This would increase the production rate of nickels which would stabilize unemployment rates after the discontinued one-cent since therell be more job availability in nickel production and shipment. Not only will it act as a buffer to regulate jobs, but it will also save time and thus prevent further money waste. According to a group called Citizens for Retiring the Penny, its estimated that if cashiers didnt have to count pennies, they can save about two seconds per customer. That translates to four hours per worker per year (weebly.com). With the given 107 billion cash transactions per year in 2012 (US Federal Reserve Payments Study), using pennies therefore wastes 120 million hours of time per year counting the time of both the customer and the store employee. At the US median income/hour of $17, that costs the economy $2 billion every year! (retirethepenny.org). To add to this insanity, a survey taken suggested that the average household possess $93.75 worth of pennies lying around from the back of dresser drawers, to the unholy possessions found beneath couch cushions. Whats the economic result of this? $10,500,000,000 of idle currency (weebly.com). So whats the argument of the pro-penny team?.
The central argument for those in favor of the pennys ongoing production isnt necessarily for its economic value, but for its sentimental value. The fact of the matter is that we all grew up with pennies. Although it may not have any real economic standings, the memories we share of it as a childhood treat remains kindled in our hearts. For some, that means more than a price. But thats a thing of the past, and in an age that treasures development above all else, adaptation to these unavailing changes is necessary. Most people today use credit or debit cards in replacement of cash to shy away from the hassle of carrying around the extra weight coins burden us with, especially pennies. With the rise in technology, the use of electronically purchasing items will gradually popularize to higher heights.