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Home > 2023-24 > April 1, 2024 > Should We Get Rid of the Penny?
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Illustration by EDDIE GUY; Shutterstock.com (background); Debate photos courtesy of families
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Should We Get Rid of the Penny?
Everyone knows that a penny is worth one cent. But do you know how much it costs to make a penny? More than three cents! The U.S. Mint, which produces our coins, makes pennies out of zinc and copper. In recent years, the prices of those metals have increased.
That cost is one big reason many people think the U.S. should no longer produce pennies. Supporters of eliminating pennies also point out that the coins often wind up on sidewalks or under couch cushions. About two-thirds of the billions of pennies produced each year end up with consumers and are never used again. That’s according to the Congressional Research Service.
The U.S. wouldn’t be the first country to get rid of its lowest-value coin. Canada, Australia, and other countries have already done so.
But not everyone wants to ditch the penny. Though the one-cent coin may seem worthless to some, penny supporters point out that many people collect and save them. They can turn in their pennies at banks for cash.
Also, many charities collect pennies to raise money for important causes. For example, since 2009, an annual penny drive has raised more than $2 million for a food bank in Tennessee.
Here’s what two of our readers think.
The U.S. government could save millions of dollars if it stopped producing pennies. Last year, the U.S. spent more than $127 million to make less than $41 million worth of pennies. That just doesn’t make sense!
Plus, pennies are basically worthless. Many people wouldn’t pick one up from the street. Vending machines don’t take pennies, and you’d have to save up hundreds of them just to buy something as simple as a candy bar.
If we got rid of pennies, the government might have to make more nickels. In 2023, it cost more than 11 cents to make each nickel! So the government might not save any money after all.
Also, pennies help keep prices down. Without them, stores and restaurants might round up prices, so most things would cost more.
Though many people don’t use pennies, they still have value. They come in handy when you’re making a purchase and don’t have other change.
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Skills Sheets (1)
Text-to-Speech