Posted 10/22/2013 6:55 pm
Even if the penny was made of 100% free materials, then floated on a magic unicorn to their destinations, the toll on society after that still outweighs its usefulness.
"Lost productivity and opportunity cost of use â€" With the median wage in the U.S. being about $17 per hour in 2011,[9] it takes about two seconds to earn one cent. Thus, it is not worthwhile for most people to deal with a penny. If it takes only two seconds extra for each transaction that uses a penny, the cost of time wasted in the U.S. is about $3.65 per person annually,[10] about $1 billion for all of the USA.[11] Using a different calculation, economist Robert Whaples estimates a $300 million annual loss.[12]"
Also, it's VERY bad if kids swallow zincolns! Very dangerous compared to copper pennies. I was going to post the symptoms, but I feel the may disturb people and not be family friendly enough for CCF. Go read them on wikipedia's penny debate page if you wish.
"Lost productivity and opportunity cost of use â€" With the median wage in the U.S. being about $17 per hour in 2011,[9] it takes about two seconds to earn one cent. Thus, it is not worthwhile for most people to deal with a penny. If it takes only two seconds extra for each transaction that uses a penny, the cost of time wasted in the U.S. is about $3.65 per person annually,[10] about $1 billion for all of the USA.[11] Using a different calculation, economist Robert Whaples estimates a $300 million annual loss.[12]"
Also, it's VERY bad if kids swallow zincolns! Very dangerous compared to copper pennies. I was going to post the symptoms, but I feel the may disturb people and not be family friendly enough for CCF. Go read them on wikipedia's penny debate page if you wish.
