Inspired By: I Hate Pennies (And Nickels)
Alright, so apparently, the U.S. throws away a great deal of money each year in its ridiculous production of pennies (and nickels). Before anything, I’ll throw some numbers:
In Year 2011: The U.S. Mint produced roughly 4,938,540,000 pennies. Interestingly, however, it costs the U.S. roughly 1.7¢ to produce each penny. (In case it’s not commonly know, a penny is only worth 1¢.) In other words, in 2011, the U.S. used $83,955,180 to produce $49,385,400. That is a difference of $34,569,780. I apologize for my criticism, but I cannot even begin to understand why a developed nation such as the U.S. would spend 30 million dollars in the production of pennies. In the same year, the Mint produced 990,240,000 nickels. Nickels, valued at 5¢ in our society, requires 9¢ to produce. So in perspective, the U.S. used $445,608,000 to produce $247,560,000; a difference of $198,048,000. Therefore, just in the year of 2011, the U.S. managed to throw away almost a quarter of a billion U.S. dollars in the production of basically useless coins.
The importance of these numbers is the fact that the price paid to produce these worthless chips comes from the taxes that are paid by the citizens. I’m sorry, but I believe that our government is making cuts on education instead of ceasing the production of what I wish to refer to as wasted metals.
Mentioned in my inspiration, currency was made to “facilitate” trade. Ironically, neither of these coins have any true help in the facilitation of trade. In fact, they could be considered to do the opposite. We have had to make specific machines to convert these useless coins into bills… The only true legitimate argument for these coins would be to pay cash for products after tax calculations that end up with uneven values in cents. This problem could easily be fixed in many ways, a couple being companies altering their prices slightly so that the prices would result nicely after the taxes were done, or to set up a rounding system (as mentioned in inspiration) to round awkward cents up or down in a way that ultimately losses and gains would even out to an expected value of 0.
Many countries have already followed this idea and have gotten rid of the penny. Hopefully, the U.S. will be willing to change and accept the facts and numbers and abolish these coins. Maybe the country will even adopt the metric system instead of using ridiculous measurements such as the foot and yard… Only time will tell…