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Are Pennies Worth It?
I realize that everyone loves pennies. People see them on the ground and say “there’s a penny, pick it up, and all the day you’ll have good luck.” However, a superstition about luck is not worth the amount of money that the government is losing each year by making pennies and nickels. Money only makes since if it costs less to make than it is worth. A penny is worth one cent, but according to CNN’s money section it costs 2.4 cents to produce each penny. A nickel is worth five cents, but it costs 11.2 cents to make. It makes absolutely no “sense” to produce coins for more than they are worth. It also is damaging to the economy – when the government spends more money than it is receiving, and that increases the national debt. While losing 1.4 cents on a penny may not seem like a lot, the numbers add up. According the same article from CNN money, the United States Mint produced 4.3 billion pennies and 914 million nickels last year. If the government was to stop producing pennies and nickels next year, it would save them, 116,868,000 – over a hundred million dollars. While that number may not seem like it would make a large difference in the United States’ deficit – currently trillions of dollars, the best way to deal with a large problem is to try and solve one small issue at a time. Proponents on the other side argue that our prices would have to match. Well that is correct our prices will have to match we will round everything to the nearest tenth. It will be in the best interest of the United States of America.
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