Pennies, as we all know, are extremely small increments of currency that can pay for very few things in today’s society. Many years ago, our older family members were able to buy things for small amounts of money which was one of the main purposes of the penny. The penny was most commonly and effectively used when the prices of products, produce, etc. was much lower than today. As Greg Minkov, A Robert M. Beren professor at Harvard states, “The penny is too small to be useful.” …show more content…
To make a single penny would cost 1.7 cents! I know that doesn’t sound like much but after making 10,000,000 pennies, the price adds up to 17,000,000 cents or 170,000 dollars! That’s 70,000 dollars wasted just making pennies. Obviously this is a cost that the government will not be pleased with especially if ⅔ of pennies fall out of circulation every year in the