What is the biggest disagreement in the penny debate?
The biggest disagreement in the penny debate is the issue of rounding. Without pennies, what happens to prices that end in 1, 2, 3, 4, 6, 7, 8, or 9? Those who want to keep the penny worry that instead of rounding to the nearest nickel, businesses will round up to the next nickel.
What happened to the penny during WWII?
The War Effort and Metals During World War II, the war effort required a lot of copper to make shell casings and munitions. In 1943 U.S. Mint produced the penny out of zinc plated steel to save copper for the war effort, so most 1943 pennies are silver colored.
What are two arguments for keeping the penny?
Preserving the penny keeps consumer prices down and avoids harming low-income households. A penny can be used for decades and is more cost-efficient to produce than a nickel. The existence of pennies helps raise a lot of money for charities.
Who wrote the penny debate article?
“The Penny Debate” by Brad Andrews is an article that describes both sides of the current argument about whether or not to eliminate the penny so that people will be more informed about the issue.
Is it illegal to melt a penny?
Many online debates have popped up over the legality of melting down U.S. coins. It is not illegal to melt, destroy, or modify any U.S. coins in the United States.
Are 2021 pennies in circulation yet?
Mint 1.76 cents to make and distribute each one. The Mint struck 532.8 million Lincoln cents last month, representing 45.8% of the circulating-quality coins produced in January….U.S. Mint Produces Over 1.1 Billion Coins for Circulation in February.
|January 2021||919.52 M||9|
|December 2020||903.50 M||11|
|November 2020||1,165.10 M||6|
|October 2020||1,404.69 M||5|
Why is the penny so important?
Those who favor keeping the penny believe the penny plays an important role in keeping down the costs of the goods and services we buy. If there were no pennies, stores and restaurants would round up to the nearest nickel. This means consumers would end up paying $0.55 for something that should cost only $0.51.
When was the penny created?
Mint struck its first one-cent coins—then the size of today’s half-dollars and 100-percent copper—in 1793, Americans continued to use the British term out of habit. 4. Benjamin Franklin reportedly designed the first American penny in 1787.
Is it illegal to rip up money?
Is it illegal in other countries? Burning money is illegal in the US, as it’s against the law to do anything renders a note unfit (so destruction isn’t allowed either). In Canada, it is legal to burn or destroy paper currency, but against the law to deface or melt down a coin.