Death to Pennies! (And maybe nickels in the future)
Why Pennies are economically inefficient and should be abolished.
The purpose of physical cash money is to make it easy to transact the everyday business of
buying stuff. We use cash as a method of exchange and to get the appropriate price, so we
don't overpay, the amount of money is divided to a certain extent until it's too small to buy anything with or to bother with. Which brings the question into mind, do we really need the penny? Not so fun fact: Since 2006 the penny (and nickel) have cost more than their face value. As the President of the United States of America once said "Any time we?re spending money on something people aren?t going to use, that?s something that should change".
Will it be easy to get rid of the penny: Probably not, but important issues usually aren't.
Is it something to look into: Definitely
Quick note: Research has shown, by using data from nearly 200,000 transactions from a multi-state convenience store chain, that eliminating the penny will have an insignigicant impact on inflation and on convenience store cotsts and profits, but it will save time for customers and clerks, which may be worth about $730 million per year.
Finally, in a nutshell. Get rid of the penny, save time and money from costs, and live long and prosper. Thank you.
P.S. Abe isn't going anywhere, he's still on the $5 dollar bill (smiley face)
buying stuff. We use cash as a method of exchange and to get the appropriate price, so we
don't overpay, the amount of money is divided to a certain extent until it's too small to buy anything with or to bother with. Which brings the question into mind, do we really need the penny? Not so fun fact: Since 2006 the penny (and nickel) have cost more than their face value. As the President of the United States of America once said "Any time we?re spending money on something people aren?t going to use, that?s something that should change".
Will it be easy to get rid of the penny: Probably not, but important issues usually aren't.
Is it something to look into: Definitely
Quick note: Research has shown, by using data from nearly 200,000 transactions from a multi-state convenience store chain, that eliminating the penny will have an insignigicant impact on inflation and on convenience store cotsts and profits, but it will save time for customers and clerks, which may be worth about $730 million per year.
Finally, in a nutshell. Get rid of the penny, save time and money from costs, and live long and prosper. Thank you.
P.S. Abe isn't going anywhere, he's still on the $5 dollar bill (smiley face)
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