Penny: For or Against?

[marla]

So, do you think we should get rid of the penny? Yes or nor, why or why not? How much of a difference over an entire year do yo think it would make positive or negative to your savings?

[Crystallas]

Introduce new currency. Eliminate 1 decimal point, and keep the penny, only it would be like a 10:1 reverse stock split.

[poundwise]

Originally Posted by Crystallas

Introduce new currency. Eliminate 1 decimal point, and keep the penny, only it would be like a 10:1 reverse stock split.

I've read that the average IQ in America is 98. So that won't work.

I don't see why, if there's a concern over cost of materials, that they just don't make it out of cheaper stuff. Other countries have what amounts to tin or even types of plastic coins. Other coins are smaller than our dimes. What about if we kept the same material we use now, but made the penny the size of, or smaller than, a dime? That ought to do it.

[autoxer]

I wouldn't miss the penny.

Take a nickel, leave a nickel.

either redesign all vending machines (not just the stamp ones) to accept them or get 'em the heck out of here!

[sweeps]

Get rid of it. Unfortunately for the people who pay cash, I'm guessing businesses will round down to the nearest nickel -- leaving them with a loss of up to 4 cents each transaction.

[boefixepa]

Oh I'd say it's time to just let it disappear. Really it doesn't matter all that much. The inflation rate will probably take care of the dime in most of our life times too.

I will edit and add that of all the currencies I've seen America has the most boring and ugly money. I particularly like the hexegon and octegon coins, and coins with holes in them, and the colored money with ribons running through them. America needs to get a little more inventive. The new money is better, but still far from exciting.....but does money need to be exciting????

[poundwise]

Originally Posted by boefixepa

Oh I'd say it's time to just let it disappear. Really it doesn't matter all that much. The inflation rate will probably take care of the dime in most of our life times too.

I will edit and add that of all the currencies I've seen America has the most boring and ugly money. I particularly like the hexegon and octegon coins, and coins with holes in them, and the colored money with ribons running through them. America needs to get a little more inventive. The new money is better, but still far from exciting.....but does money need to be exciting????

I think we should all have coins and bars of gold, silver, platinum, and other metals as well as rubies, emeralds, and sapphires.

Oh wait...

I'm thinking of when I played D&D as a kid.

[disneysteve]

I hardly ever spend cash. When I do, the change - pennies, nickels, dimes and quarters - just gets tossed in a bank to be redeemed at Commerce Bank for bills. So no, I wouldn't miss the penny.

Sweepsplayer - Why would business have to round down? If the total is 1 or 2 cents, round down. If 3, 4 or 5, round up. I think it would balance out.

[sweeps]

Just to clarify, I'm referring to when the business gives back change, they will round down. I'm speculating here but I'm thinking most big businesses will always round in their favor because there's a lot of money to be made when you multiple those pennies times millions of transactions.

They already round in their favor when dealing with fractions of a penny, so there is precedent here.

[Ima saver]

I save all my change except pennies. I try and use them up every day. i would like to see them disappear.

[JBinKC]

I think the big reason why the penny has endured is related to fair collection of sales taxes. The 100th anniversary of the Lincoln penny is in 2009 and I am sure if it is retained it will be made with cheaper materials.

Originally Posted by boefixepa

I will edit and add that of all the currencies I've seen America has the most boring and ugly money. I particularly like the hexegon and octegon coins, and coins with holes in them, and the colored money with ribons running through them. America needs to get a little more inventive. The new money is better, but still far from exciting.....but does money need to be exciting????

yeah!


http://en.wikipedia.org/wiki/Rai_stones

[shengmei]

I would just make them thinner.....that should take care of the metal prices.

Anybody notice that pennies are actually thicker than dimes?

[disneysteve]

Originally Posted by shengmei

Anybody notice that pennies are actually thicker than dimes?

They are also larger than dimes, which confuses young children and foreign visitors who assume that the larger the coin, the higher the value.

[vsjhoc]

Originally Posted by disneysteve

They are also larger than dimes, which confuses young children and foreign visitors who assume that the larger the coin, the higher the value.

Other countries have coins whose size doesn't correspond to their value. The Australian 50-cent coin is larger in diameter than the one-dollar coin or two-dollar coin (although the $2 is thicker in width). At least the paper bills are different colors and sizes -- 20s are large and orange, and 5s are smaller and purple.

[Kirbycruiser]

my two cents-
I like the idea of a smaller penny. I agree that if we got rid of the penny businesses would round up and we would ultimatley pay higher prices for everything. How many pennies do you think you will have spent in a lifetime? How many saved?

[shengmei]

I used to pay with pennies all the time....Keeps me from spending money, you know?

[CheaplyClever]

Originally Posted by JBinKC

I think the big reason why the penny has endured is related to fair collection of sales taxes. The 100th anniversary of the Lincoln penny is in 2009 and I am sure if it is retained it will be made with cheaper materials.

Now, I have learned something. Thanks. I would like to see us leave the penny alone. It is all American like apple pie.

[vsjhoc]

If we deep-sixed the penny, what would happen to gasoline prices which are priced to the nearest 9/10 of a cent???