In the article, Is It Time to Eliminate the Penny? (UpFront), it dives into the debate whether we should keep the penny or not, concerns about the production and overall worth of the one-cent coin rise. On the side that argues against the penny, their concerns lie with the government losing money due to spending more to produce a coin of low value. It is said that ¨Pennies are so worthless that they´ve become litter and aren’t worth our time¨. On the contrary, those who argue for the penny state that a low-denomination coin keeps our prices in check. Without the penny, we would have to round to the nearest nickel, which essentially increases the prices. The main point to consider is that many low-income communities rely on change when making cash purchases. It is even stated, ¨Polls show that two-thirds of Americans want to keep the penny in circulation¨.
Upon considering all this information, I believe it is best to keep the penny until we find a way to remove it in a way that won´t harm our lower-income communities. Personally, whenever I make a purchase I like to carry change so I can pay the exact amount and I feel as if the penny makes this process much easier. Especially for those who do not have access to credit cards.
Do you think it is time to eliminate the Penny?