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I was reading how the US Treasury actually LOSES a ton of money every year just by making pennies. They cost more to make than they're actually worth.
Pretty silly when you think about it. It's like spending $5 to make cakes for a bake sale and then selling them all for $4.
I think we should definitely scratch the penny and make a new $1 coin and $2 coin that are different sizes.
I think Europe really has it down with the Euro. Different sized and colored bills help a lot there as well.
I was reading how we're the ONLY industrialized country I believe that doesn't make their bills different sizes so blind people can actually tell what they're spending without being completely dependant on others for help. That just seems so natural to make the bills slightly different sizes, $5 being the smallest, and larger up to the $100.
For people who worry that $1 is too valuable to be carry around in "coin" form, here again we can look to the dollar coins that people regularly used in the 1800s. A silver dollar could buy you a night's stay in a decent hotel. Certainly, we can learn to live with the high value of a dollar coin in today's inflation economy.
I don't think the question ever had anything to do with the value of a dollar coin. The problem is the size and weight. It is, simply put, not very convenient (or very comfortable) to go walking around with a pocket full of dollar coins.
The solution that would make better sense is to keep the paper dollar, but lose the coin.
I don't think the question ever had anything to do with the value of a dollar coin. The problem is the size and weight. It is, simply put, not very convenient (or very comfortable) to go walking around with a pocket full of dollar coins.
The solution that would make better sense is to keep the paper dollar, but lose the coin.
A dollar coin, or $2 coin for that matter, need not be large and heavy. I think we should make them smaller and circulate many more of them in place of the paper dollar.
I also agree with the previous poster about making our bills different sizes. I can't believe this didn't happen when they started "enhancing" the larger bills a few years back.
There is absolutely no reason to get rid of the penny. It still has value where I come from. And taking it out of circulation would probably just frustrate the hell out of everybody. Unless you're rich and can't even remember the last time you saw a Lincoln coin .
If something costs $.97, without pennies it would have to be rounded up to $1. If you buy that item everyday for a year, that will be about an extra 11 dollars that you would have given up.
Get rid of all cash, e-money only. I don't use it at all since fast food places now take credit cards. This would not only save the expense of manufacturing currency, it would not spread germs. More importantly, it would make crime and tax evasion much more difficult. It may even lead to a more fair form of taxation. A national identity number tied to biometrics would mean you could leave your wallet at home. Illegal aliens would be instantly apparent.
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I can't stand these morgan dollars. I get them from the metro card machines, so getting like more than $3 of these coins is annoying. They weigh my purse down, lol. Also, they give you weird looks at stores when you use them.
There is absolutely no reason to get rid of the penny. It still has value where I come from. And taking it out of circulation would probably just frustrate the hell out of everybody. Unless you're rich and can't even remember the last time you saw a Lincoln coin .
If something costs $.97, without pennies it would have to be rounded up to $1. If you buy that item everyday for a year, that will be about an extra 11 dollars that you would have given up.
But in the new penny-free world, things won't get priced at 97 cents anymore. Leaving aside the fact that a shopkeeper could just as easily round down to 95 cents, as round up to a dollar, let's say he does price his item for one dollar. The beauty of our free market system is that some enterprising competitor could come along and offer the same item for 95 cents -- you see, to undercut his competitor who charges a dollar, he doesn't have the choice of dropping his price to 99 or 98 or 97 cents. He would have to discount it all the way down to 95 cents. A win for the consumer!!!
The $50 bill is also never used. After the $20, the next one up that you'll ever really see is the $100.
Says who? I'm a cashier and I get TONS of 50 dollar bills everyday.
I say get rid of pennies (a waste) and dollar coins (we have bills... and they're more convenient than carrying around tons of annoying change). I'd say get rid of the 2 dollar bill too. It serves no use.
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