withered down into 5% Copper 95% Zinc. Additionally the penny is practically worthless in this day and age. It literally can’t buy anything! Really, the whole point of money is so that we can use it to buy stuff we want. Back then, the penny could do that, but now the penny has grown into a sick old man, and can’t even do it’s one job.
If that isn’t bad enough in 2006, the value of the penny went under the value of the production of it. It costs 1.8 cents in order to make make one penny. So we are actually loosing money from making pennies. And so it remains in the US that over 4 Billion pennies are created each year, and we loose millions of dollars each year. Even if pennies were created of something that truly represented their true value like dirt, or pocket lint, there still would be a major problem. And that brings us once again to the fact that pennies can’t buy you anything. Toll booths, vending machines, and parking meters don’t accept pennies because they are just too much of a hassle to sort out.
And if you do want to rid yourself of pennies, buy combining a bunch of pennies to pay for a product, GOOD LUCK WITH THAT. Trying bringing in 1500 pennies just for paying $15 which weigh about 9 pounds. And let’s not mention the poor cashier who has to count all the change and annoying all the people in line behind you because you have nothing better to do than to just waste everyone’s time. Even with any combination if spare change holds up a line really.
So how would the world function without pennies? Will we have to adjust? Well not really, because this has been done in many other countries including Finland, New Zealand, Australlia, and most recently in 2012, Canada. What Canada plans to do is simply turn off their national penny mint, and still allow pennies. However, they plan to collect pennies from local shops and melt the pennies, so they decrease over time. Good Job Canada, perhaps the US can follow in on your penny policy and remove an outdated currency.
It’s clearly evident Pennies should be discontinued in the US. They take up everyone’s time to sort out, are practically worthless, costs more to make than it’s actual value, and can’t even do it’s one job: to be used to buy things. The penny is practically a fail at it’s job now, and its life should come to an end. I know I know Lincon is on the penny and EVERYONE loves President Lincon. But he has his face on the 5 dollar bill as well, and his own monument in D.C. Besides I don’t think he would appreciate being on the most worthless piece of currency today. So the fact remains: death to pennies.
Here are some other videos about why the penny should go.
John Green’s Rant
President Obama Is Asked About the Penny Issue