As member of the Banking, finance, and Urban Affairs committee we decided it was essential for us to abolish the one- cent coin or mostly known as the "Penny" cent. There are several reasons for ts very historical reason as to why we believe it should be omitted from the coinage cycle and for the most part it cost much more to actually manufacture the penny and ship it to banks. As many might agree, the penny coin is just another piece of metal that must be carried in pockets, so instead we plan on buying off all the pennies from the banks in exchange of bills.
Now, we fully understand that because of this prices will have to go up. But not only will the prices on items will go up but so will salaries. So, in the long run no permanent damage will be caused to the consumer. Fro example, if an Arizona- drinking brand- currently cost a dollar, once this bill is passed it will increase to a dollar and five cents. Although, this might seem like a drastic change, hopefully everyone will enjoy no carrying pennies in their pockets.
Since this bill was passed on Wednesday by both parties in the House of Representatives it will become in effect in a period of 90 days. Just remember, all the pennies will be recycled and donated to art centers and we will also be looking into materials that could possible replace the usage of copper and zinc.
Thank You Very Much For Your Support!
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