[US] Get rid of pennies!

.Shane. · Jul 18, 2006

Source

While his bill has other things attached to it, the main idea is to get rid of pennies by rounding transactions off.

I'm all for it.

While the article mentions the expense to the govt. of making pennies, it doesn't even address the cost to banks, stores, etc... of handling pennies.

Basically, I think $100s of millions of savings in efficiency could be had for the economy.

Paradigne · Jul 18, 2006

Didn't read your link, but I heard about it on the radio. Both pennies AND nickles cost more to make than face value. It's time for a cashless society

SuperBeaverInc. · Jul 18, 2006

I think Canada should get rid of it's pennies and nickels. I can't remember the last time I actually used them.

jamiethearcher · Jul 18, 2006

I think we should get rid of them, they just fill up my coin tray in my car, and if i ever try to pay for something with them, I get a dirty look. Don't they cost 1.03 cents to make now? it doesnt make fiscal sense to keep them.

EDIT: 1.4 cents to make! GET RID OF THEM!

Red Door · Jul 18, 2006

They did it with the Euro, right?

I support this, pennies are useless coins.

.Shane. · Jul 18, 2006

SuperBeaverInc. said:
I think Canada should get rid of it's pennies and nickels. I can't remember the last time I actually used them.

NICKELS TOO! Now we're getting radical!

TBH, I wouldn't mind that either. But, we'd probably have to get rid of quarters then and replace them with 20 cent pieces.

CruddyLeper · Jul 18, 2006

So putting 0.99 on the end of a price would end?

It's going to cost the consumers quite a bit. Not to mention all the businesses reprinting price lists.

El_Machinae · Jul 18, 2006

SuperBeaverInc. said:
I think Canada should get rid of it's pennies and nickels. I can't remember the last time I actually used them.

But with a sales tax that's not a nice, round number - they crop up all the time!

SuperBeaverInc. · Jul 18, 2006

.Shane. said:
But, we'd probably have to get rid of quarters then and replace them with 20 cent pieces.

Or you could just use 2 dimes.

.Shane. · Jul 18, 2006

CruddyLeper said:
It's going to cost the consumers quite a bit. Not to mention all the businesses reprinting price lists.

They would round down if ending in 1, 2, 6 or 7 and up if 3, 4, 8, or 9.

Businesses would come out ahead in the end because of the $$ saved from the handling of pennies.

Ditto the sales tax argument. Rounding would take care of it.

Godwynn · Jul 18, 2006

Drop the penny and put Lincoln on the dime.

SuperBeaverInc. · Jul 18, 2006

.Shane. said:
Ditto the sales tax argument. Rounding would take care of it.

Sounds like a good idea. It would only cost the consumer an additional few cents, and would still allow for nice, round prices.

.Shane. · Jul 18, 2006

SuperBeaverInc. said:
Sounds like a good idea. It would only cost the consumer an additional few cents, and would still allow for nice, round prices.

It wouldn't cost them anything as when you round down, its in their favor.

Elrohir · Jul 18, 2006

It costs 1.4 cents to make a penny? That's ridiculous. They should either figure out a cheaper way to make them (Use some form of zinc-plastic alloy if you have to - yes, we're now reduced to seriously considering coins made out of plastic.

) One part of the article confused me, however:

The bill does, however, call for various commemorative currencies, including a dollar coin and a $2 bill.

I heard that they stopped make the Sacajawa dollar because no one would spend it, but you still find one occasionally. But there is still a $2 bill in circulation, you can get one at any bank; I have several just for novelty reasons. How would this bill be special?

.Shane. · Jul 18, 2006

Elrohir said:
I heard that they stopped make the Sacajawa dollar because no one would spend it, but you still find one occasionally. But there is still a $2 bill in circulation, you can get one at any bank; I have several just for novelty reasons. How would this bill be special?

Actually Sacajawea (sp?) dollars are widely used in the vending machine industry.

Also, economically, it would be smart to get rid of $1 bills in favor of $1 coins.

warpus · Jul 18, 2006

My own 2 cents is that it just makes sense not to have any cents.

Godwynn · Jul 18, 2006

warpus said:
My own 2 cents

What would become of this phrase then? My own 5 cents? :confused:

woody60707 · Jul 18, 2006

.Shane. said:
Actually Sacajawea (sp?) dollars are widely used in the vending machine industry.

Also, economically, it would be smart to get rid of $1 bills in favor of $1 coins.

Why is that, wouldn't a $1 coin cost more.

Cuivienen · Jul 18, 2006

You have reprint bills. Bills become unusable with age; coins in general do not unless intentionally destroyed. Security measures used in bills may also make them cost more (just conjecture).

emzie · Jul 18, 2006

woody60707 said:
Why is that, wouldn't a $1 coin cost more.

Yes and no. They cost like 14 cents to produce but they last many many many times longer than a one dollar bill.

[US] Get rid of pennies!

The US should remove pennies as a form of currency

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