The demise of the penny
Published: Thursday, February 28, 2013
Updated: Sunday, March 3, 2013 15:03
Are you guilty of throwing your pennies away, or putting them into a jar that never sees the light of day?
The real question is: does the penny still serve the purpose it once did? The reality is pennies are no longer worth the metal they are printed on.
The United States Mint has stated that it takes 2.4 cents to create a one-cent penny; there is something wrong with this picture.
Most people would say that doesn’t make any fiscal sense. Why would someone continue to make something that is working in the negative?
President Obama has chimed in on this subject using it for a platform to show how hard it is to create change within Congress.
The President went on to say “Thepenny is a good metaphor for some of the larger problems that we’ve got,” pointing to the fact that the government has problems getting “rid of things that don’t work so that we can then invest in the things that do.”
The world has evolved and the necessity for the penny is no longer relevant to present day needs. In the past pennies were used to buy things; you could by a stick of gum for a penny; items were five cents. That exchange is no longer in existence; you must have exact change to use the penny.
Very few individuals even carry pennies around any longer because of their uselessness. We can’00000t use pennies in meters, at the Laundromat, or even in vending machines.
There is no easy answer for those individuals that may be emotionally attached to the penny; the reality is, it’s costing the taxpayers more to keep it in circulation.
The solution is the death of the penny; it’s time to bid it farewell. How can people achieve this? Write to Congress, explaining that before they cut costs to education and needed programs, they should examine the frivolous spending on manufacturing the penny.
Uilani Gray is a Tower staff writer. E-mail her at firstname.lastname@example.org.