With the colonists’ low life expectancy due to isolation and being ravished by deadly diseases that were brought from Europe, New England’s population growth quickly fell behind the growth of other cities in the region. Due to an imbalance in trade with the inhabitants of the West Indies, the prospering economy they once establishes with their surplus of “cod, grain, livestock, and barrel staves,” quickly declined (Murrin, 87 p.). In order to correct this economic crisis, the colony of Massachusetts began to issue a paper currency called fiat money. This unique type of paper money was backed by the government’s “promise to accept it in payment of taxes” (Murrin 87 p.). Although successful, the paper money quickly depreciated in value after about 20 years.…
In the article Abolish the Penny by William Sapphire, a former speechwriter for Nixon tells us his opinion on the penny being abolished. He had a very strong passion towards it being abolished and quite frankly, I agree with him too. I agree with the abolish the penny article because there is nothing that we can buy with the penny, America has nostalgia when it comes to traditions, and As Sapphire puts it "you can't buy anything with a penny anymore. Penny candy? Not for sale at the five-and-dime (which is now a ''dollar store'').…
Did you know the penny you see today has not always been the same? Over the years there were many changes made to the Lincoln penny. These changes have affected the appearance and makeup of the penny. The first of the changes made was in 1909, when the sculptors initials were removed from the penny.…
Would abolishing the penny be an economical challenge for the state? A United States Representative , Jim Kolbe went to congress with a bill to eliminate the coin. Even though he failed, there is still many wanting to do away with the penny as the smallest coin because they think it is worthless. The penny has a story that shows the importance of history including our previous United States President, Abraham Lincoln.…
Debate has arisen in the United States over the economic value and need of the penny. The penny is the United States’ coin with the smallest value---only one cent. Recently, many have been discussing getting rid of the penny. It’s a waste of money and materials to produce and they’re easily forgotten more often than used. After much deliberation, I can conclude that penny is insignificant to our economic system and getting rid of it would benefit the United States’ economy.…
The penny creates an inconvenience for everyone as our monetary system focuses on its use even though its value is miniscule. That time spent looking for pennies in line at the grocery store could be spent on other thing instead of wasting everyone else's time. Also, the penny in itself is a waste of time as it is valued less than its material cost and much less than its labor cost. This means that as more pennies are produced the government will continuously lose money. In doing away with the penny, many of this nation’s economic problems might actually be…
Harvard Economist Greg Mankiw one said, "It costs the mint well more than a cent to make a penny. The solution, in my view, is to get rid of the penny. " This means that the penny costs more to make than they are worth. The materials that are used in the penny are expensive and taxpayers lost millions of dollars for the production of the penny. The production of pennies should be eliminated throughout the United States.…
Even though the abolition of the penny does not stop consumption of time on other forms of currency, it does ensure that more time will not be added onto this specific coin, and the less time spent on trivial things within the legislative branch is what should be strived for. The penny simply wastes not only consumers time, but producers and government officials as well, therefore if the U.S. was to cease production, there would be an increase in productivity in all walks of…
Since the year of 1787 people have been walking around with a jingle in their pants from their loose change. Today, change is only seen as two additional decimal places in an American’s bank account. In the fast moving world Americans presently live in, their time has become their most precious asset, leaving no moments to count their change to an exact value. Due to this, the existence of the penny has become a marginal inconvenience of the modern day. Altogether, the American penny is no longer practical or necessary in a world where time is money, and time is being wasted counting a cent at a time.…
The US uses 1.5 cents to make just one penny last year. That is .5 cents more than the price of the penny causing the US to lose millions each year. This fact leads to arguments on why the useless penny should be abolished. As a growing country, pennies represent the expanding nation for everyone to see. But, the country will not be able to grow any more if people lose millions each year from useless pieces of zinc.…
Simply saying penny has been around for many years would be a blatant understatement; it has been etched into society as a reminder of perhaps the greatest president the country has ever seen. Abolishing the penny, is a move that would attempt to erase the more than a century long legacy of Abraham Lincoln and all of his accomplishments. Not only would the expulsion cause a brash disregard of history, it would also cause major inconveniences for the American populous. A reform of the monetary system such as the one proposed would cause unnecessary grief and overhaul many standards such as prices and small business financial management. Cynicism, it is a quality that a large part of the American public is guilty of possessing when it comes…
Statics from “Upfront” magazine support that two-thirds to three-quarters of Americans want to keep the penny. The government is the one who produces penney. The people who can barely pay for products will have to pay more because the prices would go up. People want to get rid of the penny because know one cares about them, since no one even bothers to pick them up when they are seen on the floor. The U.S should not get rid of the penny because, the government will have to make nickels, raise prices of products, and the pennies are used to raise money for charities.…
In the year 1787, the United States made a change regarding economics by introducing a one-cent coin, the penny (source B). As the first authorized currency of the nation, it had great purpose, as well as symbolism. It eventually grew to represent our sixteenth president, Abraham Lincoln, and all of his accomplishments (1909). Over the course of the past 231 years, a lot has changed. This includes how we view and use the penny in our everyday lives.…
Is the penny needed in the United States anymore? Some people believe the penny should be preserved because it is an important historical part of the United States. However, other people believe the menny should be eliminated because it is costs more to produce than what it is even worth. The penny should be eliminated in the U.S. currency because pennies are a waste of time, not worth a lot, too much to make, and nobody can buy something with just one penny. The penny should be eliminated because of several reasons including things will cost less and the government will not waste $100 million each year.…
When presented the experiment of living off of minimum wage, Barbara Ehrenreich, embarks on a journey that is followed throughout Nickel and Dimed and shows the struggles that she encounters living the life of a person in poverty. Ehrenreich argues that different systems in America are setup to actively keep those people working for minimum wage in poverty and this system prevents them from moving up in economic status. Ehrenreich’s argument is strengthened by the many experiences she presents in the book showing the difficulties of living life gaining minimum wage. Ehrenreich, while low on funds and in need of help, talks about her own personal experiences with trying to get some food.…