Argumentative Essay Should The Penny Be Eliminated

The debate over whether the penny should be eliminated has been a contentious issue for many years. While some argue that the penny is a vital part of our currency system, others believe that it is a useless and costly coin that serves no real purpose. In this essay, I will explore the arguments for and against the elimination of the penny, ultimately arguing that the penny should indeed be eliminated.

The United States penny, which has been in circulation since 1793, has long been a source of debate. Many argue that the penny is an important part of our currency system, representing tradition and history. However, the reality is that the penny has become increasingly irrelevant in today's economy. In fact, it now costs more to produce a penny than it is actually worth. According to a report by the U.S. Mint, it costs 1.99 cents to produce a single penny. This means that the U.S. Mint is losing money every time they produce a penny. In 2019 alone, it cost the U.S. Mint $69 million to produce pennies.

Furthermore, the penny has lost much of its purchasing power over the years. In today's economy, the penny has very little value. In fact, many people simply discard their pennies, leaving them in jars or on the ground. The penny has become a nuisance for many, and it is estimated that the average American spends about 2.4 hours per year handling pennies. This may not seem like a lot, but when you consider the fact that the penny is virtually worthless, it becomes clear that this is a significant waste of time.

In addition to the economic arguments, there are also environmental concerns associated with the production of the penny. The production of the penny requires large amounts of energy and raw materials, including zinc and copper. Mining these materials has a significant environmental impact, including deforestation, water pollution, and habitat destruction. By eliminating the penny, we could reduce the demand for these materials, ultimately lessening the environmental impact associated with their production.

On the other hand, some argue that the elimination of the penny would disrupt the natural order of our currency system. They argue that the penny is an important symbol of American history and tradition. However, it is important to note that the elimination of the penny would not have a significant impact on our currency system. In fact, many countries around the world have successfully eliminated their lowest denomination coins without any major issues. For example, Canada eliminated its penny in 2012, and Australia did the same in 1992. In both cases, the elimination of the penny had little to no impact on the economy.

Furthermore, the elimination of the penny would actually have some positive effects on the economy. For example, it would save the U.S. Mint millions of dollars each year, as they would no longer need to produce pennies. This money could then be allocated to more useful projects, such as education or infrastructure. Additionally, the elimination of the penny would streamline the payment process, saving time for both consumers and businesses. This would result in a more efficient economy overall.

In conclusion, the evidence overwhelmingly supports the elimination of the penny. The penny has become a costly and irrelevant coin that serves no real purpose in today's economy. By eliminating the penny, we could save millions of dollars, reduce our environmental impact, and streamline our currency system. It is time for the United States to follow in the footsteps of other countries and eliminate the penny once and for all.

Works Cited

1. "Annual Report 2019." United States Mint, 2020. www.usmint.gov/about/annual-reports/2019.
2. "Cost to Make a Penny: 1.99 Cents." Federal Reserve Bank of New York, 2020. www.newyorkfed.org/aboutthefed/fedpoint/fed04.html.
3. "Environmental Impact of Mining." World Wildlife Fund, 2020. www.worldwildlife.org/threats/impact-of-mining.
4. "History of the U.S. Penny." U.S. Department of the Treasury, 2020. www.treasury.gov/resource-center/faqs/Coins/Pages/edu_faq_coins_portraits.aspx.