The cost of manufacturing both a penny and a nickel is more than the 1-cent and 5-cent values of the coins themselves. The cost of producing a penny has risen 27% in the last year, while nickel manufacturing costs have risen 19%. Skyrocketing metals prices are behind the increase. It cost dramatically less to just make paper money!
So I ask this question, with a recession almost near?
Does it make sense to continue making the penny?
4 comments:
If you buy something at a store and the change back is supposed to be $1.13, are you ok with the clerk giving you $1.10 because there are no more pennies? He's not gonna give you $1.15 because then he'd lose .02 and that stuff adds up over time.
Keep the penny. If you want to do something about the recession, end the war in Iraq. It's costing us $9 billion a month.
It is reasons like this that the value of the dollar in the foreign market has fallen so drastically. Personally, I have asked to withdraw some money from the bank in Euros. Some stores in NYC have now started to accept Euros, in addition to the U.S. dollar, as payment.
We can all thanks Bush for this fiasco, as well as the recession.
This is all going to result in digital money. Credit and debit cards will be more widely used as well as a new form of money. The near future will be very interesting!
LoL@ end the War in Iraq. It's costing us $9 Billion a month. Great! Now quote how much all of these entitlement programs this country funds in a month that are more taxing on our economy and let me know if you're ready to end those too...
Keep the penny. Prices will be inflated to make up for it's loss.
~Damnit!
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