Pennies are an essential part of American culture

Pennies get a bad rep. Too often, they’re dismissed as useless and unnecessary. Many believe that the elimination of the penny is a step that should be taken. After all, why inconvenience ourselves with the weight of a small coin when we could use nickels and dimes in their place? The importance of the one-cent coin is great, as is the effect that its elimination would have on the economy.

The penny is a national symbol. In times of political divide, the engravement of “E Pluribus Unum” opposite the silhouette of Abraham Lincoln serves as a reminder of unity in our country. A key component of the US is the liberty we’ve fought for. Although the majority of Americans probably don’t think of the penny’s significance when making purchases, its significance is still present.

Pennies shape us into better people. Whenever I’m handed back change, I feel a sense of warmth by pouring my leftover pennies into the tip jar. That feeling? Being morally sound. Aside from tipping workers, giving spare pennies to the homeless and charities can do a whole lot of good for the world.

The removal of pennies from our system, on the other hand, would negatively impact our economy.

Merchants would most likely round prices up rather than down to be payable at an even price using the remaining coins available. Raymond Lombra, Ph.D., Professor of Economics at Penn State University, believes that the rounding of cash sales could cost consumers an estimated $600 million a year.

As a nation, we could do without inflation. Americans for Common Cents reports that the elimination of the penny would negatively impact the economy, seeing as government outlays and the Consumer Price Index go hand-in-hand.

When complaining about the penny, critics ignore the potential negatives of its removal, as well as the positives it presents today. The penny is here to stay, and that’s my two cents.