Nazid Quadir

Essay
Romano/McGee

Synthesis
Period 7/8
Should the Penny be Abolished

Yes, the the penny is the smallest form of currency, but does that really make it
useless? The second is such a small increment of time, the millimeter of distance, and
yet these have continued use every day, by almost everyone. This same principle can
be applied to the penny. There has been a recent argument about whether or not the
United States should rid circulation of the penny. While, there is a clear supporting force
for abolishing said currency, but several more reasons as to why we should not. The
penny should not be abrogated and there are several reasons why, from historic, to
monetary.
You may believe that the penny should be abolished, but it is undeniable that it is
a true part of American History. Not only is it the first American authorized currency
(Source B), but it is also a great way to honor the 16th president, Abraham Lincoln
(Source F). The penny has been used to honor Lincoln as recently as 2009, when the
Secretary of the Treasury issued four new penny designs in honor of Lincolns 200th
birthday. And even if the United States was to remove the penny, they would be
destroying over a hundred years of preservation of the symbol of the country, freedom.
As stated in source F, the penny is perhaps the most visible and tangible reminder of
Lincolns significance in American History. Both these facts show how, from a antiqual
point of view, the penny is an imperative part of American history.
Some may say that the past should not be cared for, as it has no effect on
present times, however, traditional and cultural value is not the only type of value the
penny has. Just looking at it from a savings point of view, there is an impeccable

example of why not to abolish the penny. Edmond Knowles was a man who collected
pennies for 38 years, about 90 per day. At the end, after counting them up, they were
worth over thirteen thousand dollars (Source B). Removing the penny would lead to
systematic rounding, changing threes to fives, and sevens to tens.This would cause a
large loss of money as there would be an increase in the overall prices of items.
Secondly, we can look at the overall polls and see what the people want. According to
Source E, only 32% of people wish to abolish the penny, while 53% wish to keep it, and
this is just for people with an income of seventy five thousand or greater. Looking at
those with less than twenty five thousand dollars in annual income, the numbers are far
more extreme. Up to 62% of people surveyed wanted to keep the penny, 21% not sure,
leaving a petty 16% wishing to abolish it. This small percentage of people wishing to
keep the penny is of little significance as, if you follow the trend, the only time the
majority voted for abolition is in the top one percent of income. Along with the historical
importance, it is easy to see why the penny must be kept, however, not everyone sees it
that way.
Though there are several reasons as to why the penny should be kept, many still
do not see why this should be done. For starters, they may argue that a pennys cost if
more than its value, costing 1.7 cents to make. To this point, there is no rebuttal,
however almost every other point can be refuted. Looking at Source A, Neena Moorjani,
Kolbes press secretary, stated that it was practically useless in everyday life. While it
is true that there s a standing force sharing her opinion, the polls of Source E show that
it is a significantly smaller force than that of of those wishing to keep it. examining Jeff
Gores argument, we see he says that Americans lose 15 billion dollars every year. To

start, this is based on the fact that every American above the poverty line has three
transactions every day, when this can clearly be seen as an exaggeration. Next, he
says that a person's loses sixty dollars per year. To anyone needing to make three
transactions a day, this is not that much money. Finally, if his calculations are correct,
and a person loses four hours a year, it is only four hours per ear, out of the 8766 hours
of the year. Not many people will care about 0.045 percent of 365 days (Source B).
Lastly, analyzing Source C, we see that William Safire writes two thirds of [pennies]
drop out of circulation. This is proved untrue by Mark W. Weller, who says that his
number is closer to 5.6 percent (Source D).
Some believe that the penny is useless, however it is just as useful as every
other form of currency. Inspection its historical value, it is the best memorial of one of
the greatest U.S. presidents, Abraham Lincoln. The penny remembers him and his
accomplishments, and to get rid of the penny would be to remove his remembrance.
Secondly, the penny has a clear standing force behind those wishing to keep it, as well
as the fact that it still can have monetary value. Now, why would America wish to
remove such a useful item?