Is The American Penny Going To Be Retired?
People are very vocal about this but here is a fact, according to HuffPost, it costs 2/41 cents to make a penny.
That means the US Government loses money every time a penny is made. According to my math (which I was not known for in high school), it costs $1 million dollars to produce $410,000 worth of pennies. That's not a good return on your money.
The US mint is also saying to spend out change as much as possible. This seems to be one of the biggest reasons to drop pennies.
Many people have been up in arms saying we don't need pennies. Other people are creating petitions to keep the penny. Are the people that want it around just attaching emotion to the coin, or do we really need it? MSN says it's time to retire the penny, that store owners have been asking for pennies to be done with, Canada has done away with their penny they said so it's time for America to do the same. Canada never noticed the difference.
There was a rumor floated around the internet when Ryan Guina did a blog for cash money life saying the US government was going to stop making the penny altogether by 2024, but I found no proof that the US Mint was going to stop.
HuffPost said we should do away with the penny and if you paid in cash and your purchase needed pennies, you would pay a rounded up fee if you paid in cash, and exact change if you paid with a card.
What do you think, should the penny be retired in 2020?