Abolish the penny?

[sweeps]

On Sunday 60 Minutes will have a segment on whether we should abolish the penny. (hat tip)

[vistashell]

Tricky question... what implications might abolishing the penny have for pricing, not only of goods but also of financial securities.

I think the doing away with the penny is just a step in a broader move towards doing away with hard currency in general. And I think the wheels are going to be set in motion sooner rather than later!

[dardhel]

Your right vistashell, those poor penny stocks will have some issues...

[krayziebone33]

Originally Posted by vistashell

Tricky question... what implications might abolishing the penny have for pricing, not only of goods but also of financial securities.

I think the doing away with the penny is just a step in a broader move towards doing away with hard currency in general. And I think the wheels are going to be set in motion sooner rather than later!

I only partly agree with you. I do agree that "doing away with the penny" will have a profound effect on pricing of both goods and financial securities, but I disagree that its part of "a broader move towards doing away with hard currency." We have actually seen a bid of a rise in recent years in the production of hard currency, so I don't expect a complete "about-face" so quickly. They began producing hard dollars a while ago that will begin mass circulation in the near future. We'll see what happens with that, though.