A 19-year-old canadian, christina cheung, has done a study of penny abolition in canada and here are her findings: she found 608 per cent of grocery store prices ended in 8 or 9 cheung put those numbers through a computer simulation program that generated hypothetical purchases “i simulated. Nick macpherson, former treasury permanent secretary, joined the fightback, claiming on twitter that “to abolish the penny would be to give in to inflation and to trash 1,000 years of history” he added: “only banana republics don't have a coin representing the lowest denomination of their currency. The penny is composed of 2% copper and 98% zinc these elements are exponentially in demand causing the price of these materials to skyrocket many americans think the penny is putting our country in jeopardy with financial losses this meaningless coin is losing money for the mint, and should be abolished. The country survived the abolition of the farthing in 1971 and the halfpenny in 1984 a halfpenny in the mid-1980s, indeed, was worth more in real terms than a penny now yet the spring statement documents also propose to do away with the £50 note, even though inflation has worked the opposite effect.
William safire op-ed column calls for abolition of penny notes coin is almost worthless and two-thirds of billion pennies churned out by us mint each month immediately drop out of circulation because they are more trouble than they are worth (m. The us has abolished a number of coins in the past, including the half cent in 1857 the uk's halfpenny ($08 cents) was withdrawn in 1984 new zealand and australia abandoned the one-cent and two-cent coin in the 1990s (new zealand later ditched the five-cent coin too) the penny has become a. The latest salvo came in march, when senators john mccain and mike enzi introduced legislation to eliminate the minting of pennies the bill also proposes switching the paper one-dollar bill to a coin and changing the composition of the nickel in order to bring down its cost they said it would lead to an.
Canada has already ditched its cent (known as a penny) — following similar moves in australia and new zealand to abolish their low-denomination coins the canadian finance minister said: 'the penny is a currency without any currency financial institutions face increasing costs for handling, storing and. This is the time of year when u s mint spokesman tom jurkowsky will be announcing how expensive it is to coin a penny last year's news wasn't soothing , with the cost of producing a penny rising to 15 cents in the fiscal year that ended sept30, an increase from 143 cents in 2015 to be sure, the nickel.
Yes, the penny should be eliminated the main reason for the deletion of the penny is cost the penny being worth one cent by itself costs around 15 cents to manufacture this although small loss of money can result in and will amount to the loss of millions of dollars over the course of several years posted by:. Making and shipping each penny costs the us mint 2 cents but few want to get rid of the nearly useless coin. Many americans think the penny is putting our country in jeopardy with financial losses this meaningless coin is losing money for the mint, and should be abolished the penny costs 14 cents to manufacture each time at the mint this is causing the mint to lose money for the treasury last year, the mint earned $730 million.
Paul solman answers questions from next avenue readers about what the us mint can learn from canada about the penny and why germany is pulling their gold from the new york fed photo by flickr user hto2008 paul solman frequently answers questions from the newshour audience on business.
Philip hammond was branded a “penny-pincher” after revealing shock plans to scrap 1p and 2p coins unveiling his spring statement, the chancellor resurrected proposals to abolish the “obsolete” copper change philip hammond has branded a 'penny-pincher' after revealing shock plans to scrap 5. Don't you'll be earning less than the minimum wage for your troubles diehl, now the president of coin distributor us money reserve, is one voice in a chorus that wants to abolish the penny in fact, he tried to do just that during his time as the 35th director of the us mint at issue is the fact that the penny. Nick macpherson, former permanent secretary at the treasury, is exorcised about treasury plans to abolish the one and two penny coins he exclaimed, on twitter: “only banana republics don't have a coin representing the lowest denomination of their currency” nick's tweet is an indirect remark about the. Pennies have been in use in britain in one form or another for over a thousand years but are their days numbered bank of england governor mark carney thinks so as the value of the coin declines it will eventually mean we can do away with them, just as other countries have done, mr carney said.