This, of course, raises several questions.
Without pennies, what will you give someone for their thoughts?
What will any of us pick up to have good luck?
And what will go into penny presses in amusement parks and boardwalks across the country?
In all seriousness, thisdecision from Trumpis not unprecedented.
After all,Canadadid it in 2012 and had amajority support from Canadians.
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The Origin of the Penny
The penny is actually very old as a concept.
Why Consider the End of the Penny?
As mentioned before, Canada also opted to get rid of their pennies and stopped producing them in 2012.
A video by the YouTube channel CGP Greyexplains the situation rather succinctly.
The argument is practically identical in the United States today.
So thats the argument in a nutshell.
Pennies cost more money to make than they add to the economy.
Plus, economists are reasonably certain they can be phased out of the economy with few negative effects.
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What Happens Next?
If this goes through, there are a few models for the United States to look at.
In addition to Canada, several other formerly British territories got rid of their pennies as well.
Australia stopped minting pennies in 1991, as did New Zealand in 1988.
If you pay with acredit or debit card, your purchase will be charged the same as always.
There is also a movement to get rid of the nickel.
Less Coin, More Cash?
It should also be noted there are some pro-penny groups, such asAmericans for Common Cents.
They also fear that jobs may be at stake without penny production.
The Nickel & Dime Hoarder doesnt roll off the tongue quite as well.
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