This article argues that the United States should discontinue the penny due to its high production cost and diminishing value. It explores the downsides of a cashless society and suggests redenominating the currency as a more efficient and transparent solution.
The United States has been producing pennies that cost more than their face value for far too long. This practice is wasteful and inefficient. The author, a retired individual, argues that the penny should be discontinued, citing its high production cost, exceeding 3 cents per coin, and its negligible impact on everyday transactions.
The author notes that the penny's value has eroded significantly due to inflation, and that people rarely use cash anymore, preferring digital payment methods like ApplePay and GooglePay. The author expresses concerns about a cashless society, arguing that it poses risks to privacy and financial autonomy. They believe that a cashless system would allow governments to track every transaction and potentially exert excessive control over individuals' finances. The author also raises concerns about the potential for overspending and mindless consumerism in a cashless environment, suggesting that physical cash provides a tangible and more mindful way to spend money. The author proposes an alternative solution: redenominating the currency. This would involve adjusting the value of the dollar and eliminating the penny, making it more manageable and reflective of current economic realities. The author argues that this would simplify transactions, reduce waste, and provide a clearer understanding of inflation's impact. They also point out that historical examples, such as the phasing out of the Canadian penny, have not resulted in significant disruptions to the economy
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