Info Thursdays
Penniless?
I originally called this research, but I like the sound of Info Thursdays, so there. Anyway, inspired by John Green's video and memories of a high-school friend of mine who was obsessed with the debate, I decided to look up the penny debate. My research is by no means exhaustive enough to answer all, or sadly, any of my questions. Actually, it only gave me more questions. But that's research for you. So I will tell you my questions, all of which are general questions or debate points and provide arguments I've found for both sides.
Will it make prices go up? This is the important and really divisive point, and I just can't get my mind around the argument that they won't. Probably because they don't provide the actual math for their argument. They usually just say "trust us, we've done studies." Whereas the math of paying an extra few cents for something over time meaning that you've paid more over time, makes perfect sense to me. So until someone comes up with the actual math to convince me otherwise, that is my sticking point.
Will the nation actually save money if we stop producing pennies? My other bone of contention is whether it would save the US money to stop producing pennies. No one argues that it costs more than a penny to make a penny. But it according to this argument, it costs significantly more to make a nickle. It claims "the Mint can make 5 pennies and still lose less money than making 1 nickel." It also claims that we would need more nickles if we got rid of pennies. To be honest, I'm not sure of this last assertion, but, if true, it would seem we're not actually saving. I've yet to see the opposing side address this other than some people (John Green being one) saying we should get rid of the nickle as well. They also talk about it costing us a lot of time to handle pennies. But what I want is numbers that I could understand and a reasonable method of having obtained these numbers.
If it really won't make prices go up or cost the nation more in nickle production, I'd be for it. But I would first need to be absolutely certain on both those counts. There is a sentimentality argument that we've always had the penny and it has Lincoln on it. This means nothing to me. I can't believe anyone who would want to have themselves taken seriously would ever give such an argument.
Sources:Penniless?
I originally called this research, but I like the sound of Info Thursdays, so there. Anyway, inspired by John Green's video and memories of a high-school friend of mine who was obsessed with the debate, I decided to look up the penny debate. My research is by no means exhaustive enough to answer all, or sadly, any of my questions. Actually, it only gave me more questions. But that's research for you. So I will tell you my questions, all of which are general questions or debate points and provide arguments I've found for both sides.
Will it make prices go up? This is the important and really divisive point, and I just can't get my mind around the argument that they won't. Probably because they don't provide the actual math for their argument. They usually just say "trust us, we've done studies." Whereas the math of paying an extra few cents for something over time meaning that you've paid more over time, makes perfect sense to me. So until someone comes up with the actual math to convince me otherwise, that is my sticking point.
Will the nation actually save money if we stop producing pennies? My other bone of contention is whether it would save the US money to stop producing pennies. No one argues that it costs more than a penny to make a penny. But it according to this argument, it costs significantly more to make a nickle. It claims "the Mint can make 5 pennies and still lose less money than making 1 nickel." It also claims that we would need more nickles if we got rid of pennies. To be honest, I'm not sure of this last assertion, but, if true, it would seem we're not actually saving. I've yet to see the opposing side address this other than some people (John Green being one) saying we should get rid of the nickle as well. They also talk about it costing us a lot of time to handle pennies. But what I want is numbers that I could understand and a reasonable method of having obtained these numbers.
If it really won't make prices go up or cost the nation more in nickle production, I'd be for it. But I would first need to be absolutely certain on both those counts. There is a sentimentality argument that we've always had the penny and it has Lincoln on it. This means nothing to me. I can't believe anyone who would want to have themselves taken seriously would ever give such an argument.
http://www.retirethepenny.org/myths.html
http://coins.about.com/od/uscoins/i/penny_debate_2.htm
http://www.wfu.edu/wfunews/2006/2006.07.18.w.html
http://www.thefreelibrary.com/Should+the+penny+be+retired%3F+It%27s+been+our+smallest-denomination+coin...-a0163393643
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