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Old 12-03-2013, 01:29 AM
 
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Canada not only has $1 coins that circulate, they also have circulating $2 coins. In US some kids just throw away dimes, some even throw away quarters.
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Old 12-03-2013, 01:32 AM
 
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Bills wear out faster than coins, wasting taxpayer dollars.



Quote:
Originally Posted by Finger Laker View Post
Why though?

Bills are by far much more convenient and easier to haul
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Old 12-03-2013, 07:57 AM
 
8,301 posts, read 3,465,198 times
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Quote:
Originally Posted by NHartphotog View Post
You are not seeing the big picture here: the dollar has declined about 98% since we went off the gold standard, and this is why small coins are increasingly worthless. This has happened as a result of Washington's purposeful devaluation of the currency, and the economic effect is that the rich get richer while the working class gets poorer. And retirees spend their whole lives saving, to find their nest egg wiped out by Washington's criminal policies.

And it that isn't enough, "EVERY fiat currency since the Romans first began the practice in the first century has ended in devaluation and eventual collapse, of not only the currency, but of the economy that housed the fiat currency as well." Fiat Currency

You think pennies are worthless today; dollars will be worthless tomorrow--all of them.
You might make that 98% since 1913, and maybe 80% since The Nixon Shock. One also has to take into account our rise in std of living, which is much much higher than in 1913. And also wages are up drastically, although of course not keeping up the last few decades.

But how do you price/value in my cell phone? Where I'm able to communicate from nearly anywhere and keep in touch with my precious children at nearly any moment? And be able to post directly to your nonsense answer while skydiving over the Illinois farm country? Of course the chutes already open.
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Old 12-03-2013, 10:00 AM
 
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the fact they still make pennies is utterly rediculous but people hate carrying around coins which is why the dollar coins never get used.
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Old 12-03-2013, 10:03 AM
 
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Quote:
Originally Posted by boxus View Post
If do away with the penny, then all transactions should be rounded to the nearest nickle, including stocks; oh wait, that would never happen!

So, is a penny important? I think it is.

if it's so important how did we get buy without a 1/5th cent coin 50 years ago?
not to mention with electronic transactions you don't have to round.
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Old 12-03-2013, 10:05 AM
 
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Quote:
Originally Posted by GraniteStater View Post
Why in the world would you throw coins on the ground?
Thank goodness my relatives didn't have this attitude DECADES ago when they were minting SILVER COINS. They hoarded huge quantities of them and I inherited them. Seems like they had the right idea.
when they start making pennies out of silver i'll stop throwing them out
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Old 12-03-2013, 10:07 AM
 
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Originally Posted by timberline742 View Post
I don't think the zinc miners would allow this to happen.
that's great i doubt the copper miners were happy when they switched to zinc in 1982
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Old 12-03-2013, 10:09 AM
 
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Quote:
Originally Posted by jtur88 View Post
The biggest obstruction is the vending machine industry. If the government really wanted to switch to dollar coins, all they would need to do is offer an attractive subsidy to the vending machine makers, so they could retool or retrofit their machines to accept dollar coins. Why would anybody want a dollar coin in their pocket when there isn't a vending machine in the world that will accept them? Toll road baskets just steal them from drivers, and refuse to recognize them for payment.

Do you know why so many countries make a 7-sided coin? Because a coin with seven sides has exactly the same diameter across every axis, so it will measure through a vending machine receptor that will recognize it. But the seven sides are not perfectly straight, they have to be a curve that is an arc around the opposite apex. It's called a Reuleaux heptagon.
most vending machines take dollar coins and a decent amount now also take credit cards. it won't be long before they all do. and toll booth machines are getting rarer by the day.
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Old 12-03-2013, 12:19 PM
 
Location: Coos Bay, Oregon
7,142 posts, read 8,444,848 times
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Quote:
Originally Posted by fairlaker View Post
Not relevant. At the transaction level, the nearest nickel works as well on the price with tax as on the price without tax. At the merchant level, a single amount is owed to the state per collection cycle. Rounding to the nickel isn't going to be an issue there either.
It is relevant. Businesses can and would just love to round off their prices to the next highest five cents. It's the government that needs the pennies for sales tax collection. Unless they are also going to start rounding off sales tax to the next highest five, which I believe would be illegal.

As it is now, a penny of sales tax is collected when a penny is due. If they had to wait until a nickel was due, that would be a major loss of tax revenue.

That is the only reason that pennies exist, and will continue to exist.
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Old 12-03-2013, 12:45 PM
 
Location: Victoria TX
42,668 posts, read 71,625,428 times
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Quote:
Originally Posted by NHartphotog View Post

You think pennies are worthless today; dollars will be worthless tomorrow--all of them.
It won't matter -- there will still be currency that can be exchanged for goods and services, commensurate with supply and demand, and representing an equilibrium between the value of things and the currency in circulation to buy them. The only people actually affected will be those who hoard cash. Everything else will remain of constant value.

We are probably actually in deflationary times right now, it is hard to tell, with so much self-serving obfuscation of economic data.
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