Should the Penny be Eliminated Essay Example

was the extra profits these retailers received on impulse purchases while waiting on the patron to count his pennies. I believe these extra purchases greatly outweigh the “wasted time” counting pennies.

William Safire advocates abolishing the penny from currency circulation and believes Lincoln would be ashamed to have his face on this specious specie. I beg to differ and believe he would be proud to be represented on something found in every household in America. He also states that over two thirds of pennies immediately drop out of circulation into piggy banks, behind cushions, or inside your sock drawer (Source C). However, Mark Weller found a 2002 study based on Federal Reserve data that stated the annual rate that pennies disappeared from circulation was around 5.6 percent – very similar to all forms of coinage (Source D).

To commemorate Abraham Lincoln’s 200th birthday, President Bush signed legislation in December 2005 to issue Lincoln pennies in 2009 with four newly designed “tails” images. Each image depicts different aspects of President Lincoln’s life. This change was the first redesign of the penny in 50 years. According to Michael Bishop, executive director of the Abraham Lincoln Bicentennial Commission, “the penny is perhaps the most visible and tangible reminder of Lincoln’s significance in American history.” (Source F).

I am a proponent of keeping the penny in circulation. They teach our children math skills and the value of saving. They are also a source of conversation on Abraham Lincoln’s contribution to the democratic system we enjoy today. If the penny is eliminated, our grandchildren will never know the significance of “putting in your two cents”.

Reference

http://www.boston.com/news/local/massachusetts/articles/2005/10/09/penny_pinchers/