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View Poll Results: What U$ coins should be gone?
1 cent (penny) 35 35.35%
5 cent (nickel) 4 4.04%
Both 1 and 5 cent 15 15.15%
No, they are useful 45 45.45%
Voters: 99. You may not vote on this poll

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Old 10-14-2010, 03:19 PM
 
1,113 posts, read 1,946,975 times
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send me all your pennies and nickels.


i'll take care of them.
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Old 10-14-2010, 08:27 PM
 
Location: IN
20,853 posts, read 35,970,544 times
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I am a coin collector so I find them very useful (particularly older valuable ones in good condition).
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Old 10-14-2010, 08:45 PM
 
Location: 5 years in Southern Maryland, USA
791 posts, read 2,461,257 times
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[quote=goozer;7091675]I agree that the penny has to go. It is a nuisance coin. More time is spent counting them out and giving/receiving them than they are worth. Time is worth something and it is more than the few seconds it takes to trade in pennies.

CANADA some time ago, replaced their dollar bills with a $1 coin (with a very distinctive coloring), and stopped printing $1 bills. USA should do the same thing -- just outright stop printing $1 bills, and once the bills wear out, people won't have any alternative but to use the coins. Of course, vending-maching companies will fight any proposed change that will make them have to re-tool their machines.

Back decades ago, before the introduction of international EURO money, France had already stopped making its 1-centime coins, Italy had stopped making its 1-lira coins, and Britain in 1956 had already abolished its "farthing" coin. It was actually impossible to pay 1 lira, or 1 centime. The US Treasury should do the same thing with the penny.

In our grandparents' generation, the penny had purchasing power of today's dime, so pennies had much more justification than today. The USA Mint spends increasing more millions and millions of dollars each year manufacturing pennies, and all they do is instantly disapper into people's desk drawers and bottles faster than more can be turned out. I believe it has reached the point where it now costs more than a penny, to make a penny.
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Old 10-14-2010, 09:03 PM
 
Location: Toronto
1,655 posts, read 5,222,669 times
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Quote:
Originally Posted by lammius View Post
If you get rid of the penny, you just round everything to the nearest $.05. Australia and New Zealand got rid of low-denomination coins nearly 20 years ago. Some parts of Europe have too. Canada has studied it, but I'm not sure if they've gone through with eliminating the $.01 CAD coin yet.
We haven't.
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Old 10-15-2010, 02:14 AM
 
Location: Tijuana Exurbs
4,000 posts, read 10,451,219 times
Reputation: 4725
[quote=slowlane;16266666][i]
Quote:
Originally Posted by goozer View Post

I believe it has reached the point where it now costs more than a penny, to make a penny.
It's worse than that. We've now reached the point where it costs more to make a nickel than a nickel is worth.
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Old 10-17-2010, 01:02 PM
 
4,668 posts, read 6,117,377 times
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Quote:
Originally Posted by Silent1900 View Post


I'd still like to hear any other arguments for continuing the use of cash.
Are you still interested? I got a whole gang of arguments. The more i think about it, the more arguements I can think of it.
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Old 10-17-2010, 05:47 PM
 
Location: IN
20,853 posts, read 35,970,544 times
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I'd prefer dollar coinage (widespread) like Canada. If the US keeps printing money at the rate it is we are going to have inflation issues right around the corner.
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Old 10-17-2010, 06:11 PM
 
Location: Minneapolis (St. Louis Park)
5,991 posts, read 8,321,280 times
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I don't understand how taxes would work if there weren't pennies or nickels. People who sell goods for say, $0.95 would be screwed because they'd either have to raise the price to $1.00 and potentially lose business or lower the price to $0.90 and reduce profits by over 5%.
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