“A penny for your thoughts” is an old phrase used when asking someone for their opinion. However, with inflation, economical changes and increased technological payment, this phrase could be changed to be “$1 on Venmo for your thoughts.”
Abolishing the production of the penny is long overdue. A penny these days can purchase virtually nothing, whereas 100 years ago it was worth roughly 25 cents in today’s currency. An astounding fact is that it costs 1.82 cents to produce one penny. That seems counterintuitive and costs taxpayers $68.8 million a year. The raw materials also are imported from China, which adds millions to the already insurmountable trade deficit. Many people actually prefer to throw pennies away rather than keeping them.
This may not be the most important issue, but it’s something relatively small that could propel other positive changes in America. The world is changing, and it is time to move on from the penny. After all, Abraham Lincoln is already well represented on the $5 bill.