U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
View Poll Results: Should the US get rid of the penny?
Yes 79 65.83%
No 41 34.17%
Voters: 120. You may not vote on this poll

Reply Start New Thread
 
Old 09-07-2018, 12:16 PM
 
189 posts, read 57,736 times
Reputation: 482

Advertisements

Quote:
Originally Posted by davebarnes View Post
I really no longer care.
I use cash about 3 times a year.
The overwhelming part of my spending is with plastic or Apple Pay.

We should consider getting rid of cash. period. Cut down tremendously on the drug deals



Why Eliminating Cash Makes Sense For The Global Economy | Money
Reply With Quote Quick reply to this message

 
Old 09-07-2018, 12:25 PM
 
Location: Mid-atlantic
468 posts, read 81,436 times
Reputation: 454
Quote:
Originally Posted by hikernut View Post
I've read that the U.S. Mint spends about $50 million each year to make pennies. Of course that's not even one drop in the proverbial federal budget, but it's still a waste of money IMO. They mostly end up in jars, landfills, sewers, etc. Most people will not even bother to bend over and pick them up... it's not worth the effort.


I think it would be fine to have the dime be the smallest coin that's minted.
If they can't do the math on this one, we are in big trouble. So easy, even a cave man can do it.
(No offense to cave men of course)
Reply With Quote Quick reply to this message
 
Old 09-07-2018, 12:26 PM
 
Location: Gilbert, AZ
3,003 posts, read 1,694,053 times
Reputation: 2945
Well, I care about wasting money. Yeah, $50 million is nothing if it was just one occurrence, but take thousands of situations like that and we are starting to talk serious money.
Reply With Quote Quick reply to this message
 
Old 09-07-2018, 01:01 PM
 
Location: So. of Rosarito, Baja, Mexico
6,571 posts, read 17,944,907 times
Reputation: 5919
Coins can be a drag in a pocket or purse then again receiving bills from a cashier....who knows where they have sat or under what circumstances...at least with your plastic...you know.

Pennies are the sales tax scrouge
Reply With Quote Quick reply to this message
 
Old 09-08-2018, 06:15 AM
 
Location: Floribama
13,483 posts, read 29,425,055 times
Reputation: 11884
I was thinking about this yesterday. I’m currently cleaning out a foreclosure I recently bought, and I don’t know why but there are pennies all over the house, I guess the previous owners used cash everywhere. I was picking them up at first, but I eventually just started vacuuming them up with the shopvac and throwing them away with the trash. Those pennies aren’t worth having an aching back.
Reply With Quote Quick reply to this message
 
Old 09-08-2018, 09:03 AM
 
9,064 posts, read 9,217,240 times
Reputation: 4665
Quote:
Originally Posted by hikernut View Post
I've read that the U.S. Mint spends about $50 million each year to make pennies. Of course that's not even one drop in the proverbial federal budget, but it's still a waste of money IMO..
That number has to be low. The Mint made 8.5 billion pennies last year or $85 million. It certainly costs more than a penny to make a penny.

But that is just the start of the costs. Those pennies weigh 21.25 metric tonnes. While they certainly don't have to be guarded like bags of $100 banknotes, you still can't pour them into the back of dump trucks like equivalent quantities of zinc. They have to be put into carrying containers, and packed into trucks, distributed to thousands of locations where they are broken up into rolls, handed out, just to end up in jars or drawers or landfills.

Even if we just go back to 1983 when Copper-plated Zinc replaced bronze as a cheaper production material, there should be a thousand pennies for every man woman and child in the USA. If they were just circulating we shouldn't have to produce a penny for decades.

It's been suggested that we should make pennies worth 5 cents and stop producing new pennies or nickels. All the current nickels will vanish into coin collections, and all the old pennies will come back into circulation as people try to cash in on a windfall by searching their drawers and couch cushions and penny jars.

I said earlier that the USA has 5X the population of Britain, but we made 95X as many pennies last year. Clearly the British are not throwing them all away. A coin should last for decades.
Reply With Quote Quick reply to this message
 
Old 09-08-2018, 11:27 AM
 
Location: Sandpoint, Idaho
2,880 posts, read 5,070,237 times
Reputation: 3020
Quote:
Originally Posted by Trimac20 View Post
When I went to the US I was much inconvenienced by the fact that they still used 1 cent coins/pennies, and they expected you to pay exact change! (when there was no tipping, of course). I spent a long time counting out those dang things. We got rid of 1 and 2 cent coins in the early 90s: now you can't even buy anything for less than 5 cent so it makes sense. Now everything is rounded to the nearest $0.05. In your opinion wouldn't it make it easier for everyone if the US did the same?
In 2017, the cost to make a US cent rose to 1.82 cents. And that is with the cheap material they are using (era of French Bronze ended in 1982). I think it only a matter of time.
Reply With Quote Quick reply to this message
 
Old 09-08-2018, 04:29 PM
 
1,121 posts, read 541,212 times
Reputation: 1507
The penny will never go away. Why?

Whose face is on that coin?
Reply With Quote Quick reply to this message
 
Old 09-08-2018, 05:26 PM
 
2,468 posts, read 2,722,968 times
Reputation: 2563
Quote:
Originally Posted by Lowexpectations View Post
We should get rid of pennies and nickles and convert 1, 2 and 5 dollar bills to coins

Go farther - get rid of all US coins, except quarters. 1,2, and 5 Dollar coins would be useful as well.
Reply With Quote Quick reply to this message
 
Old 09-09-2018, 03:47 AM
 
9,064 posts, read 9,217,240 times
Reputation: 4665
Quote:
Originally Posted by maus View Post
Go farther - get rid of all US coins, except quarters. 1,2, and 5 Dollar coins would be useful as well.
While it is true that most of the countries with high GDP have coins with values equivalent to $1 and $2, only Japan and Switzerland have a coin with a value equivalent to $5.

But doesn't it make more sense to replace small transactions involving less than US$20 with cards.


In Nordic countries they use phone apps for person to person transactions (giving your friend money to share expenses). They work with flip phones by sending texts.

Korea intends to keep using it's largest denomination banknote (worth $40-$50 depending on exchange rate) for appropriate transactions or as a way to store value outside of a bank.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top