Benefits Of Saving A Penny

Words: 455
Pages: 2

A penny saved is a penny earned – or is it? Based on research, the penny should be eliminated! It costs money, time, and has limited use. The bottom line is that the penny is worth the same amount as it was worth years ago and there is very little, if anything, that can be purchased for one penny today. By eliminating the penny, everyone can save money. According to KNS Financial, it costs 1.7 cents to make one penny (1). Obviously, it costs more to make the penny than what the penny is even worth. KNS Financial also reports that the U.S. Mint creates 80 billion pennies a year which costs $130 million (1). If you do the math, 80 billion pennies are worth $80 million. That means taxpayers are losing $50 million. In addition, the value