Should we get rid of the penny scholastic pdf 2025

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Its got to be for the fun of it -- note that copper cents never disappeared because the copper cant be melted down. The penny is really only worth 0.01 as a matter of law. That may change in the future but for now coppers arent as valuable on the secondary market as silver.
On 9 February 2025, President Donald Trump said he had ordered the Treasury secretary, Scott Bessent, to stop producing new pennies, a move that he said would help reduce unnecessary government spending. However, it is Congress, rather than the President, that authorizes the Treasury regarding what coins to mint.
For one thing, consumers benefit from having the penny. A low-denomination coin helps keep prices in check. If we were to get rid of the penny, cash transactions would be rounded to the nearest nickel. Since the goal of any business is to make money, most prices would be rounded up, not down.
Many people wouldnt pick one up from the street. Vending machines dont take pennies, and youd 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!
Additionally, eliminating the penny would not only have a negligible impact on inflation, costs and profits but also save time for customers and clerks, which could recoup about $730 million per year. Even with these purported benefits, there wasnt enough momentum to implement the proposed changes.
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On the other hand, two arguments for eliminating the penny are economic efficiency and its cost relative to its value. The cost to produce the penny is more than its monetary value, potentially leading to waste of resources and taxpayer money.

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