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Will the penny survive During recent years there has been significant debate over whether to keep the penny as part of the US currency or to discontinue production of the penny Every year the United States Mint produces around 12 billion new pennies but 6 billion get lost stored or disposed of Even so a recent poll shows most Americans such as I are not ready to say good bye to the penny The penny should stay because if it were to be discontinued there would be higher prices and inflation less consumer confidence less profit for the treasury more deficit huge layoffs in the zinc industry and a general feeling of sadness over the loss of Americas oldest coin If the penny were discontinued then prices would be rounded off to the nearest five cents Professor Raymond Lombra Pennsylvania State University testified before congress in 1990 that this rounding tax would cost Americans 600 million annually Abolishing the penny could also erode consumer confidence in the economy A 1990 General Accounting Office report found people fearful their money would not go as far if the penny was eliminated because prices would be rounded to the nearest five cents The reported note this rounding made many Americans feel that they are being ripped off by being charged higher prices The penny even produces a profit for the Treasury The difference between the face value of coins and the cost of their mintage produced more than 25 million for the Treasury in 2001 from the penny alone The penny is composed of 97 zinc and 3 copper This means that for the 12 billion pennies coined each year a lot of zinc is used If the penny were to be discontinued that would lead to huge layoffs and lost profits in the zinc industry which would harm the economy The penny is part of our nations history and culture It was the first coin to
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