The debate on the removal of the penny is getting to be an active debate. The interview with Philip Diehl that aired on Retail Menot has dealt with the topic on the elimination of the penny. People on both sides do make a convincing argument about the issue about US Money Reserve.
There is the concern that the lack of a penny is going to result in the rising of prices. However, there is the idea that eliminating the penny is going to save the government a lot of money. One would think that would allow companies to reduce their prices.
There is one point that people opposing the elimination of the penny make. They point out that while the penny costs a lot more than its worth to make, the nickel is also more costly to produce.
They suggest that if the government removes the penny from the press that they might as well remove the nickel from the mints in order to save more money. However, Glass Door states that the nickel is different from the penny. There is hope for the nickel. The penny has longed outlived its worth according to Philip Diehl. There are still things that could be done with the nickel.
It is true that it has gotten tot the point that the penny is losing its value. At this point, it is no surprise that they are looking elimination of the penny as a way to save money.
No matter how anyone looks at the issue, the penny has become too costly to produce. The fact that most products cost way too much to pay for with pennies has also presented a compelling point in favor of removing the penny from the mint. As to the consequences of taking such action, that remains yet to be seen.