The author of the article thinks pennies are a useless coin. They'd rather the penny no longer be used. They also think making nickels from less expensive materials would be better. Personally I found this opinion to be largely self-contradicting. If Americans are no longer using cash then wouldn't the idea of minting nickels from less expensive materials be just like minting pennies from less expensive materials? Why mint new coins if people are no longer using coins and instead starting to pay for more transactions with credit cards? The only flaw with credit cards is you don't get any change back, but at least you aren't capable of losing it. It is most likely for people to be losing change as the article stated.
As a matter of fact eventually even the dollar bills will be completely replaced by credit cards. In about twenty or thirty years coins and dollar bills may just stop being used entirely. Minting new coins and printing new bills is just speeding up the process. The reason the penny is worth what it is, is only because of inflation. Inflation is capable of making currency useless or even worthless. Credit cards aren't exactly as effected, because it's the minting of coins and printing of bills that causes inflation not the use of credit cards. In distributing coins and bills the government is causing more inflation. This type of thing has happened before, in the eighteenth century and the nineteenth century. In those centuries America's government was producing too many bills and minting too many coins, hence why we aren't using the old union money or the old colonial money or even the Confederate money.
As a matter of fact eventually even the dollar bills will be completely replaced by credit cards. In about twenty or thirty years coins and dollar bills may just stop being used entirely. Minting new coins and printing new bills is just speeding up the process. The reason the penny is worth what it is, is only because of inflation. Inflation is capable of making currency useless or even worthless. Credit cards aren't exactly as effected, because it's the minting of coins and printing of bills that causes inflation not the use of credit cards. In distributing coins and bills the government is causing more inflation. This type of thing has happened before, in the eighteenth century and the nineteenth century. In those centuries America's government was producing too many bills and minting too many coins, hence why we aren't using the old union money or the old colonial money or even the Confederate money.
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