Every time a penny is made, it increases the national debt

It costs the U.S. mint 1.5 cents to make a penny that is worth 1 cent. Every time a penny is made, it increases the national debt by almost as much as the penny is worth! Should the U.S. get rid of the penny?

Answer #1

yeah really… pennies last like 30 years before they’re smelted and made again. so it may cost 1.5 cents to make a penny, but how many times is someone going to spend that penny? like a billion.

Answer #2

What I want to know is why are we struggling to find more pennies. I already have too many.

Answer #3

I’d be a lot more worried about the national debt being imposed on your generation of 9.3 Trillion, I say again Trillion, dollars in 10 years, you’ll have to re-pay - keep the penny, it may be all you’ll have.

Answer #4

no, they should just stop charging more than a penny to make a penny.

Answer #5

Personally, I hate pennies. They are a worthless nuisance. If I were in charge, I would get rid of pennies, nickles, dimes, and quarters, and introduce a 20 cent piece in place of all that. For electronic transactions, you can still record everything to the penny or less. There’s no problem with doing this, as many countries have proven who got rid of their cent coins.

What’s the point of a coin that can buy nothing?

Answer #6

There has been talk of eliminating the penny for as long as I can remember. I remember at one time they even considered a plastic penny. We should probably get rid of the nickle at the same time.

The dollar bill is also due to retire. The federal government could save a lot of money by going to a dollar coin. Coins cost more to produce but last much longer than currency. Canada replaced their dollar note with the 1$ loonie in 1987.

Were it up to me to design coinage I’d go with:

$1 coin $.50 coin $.10 coin

Currently the half dollar is larger than the dollar so perhaps the half should be redesigned. If the nickle was eliminated than the half dollar could be its size though it would need to knurled or faceted so the blind could differentiate it.

More Like This
Ask an advisor one-on-one!
Advisor

Metro National Title

Real Estate, Title Services, Property Law

Advisor

Advance Debt Collection

Debt Collection, Financial Services, Commercial Services

Advisor

Rinat Akhmetov's Company

Business, Finance, Politics

Advisor

bravotitleagency.com

Title Agency, Real Estate, Property Law

Advisor

Post It Bail Bonds

Legal Services, Bail Bonds, Emergency Services