Pennies are vital to get a habit of saving in kids for their best cognitive growth. At the same time, they teach us the idea of how small savings can give to significant amounts. Counting how many pennies in $100 can help you understand their importance. The benefits of pennies are many, but at the same time, people demand to discontinue pennies. So here we will discuss why pennies should be banned despite so many benefits. Look at the following reasons, which will help you to know why pennies should be banned.
Is it OK to discontinue the bronze coin?
Pennies are vital when making small payments and exchanges while shopping. It also facilitates saving habits, saving little money in the long term, and so many other benefits we can reap from it. So we cannot reach a direct conclusion of banning them, but yes, there are drawbacks to them. Because of these drawbacks, many people demand their ban on currency circulation.
Why are these still in circulation?
They are circulating in currency because it is complicated to make small payments which cannot be completed in dollars. That is the prime reason why this cannot be banned from currency. Many people bring forth their negative points, which are enough to ban them, but still, the government is undecided about taking action. The modern age is the age of digitalization, and we can make minor payments through online devices. As a result, there could be a scope of banning pennies from circulation in future years.
Does this help you to get saving habits?
This is a big thing that we can relate to pennies and their benefits. Pennies are very crucial when it comes to saving habits. We cannot give kids dollars as they can also lose them. But pennies are best for kids to help them grow in the habit of saving. Many parents want their children to save money from pocket money, and pennies serve this very well.
Reasons for which pennies should be discontinued
They are complicated to save as occupies good space
Pennies are very difficult to save as you have to manage ample space for saving. It would be best if you had a bag to save pennies worth the value of a single currency note. This is the biggest drawback of pennies, as it becomes challenging to manage them. You cannot carry them along to the issue of space with you. This is why there is a piece of news about banning it from the currency.
Heavy, so cannot keep many in the wallet
Since pennies are very heavy in weight, they cannot be kept in a wallet. Taking money to market and other places is possible in your wallet. People often take their wallets along when they leave home, but it is tough to carry such heavy weight for a small value of money if you have pennies. This is another major drawback of having pennies in the currency. This cause another reason why people ask for the discontinuation of pennies
• Their actual value is sometimes lesser than the cost of making them
Pennies are made of metals, and sometimes the cost of making them exceeds their actual value in currency. As a result, this becomes the biggest drawback of keeping pennies with you. A currency that exceeds the value used in the making should be banned, and people also experience the same case with it.
• Kids can swallow them, which is dangerous
It is ubiquitous to see accidents when kids swallow these coins quickly and have to operate to get them out. So this is very dangerous; pennies can be seen everywhere, and kids can find them in houses and other places.
So these are the main reasons why we should discontinue pennies. But at the same time, we must also keep their benefits in mind. Some people are in a state of limbo, and so is the government deciding whether to ban them or not. This is because many people also see many benefits from these pennies.