Current Event #18: Dollars, Cents, or Plastic?
Due: Friday, February 8th, 2013
Canada is dropping the use of its penny today. And some economists believe the United States should be following its neighbor's example.The U.S. Mint spent 2 cents to produce and ship each of the 5.8 billion pennies sent to banks last year. But in addition to being a money loser for the Treasury, there are arguments that the penny has simply outlived its usefulness.
What You Will Do:
1. Students will view the video and read the following CNN article found at the following link:
2. After reading the article you will respond to the following questions:
---Should the U.S. follow Canada's lead in killing the penny? Share your thoughts and opinions based on your usage of coin/cash money.
---Do you find most people within your family or circle of friends, etc. utilizing cash/coin money or plastic credit and/or debit cards for the majority of their purchases?
***Note: Remember to answer all questions in complete, detailed sentences/paragraphs.***
Avery Acierno
ReplyDelete2/5/13
Period 5
Personally, I don’t think that the US should drop the use of the penny like Canada has done. While it would save the National Treasury money and citizens time, there could be some consequence resulting from killing the penny. First of all, prices would go up. If businesses were told to round their prices to the nearest penny, a majority of them would round up to increase profit. While a different of a couple cents could seem insignificant, it would cost customers billions of dollars each year. This could also cause money inflation, another consequence. Some people would also argue to keep the cent value, but use electronic money (credit and debit cards). This is also a bad idea, because credit and debit cards can easily be hacked or stolen. I believe in keeping the penny. To solve the Treasury problem, I would suggest creating a penny that is cheaper to make.
A majority of the people I know use cash and coins instead of credit cards. None of my friends own credit cards, they are too young to. My family also uses cash most of the time. They will also write checks fairly often, but rarely use credit and debit cards. My family believes that credit and debit cards aren’t as safe and are more likely to be hacked or stolen. They also disprove of how you have to pay more money when using a credit card to an outside company that wasn’t involved in the product you are buying. My family would support keeping regular cash and the penny.
Paige Haskins
ReplyDeletePeriod 7
February 5, 2013
I don't think that the U.S should follow Canada's lead by dropping the penny. I think that the cons are bigger than the pros. The pros being that it would save the National Treasury money and the customer convience and time, but other than that, the deletion of the penny would be harmful. The price of many goods and taxes would go up. The next coin closest to the penny is the nickel and if stores are going to round to the nearest nickel now then they would round up to get a bigger profit. Now when something cost 4.12, you would pay 4.12. With the penny gone, the customer would then have to pay 4.15 and recieve no change. A few cents here and thre probably doesn't seem like a huge difference but in a time spanse of a year, it would cost another billion dollers. The customer doesn't seem to mind having to dig out those pennies at the bottom of the purse. They haven't minded of 200 some years now. Taking away the penny would be significant to the customer and the vendor. To solve problems they should create a penny that doesn't cost more than what its worth. Your basicaly throwing away a doller everytime you make 50 pennies. If we were to develope a penny that cost 1 cent to make or even less than that then its a profit.
The majority of US citizens use debit or credit cards for most of there transactions. Its more convient and saves time. Tipcially younger people will pay with cash because they either don't have a checking account set up or are afraid of being hacked. It's very easy for a smart computer hacker to hack into an online checking account. With cash, it assures a one time payment with no strings attached. When using a credit or debit card your saaving time but taking the risk of being hacked. Hackings occur but typically there is enough security to regain your stolen money.
Julianna Turner
ReplyDeleteFebruary 5, 2013
World History, 2
Current Event
After reading this article I am conflicted on the matter of whether or not to abolish the penny. I understand that it would cost less to get rid of the penny and we are losing money on it, but this article also stated that consumers would pay a round tax of two to four billion dollars. Also, if businesses were forced to round their prices, many would round up to increase the profit. The penny is also something that defines America, and has been there with us through all of the hardships we have suffered as a country. It display’s Abraham Lincoln and I think we owe it to one of our great presidents not to abolish his face. On the other hand, if each penny costs two cents to make, the treasury is losing one cent for each penny. To me that is equivalent to throwing money in the trash. I suggest that the United States should invest in developing a less expensive way to produce the penny. Also, in a time where we rely so heavily on credit cards and electronic money, it would be a wise investment to have a back up. Due to credit card theft and fraud this country owes it to it’s citizens to have another option.
The people I know generally use a mixture of both cash and credit, which is one reason as to why the United States should hold on to the penny. For smaller things such as snacks, trinkets, movies or tolls, the majority of people I know use cash. As for the aspects with a bigger impact, such as appliances or loans. Both forms of the American currency are extremely important to daily life. Despite it’s flaws, I think it would be a mistake to get rid of the penny. Although It would be a wise investment to develop more productive ways to produce this coin.
Abby Kameny
ReplyDelete5th period
2/5/2013
I was surprised to read that pennies will not be used anymore in Canada. Considering it costs nearly two cents to make one penny, I don't think we should keep producing them. It's literally wasting money just to make a coin that is almost worthless. However, getting rid of the penny would also mean rounding prices. Since the least valuable coin would be the nickel, many prices would rise. Essentially, it all comes down to comparing the wasted money making a penny to the extra money being spent on products that would have to be rounded up. Despite the slight inconveniences it may cause, I believe getting rid of the penny would be an intelligent idea because the National Treasury would save a significant amount of money.
Most of the people I know use cash, but adults such as my parents or my sister often use credit cards. I think using cash is fairly convenient, however worrying about loose coins such as pennies is annoying when making a purchase. Although getting rid of the penny would save money, I don't believe it will actually happen due to the sentimental citizens who are attached to a round piece of copper.
I think that we should keep the penny evan though it is an expense to us it is a way of showing american pride one of our presidents is on that coin and to erase it would be disrespectful to the man that abolished slavery also it would cause a rise in the value of the penny since people are afraid it will disappear forever businesses would also have a tough time transitioning to not being able to take the penny once the penny is abolished banks would loose that 53 million dollars they just put into buying those pennies
ReplyDeletein my family my parents mostly just use credit cards for big purchases and paper money for under 20 dollar buys but a large portion of the places we shop do not accept credit/debit cards for purchases only paper or coin money
I think that pennies are unnescessary and that we should abolish it. Getting rid of the penny would save congress a lot of money and we could also save resorcess. it could save citizens time buy only having to use less coins as apposed to having to take more time to pay and get back pennies. by the time we get rid of it company's would already be prepared for the change but slightly higher rounded prices along with sentimental value make the idea less appealing but i still think that it is better to get rid of the pennies.
ReplyDeleteMy family usually will use credit cards and occasionally paper money. my friend group will use paper money when the need to pay.
Katherine Yang
ReplyDelete5th Period H World History
I think that the removal of the penny from our fiscal programme in the United States would greatly benefit all people. A few cents honestly can’t make that much of a difference, and if people don’t want to pay the few extra cents, then perhaps the government could pass a law ruling that for a certain amount of time, maybe a few months or even a few years depending on the American population’s reaction, to adjust to the new monetary system. Pennies should still be accepted, but the government could accept pennies back to be exchanged for nickels, dimes, quarters, and dollar coins.
I find that most people around me use plastic cards to pay for purchase, and only use cash or coin money when the store requires it or when they’re in another country. However, checks are also used, and should be considered when discussing states of fiscal credit or gold-backed wealth. The world is becoming more and more digital, but it doesn’t look like we’re completely ready to use credit cards. If we completely reverted to credit, private transactions would be much harder to conduct, and large transactions of this nature would be recorded by the credit card company and the bank, to be taxed.
Anna Grace Kelley
ReplyDelete02/05/13
Period 7
When I was reading this article, I honestly could not decide whether we should abolish the penny or not. The penny changes everything and while it is more cost efficient to get rid of it, we would have to change a lot is we were to get rid of the penny. First things first, everything would have to be to the five when it comes to pricing because the next smallest coin is five cents. This makes things a little more complicated but it actually makes sense if you think about it. Secondly, just like a lot of other things, the penny is historic in a way. Pennies have been a part of the United States for a really long time and it just does not seem right to get rid of them. With that being said, America would save a whole lot more money if they did abolish the penny. It costs more to make a penny than what it is worth so why waste all that money especially since we are in some economic troubles. The one thing that this would definitely do is change the amount of credit people use. When you buy smaller things, people like to use cash for convenience. So in conclusion, I can not really decide whether I would get rid of the penny because it has about as many pros as cons.
Nathan Guskiewicz
ReplyDeletePeriod 5
1. I think that it would be bad to get rid of the penny. It gives a lot of companies a good excuse to raise the prices of their products. People can save a lot of money over time just by getting change from stuff they buy. Also it would just be weird to take away something that we use in our everyday life. One thing that I think would be good is like it showed in the video, people might start just getting rid of all their pennies to charity, which can give these organizations good profit.
2. My parents usually use credit cards for their purchases. But the rest of my family usually uses cash, because when my parents give me money for dinner or something they don’t give me their credit card.
Harish Prasad
ReplyDelete2-5-13
Period 3
I believe that the penny should be killed off, as inflation has rendered it almost worthless, just like Canada has recently done. Moreover, because of rising prices for the metals the penny is made of, it actually costs 2 cents to produce every penny. The government estimates it loses $11 million a year producing and distributing the penny. Ottawa says similar systems implemented in Norway, Australia, New Zealand and other countries didn’t lead to systemic price increases. It is a money loser for the Treasury and has actually outlived its usefulness. I believe that sentimental reasons are not enough to continue wasting U.S. government money minting these pennies which are costing more than their value. Study shows consumers would actually break even if stores rounded to the nearest nickel, and that we are losing money on the penny.
My family, including by brother, who is in college, uses credit or debit card instead of paper money and coins, when spending above twenty dollars. This is one of the reason we should eliminate pennies from our currency. The coins are heavy and not comfortable to carry in a wallet. Most people I know use cash for small purchases.
Emily Molina
ReplyDeletePeriod 2
I personally do not see any important reasons for the US to get rid of the penny. But I also do not see any real reasons to keep it, either. As stated in the article, it seems like America is sentimentally attached to the small coin (I would be one of those people, although I am not sure why). If Robert Whaples' study was accurate, then getting rid of the penny should not be a financial concern to Americans. The only real issue I could possibly see arising is the protest of Americans at getting rid of their favorite copper coin.
Most of the time, my parents use credit cards for their purchases. This is probably because using a credit card is easier and more convenient than dealing with the bills and coins.
Claire Lancaster
ReplyDelete1st period
Waters
1) I do not believe that it’s a good idea for the US to follow in Canada’s footsteps and eliminate our penny. First of all, I like pennies because this way, you can have exact change, and without them I would feel like I'm getting ripped off after every transaction. Also, tons of people have been saving up their pennies for years, including me. They will all go to waste unless those people find the time to do something about them.
2) My friends all mostly use cash when they shop. As for adults, they use credit or debit cards for the majority of their purchases.
Current event #18
ReplyDeleteI think the penny should not be killed because it influences every facet of the dollar bill, and that’s what every citizen needs.
I find that most of my family use credit cards but that doesn’t change the fact that the pennies, coins and dollars aren’t useful because when we lay down a tip for a dinner or hair cut the penny begins the dollar we place..
Sydney VanOrd
ReplyDeletePeriod 2
2/6/13
I really don't think we should get rid of the penny just because I do think it is very useful and I think it is important. We should not follow Canada's lead, and we should keep the penny. Although it would be nice to only make amounts of money by the five, and ten cents, I think it still is important.
How would we make up money that is not by the five? And if an amount is not by the five, we will probably round up the amount to the nearest five, which over time, could add up to a lot of money wasted. Plus the penny is just an important part of our nation.
I think that killing the penny would be a god choice for the US. There are about 140 billion pennies in circulation, which is enough for us to use for change for cash purchases. It costs a lot more to make a penny than it is worth, and on top of that, the penny is almost useless. I think that the penny is a waste and should be done away with.
ReplyDeleteMainly, my family uses plastic credit/debit cards, but cash is also used. My family uses credit cards mainly for convenience and their ease of use. We only use cash when places require it such as stores without credit card readers.
Why do we need to be like Canada??? Okay, in all actuality, most people think of pennies as nuisances. They just take up space and they're worth next to nothing. But like the saying goes, "you don't know a good thing until it's gone." Being so small and seemingly insignificant in any purchases, pennies actually affect Americans more than they know.
ReplyDeleteA suggestion stated in the article talks about how instead of pennies, shops should just round the prices. In my opinion, that's a pretty stupid idea. Do you know how much extra money we'd have to pay? And if we do get rid of the penny and if shops have the decency to change the prices to match what they had before, I think that's a lot more work than just rummaging around for more pennies.
ALSO- you use pennies for heads and tails and making wishes and al that ish. Do you want to throw in 4 extra cents to make a wish? NO.
Plus if the penny is "killed", then the value of all the pennies left in the world will go up. So really it's just an endless cycle that can't really be controlled.
My family uses credit cards and cash/coins almost equally. If whatever we're buying costs over a certain amount that's not suitable for cash, obviously they're going to use a credit card. But if it's like at a gas station store, the dollar/coins are going to be used. It really all depends on the situation. I think that because both can be used, one shouldn't be eliminated because it wouldn't make things much more convenient.
Sydney B
ReplyDelete5th pd
I think we shouldn't kill the penny but, at the same time, i think we should. Pennies are pretty useless but rounding up would cost more. You see tons and tons of pennies just laying around on the ground. But when has anyone ever liked Canada? Aside from when everyone thought Romney would become president, the answer is no one. I use cash for everything because I don't have a credit card, but I don't need pennies. At the same time, i think i would miss them.
My family mostly uses credit cards for everything and i never see my mom using pennies or small change. Most of my friends use cash and coin money because almost no person my age has a credit card unless you're either rich or spoiled or an only child. I guess my vote would be 40-60 on getting rid of the penny.
Anna Castellano
ReplyDeletePeriod 5
No, the US should not follow Canada’s lead in killing the penny. There is no reason to kill the penny just because Canada did. Pennies are very useful when paying with cash. Although, it may save the National Treasury money, prices will go up because more stores would round up to receive more money. Paying a few cents extra for something doesn’t seem like much but if you take into account the millions of people that shop everyday it turns into a fortune. If the US is so worried about the cost of pennies than someone should just start trying to invent a cheaper penny. If the US decides to kill the penny they will realize, once it’s gone, that it was very useful.
I find it that most adults pay with credit cards. Most children pay with cash because they usually get their money from adults. Usually kids are given cash because adults are not comfortable giving children their credit cards.
Albert Yam
ReplyDeletePeriod 5
2/6/13
I believe that the penny should be removed from circulation, as inflation has rendered it almost worthless, just like Canada has recently done. Moreover, because of rising prices for the metals the penny is made of, it actually costs 2 cents to produce every penny. The government estimates it loses $11 million a year producing and distributing the penny. Ottawa says similar systems implemented in Norway, Australia, New Zealand and other countries didn’t lead to systemic price increases. It is not cost effective for the Treasury and has actually outlived its usefulness. I believe that sentimental reasons are not enough to continue wasting U.S. government money minting these pennies which are costing more than their value.
Most of the time, my parents use credit cards for their purchases. This is probably because using a credit card is easier and more convenient than dealing with the bills and coins. Therefore I think that my parents would not care if the penny were removed from circulation.
Jackson Cabell
ReplyDelete7th Period
I think that the US should keep the penny because it's such a classic source of money. It would be wrong to not have the penny anymore and penny's can be useful in some cases. I also understand why some people would like to get rid of the penny because lots of people do not use the penny very often.
My parents and family members use cash/credit for all of their purchases. But when we have coins lying around the house we use those sometimes. So it wouldn't really affect our family very much if the penny was removed from use in the US but I still think that it would be important to keep the penny. Some families might be very dependent on using penny's when purchasing something.
Jessi Szymczak
ReplyDelete2nd period
2-6-13
Personally, I don't think that the U.S. should get rid of their penny. One of the major things that stuck out to me in the article was how if the penny was dropped prices in stores would start to be rounded. I don't think there is need for that at all. Even if it just seems like a few pennies here and there it eventually it all adds which would be a lot more money being spent per year for each customer. From watching the video though I thought it was pretty cool how they were using the coins for charities which I thought was a pretty innovative and useful idea.
My immediate family just consists of my mom and I but for the majority of the time she just uses her plastic credit/debit card. If I am ever to buy anything, since I don't have a credit/debit card, I always use paper money.
Carly LeMoine
ReplyDeletePeriod 5
I don’t think that the US should get rid of the penny. If they did that would only mean rounding up all prices at stores. Some people don’t have a lot of money and have difficulties paying for things as it is. We definitely don’t need anyone raising prices. If you saved all of your pennies for three years you could make a lot of money and taking that option away just wouldn’t be smart. Most people my age don’t really have a credit card to use so we pay by money. Maybe it’s the best thing to do for Canada, but its decently not right for the US.
Emma Baldwin
ReplyDelete2.6.13
Period 7
1. I do not think that the US should follow Canada’s lead in “killing” the penny. I found one of the most interesting points of the article the fact that the common thought that pennies are useless is actually killing them. I think that change is one of the most important aspects of the penny: even though trying to avoid change can harm the penny, it is also likely that it is what makes it valued. When confronted with miscellaneous coin change at a store, one will often resort to the tip jar to get rid of loose change. This “impulse buy” is probably the reason tip jars are still prevalent as people use credit cards more and more often. As a child, my parents let me have whatever change was in their pockets at the end of the day, and every so often I would go to the bank and change it into bills. The penny is still important, it is just that its role has changed from an individual piece of currency to one that must be saved up.
2. Most people within my circle of friends and family use either cash or credit cards for the majority of their purchases. My parents and other relatives usually use credit cards, but since my friends and I are not old enough to justify having a credit card, we use cash. Both ways of paying are important to the economy.
Sam Bauers
ReplyDeleteWaters
2nd period
2/6/12
I understand both sides of the arguement. I am sort of conflicted on whether the penny should be disband or not. On one hand it is a icon and everyone always says every penny counts. However in a time where our country is in such great debts and troubles it seems ridiculous that we should keep the penny. So in my opinion I do think we should disban the penny. I think there should not be any pennies more made and that the ones in circulation should be the only ones left. Pennies are everywhere and I think if we dont make any more pennies we will be just fine.
In my opinion credit cards are a lot more useful than cash. Theres a lot less that you have to maintain and it costs a lot less in the treasuries than making bills. However your credit cards can get stollen very easier, and money is very easy to take care of small things.
Alex Parks
ReplyDeletePeriod 1
When I was reading this article, I honestly could not decide whether we should abolish the penny or not. The penny changes everything and while it is more cost efficient to get rid of it, we would have to change a lot is we were to get rid of the penny. First things first, everything would have to be to the five when it comes to pricing because the next smallest coin is five cents. This makes things a little more complicated but it actually makes sense if you think about it. Secondly, just like a lot of other things, the penny is historic in a way. Pennies have been a part of the United States for a really long time and it just does not seem right to get rid of them. With that being said, America would save a whole lot more money if they did abolish the penny. It costs more to make a penny than what it is worth so why waste all that money especially since we are in some economic troubles. The one thing that this would definitely do is change the amount of credit people use. When you buy smaller things, people like to use cash for convenience. So in conclusion, I can not really decide whether I would get rid of the penny because it has about as many pros as cons.
Jacob Engel
ReplyDelete7th period
I really have no idea if we should abandon the penny. I agree that it is a waste of time, if you are counting out something like 48 cents, and it would save people lots of time. I also agree that if the penny was abolished, companies would raise their prices, and since the economy is so bad, it might make the situation worse. I also realize that pennies have a sentimental value, and they have been around since 1750, or whatever. That is also important, because the citizens have a sentimental attachment to the penny. I also think that there is another reasons for getting rid of the penny: It costs twice as much to make as its worth. I think there are the two sides of the debate are equal. Keeping the penny says: It would make prices higher, and people are attached emotionally to the penny. The opposition thinks that it would save time, and they say that it costs way too much money to produce it.
I have found that we all use credit cards, and hardly ever use cash. My dad never uses cash, but my mom sometimes does.
James Menache Per. 5
ReplyDeleteI think that we should not stop using the penny, but instead try and find a cheaper way of making them. I think plastic would be the cheapest option but that would make it much easier to forge. I don't really use the penny that much and any time there is one extra cent to pay, the cashier usually lets is slip. I think that either find a cheeper way of making the penny or if needed stop the use of it completely.
Most of my family uses a credit or debit card for any purchase, but when there is a need for cash they try not to use anything but paper money. Whenever I got to the supermarket or Home Depot or something, I only see people paying with credit or debit cards.
Gabi Brenman
ReplyDeletePeriod 7
I believe that the USA should not follow Canada’s lead in getting rid of the penny. It has been used for a long time in our country and I do not see a reason to get rid of it all together. I understand it is a bit costly to the US Mint. Even though many people say the penny is no longer useful, I disagree. Pennies can make a difference. Most people would not mind donating a penny to a worthy cause, and if everyone donated just a penny or two, it would no longer be a small amount. If we get rid of the penny, most companies and businesses will raise their prices instead of lowering them. It is also said that Americans will have to spend a “rounding tax” of 4 million dollars as to 2 million dollars.
My parents usually use credit cards when they go shopping. It is easier for them than to carry around a bunch of cash. When I go shopping, I usually use cash and gift cards. I do not need as much cash as my parents need, so carrying around the cash is not typically a problem. Most of my friends use cash as well. I feel that people spend more when they use plastic credit or debit cards. This is probably because they do not see the money go away.
McKenna Willoughby
ReplyDeletePeriod 2
In my opinion, I think that the United States should follow Canada’s lead in getting rid of the penny. There are more reasons to get rid of it then to keep it. The penny costs more to make than what it is worth, it takes too much time counting out, and it is starting to be viewed as worthless. Rounding the prices would be so much easier and wouldn’t waste as much time as counting pennies would. I do agree that it would take a while for America to get rid of the penny though. It has been in the U.S. for a long time, so it would be hard to just forget.
My parents usually use credit cards for most of their purchases, but when they have cash, then they will use it instead. I use cash and gift cards because I don’t need or have as much money as my parents. I also think that it is easier saving money if you can actually see what you are spending instead of a plastic card with “invisible” cash on it. Most of my friends also use cash.
Emily Chang
ReplyDeletePeriod 1
I think that the penny has its uses. Even if you were to "round prices" tax is at such a strange uneven number that we would still need it. If we continue to use cash/ coin money, the penny still has a place.
I think cash should still be used. Many people, especially younger ones, still use cash. I think it has a very practical use. When you don't have any more cash, you don't spend any more money. With a credit card, there is no physical barrier, it's all mental in terms of saving.
Blake Rasnake
ReplyDelete2nd
I do not think that we should have the penny. It's a penny nobody cares about the penny and what it is worth. Who really ever uses a penny to buy anything? If you see a penny on the ground your not going to go pick it up because it will not be worth your time. Also if they got rid of the penny then everything for be in 5s and that would make everything so much easier. The people that are giving you back change won't have to count out the penny's to give you. I always pay in whole dollar amounts and when they give me back change I just go home and put it in a cup to save up. I know that I have never used the penny to pay for anything. It's worthless.
When my parents are buying big ticket items they will pay with their credit cards. When they are buying things like food and small things like that they will use cash. They are more cash people than anything. I always use cash because my parents never give me their credit card.
Markale Cordova
ReplyDelete2/7/13
Period 5th
I believe that the USA should not follow Canada’s lead in getting rid of the penny. It has been used for a long time in our country and I do not see a reason to get rid of it all together. Your trying to get rid of something that has it's own hisory. Who cares if we don't use it or how much it's worth; we can still do special things with it.
The people I know generally use a mixture of both cash and credit, which is one reason as to why the United States should hold on to the penny. My parents do the same thousands of other parents do when they spend on cash or debt. All i'm saying is that there is a place for the penny in this world.
Lillian Menkens-Weiler
ReplyDelete2/7/13
Period 5
I believe that the U.S. should stick to the penny for now. Getting rid of the penny will not make a huge difference in terms of cost, and it will mean a lot of work for a lot of people. Prices will have to change nationwide and many people have huge collections of pennies, and it would be difficult to emliminate the penny from money circulation.
The majority of people in my family use a mix. I use cash and coins, because I personally don't have a credit card, but many of my other family members use credit/debit cards for bigger purchases or when they have run out of cash. But they do utilize their coins when needed. I think that getting rid of the penny would be more work than gain in terms of the outcome of this action.
Blake Johnson
ReplyDelete2nd period
2/7/13
I don’t think that the U.S should eliminate the penny. First, I don’t like the idea that rounding ending up would end up costing us 2 to 4 billion dollars in two years. I also think that it makes things more exact which we have become accustom to in our society. Changing it I think could cause major problems. I don’t use pennies that much, but many times I have seen pennies used to make change easier during a transaction. Finally, I think that it would be a loss for many coin collectors.
Most people in my family I don’t think use pennies very often. Nickels, dimes, and quarters more often, then cash, then credit cards. I think that credit and debit cards are used heavily. They are easy, simple, and quick to use which make them very popular.
Isabelle Alzona
ReplyDeletePeriod 5
I don’t think that the United States should kill the penny. Even though the penny isn’t used as much, it’s still important. We don’t have to produce as many pennies as we do now, we can cut the amount of pennies produced if they aren’t used as much. But to get rid of the penny altogether is unnecessary. Think of the confusion it would cause, those packs of gum for 99 cents, the wishing fountains, lucky pennies. Plus, Abraham Lincoln is represented on that coin and I think that he was a great president that deserves to be recognized. To kill the penny is an unnecessary step, if Canada does it that doesn’t mean we have to.
The adults in my family don’t usually use cash money. But they do use cash when giving money for field trips, vending machines, and donation boxes. It’s mainly the younger people that use it. Younger people don’t usually have credit or debit cards or checks, when they buy things they use cash. And when you babysit or mow the lawn you get paid with money. The use of cash is still here, it’s not like no one uses cash anymore. The dollar is still relevant, the nickel is still relevant, and so is the penny.
This comment has been removed by the author.
ReplyDeleteLinda Martinez
ReplyDeleteperiod:2nd
I think they should follow the example of Canada because usually many people don't always carry around pennies and its also not worth as much as other money. It also takes to much time to count pennies and it would be better to just round up. But theirs also some bad things about losing the pennies because we would lose part of our history and the people have gotten used to them because we've had them for such a long time.My parents do use credit card but they also used cash. It would really affect us that much in my opinions sense we use both.
Francis Wemmenhove
ReplyDeletePeriod 2
In my opinion, the United States should follow Canada’s lead in getting rid of the penny. Like mentioned, the penny costs more to make than it is actually worth, and to be honest I do not think the extra money is worth it. Although you will not be able to get the exact amount if you are paying in cash, I still do no believe that the penny is worth the money that it costs to be made. Most people in my family use credit or debit cards. The only people that I know that use cash are usually younger people that do not have a job yet. So since the only time the penny is useful is when people are paying with cash, and I do not know that many people that pay with cash I think the penny should go.
Kelly Zhang
ReplyDelete2nd Period
I do not think the penny should be killed. A penny can still mean a lot. If the penny was killed, then a drastic change of pace would occur. It would take some getting used to. I think people would accept it if the penny was killed, but I would rather not have it be killed. It is not of big significance, but they do add up. Pennies have been part of my life, and it would be weird without them. Also companies would probably find ways to raise prices by a few cents (so it rounds up) to earn more money. These few cents from each transaction can eventually amount to some big cash. I do not think the penny should be killed.
I think most of my friends and I use cash because it is easier to use for our transactions. For most other big expenses, my parents use credit/debit cards because carrying large amounts of money is dangerous and inconvenient. I think cards are easier to use and more convenient, but they also pose a danger if they are stolen.
Nick Agusta
ReplyDelete1st
I personally don't care if the penny is in circulation or not. However, if they do decide to abolish the use of the penny they should set aside a period of time for U.S. citizens to cash in with all of there pennies if they want to have valid money in their wallets.
My parents generally tend to use credit card when paying for things that they buy, but when I or my friends buy something we tend to use Cash. Not only because of our age and not being able to have our own credit cards, but because cash is a much more simple way of paying for items that you buy.
In my opinion I do not think that the United States should follow in Canada’s steps by “killing” the penny. One of the more interesting points I found in the article was the fact that just the common idea that pennies are useless is what is actually killing them. Change is one of the most important aspects involved with the penny. Trying to avoid change may make it worse for the penny, but in that sense it may increase the value of the penny. If someone is ever confronted with coin change at a store, they will usually out it in a tip jar. This impulse is probably the reason tip jars are still used even as more people begin to use credit cards more and more often. Plus if you think about it prices may go up slightly because everything would have to be in 5’s. The penny is still important. It’s just that its role has changed from an individual piece to spend, to one that must be saved up.
ReplyDeletePersonally most of my family members (or at least the adults) use some sort of credit card. It is just easier to carry around and less of a hassle. They also come in handy when they need to make a major purchase, because then they don’t have to be carrying around cash and worrying about change. In my circle of friends though, as well as younger siblings and cousins, I find that they are more likely to use cash for their purchases. However this is mostly based on the fact that none of them are allowed to have their own credit or debit card.
Nikki Thai
ReplyDelete1st Period
No, the US should not follow Canada’s lead in killing the penny. There is no reason to kill the penny just because Canada did. I don't think there is need for that at all. I think that we should keep the penny even though it’s a bit expensive. People can save a lot of money over time just by getting change from stuff they buy. This is also a bad idea, because credit and debit cards can easily be hacked or stolen. If the US is so worried about the cost of pennies than someone should just start trying to invent a cheaper penny.
I feel like mostly, the people around try to use cash. If, by some chance, they don’t have enough then they’ll resort to using a credit card. I’ve also noticed that amongst the older people around me, my parents, my neighbors, my friends parents, etc. when paying for cash they try to give exact change. Like if the price was $157.34, they’ll search for the right amount of change so they won’t have to bother with more change later on, i presume.
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ReplyDeletePersonally, I don't think that the U.S. should get rid of their penny. One of the major things that stuck out to me in the article was how if the penny was dropped prices in stores would start to be rounded. I don't think there is need for that at all. Even if it just seems like a few pennies here and there it eventually it all adds which would be a lot more money being spent per year for each customer. From watching the video though I thought it was pretty cool how they were using the coins for charities which I thought was a pretty innovative and useful idea.
ReplyDeleteMy family consists of 7 people, and my parents mainly just use their credit/debit card. I do you cash, so my view would be irrelevant to theirs.
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ReplyDeleteShamim Zarei
ReplyDelete2nd period
I think the US should just get rid of the penny, they've been talking about this issue for years and have never gotten rid of the penny. If they do get rid of it people would only lose no more than 4 cents because of the nickel, so it won't be much of an issue. The government estimates it loses $11 million a year producing and distributing the penny, which is a lot of money compared to what the penny is used for. There are already plenty of pennys around the US, so they shouldn't have to make any more pennys.
My family always uses their credit card. We only use cash when the item we are buying is less then about 30 dollars, because carrying large amounts of money is dangerous and inconvenient. But my friends mainly use cash because its much faster and reliable. Whenever I got to Wal-Mart or some other stores, I only see people paying with credit or debit cards.
Johnny Huang
ReplyDelete5th period
The US penny may cost more to make than it's worth, but Americans do not want to rid of it due to it's sentimental value. The copper and zinc coin is one of the biggest pastimes of the US, used over 100 years ago. Killing the penny may be the most economically friendly option, as it is severely hurting the Treasury. Some people believe that the government will enforce a round up on purchases that cost or include in the cost 1, 2, 3, and 4 cents. I doubt that they would as that would cost potential customers a significant amount of money each year. Another reason I doubt the round up enforcement is that Canada, one of the penny eliminators, is running fine without their penny due to a 'round to the nearest nickel' policy (purchases ending in 1 and 2 cents are rounded down, purchases ending in 3 and 4 cents are rounded up). Personally, I have not used the penny to buy anything in my life, other than trading in pennies for higher value coins. Giving the penny up would not in the least make me sad, although it is nice to see Honest Abe staring at you every purchase.
Most purchases made in my family are paid via credit card, although some purchases are made when the store accepts cash only. On vacations or road trips, we occasionally buy snacks and such with paper money and/or coin money. I also usually do not carry around a large amount of money because it could be stolen or lost, which can be very inconvenient, although paper money and coins are quicker to spend, making purchases quicker.
Ari Horwitz
ReplyDelete7th Period
2/7/13
In my opinion I could really care less about the penny. I personally have a bunch of change just sitting around in my drawers and I just don’t even bother to count them. If I had to choose I would probably choose to abolish the penny. I would do this because it would cause so much more of a convenience for workers and it would not be as much of a pain in the butt for people to be carrying such a worthless coin around with them. Because prices are rising I’m pretty sure costumers wont be to devastated to pay a few cents more for a idem. Also an abolishing of pennies will help the treasury maintain money and not waste it on something that is hardly useful. If this was to happen I think that stores should continue to accept the penny but the mint just not producing anymore. As time goes on the penny will slowly lose population and eventually be gone forever.
In my family my parents and siblings use debit and credit cards for almost all of their costs. Me personally I do not own a debit or credit card so I use cash. I have noticed that many of my friends use debit cards but a good amount of them also utilize cash. I think that because of technology enhancement that by the time I have kids everyone will be using credit and debit cards for purchases but for now I usually use my cash and change.
Olivia Wander
ReplyDeletePeriod 2
I agree that the U.S. should cut its penny. It is foolish to hang on to a coin purely for sentiment. I believe that everyone in the world is on the way to being purely credit card dependant, where coins won’t be an issue. However, until then, dropping the penny would be wise. As the penny is costing our country 1.16 million dollars per year, (5.8 billion times 2, divide by 100), it seems ludicrous to keep it. Prices of objects will have to change relatively little, and not as much time will be spent at registers fumbling around for two or three pennies. I mean, if you leave behind a couple pennies because they don’t matter to you, why are we making them in the first place?
I use cash more than credit cards because I do not have my own credit card. However, my parents and older relatives all use credit or debit cards for the most part. If they want to buy a pack of gum, sure they will pull out two dollars, but other than that, a credit card is much more convenient. Unfortunately, there are two main drawbacks to credit or debit cards: location and credit debt. Not every retail outlet is equipped to handle all credit cards. This is rapidly changing, but not enough so we could possibly transition to credit cards. The other drawback is credit debt. With cash, you spend it and it’s gone, no questions asked. It is sort of the same deal with debit cards. However, with a credit card, you can spend more money than you actually have. This can get you into some serious debt. I am not saying that it is our job to prevent people from spending irresponsibly, it is just something to consider before using a credit card.
Danielle Reviere
ReplyDelete5th 2/7/13
Yes, I do think that the US should kill the penny. Based on the studies mentioned throughout the article it would save money and time for the US as a whole which is want most people want. I do understand that some companies would take advantage of rounding the price, but the treasury is paying double the amount the penny is worth to make it, so I think that the best idea is to get rid of the penny. The other problem is that people would have to pay a two billion – four billion dollar tax, which would be problematic, but even after reading this I still think getting rid of the penny is the best option.
Most adults that I know use a credit card to pay for everything, but my friends only use cash because they do not own credit cards.
Sarah Taekman
ReplyDeletePeriod 5
Admit it—you have a pile of pennies thrown in some deep dark drawer or closet in your house. It’s okay, I do too. And chances are that our pennies are never going to see the light of day ever again. Personally, I think the USA should follow in its northern cousin’s footsteps and get rid of our one-cent coins. Most Americans that claim that they don’t want the penny to leave are mainly want to keep them for memories sake. I think it’s time for them to go when it is reasonable to rant about someone who held you up while grocery shopping today “because they were paying with pennies, really?” All pennies do at this point are hold up lines, waste our nations money, and have Abraham Lincoln’s face on them. They need to go. Abraham Lincoln has the five-dollar bill anyways.
At my age, most people seem to use cash. Rarely do I see anyone using any pennies though. Most of my friends like to overpay and get back change, in which only the quarters and dimes ever have a hope of making a reappearance. I have a debit card, but I only use it for bigger purchases or when I don’t have any cash on me. My parents mainly use their credit cards, and my siblings use debit cards. The only person I have seen consistently using pennies when paying with cash is my mother. In today’s society, less paper is being transferred physically, but through computers.
Takoda Ren
ReplyDelete2nd
I think that pennies should be kept. It seems the biggest argument so far in keeping pennies is that costs will rise, but if companies stay true to their word and round down as well as up the amount of money we are spending does not increase by too much. People should keep that in mind when the word “rounding” is brought up, they won’t always round up! Most of the time, people will use credit cards because they might have certain benefits such as flier miles, so the things that people buy the most (gas,) don’t actually have to process pennies as change.
My parents use credit cards for nearly anything that has a credit card machine, they are more convenient and easier to keep track of.
I do think that we should keep pennies, or at least some type of coin. They are very useful for money exchange and I do not totally trust the idea that all money should be kept on plastic cards. Its too risky and I think its too easy to loose all your money if the system fails. Some people may have a lot of money in coins and it would be a waist of money, especially for low income individuals or families. What a penny may mean to us could mean a lot more to someone of a different social class. Its also alot easier to get in debt with credit cards.
ReplyDeleteTo be honest, most people in my family use debit or credit cards to complete purchases for most things in life. This proves true for most of my friends as well. But we live in Chapel Hill. I you consider a homeless person, a dollar and a few cents could equal a meal. Not trying to sound "preachy". I do not think that a homeless individual will go to the wells fargo bank, set up a credit card account and hold up a sign that says, "Please transfer money to my account". Its just not logical.
Avery Scope-Crafts
ReplyDeleteP.1
2-07-13
Honors World History
In my opinion, The United States should follow Canada’s lead in killing the penny. The penny is practically useless, as it takes a hundred of them just to make one single dollar! If stores would just round everything to the nearest five cents, it would be a lot easier in a couple of ways. First off, you wouldn’t have to dig through your wallet to find three or four cents. Secondly, making pennies each year cost a lot of money, because the material it takes to make a penny is costly. And lastly, who honestly would be sad or upset if the penny was abolished? That answer is simple, and it is ‘no one’.
Everyone I know tries to use a credit card when possible. It makes buying something much easier than having to carry around a lot of cash or coins. Also, when you are trying to return something, they can verify that you bought it simply due to scanning your credit card.
Sophie Heins
ReplyDelete1st
I personally feel as though there is no point to pennies anymore. They cost more to make than they are worth, and they are also a hindrance. They get in the way when making basic purchase. Frankly I just find them irritating. I do wish that we would stop using them or at least make them worth a higher amount of money 3 cents would make much more sense to me.
Most people that are adults tend to rely quite heavily on debit and credit cards to make the majority of their purchases. Though most if my friends don't have one, therefore rely on cash. I think that we shouldn't rely quite so heavily on things like that I find them irritating and to easily hacked into. At least with cash they can only steal what you have on you, and they can't put you in loads of debt.
Connor Korfas
ReplyDelete2/7/13
1st period
Honors World History
I personally don’t think that the US should follow Canada and drop the penny. My first question would be, why? What would be the point of dropping the penny. I understand that the penny has little to no value but it can be used in transactions. As a result for dropping the Canada now has to round the final prices of all transactions. This ends up costing the american people more money. Also pennies can be easily saved to up same as any other coin. So what's the point of killing the copper lincoln. I have fond memories of my father and I collecting coins and saving them up. So in the end what the point of taking away the coin. Destroying the penny is destroying history and that is a fact.
In my family the choice of currency is greatly divided. My mother loves to use the credit card in all of her transactions. My father however doesn’t buy anything unless he uses cash. At my house my dad has a huge coin jar. All of his change goes in it and every other month he goes to Harris Teeter and puts it into the change machine. The penny brings back so many good memories of my father so for those reason I am against destroying the penny.
Jesse Chen
ReplyDelete2/7/13
period 7
I think that America should follow Canada in their decision to stop producing the penny. I think this because pennies have very little value and are very rarely used in day to day transactions. Some pennies are just lost in between the cushions of the couch or other places.
In my family my parents usually use credit cards to pay for everything, but I use cash. But I find that most people of my age use cash because their parents do not feel that we are responsible enough to be trusted with a credit card.
Alexis Ramirez
ReplyDeleteHonors World History
2-7-13
1st period
1) I think the U.S should stop the making of pennies, and do what
Canada is doing. I mean pennies can be useful at some time, but they
are not that important no more. All you see is a penny on the ground
and you pick it up then when you go home you drop the penny somewhere
and don't use it. Also another point is that pennies can take time to
count and its better round up, it is faster. And making pennies cost
lots of money to make. Pennies can be used to raise money like in the
video when they were raising money, instead of dropping the pennies.
2) My family and I mostly use cash. If it is expensive we use the
credit card or debit card, because carrying many money in the pocket
is never safe. But I think that cards are easier to use they are
faster and safer to carry around.
Jeff Richardson
ReplyDelete!st Period
Honors World History
I agree with the general consensus that the penny is well past its prime. This minuscule unit of payment is held in such low regards that people will find them lying on sidewalks. There is also hard evidence, as shown in the article, that the penny costs more to manufacture than it's worth. Despite the cons of this controversial coin, I strongly believe the penny should stay a part of our economy in the US. What would Abraham Lincoln be on without it?
I find that the form of payment usually correlates with the purchased item. Neither form of payment, cash or card, has come to my attention as the other's superior. The higher the price, the more likely the consumer is to use plastic. When the price falls short of a predetermined number (differing from person to person), credit cards become an inconvenience.
What period is !?
DeleteThis comment has been removed by the author.
ReplyDeleteHarrison Young
ReplyDelete7th Period
I think that the US should keep the penny because it would be wrong not to have the penny anymore. Penny's can be useful in some cases. I also understand why some people would like to get rid of the penny because lots of people do not use the penny very often.
My parents and family members use cash/credit for all of their purchases. But when we have coins lying around the house we use those sometimes. So it wouldn't really affect our family very much if the penny was removed from use in the US but I still think that it would be important to keep the penny. Some families might be very dependent on using penny's when purchasing something.
Veronica Kim
ReplyDelete1st period
I understand that a coin worth one cent is not much. People don't value a coin worth a single cent. But to me, the penny is kind of... I dunno, some sort of symbol for the U.S. You know that saying, "Find a penny, pick it up, and all day long you'll have good luck"? Although it's most certainly not true, there is a certain excitement and comfort to finding a penny on the ground, even though your luck could be crap that whole day. And besides just that saying, there are a lot of proverbs and idioms that would be lost if we got rid of the penny. How are our children and grandchildren supposed to understand "a penny for your thoughts" if they've never seen a penny in their lives? I do love the penny, and I find it, however small, an important part of society today.
On the contrary, however, my parents never pay with cash. They usually purchase through credit cards. That's not to say that I don't, or my friends don't, pay with cash - us credit-card-less folk have to get things by simpler methods. I think those three cents that I wouldn't get back if the penny was removed would add up to a lot over a year. As insignificant as a copper, one-cent coin might seem, I still think we should keep it.
Arthur Mouw
ReplyDelete7th Period World History
I think that the US should keep the penny. I still think that the penny is an important part of our financial system, even though it is rarely used to purchase. Now, the main purpose of pennies, are as change to a purchase made. If we lost the use of our pennies, the price of items may go up in our economy so that they will be able to give change.
My parents almost never pay with cash. In the modern world, credit and debit cards are a lot more important than cash. The only time that cash is generally used, is if the store does not own a credit card reader. I think that if we want to get rid of the penny, the rest of physical money will soon go with it, and every store will be required to own a credit card reader.
I don’t believe that the United States should keep the penny. I mean it is really inefficient if it costs two cents to make a penny. So if they made 5.8 billion pennies last year that would put us out of 5.8 billion cents. That is millions of dollars! Also what can you use a penny for? Nothing! One cent is not going to get you anything any more. Anyways who likes to have pennies in the first place.
ReplyDeleteWell this mainly my parents use cash for purchases. If a purchase is big or they do not have cash on hand they will use their credit cards. Also they make a good bit of online purchases that you have to use credit cards for.
I do not think that we should still keep making the penny. Why would you make something that costs more than it's worth? It's incredibly inefficient. If you were to make 8.5 billion pennies in one year, you would lose 85 million dollars. That is a significant amount of money. Also people are overlooking the fact that we already have trillions of pennies in circulation. Just because we stop making pennies, does not mean that they will not exist anymore. Also the only real use of pennies is for change.
ReplyDeleteThe only instances where my parents will pay in cash is when it is a small purchase, and they have an abundance of change with them. For the most part however, they will use their credit cards when purchasing something.
Casey Patterson
ReplyDeletePeriod 2
8/2/13
I believe that the penny should be removed from circulation, as inflation has rendered it almost worthless, just like Canada has recently done. I believe this because of rising prices for the metals the penny is made of; it actually costs 2 cents to produce every penny. The government estimates it loses $11 million a year producing and distributing the penny. Ottawa says similar systems implemented in Norway, Australia, New Zealand and other countries didn’t lead to systemic price increases. I think the penny is just a big waste of money.
My parents mostly use credit/debit cards for most of their purchases. Just swiping a card is much easier than having to use cash and coins for everything you buy. I usually use cash when I buy something but pennies have never really been that helpful to me. I do not think it would really affect me if they get rid of pennies. Its easier to pay someone else with cash and coins but that’s about the only time its more useful.
I think that America should continue using the penny. Many people rely on it’s use and use it daily. Even though there are many who now use credit cards or large bills there are those who can’t, and have to rely on paying for items with small change and small bills. The penny is also a symbol for one of our greatest presidents and is a way to be reminded of him and to think about him and our own history every day. I think that taking the penny away would cause more problems than it would solve, perhaps a better alternative would be changing the material the penny is made of or how many are made.
ReplyDeleteMost of the people I know use a variety of methods to pay for things, for example when we go shopping we may use a credit card. Where when we get a small snack we usually pay in small bills and change. In my family we use and receive pennys every day. To us they are an important part of our economy.
Period 1
ReplyDeleteI think that the U.S should stop using pennies. They are a hassle and you can’t buy anything for one cent anymore. You can’t but anything for fewer than 25 cents. Pennies are not a good way to mark money. If you can make it so all purchases will be on a five cents interval, it will save a lot of change. I think that we can use all the pennies in the world and make new coins with the metal.
Most of my family uses credit or debit cards for almost all of their purchases. It’s easy and fast. My sister and I use cash because we don’t have cards, but I would use one if I had one. But I don’t think that credit cards will ever replace paper money. Physical money is essential to life today.
simon dunson
ReplyDeleteperiod 7
i dont think that the US should get rid of the penny. I like pennys. Even though they are useless and no one likes them i still think we should keep them.
Most adults i know use crdeit cards mainly. Me and my friends use cash though. I dont think that we should get rid of cash though i like it.
Jeffrey He
ReplyDeletePeriod 7
World History
I think that the United States should definitely follow the lead of Canada because it costs more than a penny to make a penny, whereas it costs a nickel to make a nickel. Not only are we losing money, and wasting copper as a resource, we are also being inefficient. Prices should be rounded to the nearest dollar if it were up to me, but getting rid of all coins might not be the best idea. Rounding to the nearest 5th cent would make life insanely easier. Keeping track of all the pennies and change is really hard to do and time consuming right now, but without them, there is less weight in your pocket. Pennies are extremely wasteful and are a hassle. You can not buy anything for one cent, and it has been this way for a long time. 25 cents should be where it cuts off because all those metals can go to something else.
Most of my family, uses credit cards, and I do believe that one day, we will have a digital bank account attached to ourselves so we can relieve ourselves of carrying around cash. The one major problem with credit cards is the debt that stupid people get themselves into, and the outrageously high interest rate that makes the $$$ for large credit card companies such as MasterCard or Visa. Credit and debit cards are very convenient and fast.
Shreyas Pyati
ReplyDeletePeriod 7
World History
Pennies are useful, but not nearly enough to be kept. I think pennies should go, because it does cost more money to produce a penny than its worth. I think that if we could round every price in the US to the nearest fifth then it will be plausible to remove pennies.
Most of my family do not use coins, but they always have a reserve for the parking toll things and stuff. But for any shopping that is done, a credit card is used.
Rebecca Harless
ReplyDeletePeriod 5
February 8, 2013
NO! The U.S. should not kill the penny. It is murder of a perfectly good coin, and why should we kill it? If we kill the penny, what’s next? The nickel? The dollar? There is a reason why stores put their prices as $0.99 instead of a dollar, and that reason is because people think that if it saves them that one cent, then it is a good deal. A few of my family members love bargain shopping and twenty-three cents can mean all the difference to them. What if it was a twenty cent difference because we did not have the penny? I think that this economy would change drastically if we slaughtered the penny, and I think this economy is not stable enough for that drastic a change. Seeing a penny on the floor and getting good luck is awesome. Consequently, the penny was not left on the floor because it was worthless, but because people know that others like to find pennies. If we do go through with executing the penny, should we then execute cash? Cash is my monetary best friend because I am not old enough to have a piece of plastic. I pay for lunch, cookies on Monday, and other random half-necessities with cash. When I was really little, pennies and rocks would be traded for origami. I love pennies.
Within my family, the use of cash and debit cards varies. For large things and take-out, it is easier to pay by the card; however, the tax portion usually does not end in zero or five cents. For small, stupid, but sometimes essential objects, my family uses cash. One time when the bank was closed, my family stole my glass of coins, went to the grocery store, and converted it to cash. That is the strength of the penny. My friends and I are teenagers, and I doubt any one of us has a debit card. For us teenagers, I think that cash is the only way of payment that we really use. If cash, even the penny, was to be taken away from us, teenagers would probably not be able to buy anything without an adult’s help. Excuse my melodratic explanations.
Sam Nielsen
ReplyDelete1st Period
Without a doubt, the US should get rid of the penny. It costs more to make than it is worth, it is rarely used in any transactions, and people tend to leave them lying around, making them entirely useless. So, in my opinion, Canada seems to be in the right on this one. I mean, just think of how many times it has actually been necessary to dish out pennies on a purchase. Sure a washer may be 3 cents, but you might as well get 10 of them for 30 cents while saving some trips to the store that would cost more in gas than the washers themselves. There really is not any decent reason in my mind to keep pennies around. They're nearly useless.
The majority of purchases made in my family are done through credit cards. In fact, my parents rarely use cash at all and generally rely on their credit cards for most things. Me and my sister generally have to use cash as we do not have credit cards, but that is due to necessity. As for pennies, I can not think of more than a few times where we have used them, or any times at all when we have had to use them. Pennies have always seemed so insignificant that I have never really cared if I lose one. So, as far as my family goes, pennies are almost never used, cash is not used particularly often, and credit cards are used for nearly everything.
Edward Zhuang
ReplyDelete5th Period
In the USA, the penny has created somewhat of a legacy. There are countless quotes (“A penny saved is a penny earned”), and the penny has been used for so long that the removal of pennies would be ridiculous. Essentially, we would lose a part of what we are. However, the penny, in its actual use, is very pointless. Creating something that costs more than what worth does nothing to help the already struggling economy. For practicality, the penny needs to go. As a symbol of America, the penny must stay. This leaves us with a conflict that cannot be resolved.
Our family uses credit cards, which takes away the hassle of needing to have extra weight in change around. If I am to buy something myself, I will use cash. This is rare, though.
Kurt Griarte
ReplyDelete7 Pd
2/8/13
I believe that the penny should be removed from circulation, as inflation has rendered it almost worthless, just like Canada has recently done. Moreover, because of rising prices for the metals the penny is made of, it actually costs 2 cents to produce every penny. The government estimates it loses $11 million a year producing and distributing the penny. Ottawa says similar systems implemented in Norway, Australia, New Zealand and other countries didn’t lead to systemic price increases. It is not cost effective for the Treasury and has actually outlived its usefulness. I believe that sentimental reasons are not enough to continue wasting U.S. government money minting these pennies which are costing more than their value.
Most of the time, my parents use credit cards for their purchases. This is probably because using a credit card is easier and more convenient than dealing with the bills and coins. Therefore I think that my parents would not care if the penny were removed from circulation.
David collazo
ReplyDelete7th grade
This current event is called “Should the U.S kill the penny” many people want to take out all the penny’s because they think that it’s a waste of time and how we are losing money because of penny’s. Many people say that pennies are not useful now and that nobody really uses them as much. Other argue that they should leave pennies because then they had to change prices in stores. Today they are still discussing this problem. Also in Canada they do not use pennies anymore and they think that U.S has to do the same. The president’s council of Economic Adviser explains that many people don’t notice that pennies are wasting a lot of money to make. In my opinion I am not sure what should be done but if by making pennies is a lot of money than I think they should but I also think they should leave pennies because some still use them and this will cause changing in prices in stores as well.
Wenbo Wang
ReplyDeletePer. 2
2/8/2013
I agree that it is economically suitable for the U.S. Mint and businesses to kill the penny, in order to save resources; but for the general public, this change might upset people with the rounding process that will surely follow. I agree with both sides of the issue, but do lean slightly towards the ideal that the cent should not be killed, because the coin’s design honors Lincoln and his contributions to the country, and due to the cent's historical value. To this day, the modern sized cent has been issued to the public for more than one hundred and fifty years, and thus should be minted in the future as well, due to this significance. If the cent is excluded from circulation as explained in the article, values will be rounded. This will not accurately portray the merchandise’s true value, if price intervals were to be five cents each. Many cents leave circulation, many altered to become elongate memorabilia. This shows the cent’s significance towards travelers and hobbyists. Yet others are simply left elsewhere, due to their low denomination. I rarely use coins or cash currency, but the historical significance and design of the cent is something that seems to gain the approval of society, ever since its first issue in 1856.
Credit and debit card purchases are becoming more and more common in today’s society, due to its reliability and the advanced technology we have to process these cards today. Once someone receives a job and a stable income, credit cards become the popular choice. My family uses credit cards to purchase goods, because of the tracking technology that allows one to seek out each purchase value and frequency, so one would avoid fraud and other monetary complications.
Ashley Yang
ReplyDeletePeriod 2
I agree with the article with the fact that the U.S. could save a lot of money if they killed the penny, and what's the point if they are not put to use. I do think, however, that the U.S. should not "kill" the penny because the penny has long since been apart of U.S. history. The public would not agree to "kill" the penny, but in our everyday lives, people don't see that pennies are extremely useful either. I think that we are paying more attention to how much we really want the penny to stay just because people are thinking about getting rid of it, you don't really miss something until it's gone. I think this idea of "killing" the penny is all based on whether or not one thinks the future is more important or the past. If you thought the past was more important, the penny should stay because it is still a coin in the U.S. If you thought the future would be more important, then the penny should go because right now so much of our lives revolve around money and the economy.
In my family, we mostly use credit cards because it is essentially much simpler than counting out the money to an almost exact amount. With credit cards all you need to do is swipe. I sometimes use cash, and even when I do, they are normally in $10 and $20 increments. In general, I think credit cards are becoming the more popular thing to use.
Mary Louise Callaghan
ReplyDelete2nd Period
I totally don't think we should get rid of the penny. Many things in stores are blank dollars and 99 cents and we need it to stay like that without rounding up prices. And honestly the penny is just cool, even if it does take up a lot of space. And because of the already high prices we definitely don’t need anyone raising prices. Pennies are actually very valuable and by saving that one penny every time you could get a lot of money. Most teenagers don't have a credit or debit card, but those who (like me) do find it much easier especially if its only debit. I personally can't talk for Canada but as an American I think it's the wrong thing to do.
Erica Johnson
ReplyDeletePeriod 1
I personally think that the penny is a piece of history, but it is also completely unnecessary. With all the advances in modern technology, it is kind of ridiculous to think that the penny is still made. I think it was a good idea for Canada to “kill” the penny, and an idea that the U.S. should follow. In general, it would just take a lot less effort for the U.S. to just let go of the penny, since it costs so much more money to make than it is worth.
In my family, I think credit or debit cards are used more than cash or coins. In the evolving technology, people also use their cards rather than coins or cash, and it is becoming more common to use cards rather than the coin, especially the penny.
ReplyDeleteAnnelise ter Horst
7th
I have always liked the penny, and I’ve heard that U.S. mints might start to discontinue its’ production. As a kid, when my family gathered all our pocket change from purchases to put into the bank, I would disrupt the system to find the oldest penny in all. This sounds really boring, but to me, knowing the journey of that penny after all those years reached me it made the search worthwhile. It made me feel as if I held all that history in that tiny copper coin. I am not trying to make some grand metaphor that pennies are portals of the past and that ‘killing the penny’ would be the worst thing since twinkies. It actually would not be terrible if there were no more pennies made, people would freak out for a bit, but basically, go on with their lives normally. I just grew up with the presence of pennies, so without them, it would be abnormal is all. Also, how would we have equal balances on purchases? Taxes change perfect dollar amounts to that and then some, so how would we pay for things without a credit card? I am sure if the government was so inclined to abolish pennies, they would find a way, but I bet that would rather take their time elsewhere to more important things. Anyways, if tomorrow they discontinue pennies, I might be sad. I still search for the oldest penny after all.
Some people do use credit/debit more often, but that tends to be those who are adults or those who have more income than others. We all know that everyone is not a millionaire and some people just do not use credit cards. It sometimes does not mean anything. But not using coins/cash for anything might be a bad idea.
Hope Davison, 1st Period
ReplyDeleteIf the U.S. rid the penny, it would be a huge deal- not only would a majorly old figure in everyday American life be gone, but it will also change everyday purchases and the economy. But thinking about how much the U.S. Treasury is suffering for keeping this penny alive, I don’t believe it’s worth it to keep it. I feel as if America is basically wasting money when it costs more to produce the penny than it is ultimately worth. And honestly, most Americans want to keep it for it’s sentimental value and the comfort that it has always been there, not because they genuinely think that it makes a difference when the purchase things everyday. It will make a difference in the economy, guaranteed, if the government decides to round prices. But it’s only to the nearest 5 cents, whereas we’re wasting millions of dollars to produce a coin that isn’t even frequently used. I don’t think we should ban all coins, though, because that could definitely throw off the economy, and many Americans do use the quarter and dime and such.
Most of my family does use credit/debit cards, though my mom does say it’s more tempting to spend using them than if you keep limited cash on you instead. Most teens around me stick to cash. The electronic cards are useful, but should not be solely relied on as a source of purchasing goods.
I think that we should keep pennies, or some type of coin. They are very useful for money exchange and I do not totally trust the idea that all money should be kept on plastic cards. Its too risky and I think its too easy to loose all your money if the system fails.
ReplyDeleteThere is still a chance that our economy could come back and stop inflation. That is why I think we should keep the penny.
Lily E.
ReplyDeleteWorld History 7
If almost 60 billion pennies were produced last year (about $60 million), then the treasury spent $120 million just to produce one cent coins. I think that that is a ridiculous number! The penny is of such low value that we would be fine without it. We would just round to the nearest five cents rather than one. $120 million might just be a small part of the government's enormous budget, but every bit counts, and I think that that money could be used in a better way.
My mom uses a credit card whenever she can, which often makes change unnecessary. Unless it is required (for example, to pay a few dollars to park in a parking structure) or just makes sense (for very small purchases), she does not use cash. If I buy anything at all, it's probably books or sheet music for piano, both online. That, of course, does not require physical money.
Daniel Kleissler
ReplyDelete2/7/13
Period 2
While others may have included sentimental reasons for wanting to keep the penny, I would like to hear someone come up with a logical reason to keep them. There are simply too many reasons to discontinue the penny to still use it. Our economy is taking a major hit just because of the MONEY we spend on MAKING our money. A few cents may not seem like much but when amplified by several million it begins to make a dent. Using plastic is also just so much more convenient. Much of our money is lost or broken, which leads to us having to create new money, which in turn lowers the value of our money. If this money was taken out of the equation there would be no need to lower the value of our money.
I think that the removal of the penny would be a major transition. It would take years just to get them out of circulation. Also, the way companies price items would have to change. Most things end in .99. If people payed in cash they wouldn't be able to get their change back. This would be disappointing for those that are trying to avoid using a credit card. Pennies are also nostalgic and have president Lincoln on the front, something Americans would deeply miss. I think we should just slow the production down so that they are not technically "killed". We could even stop making them for a short period, then pick the production up once we are more economically stable.We should not switch the main system of our country until a very, very high majority of the population use credit or debit cards and the cards can be used for every situation. Personally, my family makes most of our purchases with a credit card. Though when I go out alone I use cash.
ReplyDeleteCurrent Event #18
ReplyDeleteDollars, Cents, or Plastic
Pd2
Keith Segars
As stated in the article and in the video, there is a lot of sentimental attachment by consumers to the penny. The picture of Lincoln, the copper color, and its place in history make it something that consumers like. I like to gather coins that our family leave around the house and then deposit them in my bank account. Most of these coins are pennies but, after I collect change for a while, they can add up to a nice sum of money. Therefore, I would say that I am also fond of the penny. While producing and shipping the penny may cost more than the penny is worth, it may add economic value that is not part of the cost consideration. As stated in the article, the penny is not worth much individually but as part of a larger economic system the penny may give people a lot of economic spending power. Taking this away from people may do more harm than good.
In our family we use debit cards much more than traditional currency for purchases. When my Dad travels overseas, he also uses his debit card more than the currency of the countries he is visiting. If my family is an indicator, it is likely that people in the future will only use electronic or smart cards for transactions. According to my Dad, he uses his iphone to purchase things in China and Scandinavia. Therefore, in the future, our mobile phones may also be substitutes for traditional currency. It will take a while for people to adjust to electronic purchases. Currency is a very big part of American life and there is also concern over business and government tracking the purchases of consumers. This may keep traditional coins and paper money a pat of commerce in the future.
I personally never use pennies at all. I do however think it somewhat represents our countries past and symbolizies some of our culture. WIth that said, i don't think pennies should be used because they arent worth much and are wasting money.
ReplyDeleteThe only time my parents use cash is for small purchases and often use thier credit cards for anything else. In Germany however, they used money a lot because there were only debit cards. this shows how different it can be for other countries.
Joy Stouffer
ReplyDeletep 7
1) I think that the United States should keep the penny. It may not be overly useful, but it helps when dealing with small change. Children especially care because they coins in their piggy banks. When dealing with change for 6 , 7, 8, or 9 cents, one must use a penny or the proper amount of money will not be received.
2) My parents usually use their credit cards to pay for things. For high schoolers and under, however, most do not have a credit card. I, for one, use cash, and pennies are essential. A lot of money can be gained in loose change. the penny is definitely important.
Paige Jones
ReplyDeleteperiod 2
2/9/13
I was surprised to read that pennies will not be used anymore in Canada. Considering it costs nearly two cents to make one penny, I don't think we should keep producing them. It's literally wasting money just to make a coin that is almost worthless. However, getting rid of the penny would also mean rounding prices. Since the least valuable coin would be the nickel, many prices would rise. Essentially, it all comes down to comparing the wasted money making a penny to the extra money being spent on products that would have to be rounded up. Despite the slight inconveniences it may cause, I believe getting rid of the penny would be an intelligent idea because the National Treasury would save a significant amount of money.
Most of the people I know use cash, but adults often use credit cards. I think using cash is fairly convenient, however worrying about loose coins such as pennies is annoying when making a purchase. Although getting rid of the penny would save money, I don't believe it will actually happen due to the sentimental citizens who are attached to a round piece of copper.
Rachel Danner
ReplyDelete7th period
I believe that the penny should be abolished for many reasons. One, as it was stated in the article, the penny costs more than a cent to manufacture, and therefore is a money losing venture for the government. Secondly, you cannot really buy anything with a penny, so the practical use of carrying one around is almost nonexistent. Thirdly, and as an answer the second question, many people are now using “plastic money” such as debit or credit cards, and really have no need of pennies.
I think that some people will have objections to the abolishment of the penny for reasons that may include sentimental and the fact that some may believe in dinosaur rainbows that eat catfish. Little miss muffet sat on a tuffet eating her curds and whey. Along came a spider and sat down beside her and frightened miss muffet away. Anyway, I think that nursery rhyme quite sums up the issues that our country as a whole is facing and how we are to deal with them. You know. With spiders.
Valeria Campos-Diaz
ReplyDelete1st Period
Current Event #18
1)I do think that we should keep pennies, or at least some type of coin. They are very useful for money exchange and I do not totally trust the idea that all money should be kept on plastic cards. Its too risky and I think its too easy to loose all your money if the system fails. Some people may have a lot of money in coins and it would be a waist of money, especially for low income individuals or families. What a penny may mean to us could mean a lot more to someone of a different social class. Its also alot easier to get in debt with credit cards.
2)To be honest, most people in my family use debit or credit cards to complete purchases for most things in life. This proves true for most of my friends as well. But we live in Chapel Hill. If you consider a homeless person, a dollar and a few cents could equal a meal. So in someways the penny could go along way for someone who is having financial problems.
Kaitlin Hill
ReplyDelete2nd Period
Personally, I think that the United States should keep the penny. Although it does have some cons to it, there are a lot of pros. I use pennies all the time and believe that they are quite useful.If getting rid of the penny means an increase in prices, then I do not support it. Coins are tangible, and I don't like the idea of having all your money on a piece of plastic. Overall, I think that the cons outweigh the pros for getting rid of the penny.
In my family, we use cash and credit cards both. Although credit and debit cards are very convenient for larger purposes, it seems rather silly to put a sum of anything 10 dollars or less on a card when you can just use cash. I myself use cash for most of my purchases and that goes for my friends as well. I agree with my parents decision to wait till I am able to drive to give me a credit or debt card. I use penny's all the time and for someone without a job or a source of income, every penny counts.
Current Event
ReplyDeleteShomya Mitra
5th Period
I think the US should follow Canada’s getting rid of the penny. Rounding to the nearest nickel would save time for both their cashiers and their customers, and nowadays transactions take a long time at the cash register. This could make going to stores more favorable to many Americans, since it would save lots of time. Also, any coin that people are willing to leave for other consumers and throw into fountains can’t be very necessary. The US government even loses one cent for every penny they make. For all these reasons, I think the US government should stop producing the penny.
The majority of US citizens use debit or credit cards for most of their transactions. It’s more convenient and saves time. Typically younger people will pay with cash because they either don't have a checking account set up or are afraid of being hacked. It's very easy for a smart computer hacker to hack into an online checking account. With cash, it assures a one-time payment with no strings attached. When using a credit or debit card you’re saving time but taking the risk of being hacked. Hackings occur but typically there is enough security to regain your stolen money.
Francisco Coch
ReplyDelete7
I think that the US should stop producing pennies each year, especially since it is costing our government lots of money. Back about a hundred years ago, the use of pennies was more commonly seen due to how low prices were, but as inflation on goods has increased, someone can’t just easily pay for things with a couple of one cent coins. I think that they have outgrown their usefulness.
Credit and debit cards are seen more commonly being used by adults than kids, largely because of limited access. Even then when cash is being used, most people just pay the full extra dollar, rather than paying the exact 97 cents for example. Also, because the current pennies would continue being accepted for making purchases even when US mints stop making them, there isn’t much of a need to continue making things people don’t really need in the first place.
Saane Chamberlin-Finau
ReplyDeletePeriod 1
I think that the penny is a pretty much useless means of payment. However, getting rid of the penny would change the prices of items. I understand that the penny's cost is greater than its worth, but gutting rid of it would cause the US to change the way things are priced. You would basically round up or down for the prices. contrary to what others may think, people do use pennies in their day to day lives and pay the exact amount of what things cost.
Most of my family members prefer to use cash yet, use card more. My friends however, seem to use cash more than a credit card. I personally notice more people using cards to pay for even simple items. My mom will use a credit card most of the time unless they do not take cards.
Period 5
ReplyDeleteI don'tt think that the United States should follow in Canada’s steps by “killing” the penny. One of the more interesting points I found in the article was the fact that just the common idea that pennies are useless is what is actually killing them. Change is one of the most important aspects involved with the penny. Trying to avoid change may make it worse for the penny. If someone is ever confronted with coin change at a store, they will usually put it in a tip jar. Plus if you think about it prices may go up slightly because everything would have to be in increments of 5 cents. The penny is still very important. It’s just that its role has changed from an individual piece to spend, to one that must be saved up.
Most of my family members use some sort of credit card. It is just easier to carry around. They also come in handy when they need to make a major purchase, because then they don’t have to be carrying around cash and worrying about change. Although, my friends and I are more likely to use cash for our purchases. However, this is mostly based on the fact that none of them are allowed to have their own credit or debit card.
Robert Fernald
ReplyDelete1st period.
I think that the United States of America shoud follow Canada and drop the penny. I think that the penny should not exisst in currency but will still be used in electronic money such as credit cards because that will encourage people to use cards which will both save the treasury money and will give the people a few extra cents back with their purchases versus using cash.
All of my family members including me either use a credit card or a debit card. Cards are easier because they are smaller and if you lose one you can cancel it and keep all of the money but if you lose cash it is gone. Also cards are much easier because in addition to using them in stores you can also use them to purchase products off of the internet which is very usefull. I think that the future on currency rests in cards but we still have to have a tangable object that represents the value.
Period 2
ReplyDeleteI do not think that we should still keep making the penny. Why would you make something that costs more than it's worth? It's incredibly inefficient. We should follow Canada's footsteps and get rid of it. Also people are overlooking the fact that we already have trillions of pennies in circulation. Just because we stop making pennies, does not mean that they will not exist anymore. Also the only real use of pennies is for change, and most people are using credit cards today anyways.
Everyone in my family uses credit cards when payin for any thing over three dollars. It is much quicker and easier.
While others may have included sentimental reasons for wanting to keep the penny, I would like to hear someone come up with a logical reason to keep them. There are simply too many reasons to discontinue the penny to still use it. Our economy is taking a major hit just because of the MONEY we spend on MAKING our money. A few cents may not seem like much but when amplified by several million it begins to make a dent. Using plastic is also just so much more convenient. Much of our money is lost or broken, which leads to us having to create new money, which in turn lowers the value of our money. If this money was taken out of the equation there would be no need to lower the value of our money.
ReplyDeleteMcKenzie Matherly
ReplyDeleteI don't think that the United States should follow in Canada’s steps by “killing” the penny. One of the more interesting points I found in the article was the fact that just the common idea that pennies are useless is what is actually killing them. Change is one of the most important aspects involved with the penny. Trying to avoid change may make it worse for the penny. If someone is ever confronted with coin change at a store, they will usually put it in a tip jar. Plus if you think about it prices may go up slightly because everything would have to be in increments of 5 cents. The penny is still very important. It’s just that its role has changed from an individual piece to spend, to one that must be saved up.
Most of my family members use some sort of credit card. It is just easier to carry around. They also come in handy when they need to make a major purchase, because then they don’t have to be carrying around cash and worrying about change. Although, my friends and I are more likely to use cash for our purchases. However, this is mostly based on the fact that none of them are allowed to have their own credit or debit card.
Vanessa Campos-Diaz
ReplyDeleteperiod 7
I think that the United States should "kill" the penny because why would we invest in something that cost more than its worth when many people don't use it anymore. Although from a business stand point i understand why they wouldn't eliminate it because if a costumer wants to use a penny they would not refuse to take it, it's what ever makes the costumer happy and they are their to please the costumer.
Most of my family uses a credit card because its just easier for them to carry and handle than cash because they dont have to worry about losing some or having it stolen easily. A credit card is much easier to pay with when buying big things or pricy things because they wouldnt have to carry so much cash around with them.
Bobby Russell
ReplyDelete5th period
I don’t think that the United States should kill the penny. Even though the penny isn’t used as much, it’s still important. We don’t have to produce as many pennies as we do now, we can cut the amount of pennies produced if they aren’t used as much. But to get rid of the penny altogether is unnecessary. Think of the confusion it would cause, those packs of gum for 99 cents, the wishing fountains, lucky pennies. Plus, Abraham Lincoln is represented on that coin and I think that he was a great president that deserves to be recognized. To kill the penny is an unnecessary step, if Canada does it that doesn’t mean we have to.
The adults in my family don’t usually use cash money. But they do use cash when giving money for field trips, vending machines, and donation boxes. It’s mainly the younger people that use it. Younger people don’t usually have credit or debit cards or checks, when they buy things they use cash. And when you babysit or mow the lawn you get paid with money. The use of cash is still here, it’s not like no one uses cash anymore. The dollar is still relevant, the nickel is still relevant, and so is the penny.