Should the penny be discontinued?
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 | 30 votes (78.94%) | ||
| | 7 votes (18.42%) | ||
| | 1 vote (2.63%) |
38 members have voted
February 25th, 2012 at 8:04:50 PM
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It seems to me that it no longer makes sense to keep the penny in circulation; presumably the cost of manufacturing it is close to or more than its stated value.
Besides, what good is it?
We can make all the change we need with nickels, dimes and quarters.
Besides, what good is it?
We can make all the change we need with nickels, dimes and quarters.
"What, me worry?"
February 25th, 2012 at 10:09:00 PM
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I'm all in favor of getting rid of pennies. When I get some in change they go in the penny cup. If they don't have one, then I just put them behind the cash register. I've got casino coin cups full of pennies in my closet. Who among us don't hoard them, because they're not worth lugging around to spend.
I saw an expose on pennies a few years ago and the opinion of the producer was that the only thing keeping pennies in circulation are some very good lobbyists of the tin industry.
I saw an expose on pennies a few years ago and the opinion of the producer was that the only thing keeping pennies in circulation are some very good lobbyists of the tin industry.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
February 25th, 2012 at 10:12:13 PM
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We could do away with nickels as well while we are at it....
In a bet, there is a fool and a thief.
- Proverb.
February 25th, 2012 at 10:15:33 PM
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I predict the penny will be phased out within the next 10 years. Just like silver was phased out of U.S. currency in the last half of the last century, when the actual value of the composition of the coin out-valued the face value of the coin. See Gresham's law.
With the proliferation of online and digital transactions, the penny is doomed. I predict that all coins, gold, silver, and other precious metals excepted, will no longer be in use in the next 25 years. Paper money will also die out within the next 30 years.
With the proliferation of online and digital transactions, the penny is doomed. I predict that all coins, gold, silver, and other precious metals excepted, will no longer be in use in the next 25 years. Paper money will also die out within the next 30 years.
February 25th, 2012 at 11:50:42 PM
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I think eliminating the one cent coin would be "penny wise and votes foolish."
What politician would want to be the guy that is blamed for prices being rounded up to the next nickel??
What politician would want to be the guy that is blamed for prices being rounded up to the next nickel??
February 26th, 2012 at 12:23:11 AM
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Quote: AlanMendelsonI think eliminating the one cent coin would be "penny wise and votes foolish."
What politician would want to be the guy that is blamed for prices being rounded up to the next nickel??
Rounding won't be necessary when digital transactions replace physical money.
February 26th, 2012 at 1:04:45 AM
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Quote: Wizardthe opinion of the producer was that the only thing keeping pennies in circulation are some very good lobbyists of the tin industry.
Zinc not tin I think? Anyway, I am thinking that the public is ready for it and it is the lobbyists stopping it. The lobbyists for the Massachusetts paper outfit are the ones responsible for keeping the $1 bill going, although in that case the public may still want them.
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
February 26th, 2012 at 3:16:22 AM
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Quote: YoDiceRoll11Rounding won't be necessary when digital transactions replace physical money.
If my knowledge of ST lore isn't a little rusty, which it probably is, we should already run on communism by then.
Resist ANFO Boston PRISM Stormfront IRA Freedom CIA Obama
February 26th, 2012 at 6:00:26 AM
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Quote: WongBoWe could do away with nickels as well while we are at it....
Funny timing on this thread. Yesterday I surfed into watching several youtube videos suggesting to start hoarding pennies and nickels because the metal composition will be changed soon and the old ones will increase in value just as pre-1965 quarters and dimes have. Guys in the video made the point that base metal will not appriciate as fast as a precious metal and it was not a get-rich scheme. Rather they said that if you saved a closetfull of the silver quarters when it was clear what was going to happen to silver you would have had a nice little bonus both now and briefly in 1980 (thanks to the Hunt Brothers' scheme.) Only possible loss would be inflation-loss.
I agree to kill them both, use them electronically only.
All animals are equal, but some are more equal than others
February 26th, 2012 at 6:53:18 AM
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I'm all in favor of discontinuing the penny. All prices should be to the nickel, too. I guess the copper lobby is behind this somehow.
I don't. A few years ago I got one of those little ovoid purses that you squeeze and it opens up to put your change in. (Does anybody know about these or is it just a Midwest thing?) So I always have access to my change, and I spend pennies whenever I make a purchase that is to the cent. (e.g., A pop is $1.07, and I have a dime and two pennies, I'll pay $1.12 for a nickel back.) These types of calculations are perhaps not the best use of my time or energy ... cashiers are often confused.Quote: WizardWho among us don't hoard them, because they're not worth lugging around to spend.
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
February 26th, 2012 at 7:28:57 AM
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Quote: WizardI've got casino coin cups full of pennies in my closet. Who among us don't hoard them, because they're not worth lugging around to spend.
The smallest coin in Denmark is worth 9 cents. Zinc lobbyists are important, but people don't want to alter their money. Every other country forces the change from the top down. If any country had put the Euro up for a vote, it would have been rejected.
Since pennies and nickels both cost too much to produce, the only sensible solution is to make pennies worth 5 cents and stop making the nickel. That will get all those pennies out of drawers and back into circulation.
Long term the whole process of counting change and small banknotes, storing money and guarding it against theft is very expensive. Every possible solution to pennies and nickels can only be stopgap.
February 26th, 2012 at 7:48:54 AM
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Even when I was a kid, those things were around in a soft, rubbery material. Now I have a leather one. I prefer not to carry it. If I do a cash transaction and get change, I take it home to accumulate. When I have enough (a few dollars, maybe) I put them in that purse and spend them at every opportunity until they are gone. Then I again stop carrying the dang thing for a while.Quote: teddysA few years ago I got one of those little ovoid purses that you squeeze and it opens up to put your change in. (Does anybody know about these or is it just a Midwest thing?)
I try to conduct almost all of my transactions by credit card except the very small ones. Many of my usual expenses are auto-debited from my credit card; others (and the credit card bill) are auto-debited from my checking account. I write very few checks. I guess I have moved fairly far along the path to that cashless society suggested in this or the other big-bill/small-coin thread.
February 26th, 2012 at 8:04:32 AM
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I think there's two issues going on and I hold two different opinions on them.
1) The penny should stop being PRODUCED- I tend to agree with this point. It is very costly to produce pennies, just as it's more expensive to produce .25 chips in a casino than .25 (usually around .37 to produce). If we cannot produce our currency at face value in the long run (or as close as possible), then it should be discontinued.
2) The penny should be DISCONTINUED FROM CIRCULATION- I totally disagree on this point. I understand this means we have to circulate new pennies, but perhaps they should be created every few years, instead of every year. If we take out the penny, we are automatically setting ourselves up for inflation of at least 4% (the amount of rounding up). I have heard the "round up/round down" theory, but in practice, too many scrupulous people will do everything in their power to round down each time. It just won't balance out. Governments (state and federal) are already hurting for tax dollars, and the last thing we need is people trying to figure out a way to save 2 cents.
1) The penny should stop being PRODUCED- I tend to agree with this point. It is very costly to produce pennies, just as it's more expensive to produce .25 chips in a casino than .25 (usually around .37 to produce). If we cannot produce our currency at face value in the long run (or as close as possible), then it should be discontinued.
2) The penny should be DISCONTINUED FROM CIRCULATION- I totally disagree on this point. I understand this means we have to circulate new pennies, but perhaps they should be created every few years, instead of every year. If we take out the penny, we are automatically setting ourselves up for inflation of at least 4% (the amount of rounding up). I have heard the "round up/round down" theory, but in practice, too many scrupulous people will do everything in their power to round down each time. It just won't balance out. Governments (state and federal) are already hurting for tax dollars, and the last thing we need is people trying to figure out a way to save 2 cents.
"One out of every four people are [morons]"- Kyle, South Park
February 26th, 2012 at 8:12:12 AM
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Quote: teddysI'm all in favor of discontinuing the penny. All prices should be to the nickel, too. I guess the copper lobby is behind this somehow. I don't. A few years ago I got one of those little ovoid purses that you squeeze and it opens up to put your change in. (Does anybody know about these or is it just a Midwest thing?) So I always have access to my change, and I spend pennies whenever I make a purchase that is to the cent. (e.g., A pop is $1.07, and I have a dime and two pennies, I'll pay $1.12 for a nickel back.) These types of calculations are perhaps not the best use of my time or energy ... cashiers are often confused.
As Doc has already mentioned those coin purses have been around for at least 50 years and we did have them in Canada when I was a kid. As for the time to count out cash when I am in the quick pay line it always seems that the debit/credit card transactions take longer and I am happy when someone is paying with cash. The exception is if they have an RFID quick pay card, that method seems to be the fastest.
In Canada with loonies and toonies the value of the change in your pocket builds up very quickly. Paid for a $21 purchase with the change in my pocket yesterday.
Be careful when you follow the masses, the M is sometimes silent.
February 26th, 2012 at 8:14:06 AM
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As someone who grew up dirt poor, I respect money.
I absolutely hate it when a cashier asks me if I want my penny change. Yes, gimme my penny!!
Its a rude question which would out some people in a bind. The only time I've ever said no was on a date. And it still bothers me.
I absolutely hate it when a cashier asks me if I want my penny change. Yes, gimme my penny!!
Its a rude question which would out some people in a bind. The only time I've ever said no was on a date. And it still bothers me.
February 26th, 2012 at 8:20:55 AM
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Quote: klimate10I respect money.
As do I.
I also pick up and pocket any penny I see on the ground; in part for luck, but mainly because it is free money.
I have a hoard of pennies, but also of nickels, dimes, quarters and currency: just trying to emulate my childhood hero.
"What, me worry?"
February 26th, 2012 at 8:38:57 AM
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Quote: TiltpoulI think there's two issues going on and I hold two different opinions on them.
1) The penny should stop being PRODUCED-
2) The penny should be DISCONTINUED FROM CIRCULATION-
Roughly 92.3 billion pennies were produced in the 11 years from 1999 to 2010 . That's well over 700 per household in this country . There is no reason we should have to produce another penny, except people have them in jars all over the country, or a lot have ended up in the trash.
The only sensible way to get them out of the jars is to make them worth 5 cents and stop making the nickel. A small handful of people have a million pennies and those will make out in a serious way. but most people will be lucky to make $20-$30. Only 15 billion nickels were produced over that 11 year period. Collectors will quickly absorb them, but banks should accept them at face value for people who want dollars.
Pennies are over half the coins produced. If you just stop making anymore of them, we can shut down one of the two mints. They should stop making the stupid half dollar. They've already ceased production of the dollar coin because we have warehouses full of them.
Once those hundreds of billions of pennies come back into circulation since they are now worth 5 cents apiece, you publish a notice that dimes and quarters will be only produced for the next ten years, and in twenty years merchants will not be required to accept coins. That will give twenty years to go to electronic payments and this ancient system of meaningless tokens will be shut down.
You don't have to demonetize coins. Merchants and individuals can still opt to accept them, but they will no longer be required by law to accept them.
February 26th, 2012 at 8:55:45 AM
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Quote: AlanMendelsonWhat politician would want to be the guy that is blamed for prices being rounded up to the next nickel??
So Round DOWN instead of up.
Problem Solved.
Look at inflation. Would it have made sense to have
a 1/10th of a penny in the 1930's or 40's ? Of course
not. So why do we need the penny now ?
There's emptiness behind their eyes
There's dust in all their hearts
They just want to steal us all and take us all apart
February 26th, 2012 at 8:56:45 AM
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ps:
All you penny hoarders out there, take your jars
to the nearest Coinstar and put them all back
in circulation.
Wouldn't that be the patriotic thing to do ?
All you penny hoarders out there, take your jars
to the nearest Coinstar and put them all back
in circulation.
Wouldn't that be the patriotic thing to do ?
There's emptiness behind their eyes
There's dust in all their hearts
They just want to steal us all and take us all apart
February 26th, 2012 at 10:09:35 AM
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Quote: JohnnyQps:
All you penny hoarders out there, take your jars
to the nearest Coinstar and put them all back
in circulation.
Wouldn't that be the patriotic thing to do ?
Dude! those machines have a 7-9% HE
Most banks, if you are a customer, will give you sleeves to roll them and then take them for no fee.
My biggest concern would be the application of state/local sales taxes if the penny were gone.
So, in my area the current is 8.25% sales tax, i would not doubt for a minute that would go straight to 10%. Maybe good for the economy in the long run, but who knows?
February 26th, 2012 at 10:54:05 AM
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Quote: shupe03a4So, in my area the current is 8.25% sales tax, i would not doubt for a minute that would go straight to 10%. Maybe good for the economy in the long run, but who knows?
Things are not priced in dollarincrements, and most transactions are no longer in cash. That's dumb.
February 26th, 2012 at 12:27:26 PM
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Quote: shupe03a4Dude! those machines have a 7-9% HE
Most banks, if you are a customer, will give you sleeves to roll them and then take them for no fee.
I haven't checked lately, but last time I think I was able
to get 100 % toward a purchase at Lowe's, which was
right next door.
Other than that, I agree with you on the % rip-off.
So whether you roll your own or not depends on
how you value your time.
There's emptiness behind their eyes
There's dust in all their hearts
They just want to steal us all and take us all apart
February 26th, 2012 at 2:12:50 PM
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Australia withdrew its one & two cent pieces in 1992.
There is now even talk of getting rid of the five cents as well.
There is now even talk of getting rid of the five cents as well.
萬歲言論自由。
February 26th, 2012 at 3:19:44 PM
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Quote: victorimmatureAustralia withdrew its one & two cent pieces in 1992.
Absolutely no country in the world coddles it's citizens like the USA with regard to coins and banknotes.
The majority of citizens in any country would vote to get rid of their small coin, but every country in the world has reformed their coins in the past half century (except USA) .
The majority of citizens of any country want to replace their small banknote with a coin, but every developed country in the world has done it (except USA).
The only exception to the rule was the large banknotes issued by Germany. Up to 1960 the largest banknotes was 100 marks (worth less than $25). In 1960 they introduced the 1000 mark denomination (worth US $250 at the time). The Germans loved the privacy afforded by the large banknote, and when the Euro was introduced 4 decades later, they insisted that the large denomination be preserved. Now it is worth roughly $670.
The inevitable consequence is that the US mint and Bureau of Engraving and Printing lose massive amounts of money every year because of their incredible inefficient tasking. It's partly tolerated because no politician wants to anger his constituents, and because the Treasury makes a fortune every year by dispensing $100 banknotes to foreign citizens. It makes up for the gross inefficiencies in domestic usage of money.
February 26th, 2012 at 4:34:02 PM
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Quote: pacomartinThe majority of citizens of any country want to replace their small banknote with a coin, but every developed country in the world has done it (except USA).
Australia's one and two dollar notes were replaced by coins in 1984 and 1988 respectively.
Current exchange rate is approx $1.07US.
Largest denomination note is $100 and is made from polymer.
萬歲言論自由。
February 26th, 2012 at 5:37:42 PM
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Quote: victorimmatureAustralia's one and two dollar notes were replaced by coins in 1984 and 1988 respectively. Largest denomination note is $100 and is made from polymer.
As you probably know, Bank of Canada is trying to take care of it's counterfeiting problem by following Australia's lead and replacing their entire line of banknotes.
It occurs to me that the Bank may try to several different plans.
(1) Replace the current banknotes with same denomination
(2) Either significantly increase or decrease the $100 banknote. They may try to increase, because the new design may be appealing in Latin America, especially if there is a scare about counterfeit US $100 banknotes.Canada may try and get a "free" currency, like the USA by having the costs paid by Latin Americans afraid of the long term viability of their own currency.
(3) By leaving a long time gap between the polymer $50's and the old paper $20's, they may be trying to encourage Canadians to be like Australians and use the $50 in the ATM. That would reduce the cost of printing currency.
February 26th, 2012 at 6:12:47 PM
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Jesus yes, I hate pennies. I had an idea similar to Paco's: stop making the pennies, and start making nickels in a similar size/composition to the current pennies to get their manufacturing cost under $0.05. I feel like legally they wouldn't be able to make the current pennies worth 5 cents, since they are labeled as one cent. Also, this would unfairly benefit those who are currently hoarding pennies.
To the Wiz and others, yeah the Coinstar machines will give you full value if you redeem for various giftcards, usually including one to the store you are currently in (usually a grocery store). So if you're going there to buy stuff, just dump them in and use the gift card for your purchase. Or get the Amazon gift card, who doesn't shop on Amazon? That's what I did recently. I rolled $52 in coins (I think about 10 or 11 of those dollars were in pennies) and took them to my bank to deposit because I didn't want to pay the coinstars. Then I looked at one of them and saw the full-pay option, and took the balance of my change (that wouldn't make full rolls) and did that.
On a related note, it's interesting that Canadian coins are magnetic and US coins aren't. The teller at the bank took my coin rolls and ran a little magnet along them to make sure I wasn't turning in Canadian coins or slugs. She found 31 cents in Canadian coins (3 dimes and one penny), for which I profusely apologized :).
Don't get me started on the futility of educating the American public on adopting the $1 (and eventually $2) coins. I've begun my own personal crusade. I've started buying these in bulk at banks and using them whenever I can instead of $1 notes. Gotta spread the word.
To the Wiz and others, yeah the Coinstar machines will give you full value if you redeem for various giftcards, usually including one to the store you are currently in (usually a grocery store). So if you're going there to buy stuff, just dump them in and use the gift card for your purchase. Or get the Amazon gift card, who doesn't shop on Amazon? That's what I did recently. I rolled $52 in coins (I think about 10 or 11 of those dollars were in pennies) and took them to my bank to deposit because I didn't want to pay the coinstars. Then I looked at one of them and saw the full-pay option, and took the balance of my change (that wouldn't make full rolls) and did that.
On a related note, it's interesting that Canadian coins are magnetic and US coins aren't. The teller at the bank took my coin rolls and ran a little magnet along them to make sure I wasn't turning in Canadian coins or slugs. She found 31 cents in Canadian coins (3 dimes and one penny), for which I profusely apologized :).
Don't get me started on the futility of educating the American public on adopting the $1 (and eventually $2) coins. I've begun my own personal crusade. I've started buying these in bulk at banks and using them whenever I can instead of $1 notes. Gotta spread the word.
"So drink gamble eat f***, because one day you will be dust." -ontariodealer
February 26th, 2012 at 6:14:19 PM
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Quote: pacomartinAs you probably know, Bank of Canada is trying to take care of it's counterfeiting problem by following Australia's lead and replacing their entire line of banknotes.
Counterfeiting still occurs, with the new notes, but they are much harder to copy because of all the safety features.
Fakes are usually identified fairly quickly.
萬歲言論自由。
February 26th, 2012 at 6:32:59 PM
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Quote: MrVAs do I.
I also pick up and pocket any penny I see on the ground; in part for luck, but mainly because it is free money.
I have a hoard of pennies, but also of nickels, dimes, quarters and currency: just trying to emulate my childhood hero.
Be careful, MrV . I just got a PM from the Beagle Boys asking if I knew your home address ! LOL
February 26th, 2012 at 7:50:31 PM
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Quote: victorimmatureCounterfeiting still occurs, with the new notes, but they are much harder to copy because of all the safety features.
Fakes are usually identified fairly quickly.
I suspect that criminals may simply find counterfeiting too much trouble. They will triple their efforts to break security features on Mobile Wallets and other pay features. There was a story that Google Wallet's original version had a huge security hole in it (not a good sign).
Google Wallet vs Pay Pal
In the US there was an alarming rise in casual counterfeiting. Totally unsophisticated color copies of bills that were being passed off as a way for teenagers to buy pizza. Shopping centers in low income neighborhoods are going through a lot more procedure today, including checking every single $20 with a counterfeit detector.
March 4th, 2012 at 1:06:05 PM
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I saw something about the Indian rupee that is relevant. The two biggest banknotes of the Indian rupee are equivalent to US$20 and U@$10. After that the banknotes are equivalent to US $2, $1, $0.40, $0.20, $0.10 .
(1) Naturally they are trying to replace banknotes worth less than a dollar with coins.
(2) You know that the lack of a banknote worth $5 means that the average person is working only with notes worth $2 or less. The US$10 and $20 are for urban professionals.
(3) Despite these small value, the Indian government had demonetized any coin worth less than US one cent in 2011.
For a country that poor, the coins worth half a penny or less would be equivalent in purchasing power to our small coins. Every country in the world, no matter how poor, stops making their smallest coins at some point, as it is no longer cost effective to the government. The USA is the only one who still makes the same small coin for more than a century and a half.
We did make a half cent coin up to 1835, with some limited production as late as 1857.
(1) Naturally they are trying to replace banknotes worth less than a dollar with coins.
(2) You know that the lack of a banknote worth $5 means that the average person is working only with notes worth $2 or less. The US$10 and $20 are for urban professionals.
(3) Despite these small value, the Indian government had demonetized any coin worth less than US one cent in 2011.
For a country that poor, the coins worth half a penny or less would be equivalent in purchasing power to our small coins. Every country in the world, no matter how poor, stops making their smallest coins at some point, as it is no longer cost effective to the government. The USA is the only one who still makes the same small coin for more than a century and a half.
We did make a half cent coin up to 1835, with some limited production as late as 1857.
March 4th, 2012 at 2:57:04 PM
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"It's not called gambling if the math is on your side."
March 4th, 2012 at 3:38:43 PM
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March 4th, 2012 at 11:53:47 PM
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no matter what metal one uses... unless its aluminum (more pennies per pound), it costs very nearly one cent in such metal alone.
My vote may not count, it maybe a matter of economics.
My vote may not count, it maybe a matter of economics.
Some people need to reimagine their thinking.
March 5th, 2012 at 3:16:37 AM
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So here's my thoughts on it.
I think I saw the same expose as Wizard about not getting rid of it. I thought they said it costs 1.4c to create a penny. So in that ten year span another poster was talking about we could've saved at least $1B by not producing the penny. Whoever in this story that was for keeping the penny says it's a nostalgic piece of Americana. A lot of people just like having it. I call bullsh!1 on that. I hate the damn things.
I also don't see it being phased out anytime soon because they keep coming out with new designs. I think I've seen at least 3 different designs in the last few years.
And as for a concern over inflation, I don't see why you'd have to raise the price of goods, necessarily. You can still have a penny increment, but in any transaction, the last few cents are rounded up, but it will only amount to 2.5c average for ANY purchase, no matter what the size. Then, quite possibly, the merchant and the federal government could split the difference. So for millions of transactions a day, merchants around the country are collecting 2.5c extra. 1.5c goes to the government. This can be used to pay down the national debt. So now we're working at that from two directions.
Back when there was the debt ceiling scare, there must've been people of other nations laughing at our government's stupidity on LOSING money just to MAKE money.
I too try to use strictly my debit card. I used to have one with the RF thing in it. It was fantasic and super fast. When I used it for the first time at McDonald's, the kid behind the counter said.. "Just swipe it here" as in the old method.. cause he thought I couldn't see where it was at or something..then his register popped open since the transaction had already gone through.. and he was like .. "Oh..whaa?" It was hilarious. But I only saw the RF reader at one other gas station, and it didn't work anyway, so it was pointless for me to have that.
All money should be electronic anyway.. I hope it's entirely electronic before I die.
I think I saw the same expose as Wizard about not getting rid of it. I thought they said it costs 1.4c to create a penny. So in that ten year span another poster was talking about we could've saved at least $1B by not producing the penny. Whoever in this story that was for keeping the penny says it's a nostalgic piece of Americana. A lot of people just like having it. I call bullsh!1 on that. I hate the damn things.
I also don't see it being phased out anytime soon because they keep coming out with new designs. I think I've seen at least 3 different designs in the last few years.
And as for a concern over inflation, I don't see why you'd have to raise the price of goods, necessarily. You can still have a penny increment, but in any transaction, the last few cents are rounded up, but it will only amount to 2.5c average for ANY purchase, no matter what the size. Then, quite possibly, the merchant and the federal government could split the difference. So for millions of transactions a day, merchants around the country are collecting 2.5c extra. 1.5c goes to the government. This can be used to pay down the national debt. So now we're working at that from two directions.
Back when there was the debt ceiling scare, there must've been people of other nations laughing at our government's stupidity on LOSING money just to MAKE money.
I too try to use strictly my debit card. I used to have one with the RF thing in it. It was fantasic and super fast. When I used it for the first time at McDonald's, the kid behind the counter said.. "Just swipe it here" as in the old method.. cause he thought I couldn't see where it was at or something..then his register popped open since the transaction had already gone through.. and he was like .. "Oh..whaa?" It was hilarious. But I only saw the RF reader at one other gas station, and it didn't work anyway, so it was pointless for me to have that.
All money should be electronic anyway.. I hope it's entirely electronic before I die.
March 5th, 2012 at 7:06:52 AM
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How about replacing it with plastic coins?
Donald Trump is a fucking criminal
March 5th, 2012 at 7:54:22 AM
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Or just get rid of it completely (and the nickel)....
The prices of goods is already rounded, you just don't realize it.
Gas is x.xx9
When you are taxed, it often doesn't come out even (7% of $3.35 is $0.2345, which is rounded to $0.23)...
Unless you're in some business that makes thousands of cash transactions a day, you're not going to lose any money on getting rid of the penny.
Honestly, I wouldn't mind getting rid of all coins. I hear about countries wanting to go to all coin denominations. I would hate that. I like my paper bills, because they stack on eachother easy and are easily organized in a wallet. My coins go into my pocket, and then into a jar at the end of the day.
The prices of goods is already rounded, you just don't realize it.
Gas is x.xx9
When you are taxed, it often doesn't come out even (7% of $3.35 is $0.2345, which is rounded to $0.23)...
Unless you're in some business that makes thousands of cash transactions a day, you're not going to lose any money on getting rid of the penny.
Honestly, I wouldn't mind getting rid of all coins. I hear about countries wanting to go to all coin denominations. I would hate that. I like my paper bills, because they stack on eachother easy and are easily organized in a wallet. My coins go into my pocket, and then into a jar at the end of the day.
March 5th, 2012 at 9:21:48 AM
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Quote: TriplellOr just get rid of it completely (and the nickel)....
Honestly, I wouldn't mind getting rid of all coins. I hear about countries wanting to go to all coin denominations. I would hate that. I like my paper bills, because they stack on eachother easy and are easily organized in a wallet. My coins go into my pocket, and then into a jar at the end of the day.
Every currency in the world gets to the point that some coin is unprofitable. Every country simply stops making that coin at some point (except the USA). Plastic is not practical because it is still money. If it is too easy to counterfeit it isn't worth making.
There are advocates of stopping making coins entirely. Just announce that they will no longer be made in ten years, and by then electronic systems must be in place. In another three years, they will still be legal tender, but businesses are no longer required to accept them as payment.
I have never heard of any country going to an all coin system. In fact, there is no country in the world that is NOT increasing there supply of their largest banknote at a rate much faster than population or even GDP growth. Even countries like UK and New Zealand which traditionally do not use large banknotes. These two countries have radically increased the use of there large banknote (worth roughly US$80 for either country).
Now I will grant you that no developed or developing country in the world besides the USA uses a banknote for the equivalent of US$1. Only very poor countries still have banknotes for something that small.
March 5th, 2012 at 9:45:56 AM
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Pennies are basically like the sales Tax Tokens some States issued during the Depression so they could collect exact Sales Tax due and not have to round up or down.
Gambling is a metaphor for life. Hang around long enough and it's all gone.
March 5th, 2012 at 12:27:15 PM
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Would you be open to using a gift card like, "change card" that does not contain any personal information, and would only be used for paying or receiving the portion of a transaction less than $1?
And if electronic transactions are used, shouldn't decimals be carried out a few places so that you would not have to pay a "rounded up" amount, but could actually conduct transactions in thousandths of a cent? We are already charged tenths for gas, and hundredths for sales tax. It has to add up. Why should we, the customer, always have to take the short side?
And if electronic transactions are used, shouldn't decimals be carried out a few places so that you would not have to pay a "rounded up" amount, but could actually conduct transactions in thousandths of a cent? We are already charged tenths for gas, and hundredths for sales tax. It has to add up. Why should we, the customer, always have to take the short side?
Simplicity is the ultimate sophistication - Leonardo da Vinci
March 6th, 2012 at 3:49:55 PM
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plastic burns... just like credit cards.
Some people need to reimagine their thinking.
March 6th, 2012 at 6:15:08 PM
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Quote: AyecarumbaWould you be open to using a gift card like, "change card" that does not contain any personal information, and would only be used for paying or receiving the portion of a transaction less than $1?
I think they are already popular in Japan. The technology is like metro cards, where you load them up and then use them wherever. In Japan they are popular in more places than just transit. The idea is that you don't have the fuss of cash and counting change, but they don't have the fees of credit and debit cards. They have maximum amounts so that they are never too valuable, and people won't risk a major crime to steal one.
So instead of an agency like the US mint with a budget of well over $2 billion a year whose job it is to turn out some 6-20 billion coins, often with a face value of less than a billion dollars, would be replaced by a much smaller agency that would make and service machines where you could deposit a $20 bill and get a little magnetic card which could then be used for small purchases.
Stores could give a little card like this instead of coins. These could be collected and used like coins. They could also be used to buy stamps, purchase mass transit rides, and would be accepted in vending machines saving billions a year.
It is a good idea you have there.
The problem with all these ideas is that many people like cash. They like the look, the feel, the clink, the bills, and above all THE PRIVACY.
May 11th, 2013 at 1:17:49 AM
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Why stop the penny if they're going to have to back money with metal at one point. Ironically, ending the penny will be the omen of ending the dollar. When they do that, it's the same thing as saying you know I'm lying about all this other stuff, right? I think the answer might be to back the dollar and all currencies with metal and land eventually.
I am a robot.
May 11th, 2013 at 2:40:11 AM
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Quote: onenickelmiracleWhy stop the penny if they're going to have to back money with metal at one point.
I guess we should have known from your name what your view would be [g].
Actually, I think the nickel should go too.
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
May 11th, 2013 at 3:56:02 AM
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Quote: teddysI'm all in favor of discontinuing the penny. All prices should be to the nickel, too. I guess the copper lobby is behind this somehow. I don't. A few years ago I got one of those little ovoid purses that you squeeze and it opens up to put your change in. (Does anybody know about these or is it just a Midwest thing?) So I always have access to my change, and I spend pennies whenever I make a purchase that is to the cent. (e.g., A pop is $1.07, and I have a dime and two pennies, I'll pay $1.12 for a nickel back.) These types of calculations are perhaps not the best use of my time or energy ... cashiers are often confused.
Uncle Sam hasnt made "copper pennies" since early 1982. That was the year they switched to copper plated zinc.
May 11th, 2013 at 6:57:06 AM
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I'm surprised that so many people are so eager to drop the penny. Rather than paying, say, $1.06 for a candy bar + tax, a consumer would instead be paying $1.10. (Earlier in this thread, someone said to just "round DOWN", but it's incredibly naive to think that retailers would allow themselves to take a hit like that)
Fighting BS one post at a time!
May 11th, 2013 at 7:12:15 AM
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Quote: Beethoven9thI'm surprised that so many people are so eager to drop the penny. Rather than paying, say, $1.06 for a candy bar + tax, a consumer would instead be paying $1.10. (Earlier in this thread, someone said to just "round DOWN", but it's incredibly naive to think that retailers would allow themselves to take a hit like that)
If it came to 1.04, only small screwball places would try to round up
do you scrutinize the way mills are rounded at the gas pump? Consumers need to get over this canard that any savings are to be had or held on to.
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
May 11th, 2013 at 7:19:03 AM
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Quote: odiousgambitIf it came to 1.04, only small screwball places would try to round up
I don't understand this comment. If I owe $1.04 at the register, how much am I supposed to pay if there are no pennies?
Quote: odiousgambitConsumers need to get over this canard that any savings are to be had or held on to.
If I owe $1.06, I don't consider it "savings" to want to pay $1.06 rather than $1.10 (which is about a 4% increase). I agree that pennies are annoying, but I guess I just don't see the huge benefit in getting rid of them.
Fighting BS one post at a time!
May 11th, 2013 at 11:01:20 AM
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For $1.06, they probably would let you round down, the same reason they let you round down now when it's really $1.0625. For 1.04, they'd make you round up, as they make you round up $3.176875 to $3.18. Because as is apparent from those trays, no one cares, or should care, about amounts of money less than five cents. You say it's 4% (even though it wouldn't be even at that level), but most purchases you make in a day, and most purchases a retailer takes in, aren't going to be that low, which is the point.
Everyone already knows, and no one cares, because most people realize the lie inherent in gold, and simply pull it back one level to facilitate a more robust economy.
Quote: onenickelmiracleWhy stop the penny if they're going to have to back money with metal at one point. Ironically, ending the penny will be the omen of ending the dollar. When they do that, it's the same thing as saying you know I'm lying about all this other stuff, right? I think the answer might be to back the dollar and all currencies with metal and land eventually.
Everyone already knows, and no one cares, because most people realize the lie inherent in gold, and simply pull it back one level to facilitate a more robust economy.
The trick to poker is learning not to beat yourself up for your mistakes too much, and certainly not too little, but just the right amount.
