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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

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Old 11-06-2011, 08:29 AM
 
Location: The western periphery of Terra Australis
24,683 posts, read 43,116,816 times
Reputation: 11862

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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?
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Old 11-06-2011, 08:47 AM
 
Location: In a chartreuse microbus
3,844 posts, read 5,103,670 times
Reputation: 7965
I recently read that it costs more to make them than they're worth. Typical government.
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Old 11-06-2011, 11:01 AM
 
Location: Sinking in the Great Salt Lake
12,899 posts, read 18,442,586 times
Reputation: 13734
One of my kids recently got some play money that had plastic pennies in it; I bet it cost more to make plastic pennies than real ones!

I would not mind them going away though... I'm tired of paying $XXX.17 or $XX.99 on everything.
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Old 11-06-2011, 12:29 PM
 
229 posts, read 162,459 times
Reputation: 101
No, it would be easier for companies to inflate prices to increase thier profits. The penny keeps them somewhat more honest. Pennies should be the last thing on peoples minds to tell you the truth.
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Old 11-06-2011, 12:40 PM
 
Location: So. of Rosarito, Baja, Mexico
6,571 posts, read 17,944,907 times
Reputation: 5919
As long as we have SALES TAX there will be PENNIES regardless on how much the GOVMT pays to make the coin...all a matter of bilking the public.
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Old 11-06-2011, 06:01 PM
 
Location: Baltimore
1,759 posts, read 4,261,001 times
Reputation: 1192
Quote:
Originally Posted by sirron View Post
I recently read that it costs more to make them than they're worth. Typical government.
It is designed that way to prevent people from melting down currency and selling it for scrap.
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Old 11-07-2011, 08:56 PM
 
Location: Vermont
10,089 posts, read 10,604,044 times
Reputation: 13438
Quote:
Originally Posted by sirron View Post
I recently read that it costs more to make them than they're worth. Typical government.
Nothing "typical government" about it. It's a simple matter of the value of the materials and the value of one cent.

It's called negative seignorage. The negative seignorage is even greater for the five-cent piece.
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Old 11-07-2011, 08:58 PM
 
Location: Vermont
10,089 posts, read 10,604,044 times
Reputation: 13438
Yes, it would be efficient to eliminate the cent.

What would save much more money, though, would be to eliminate the dollar bill. No country has been successful in propagating the unit coin without eliminating the unit note.
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Old 11-07-2011, 09:10 PM
 
Location: The western periphery of Terra Australis
24,683 posts, read 43,116,816 times
Reputation: 11862
Quote:
Originally Posted by jackmccullough View Post
Yes, it would be efficient to eliminate the cent.

What would save much more money, though, would be to eliminate the dollar bill. No country has been successful in propagating the unit coin without eliminating the unit note.
Why are dollar coins so rare in the US? Those bills were equally annoying. Also the fact that all the notes look the same.
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Old 11-07-2011, 10:09 PM
 
Location: Vermont
10,089 posts, read 10,604,044 times
Reputation: 13438
I've heard it said it's because they are too hard to distinguish from quarters, but I'm not sure I buy it. Personally I like them. I don't go to the teller very often, but when I'm getting cash from a teller instead of from a machine I try to remember to ask for them.
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