Making Sense of Dollars and Cents
Will the penny survive? During recent years there has been significant debate over whether to keep the penny as part of the US currency or to discontinue production of the penny. Every year the United States Mint produces around 12 billion new pennies, but 6 billion get lost, stored, or disposed of. Even so, a recent poll shows most Americans, such as I, are not ready to say good bye to the penny. The penny should stay because if it were to be discontinued there would be higher prices and inflation, less consumer confidence, less profit for the treasury, more deficit, huge layoffs in the zinc industry, and a general feeling of sadness over the loss of America's oldest coin.If the penny were discontinued then prices would be rounded off to the nearest five cents. Professor Raymond Lombra, Pennsylvania State University, testified before congress in 1990 that this "rounding tax" would cost Americans $600 million annually! Abolishing the penny could also erode co
The penny should not be discontinued because it is such an important part of the economy. It should remain in circulation for a multitude of reasons including its cultural value, popularity, importance to the zinc industry and Treasury, and if it were to be discontinued there would be inflation in the economy which will lead to lower consumer confidence. nsumer confidence in the economy. A 1990 General Accounting Office report found people fearful their money would not go as far if the penny was eliminated because prices would be rounded to the nearest five cents. The reported note this "rounding" made many Americans feel that they are being ripped off by being charged higher prices. The penny is composed of 97% zinc and 3% copper. This means that for the 12 billion pennies coined each year a lot of zinc is used. If the penny were to be discontinued that would lead to huge layoffs and lost profits in the zinc industry which would harm the economy. Proponen
Some common words found in the essay are:
Currency Poll, Accounting Office, United Mint, Salvation Army, Benjamin Franklin, Pennsylvania University, , zinc industry, consumer confidence, profit treasury, penny discontinued, rounded nearest five, nearest five cents, prices rounded, penny penny, discontinued prices, majority americans, penny kept, five cents, prices rounded nearest,
Approximate Word count = 651
Approximate Pages = 3 (250 words per page double spaced)
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