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The First Steps To Reforming The United State’s Decrepit Currency System

1296 words - 6 pages

The Outstanding Public Debt of the United States Government as of 13 May 2014 at 10:00:30 AM GMT is: 17,480,684,649,546.88 and it is climbing every second. If one could propose a plan to save the US government over $15.5 billion without cuts to education, security, social security, federal aid or any other program that will cause any sacrifice of services; why shouldn’t this plan be put immediately into action? By eliminating pennies and nickels and changing paper dollars into coins the United States government will save millions of billions, without cutting any vital programs, or taking anything away from American citizens.
The first step to reform the currency of the United States is to ...view middle of the document...

Their opinion is that by bettering the currency system Americans would be spitting on the grave of one of America’s most courageous leaders. John Green, national bestselling author, addressed these concerns best when he said, “If Abraham Lincoln were alive today, he would say “Why is my face on a coin that is worth 1/26 of what a penny was worth when I was President?” Inflation has soiled the penny, and it is an insult to honor such an influential leader with a weak, worthless coin.
Another qualm against the penny is the fear that charities will suffer because no one will be willing to part with their dimes if the two lowest denominations were eliminated. The transition to a penniless (and nickeless), currency system won’t be an abrupt change; the mint will gradually reduce its production until these coins are no longer minted. This means charities will collect the currently circulating pennies, and then as society gets adapted to the change, and become comfortable with the idea of the dime being the lowest denomination, they will start donating them as freely as the penny is donated now. Canada act as the perfect evidence that if the penny was retired nothing catastrophic would transpire. In 2012 Canada took the plunge without any ill effects. In fact, America has also nicked a worthless piece of currency, the half-penny, and the result was a stronger currency system.
The only valid concern about eliminating the penny; is the increase of nickel production as a result. A nickel costs 6.1 cents to make and increasing that production would further increase the loss incurred through small denominational production. Therefore, the only logical solution would be to retire the nickel as well. This step would be a venture into the unknown, however, the same principles supporting the penny, hold true for the nickel. This change would not only save the government and America money, it would also set America up to be the pioneer country in currency reform.
The elimination of the penny and nickel would cause businesses to alter their pricing, and while many penny huggers would argue that this automatically mean a rise in prices, and inflation, it actually could be the complete opposite. Many stores price their items just below the dollar mark to “trick” consumers, so a ninety- nine cents product would either increase one cent, or be rounded down to ninety cents to appeal more to the consumer. Even with the slight increase the money saved in currency production and opportunity costs far outweighs the improbable price increase.
Although the elimination of pennies and nickels is a great start to currency reform, improvement can be taken a step further. Paper dollar bills have also overstayed their welcome; their short life span does nothing to help save production costs or help...

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