odiousgambit
odiousgambit
Joined: Nov 9, 2009
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August 18th, 2016 at 12:53:07 PM permalink
my wife shocked me by saying that she thought rounding would be used to make people pay more money. She is a smart girl but on this one .... wow

as of 2014, supposedly the public still wants the penny, but just barely
http://www.moneycrashers.com/get-rid-penny-reasons/

Obama has mentioned being in favor of eliminating it
http://abcnews.go.com/blogs/politics/2013/02/obama-open-to-getting-rid-of-the-penny/

I think the Wizard is right, the problem is lobbyists as much as anything, although I think it is zinc, not tin, that is used mostly now
http://fortune.com/2012/04/11/dont-mess-with-the-penny-lobby/
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
AxelWolf
AxelWolf
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August 18th, 2016 at 1:07:47 PM permalink
Of course everyone will get screwed if they eliminate the penny(a chance I will gladly take) there goes all the 99 cent store's. No more 99 cent super big gulps.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
Deucekies
Deucekies
Joined: Jan 20, 2014
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August 18th, 2016 at 1:17:48 PM permalink
Quote: AxelWolf

Of course everyone will get screwed if they eliminate the penny(a chance I will gladly take) there goes all the 99 cent store's. No more 99 cent super big gulps.



Aren't they all Dollar Stores now anyway? I don't remember the last time I saw a 99¢ store.

The only point I disagree with in the OP is that I don't think prices ending in .01, .02, .06, and .07 will round down. Since stores generally set their own prices, I think they'll all round up.

I've read there are hoarders out there who have tens of thousands of pre-1980 pennies just waiting for the penny to be discontinued so they can legally melt them down for much higher than face value.
Casinos are not your friends, they want your money. But so does Disneyland. And there is no chance in hell that you will go to Disneyland and come back with more money than you went with. - AxelWolf and Mickeycrimm
DJTeddyBear
DJTeddyBear
Joined: Nov 2, 2009
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August 18th, 2016 at 1:44:15 PM permalink
I don't think this will affect prices or 99¢ stores or anything. After all, people generally purchase more than one item. And besides, it only affects cash transactions. Credit card and check payments will not be rounded.
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ ————————————————————————————————————— Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
Doc
Doc
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August 18th, 2016 at 1:50:48 PM permalink
So maybe we should pay cash when we can save a cent or two with a round-down and use a credit card to avoid a round-up?

Don't think I'll go to that trouble.
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
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August 18th, 2016 at 2:21:05 PM permalink
If it were good for wal mart and the retailers, I think the penny would be gone. It always seems to be the small businesses that are too good to count up to four.
In the land of the blind, the man with one eye is the care taker. Hold my beer.
Wizard
Administrator
Wizard
Joined: Oct 14, 2009
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August 18th, 2016 at 2:33:06 PM permalink
Quote: odiousgambit

I think the Wizard is right, the problem is lobbyists as much as anything, although I think it is zinc, not tin, that is used mostly now



D'oh! You're right. I'm embarrassed at that one. I owe you 25 push-ups.
It's not whether you win or lose; it's whether or not you had a good bet.
Joeshlabotnik
Joeshlabotnik
Joined: Jul 27, 2016
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August 18th, 2016 at 4:28:45 PM permalink
Quote: odiousgambit



Obama has mentioned being in favor of eliminating it /



Well, that dooms that idea. It will be called just another effort by that no-good black socialist liberal Muslim to destroy our economy.
AxelWolf
AxelWolf
Joined: Oct 10, 2012
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August 18th, 2016 at 8:30:17 PM permalink
Quote: odiousgambit
I think the Wizard is right, the problem is lobbyists as much as anything, although I think it is zinc, not tin, that is used mostly now

Quote: Wizard

D'oh! You're right. I'm embarrassed at that one. I owe you 25 push-ups.



He will take cash instead. You probably enjoy push ups, so chastising yourself with push ups would be like me saying I have to drink a shot of Captain if I lose or mess up.

Next time I have to correct Roams spelling he has to go find some hookers and blow. That will teach him!
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
bobbartop
bobbartop
Joined: Mar 15, 2016
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August 18th, 2016 at 10:21:12 PM permalink
Quote: Joeshlabotnik

But when Trump is elected and he replaces all the dollars with Trumps, wouldn't we still need coins, and wouldn't it be fitting to call them "Pence"?

I can give you an earlier de facto example--I traveled in Europe before the euro conversion. In Austria, the schilling was the basic unit of currency, and the groschen was the fractional denomination coin. A schilling, when I was there, was only worth about six cents, so the 1, 2, 5, 10, etc. groschen coins weren't worth keeping around--the 50 groschen (1/2 schilling) coin was the only one anyone used. I noticed that merchants everywhere weren't using groschen coins at all, just rounding up or down to the nearest schilling. That would be equivalent to having the nickel be the smallest unit of our currency in circulation.

I think that might be the same as cashiers in stores just keeping a little dish of pennies by the register and using them to round up or down. Ultimately, it'll come down to custom, not government fiat, that determines whether the penny goes out of circulation. The trouble is, all those pennies are somewhere, and I think that somewhere is in a LOT of glass jars in someone's attic. The government should offer to redeem and then melt down all those pennies, with a deadline of, say, Jan 1 2018, after which the penny would not be legal tender.

The only way this would happen on the government level would be for Obama to make an impassioned speech saying how much he loved the penny and wanted to keep it around. Republicans would then immediately draw up a bill mandating the destruction of all pennies.



TL/DNR
'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.

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