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.
What’s the problem? It’s just our government being its typical efficient self.
The problem with getting rid of the penny is the nearest coin value is the 5 cent. Since we will no longer have a penny value coin is simply means everything and I mean absolutely EVERYTHING will go up in price 5 cents. Feel free to pay 5 cents more for everything. Not everyone will be ok with that. It’s just another thing to squeeze money out of people. Yes it’s 5 cents. At one time 5 cents was worth something.
Not how it works in Canada.
Remember, this only applies if you are paying cash. If your total bill comes to $14.92 and you pay electronically, you will be charged $14.92.
If you pay by cash, you pay $14.90. 2 cents cheaper. It's called rounding up and down. So if the total was
$14.94 you pay $14.95 in cash.
It's simple, it works, and no more fussing for pennies.
Canada got rid of their penny and it would be worthwhile to look into how they are fairing. When I last visited Canada, we exchanged USD for CAD and we had a brief experience with their system. I think the biggest effect would be to businesses with slim margins that rely mostly on cash transactions.
Honestly, I don't know one person who misses the penny. I haven't heard any complaints from businesses since because of rounding up and down, their margins probably haven't changed. Plus no more time wasting rolling pennies for the bank.
I haven't used coins for along time. About as long as no wrist watch.
If I were King I'd keep only quarters. Maybe dimes. The smaller coins are essentially time wasters, and we don't hardly use larger coins anyway.
Though mentioned sporadically in other threads, I'm surprised this topic hasn't had its own thread yet which is why I am starting it. Anyways, until recently I was a fan of the copper colored 1 cent coin but after the recent coin shortage, feel it is an economic burden to produce. According to NPR, almost 60% of all 2019 circulation mintage were pennies, a full 7 billion of them, and according to Fortune Magazine, it now costs 2 cents to mint just 1 cent. I bet the 2020 mintage reflected such high numbers too, especially with the coin shortage. That's not to mention all that zinc that could be conserved and used for other things. Sure it might mean consumers pay a bit more for goods but the whole 99 cents thing was just a centuries old ploy by retailers to trick consumers into thinking they were actually saving a lot of money, which in turn enticed them to spend more money to buy more goods. Our neighbor to our north got rid of their penny 8 years ago and no one has complained. It's time we follow suit as well. What do others think?
Heck no, You can use them as washers. Just drill the proper size hole in the center. Cost, one cent per washer, Home Depot washer about five cents.
Though mentioned sporadically in other threads, I'm surprised this topic hasn't had its own thread yet which is why I am starting it. Anyways, until recently I was a fan of the copper colored 1 cent coin but after the recent coin shortage, feel it is an economic burden to produce. According to NPR, almost 60% of all 2019 circulation mintage were pennies, a full 7 billion of them, and according to Fortune Magazine, it now costs 2 cents to mint just 1 cent. I bet the 2020 mintage reflected such high numbers too, especially with the coin shortage. That's not to mention all that zinc that could be conserved and used for other things. Sure it might mean consumers pay a bit more for goods but the whole 99 cents thing was just a centuries old ploy by retailers to trick consumers into thinking they were actually saving a lot of money, which in turn enticed them to spend more money to buy more goods. Our neighbor to our north got rid of their penny 8 years ago and no one has complained. It's time we follow suit as well. What do others think?
You really think everyone is gonna price rounding down? Right.......sure they will
As a vendor why should I lose 2 cents on every cash transaction? I’m gonna round up no so will everyone else.
You could easily make all coins the same size. Punch a hole in one for a penny 5 holes for a nickel 10 holes for a dime. Quarters are solid. 50 cent and dollar coins are solid but washed or electroplated
You can stamp PENNY NICKEL DIME on the outer section of the coin.
You really think everyone is gonna price ROI ding down? Right sure they will
As a vendor why should I lose 2 cents on every cash transaction? I’m gonna round up no so will everyone else.
You could easily make all coins the same size. Punch a hole in one for a penny 5 holes for a nickel 10 holes for a dime. Quarters are solid. 50 cent and dollar coins are solid but washed or electroplated
You can stamp PENNY NICKEL DIME on the outer section of the coin.
And from the opposite, why should I as a customer pay 2 cents more?
You really think everyone is gonna price rounding down? Right.......sure they will
As a vendor why should I lose 2 cents on every cash transaction? I’m gonna round up no so will everyone else.
You could easily make all coins the same size. Punch a hole in one for a penny 5 holes for a nickel 10 holes for a dime. Quarters are solid. 50 cent and dollar coins are solid but washed or electroplated
You can stamp PENNY NICKEL DIME on the outer section of the coin.
Vendors always set the prices. There is no law in this nation that says you have to round down. You can make everything rounded to the nearest hundredth if you wish i.e $1.20, $1.30, etc. At least one establishment in my home city has been doing this already for a while and they do not even accept pennies if you tried paying with them. Vendors actually gain from such a policy and consumers only lose out trivially. As a customer, do I care if the gallon of milk is no longer $2.59 at the supermarket but now $2.60? Seriously, the money I could have saved from paying $2.59 each time I'd probably have given to the beggar standing at the corner and not be concerned. Rather the amount of taxpayer money we all spend to mint billions of a little used coin is a lot more wasteful in my opinion.
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.
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.
