City-Data Forum Should the USA Discontinue the Penny? (transaction, taxes, money, cost)
 User Name Remember Me Password [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
 View Poll Results: Well? Yep. 23 74.19% Nope. 7 22.58% Dunno. 0 0% Option 4. 1 3.23% Multiple Choice Poll. Voters: 31. You may not vote on this poll

01-06-2013, 05:57 PM
 180 posts, read 235,775 times Reputation: 212

If they did, a total of .01 or .02 would be rounded to .00 whilst a total of .03 or .04 would round to .05. Since it costs more than 1 cent to mint each penny our republic would save money! Problem solved!

01-06-2013, 06:06 PM
 24,497 posts, read 37,436,216 times Reputation: 12879
You have to determine whether the entire economic value of having a penny costs less than the cost of producing a penny. It's higher than 1 cent but the question is... how much higher?

01-06-2013, 07:05 PM
 1,924 posts, read 2,109,149 times Reputation: 1252
When you think that a quarter today is worth about what a penny was 100 years ago, you have to think that these one-cent pieces are at least past their prime. About the only real argument for keeping them is that they povide millions of dollars worth of funding to charities every year as people dump them in those little containers rather than carry them around.

01-06-2013, 07:10 PM
 Location: Southeast, where else? 3,914 posts, read 4,535,188 times Reputation: 5815
Yes.

Now I want all of you to send your now useless pennies to me.....

Puts a new perspective on it.....don't it?

01-06-2013, 07:16 PM
 24,497 posts, read 37,436,216 times Reputation: 12879
Quote:
 Originally Posted by Caleb Longstreet Yes. Now I want all of you to send your now useless pennies to me..... Puts a new perspective on it.....don't it?
Done; you pay for shipping.

01-06-2013, 08:44 PM
 5,586 posts, read 9,859,196 times Reputation: 4921
They cost more to make than they are worth. They should be eliminated, whatever is still in circulation can stay for awhile. Once they stop making them and slowly remove the bad ones from circulation prices will start being rounded up or down, but pricing down to the penny will remain since so many transactions are done with cards now.

01-06-2013, 10:09 PM
 Location: North Carolina 795 posts, read 1,290,120 times Reputation: 228
I don't think we should eliminate the penny but I wouldn't be oppossed to changing the penny. Maybe using different metals and making them doughnut shaped could knock some of the cost off production.

There are too many cases when those pennies really add up. We would eventually be forced to change our sales taxes to handle smaller transactions. The price of everything would also slightly increase to adjust to the new system. Businesses dealing with low margins and high volumes would definately be impacted in some way.

I would rather just keep the penny around and not deal with all the headaches associated with elminating it.

01-07-2013, 09:09 AM
 Location: Here. 15,454 posts, read 14,018,025 times Reputation: 18080
They should also eliminate the nickel and quarter. Make a smaller half-dollar. Round off to the nearest tenth of a dollar. Stop printing paper dollars and let them be replaced with current dollar coin.

So, we'd have three coins: dime, half-dollar, and dollar.

Paper money could be streamlined to: \$10, \$50, and \$100 (eliminate \$1, \$5, \$20)

01-07-2013, 11:59 AM
 Location: Tijuana Exurbs 4,245 posts, read 11,031,958 times Reputation: 5364
I agree with Retroit. Eliminate the nickel as well, and with the elimination of the nickel, the quarter should go too. That would leave the dime, half dollar and dollar coins.

In regards to paper money, I would still keep the \$5 and the \$20. In my city \$5 buys a day pass on public transportation, and the \$20 allows ATMs to spit out \$100 in a quantity of bills small enough not to be annoying, but with denominations not so large that retailers freak out that you are a counterfeiter when you use them.

01-07-2013, 02:12 PM
 753 posts, read 1,242,403 times Reputation: 393
Why stop at the penny? The social benefit of coinage is no longer positive. Look at the all of the wasted productivity in the US that coinage allows - robbery, drug dealing, money laundering, petty theft, etc.. - and all of the government functions that exist primarily because coinage exists. It's time to move to an all electronic coin. Instead of the penny I would first start with the larger bills \$100 and above and every 5 years move it down a level.
 Please register to post and access all features of our very popular forum. It is free and quick. Over \$68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned. Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.