Criticism
Handling and counting penny coins makes transaction costs that may be higher than a penny. It has been claimed that for micropayments the mental arithmetic costs more than the penny. Australia and New Zealand now use 5¢ and 10¢, respectively, as their lowest denomination, with Canada set to follow suit as per the most recent Federal budget.
Changes in the price of metal commodity, combined with the continual debasement of paper currencies, causes the metal value of pennies to exceed their face value. Several nations have stopped minting equivalent value coins, and efforts have been made to end the routine use of pennies in several countries, including Canada and the United States. In the UK, since 1992, one- and two-penny coins have been made from copper-plated steel (making them magnetic) instead of bronze.
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Famous quotes containing the word criticism:
“When you overpay small people you frighten them. They know that their merits or activities entitle them to no such sums as they are receiving. As a result their boss soars out of economic into magic significance. He becomes a source of blessings rather than wages. Criticism is sacrilege, doubt is heresy.”
—Ben Hecht (1893–1964)
“To be just, that is to say, to justify its existence, criticism should be partial, passionate and political, that is to say, written from an exclusive point of view, but a point of view that opens up the widest horizons.”
—Charles Baudelaire (1821–1867)
“In criticism I will be bold, and as sternly, absolutely just with friend and foe. From this purpose nothing shall turn me.”
—Edgar Allan Poe (1809–1845)