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Currency Issue1 #116309 The Penny has outlived its usefulness. It is too expensive to produce and a waste time to use.

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Argumentation and Debate - 49335 »Argumentation and Debate - 49335Argumentation and Debate - 49335☜☜F1CEB7

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Katie Leffel »Katie LeffelKatie Leffel☜☜D3B8AB

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CurrencyCurrency☜The Penny has outlived its usefulness. It is too expensive to produce and a waste time to use.☜FFB597

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Pennies are valued for more than the cost of minting them (Rebuttal) »Pennies are valued for more than the cost of minting them (Rebuttal)Pennies are valued for more than the cost of minting them (Rebuttal)☜☜59C6EF

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People often throw away their pennies (grounds) »People often throw away their pennies (grounds)People often throw away their pennies (grounds)☜☜59C6EF

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Producing a penny now costs about 1.7 cents (grounds) »Producing a penny now costs about 1.7 cents (grounds)Producing a penny now costs about 1.7 cents (grounds)☜☜59C6EF

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USpennies , minted after 1982, are worthless »USpennies , minted after 1982, are worthlessUSpennies , minted after 1982, are worthless☜☜59C6EF

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+Citations (2)

- CitationsAdd new citationList by: CiterankMap

Link[1] The Penny Dreadful

Author: By David Owen - The New Yorker, March 31,2008
Cited by: Cathreen Leffel 5:10 AM 29 August 2011 GMT
Citerank: (2) 116320People often throw away their pennies (grounds)959C6EF, 116552Pre 1982 pennies are higher in copper and more valuable (qualifier)109FDEF6
URL:

http://www.newyorker.com/reporting/2008/03/31/080331fa_fact_owen

Excerpt / Summary

"Producing a penny now costs about 1.7 cents. Since the Mint currently manufactures more than seven billion pennies a year and "sells" them to the Federal Reserve at their face value, the Teasury incurs an annual penny deficit of about fifty million dollars - a condition known in the coin world as "negative seigniorage."

Link[2] The Useless Penny

Author: Robert Blumen - Mises Economic Blog
Cited by: Cathreen Leffel 5:16 AM 29 August 2011 GMT
URL:

http://blog.mises.org/8143/the-useless-penny/

Excerpt / Summary

"As the value of these coins declines to ever smaller amounts, the cost of manufacturing small, nearly worthless coins is increasing, as is the amount of our time spent keeping track of them and searching for them in checkout lines"

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Entered by:- Cathreen Leffel
NodeID: #116309
Node type: Issue
Entry date (GMT): 8/29/2011 5:01:00 AM
Last edit date (GMT): 9/6/2011 9:25:00 PM
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