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View Poll Results: Should the US get rid of the penny?
Yes 85 66.41%
No 43 33.59%
Voters: 128. You may not vote on this poll

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Old 09-12-2018, 06:41 PM
 
3,612 posts, read 2,025,597 times
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No we still need take a penny leave a penny trays and the flattened penny machines.
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Old 09-12-2018, 07:00 PM
 
Location: Madison, Alabama
2,129 posts, read 946,150 times
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Quote:
Originally Posted by roadrat View Post
It's not that easy with a lot of items and when some of the items are not taxed like at the grocery store, also I think some things like precooked food are charged at a different rate than other items. IE if you buy a live lobstah at the grocery store it is not taxed but if they cook it for you you have to pay the 7% restaurant tax.


bill
It's fairly simple here ... literally everything has sales tax on it, except prescription meds. At one time, agricultural products (like fertilizer, seed, weed killers) and engine oil were exempt, but no more. To get the total price, just multiply by 1.09.
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Old 09-12-2018, 07:02 PM
 
Location: Madison, Alabama
2,129 posts, read 946,150 times
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Quote:
Originally Posted by Pilot1 View Post
"Change" should be abolished. We have inflated our way out of the value of coins. Make them for collectors only, and sell them at a profit.
But then you'd have nothing to jingle in your pocket when your golfing competitor was putting ....
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Old 09-13-2018, 08:39 AM
 
350 posts, read 415,187 times
Reputation: 477
Feel free to drop off all your unwanted currency with me and I will recycle it for you. It helps if you bundle it first.
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Old 09-14-2018, 09:19 AM
 
Location: Annandale, VA
9,473 posts, read 7,624,960 times
Reputation: 6063
What is even more ridiculous is gas stations with the ".9" in the price.
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Old 09-16-2018, 05:21 AM
 
9,097 posts, read 9,269,518 times
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Quote:
Originally Posted by Larry Caldwell View Post
The dollar has lost 90% of its value, so a dime is worth about what a penny was worth 100 years ago.
It isn't quite necessary to go back 100 years. A penny in December 1950 had the buying power of a dime today. A penny 100 years ago would have the buying power of roughly 16 cents today.

Quote:
Originally Posted by Larry Caldwell View Post
A dime would be a good smallest coin.
Sweden's nickel was made invalid on September 30, 2010, but coins could be exchanged at banks until the end of March 2011.
Norway got rid of their nickel in 2012.

But most countries have still preserved a coin worth about a nickel. Switzerland, Australia, and Norway are good examples.

Surprisingly the major currencies still have a coin worth about a penny. The USD, the GBP, the Euro, and the Yen. But only the USA mints so many pennies. The USA has 6X the population of Britain, but they minted 95X as many pennies last year. It seems that countries that have retained the penny are less anal about making exact payments and into rounding off.

Korea has decided the whole idea of exchanging disks of metal to account for petty change is archaic. Their plan is to abolish all coins in three years. The advantage of that plan is that the equivalent to the $1, $5, and $10 will also be much less desirable as most petty transactions will be done electronically. Korea has no $20, so the $50 equivalent will become the major banknote useful for major transactions and for storing value outside of banks.

Last edited by PacoMartin; 09-16-2018 at 05:39 AM..
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Old 09-16-2018, 07:08 PM
 
4,218 posts, read 1,554,255 times
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I don't care. I have eliminated all forms of paper and metal currency from my life. Why carry that crap around? I do all transactions electronically, either debit or credit.
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Old 09-16-2018, 08:10 PM
 
3,586 posts, read 1,838,517 times
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We will have a penny as long as they is a zinc lobbying group working to ensure the penny stays.
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Old 09-16-2018, 10:50 PM
 
9,097 posts, read 9,269,518 times
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Quote:
Originally Posted by robr2 View Post
We will have a penny as long as they is a zinc lobbying group working to ensure the penny stays.
Zinc is used in alloys such as brass, nickel silver and aluminium solder. Zinc oxide is widely used in the manufacture of very many products such as paints, rubber, cosmetics, pharmaceuticals, plastics, inks, soaps, batteries, textiles and electrical equipment.

Pennies produced last year weighed 21,585 metric tonnes of which 97.5% is zinc. But that is only 3% of the USA production of 736,000 tonnes of zinc.

I can't believe pennies are that important to the industry.

They are probably important to the roughly 2000 employees of the US Mint.

Last year the mint produced 27 pennies for every man woman and child in the USA, 4 nickels, 8 dimes, and 7 quarters and tiny numbers of half dollars and dollar coins. If they only made dimes and quarters a lot of people would be unnecessary (in theory).

Last edited by PacoMartin; 09-16-2018 at 11:04 PM..
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Old 09-17-2018, 09:46 AM
 
4,218 posts, read 1,554,255 times
Reputation: 5294
Quote:
Originally Posted by PacoMartin View Post
Korea has decided the whole idea of exchanging disks of metal to account for petty change is archaic.
Kudos and props to Korea. Coins are a backward, antiquated and archaic means of exchange that dates from the Stone Age. "Can I trade my fur pelts for your shiny rocks?"

Cash currency is nearly obsolete in the United States today. 93% of all money is in digital or non-currency form; and a majority of the 7% of paper dollars are circulating outside of the United States.

It bothers me that other countries are taking the lead on new technology and forward thinking.
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