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Old 02-10-2008, 05:48 PM
 
17,747 posts, read 19,785,288 times
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It costs us 130 Million dollars to make 80 Million dollars worth of pennies. Its not even made of copper anymore... we lose about 50 million of dollars per day just to make these pennies... On the flip side, businesses may sell goods rounded up to the nickel instead of the penny causing people to pay more for their goods, estimated to be in the hundreds of millions... should we continue this system or is there a better way without costing us so much?
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Old 02-10-2008, 05:55 PM
 
Location: Here
10,864 posts, read 11,933,435 times
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I hate pennies!!
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Old 02-10-2008, 05:58 PM
 
Location: San Francisco Bay Area
1,482 posts, read 4,735,944 times
Reputation: 780
The penny and nickel are just loss leaders for the quarter and dime. The US Mint still makes a profit off of making all of them.
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Old 02-10-2008, 06:11 PM
 
Location: Land of Thought and Flow
8,323 posts, read 13,496,493 times
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Just because something is not completely profitable doesn't mean we should get rid of it...
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Old 02-10-2008, 06:25 PM
 
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I am not saying its not profitable, I am saying it costs us money just to have it. Its like paying 1.6 pennies instead of one penny for every penny we spend.
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Old 02-10-2008, 06:36 PM
LM1
 
Location: NEFL/Chi, IL
833 posts, read 759,321 times
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Completely doing away with our penny in ordinary commerce would cement a 4% rise in inflation, the moment the law was passed.

The real issue is- why is the backbone of our currency worth so little?
That is the problem. It isn't that the mint overpays to make pennies relative to their commercial value.
It's that the cornerstone of our currency is now basically worthless.

In our entire history, save for one extremely isolated instance (the "trade dollar") the US has never monetarily devalued a unit of currency. If we were to do away with the penny (which may or may not be a good idea) we may as well scrap our entire system of currency and going to something more efficient.

The Amero perhaps?
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Old 02-10-2008, 07:08 PM
 
17,747 posts, read 19,785,288 times
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Couldn't there be a way to make a penny without it costing too much. We make everything in bulk, shouldn't we have the technology to make pennies cost-effective? After all, we almost been making it for 100 years now, I can't understand how the government cannot make pennies cheaply... I hope we don't outsource it to other countries...
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Old 02-10-2008, 07:14 PM
 
Location: DFW, TX
2,935 posts, read 6,124,914 times
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Check this out:

http://www.boingboing.net/Cheaper_Washers.jpg (broken link)
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Old 02-10-2008, 07:45 PM
 
1,763 posts, read 5,380,161 times
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Default Yes!!!!!!

Yes, yes, pls, yes. Stop making the daggone thing. Use 'em to pay off our nat'l debt, adjust sales prices to round to the nearest 5 cents, etc.

Please show me the nincompoop who favors keeping the penny.
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Old 02-10-2008, 07:51 PM
 
Location: Burlington VT
1,405 posts, read 4,380,254 times
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Quote:
Originally Posted by LM1 View Post
Completely doing away with our penny in ordinary commerce would cement a 4% rise in inflation, the moment the law was passed.

The real issue is- why is the backbone of our currency worth so little?
That is the problem. It isn't that the mint overpays to make pennies relative to their commercial value.
It's that the cornerstone of our currency is now basically worthless.

In our entire history, save for one extremely isolated instance (the "trade dollar") the US has never monetarily devalued a unit of currency. If we were to do away with the penny (which may or may not be a good idea) we may as well scrap our entire system of currency and going to something more efficient.

The Amero perhaps?
A 4% rise in inflation? Don't you mean a 1% rise? Items are often $1.99 etc...not $1.96 etc, aren't they?
In fact though - I think companies would compete to advertise they'd rounded down.

I'd have thought the dollar would be the "cornerstone" of our currency?
The debt we owe China etc is denominated in dollars, not pennies, isn't it?

And...we have scrapped the entire system of currency. Dollars are no longer "demand notes" exchangeable for silver and gold in the way they used to be...but that's another topic

I think handling pennies costs us as consumers, and as business owners alike - a lot of money.
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