Stop Producing Pennies and Nickels
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We need to get rid of the pennies and nickels. They are worth practically nothing. You can’t buy anything with a penny and many people actually just throw them away. Nickels to some are just as pointless. Nobody actually uses them or wants them. I personally never hold on to pennies or nickels and I’m sure most of you are the same.
They waste tax payer money because it actually costs more to produce than they are worth in the market. According to The Spruce, the penny costs 1.26 cents to make and a nickel costs 7.7 cents to make. I’m dead serious. For every penny produced, taxpayers lose twenty six cents. Annually, about 7.4 billion pennies are produced. That is 19 million wasted dollars that could be spent in much better ways. It’s even worse for nickels being that they are a whopping 2.7 cents more expensive to make then they are worth in the market. That is absurd!
People may be concerned about prices potentially being rounded. That is ridiculous to me. At most, things will cost 9 more cents than they were before. Is that a reason to keep two pointless forms of currency that cause us to empty our wallets?Absolutely not.
To anybody out there who doesn’t pay with exact change, (everybody), this decision is a no brainer. Pennies and nickels are a burden to us and hold practically no value other than sentimental value. If I get enough signatures, I will submit my petition to Steven Terner Mnuchin, the secretary of treasury, persuading him to advocate for the “Coin Act”, which would be an amazing start towards the overall goal of eliminating the penny and Nickel. This Legislation would move us to a $1 dollar coin, reduce the production cost of the nickel and suspend the minting of the penny. These reforms, could generate up to $16 billion in taxpayer savings and prevent our country from continuing to lose money for no reason. Our currency system needs reform, and signing this petition could be the first step toward our difficult yet achievable goal of suspending the production of pennies and nickels.
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