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Old 06-25-2017, 12:14 PM
 
Location: Type 0.7 Kardashev
10,577 posts, read 6,830,316 times
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Quote:
Originally Posted by LordSquidworth View Post
American's don't like coins in general.
So?

No one likes taxes, red lights, or the proctologist, but we still need all of them.

And the reality is that coins are often better than currency. If they weren't, then we'd still have fractional currency.

Quote:
Originally Posted by Jaggy001 View Post
Maybe we should have a 25c bill then.
We have had such. And less...



Quote:
Originally Posted by David A Stone View Post
if it ain't broke don't fix it.
Policy-by-cliche is clueless.
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Old 06-25-2017, 07:23 PM
 
18,288 posts, read 11,673,706 times
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Canada got shot of their penny in 2012, they survived.


Phasing out the penny


Main reason why the US government won't do the same largely comes down to what it always does: someone makes money off the minting of pennies and seeing their bread and butter threatened, puts the squeeze on Congress.


https://en.wikipedia.org/wiki/Penny_..._United_States
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Old 06-25-2017, 07:35 PM
 
18,288 posts, read 11,673,706 times
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Coins in in many instances cash is rapidly going the way of the Dodo. Young people under a certain age largely don't know from the things as everything in their lives is done via cards, swiping or the electronic forms of payment.


Here in NYC at least you can live your entire life almost without the need for cash. All the things that once required coins (laundromat machines, tolls, taxi fares, etc...) have either long since moved over to some sort of electronic payment system.


Indeed our roads/highways and bridges are rapidly moving to cashless tolls. That is a huge relief to one as am tired of getting behind some idiot who reaches the toll of an EZ-Pass lane only to realize they only have cash! Worse is when they get out of their vehicle and ask you to back up so they can change lanes.


Only place where cash still reigns is the underground market including those working off the books such as the illegals. They get paid in cash and without access to bank accounts still live in a world that most of us haven't seen in years.
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Old 06-27-2017, 08:02 AM
 
Location: Sector 001
7,145 posts, read 5,950,516 times
Reputation: 8057
Quote:
Originally Posted by David A Stone View Post
if it ain't broke don't fix it.
That kind of attitude keeps societies in the stone ages and stagnant. Even I acknowledge the need for change, just not the type of change that is so worthless that I end up throwing it on the ground when I get it... or the type of change meant to get some middle manager to look good so he can move up the corporate ladder.. those 2 types of change are bad.
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Old 06-27-2017, 11:24 PM
 
Location: Silicon Valley
2,760 posts, read 1,214,346 times
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Quote:
Originally Posted by oldtrader View Post
It is impossible to get rid of the penny. Rounding prices, would not solve the problem. In states with sales taxes, the penny will always be needed for change.

I have had many dollar coins over my 81 years, and they are just too much to carry. Dollar bills will not go out of style. People that lived when dollar coins were used regularly, could not wait to change them for paper money.

The country has tried dollar coins, and could not wait for them to no longer be the $1 of choice. When they have attempted to bring back the dollar coin, people just rejected even taking them. Making the coin the $1 of choice, fails when it is tried.
It's a good point, but it is something that we could eliminate now. When you file sales tax, it's the aggregate of sales that computes the number. You pay electronically anyway. What would make it easier on the consumer side is if prices were listed as if they had sales tax in them already. The problem would be solved. Most countries do this and people get confused when tax is added onto purchases in the US.

As an aside, I'd be all for eliminating the penny, nickle and quarter and keeping the dime, 50 cent, dollar coin and $5 coin. Start the bills at $10, $20, $50, $100 and bring back a larger denomination of cash.

Of course, governments are looking to eliminate their large denomination bills at the moment. It's so much easier to track electronic transactions.
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Old 06-28-2017, 08:25 AM
 
298 posts, read 147,778 times
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Quote:
Originally Posted by artillery77 View Post
Of course, governments are looking to eliminate their large denomination bills at the moment. It's so much easier to track electronic transactions.
And it is more profitable to counterfeit large denomination bills. Criminals all over the world are manufacturing US $100's.
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Old 06-28-2017, 02:31 PM
 
8,383 posts, read 7,373,281 times
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The problem doing away with the penny, is that a lot of states charge sales taxes, and this causes needing pennies available to balance the sales tax when people use cash to make purchases.

Most people and I am one of them, never carry change in my pocket. Put in a jar as fast as I get it. I would rather have dollar bills, than some heavy coins.

Then when great grandkids visit, I let them take the coins with them when they go home.
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Old 07-01-2017, 09:37 AM
 
3,572 posts, read 1,822,487 times
Reputation: 3851
Quote:
Originally Posted by oldtrader View Post
The problem doing away with the penny, is that a lot of states charge sales taxes, and this causes needing pennies available to balance the sales tax when people use cash to make purchases.

Most people and I am one of them, never carry change in my pocket. Put in a jar as fast as I get it. I would rather have dollar bills, than some heavy coins.

Then when great grandkids visit, I let them take the coins with them when they go home.
That's why plenty of countries have eliminated the penny (nickel and other coins) and simply round up or down to the nearest nickel. Studies have shown that it all evens out in the end. The zinc lobby works very hard to ensure that pennies are still minted.

IMHO, we should eliminate the penny and dollar bill and replace them with the dollar coin and $2 bill.
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Old 07-01-2017, 10:06 AM
 
2,849 posts, read 3,972,479 times
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Quote:
Originally Posted by oldtrader View Post
The problem doing away with the penny, is that a lot of states charge sales taxes, and this causes needing pennies available to balance the sales tax when people use cash to make purchases.

Surely you see that sales tax already requires rounding?


If my grocery bill comes to $89.68 and sales tax is added at say 1.225% my final total is $90.77858.


Computers are smart enough to round this up to $90.78. Would it really be that difficult to round it to $90.80?
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Old 07-01-2017, 10:21 AM
 
4,855 posts, read 2,152,571 times
Reputation: 12362
Nope. Every cent,decimal is accounted for. After seeing who benefits from rounding up in the business world,I'll keep the system we have. Two cents might not be alot in one transaction but do the math on the avg daily transactions done USA wide and it quickly becomes millions ...While you are thinking one way,someone else is looking the other way to profit from your mindset. Seems to be working based on the comments.
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