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Old 12-01-2013, 11:09 PM
 
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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.
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Old 12-01-2013, 11:40 PM
 
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Quote:
The fly in the ointment is the retail merchants in the USA, who insist on adding sales tax at the register. They want to put 99c signs on things that actually cost about $1.07. Every other country in the world (except USA and Canada) has all taxes built into the marked retail price. So there is always the necessity to use tiny fractional currency to pay the added tax.
What you are referring to, are called Value Added Taxes. In the EU and some other countries, they add a tax at every stage from first the material cost, then the next selling price less the cost of the item that had already had a tax added, and this continues up the line when the sellers have to add the value added tax for the difference between what they paid and the selling price. Tax, after tax, after tax is added. A big reason, things can cost a lot less in the U.S. when made here than would have cost in EU countries for things made there. A value added tax in U.S. would greatly increase the price of the item.

There are many taxes that are already included in the retail price. However sales taxes are added by the governments involved. We don't have sales taxes in Montana.
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Old 12-02-2013, 12:51 AM
 
Location: Sector 001
7,169 posts, read 6,000,019 times
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I'd say let people use 2 dollar bills if they don't like dollar coins. Me I don't like low denomination bills taking up space in my wallet... I only want valuable bills in there... pretty soon there's 7 or 8 dollar bills in there and it annoys me.

Great responses btw. Thread took off more than I would have expected.

If you want my honest opinion I wish they'd eliminate nickels and dimes as well would mint quarters and dollar coins and 5 dollar coins only, and round everything to the nearest 25 cents. Until then I'll just toss it all in a jar.

In any case there's a lot of dollar coins sitting around.

http://presidentialdollarguide.com/p...llar-mintages/

http://en.wikipedia.org/wiki/Sacagaw...intage_figures

Last edited by stockwiz; 12-02-2013 at 01:01 AM..
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Old 12-02-2013, 01:06 AM
 
2,409 posts, read 2,504,368 times
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Quote:
Originally Posted by stockwiz View Post
I'd say let people use 2 dollar bills if they don't like dollar coins. Me I don't like low denomination bills taking up space in my wallet... I only want valuable bills in there... pretty soon there's 7 or 8 dollar bills in there and it annoys me.

Great responses btw. Thread took off more than I would have expected.

If you want my honest opinion I wish they'd eliminate nickels and dimes as well would mint quarters and dollar coins and 5 dollar coins only, and round everything to the nearest 25 cents. Until then I'll just toss it all in a jar.

In any case there's a lot of dollar coins sitting around.

Presidential Dollar Mintages

Sacagawea dollar - Wikipedia, the free encyclopedia
What about taking the coins to your bank to get the teller to deposit the cash? You get rid of the trash and your bank account gets some replenishment
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Old 12-02-2013, 07:50 AM
EA
 
Location: Las Vegas
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I have to carry roughly 20 ones all day every day. FUUUUU trying to make me carry 20 big ass coins.
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Old 12-02-2013, 09:31 AM
 
Location: Vermont
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In general I think the proposal is a good one. The only countries that have achieved acceptance of the unit coin in recent years have done it by eliminating the unit note at the same time. As long as we have the dollar bill most people won't want the dollar coin.

The cent is a trickier issue, but not for the reason you might think. There are plenty of reasons to favor eliminating the cent, but the complicating factor is that the negative seignorage (the amount by which the cost to mint the coin exceeds the face value) for the nickel is even more than the negative seignorage for the cent, so getting people to use more nickels could actually lead to more losses for the Mint.
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Old 12-02-2013, 09:35 AM
 
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I'm all for getting rid of the penny, annoying little buggers that get lost in the couch and never get used unless I head to a coinstar machine. As for dollar bills, I believe they still serve their purpose and will be around for some time.
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Old 12-02-2013, 09:49 AM
 
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I don't think the zinc miners would allow this to happen.
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Old 12-02-2013, 12:20 PM
 
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I'm in favor of abolishing the penny (a one cent coin costs 2.5 cents to manufacture), and potentially even the nickel.

There isn't really yet a cohesive political movement to abolish the penny - despite the fact that it costs the Mint north of $60 million per year for a coin people regularly discard or pay to abuse (Elongated coin - Wikipedia, the free encyclopedia). It may be a drop in the federal budget, but other than nostalgia, it would seem the costs vastly outweigh the pros.

But timberline is correct - for the zinc industry this is a key contract they will fervently lobby for.
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Old 12-02-2013, 12:43 PM
 
Location: Waiting for a streetcar
1,137 posts, read 1,141,743 times
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Quote:
Originally Posted by timberline742 View Post
I don't think the zinc miners would allow this to happen.
Yeah, the zinc lobby controls everything in Washington.
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