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Old 01-12-2015, 10:57 PM
 
Location: Clown School
9,999 posts, read 4,235,224 times
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The penny costs more to produce than it's worth, it's absolutely worthless for anything itself, and causes enormous clutter. It also makes cash transactions in-store take much longer. (For some reason, my purchases always end in 1 or 6 cents...annoying.

Should production of pennies be discontinued, and prices of things rounded to the nearest 0.05?
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Old 01-13-2015, 08:50 AM
 
Location: Type 0.7 Kardashev
10,577 posts, read 6,840,730 times
Reputation: 37337
Quote:
Originally Posted by ohhwanderlust View Post
The penny costs more to produce than it's worth, it's absolutely worthless for anything itself, and causes enormous clutter. It also makes cash transactions in-store take much longer. (For some reason, my purchases always end in 1 or 6 cents...annoying.

Should production of pennies be discontinued, and prices of things rounded to the nearest 0.05?
No - an entire decimal place should be eliminated.

*Get rid of the cent (it's not actually a penny, by the way)
*Get of the nickel
*Keep the dime - it would be our smallest unit of coinage
*Get rid of the quarter
*Keep the half-dollar, but make it smaller - larger than the cent but smaller than the nickel
*Scrap the dollar currency and keep the dollar coin, but make it smaller - larger than the nickel but smaller than the quarter
*Scrap the utterly pointless two-dollar bill because... it's utterly pointless.
*Scrap the five-dollar and make a dollar coin - and make it larger than the quarter but smaller than the current half-dollar.

This would simplify our coinage, because no one needs any unit smaller than one-tenth of a dollar (ie, the dime). It would also make coinage, on balance, smaller. For example, you could have $9.80 in change in your pocket, and it would consist of only 9 coins which would weigh less than 1 current half-dollar, 4 current quarters, 1 current nickel and 3 current dimes combined.

Of course, this will never happen because it makes way too much sense.
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Old 01-13-2015, 09:00 AM
 
Location: Vermont
10,097 posts, read 10,626,037 times
Reputation: 13461
We've had this debate many times. I generally agree with eliminating the penny, but a complicating factor is the fact that the negative seigniorage is even more for the nickel than it is for the cent.

I'd probably be more interested in getting rid of the dollar bill. That's the only way that any country has succeeded in getting acceptance for their unit coin.
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Old 01-13-2015, 10:32 AM
 
5,469 posts, read 6,142,305 times
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So...if there are 100 million text message sent every day in the US, and they "cost" $.01 each, and we round it up to the nearest available coin...lets say a nickel..... that adds.......FOUR MILLION DOLLARS to the cell phone bills EACH DAY. Verizon loves the idea!

For many years we have had inflation in America, and prices have gone up, so the penny becomes "worth less". Now that we are in a period of deflation, the penny starts to become more relevant.

Let it be.
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Old 01-13-2015, 10:43 AM
 
Location: Pennsylvania
1,392 posts, read 1,213,676 times
Reputation: 934
Let the penny be for now. If need be get rid of the penny for another 1 cent coin. As far as dollar coins go yeah we are the only or one of the few countries on earth that doesn't have a 1 and 5 dollar coins but considering that it's a pain to walk around with a bunch of change in your pocket I don't see that as a problem.

Last edited by cwa1984; 01-13-2015 at 11:26 AM.. Reason: Language
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Old 01-13-2015, 11:23 AM
 
Location: NC
6,081 posts, read 7,051,537 times
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I'm all for keeping only the quarter and the nickel. That should handle all of our sub-dollar cash needs. Think about it. The quarter is useful. The penny is more valuable as metal, and no one wants them as part of their change. Can you buy anything for 1 cent anymore? No. The dime is tiny and you could not make change for a dollar with only quarters and dimes. That leaves the nickel as the 'small'coin and the quarter as the 'large' coin. Both quarters and nickels are heavy enough and distinct enough in weight to trigger coin-operated machines, too.
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Old 01-13-2015, 11:29 AM
 
Location: Prepperland
13,136 posts, read 9,219,999 times
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Hmmm, people see a worthless paper note continually losing value against coin, and think : "LET US RID OURSELVES OF THOSE DRATTED COINS!"

SMH
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Old 01-13-2015, 02:29 PM
 
Location: Backwoods of Maine
6,940 posts, read 7,673,754 times
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Quote:
Originally Posted by jetgraphics View Post
Hmmm, people see a worthless paper note continually losing value against coin, and think : "LET US RID OURSELVES OF THOSE DRATTED COINS!"

SMH
My thoughts exactly.

We should keep the .01 and .05 coins ("penny" and "nickel") if only as reminders that since 1913, our "dollar" (a misnomer...they are not "dollars" any more, but Federal Reserve Notes) have lost 96% of their value, and are worth just 4 cents. The 1913 Federal Reserve Act really screwed us over!

In Weimar Germany, no one had use for $1, $5, $10, or even $100 bills. Those were too inconvenient...you needed a wheelbarrow to carry $1 million notes, just to buy a loaf of bread. Even those large notes were eventually used for fire kindling, proving that even paper has more value than a lot of currencies do!
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Old 01-13-2015, 06:22 PM
chh
 
Location: West Michigan
418 posts, read 462,981 times
Reputation: 349
Quote:
Originally Posted by jetgraphics View Post
Hmmm, people see a worthless paper note continually losing value against coin, and think : "LET US RID OURSELVES OF THOSE DRATTED COINS!"

SMH
I hope you realize that quarters aren't 25 cents worth of metal, and dimes aren't 10 cents worth of metal. Switching from paper money to coins won't do anything to stop inflation. And how the heck is paper money losing value to coins? Are quarters worth 30 cents now or something? US coins are the same currency as US paper money.

SMH

Last edited by Oldhag1; 01-13-2015 at 08:15 PM.. Reason: Posts are expected to be civil
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Old 01-13-2015, 07:08 PM
 
Location: Prepperland
13,136 posts, read 9,219,999 times
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Quote:
Originally Posted by chh View Post
I hope you realize that quarters aren't 25 cents worth of metal, and dimes aren't 10 cents worth of metal. Switching from paper money to coins won't do anything to stop inflation. And how the heck is paper money losing value to coins? Are quarters worth 30 cents now or something? US coins are the same currency as US paper money.
SMH

Worth denominated in "dollars" when in fact, are referenced to worthless "dollar bills" is perplexing.

Part of the problem is that notes are not money, because debt is not money, by law.
REAL MONEY - Money which has real metallic, intrinsic value as distinguished from paper currency, checks and drafts.
Black's Law Dictionary, Sixth Ed. p. 1264

MONEY - In usual and ordinary acceptation it means coins and paper currency used as a circulating medium of exchange, and does not embrace NOTES, bonds, evidences of debt, or other personal or real estate. Lane v. Railey, 280 Ky. 319, 133 S.W. 2d 74, 79, 81.
Black's Law Dictionary, Sixth Ed. p. 1005
A paper "silver certificate" is money, whereas a Federal Reserve Note is not.
As to the "worth" of fractional coins, they're not quite kosher. Since 1965 and the Coinage Act of 1965, they've been counterfeits. But since CONgress reduced the penalty for counterfeiting - it's OK.
(wink, wink, nod, nod)

. . .
Money Reference:
Article 1, Section 8. U.S. Constitution.
The Congress shall have Power
...To borrow Money on the credit of the United States;
...To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

Article 1, Section 10. U.S. Constitution
No State shall ... coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any ... Law impairing the Obligation of Contracts, ...
Note: only gold and silver coin PAY DEBT. And if Congress had the power to create money, it wouldn't need the power to borrow it. Congress can only coin money (stamp bullion) - not create money - nor give such a power to anyone else.
. . .

Of course, this has been a problem for the government. That's why we've been under a STATE OF EMERGENCY since 1933.

STATE OF EMERGENCY
. . . .
State of emergency - Wikipedia, the free encyclopedia
As of October 2014, thirty states of emergency remain in effect, one reaching as far back as the Roosevelt Administration.

United States, Senate Report 93-549 states: "That since March 09, 1933 the United States has been in a state of declared national emergency." Proclamation No. 2039 declared by President Franklin D. Roosevelt on March 9, 1933. This declared national emergency has never been revoked and has been codified into the US Code (12 U.S.C. 95a and b).
. . . .
Senate Report 93-549
War and Emergency Powers Acts
"A majority of the people of the United States have lived all of their lives under emergency rule. For 40 years (as of the report 1933-1973), freedoms and governmental procedures guaranteed by the Constitution have, in varying degrees, been abridged by laws brought into force by states of national emergency."
FREEDOMS ... ABRIDGED BY LAWS ... UNDER EMERGENCY RULE ...
Constitutional U.S.A. (1787 - 1933) R.I.P.

D'oh !

Last edited by Oldhag1; 01-13-2015 at 08:17 PM.. Reason: Edited quote, deleted direct response, removed red font
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