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.
Not only would I get rid of the penny, I would also get rid of the nickel, which is also worth more in metal than its face value. I would bring back the Kennedy half-dollar and the Eisenhower dollar coins. I would get rid of the dollar bill, and bring back the $500 & $1000 dollar bills. I would strictly limit the faces on American currency to dead presidents.
So Alexander Hamilton is on the $10 and Benjamin Franklin is on the $100 - they would have to come off? There was a move by the Obama administration to put Harriot Tubman on the $20.
The $500 and $1000 bills were last printed in 1945 along with the $5000 and $10,000 bills. The $500 bill was initially issued with Supreme Court Chief Justice John Marshall and the $10,000 bill had Treasury Secretary, Salmon P. Chase - Chase was originally on the $1 bill before Washington.
It costs more than 1 cent to manufacture each new penny. The U.S. Mint releases millions of pennies annually into circulation, only to have them disappear quickly into people's desk drawers and jars, as they seen as only a "nuisance." The problem is that copper and zinc mining industry lobbyists pay-off Congress to keep the status quo.
Canada abolished their penny. UK abolished their farthing coin in 1956, it was worth 1/4 cent, which in today's terms would be at least 2 cents.
The U.S. could improve its currency system in many ways. We could make different denominations of bills in different sizes, and colors, so people wouldn't accidentally pay vendors the wrong amount. Other major western countries do this, why can't we? This would also help blind people, along with imprinting the dollar amount in braille dots.
The U.S. in modern times has tried various dollar coins such as Eisenhower, Kennedy, (Pocahontas?), and Sacagawea, but none have been popular with consumers, because they too much resemble quarters. Dollar coins last longer than paper bills which wear-out very quickly. A solution would be a dollar coin with a copper center, making it easy to recognize. Canada does this with its $2 coins called "loonies" because they have a picture of a bird. Why can't the U.S. do this too?
It costs more than 1 cent to manufacture each new penny. The U.S. Mint releases millions of pennies annually into circulation, only to have them disappear quickly into people's desk drawers and jars, as they seen as only a "nuisance." The problem is that copper and zinc mining industry lobbyists pay-off Congress to keep the status quo.
Canada abolished their penny. UK abolished their farthing coin in 1956, it was worth 1/4 cent, which in today's terms would be at least 2 cents.
The U.S. could improve its currency system in many ways. We could make different denominations of bills in different sizes, and colors, so people wouldn't accidentally pay vendors the wrong amount. Other major western countries do this, why can't we? This would also help blind people, along with imprinting the dollar amount in braille dots.
The U.S. in modern times has tried various dollar coins such as Eisenhower, Kennedy, (Pocahontas?), and Sacagawea, but none have been popular with consumers, because they too much resemble quarters. Dollar coins last longer than paper bills which wear-out very quickly. A solution would be a dollar coin with a copper center, making it easy to recognize. Canada does this with its $2 coins called "loonies" because they have a picture of a bird. Why can't the U.S. do this too?
Agreed, I'm with you on popularizing dollar coins. Our $1 banknote is another needlessly overproduced piece of currency. Dollar coins last a lot longer and are more environmentally sustainable because they do not need to be produced as often. The problem is, the $1 bill is so popular that it will be very hard to take it out of the circulation whereas the penny is not. That's why we need to start small and get rid of the penny first.
BTW, Eisenhowers and Kennedy half dollars are much larger than quarters while Sacagawea and Presidential dollar coins are gold colored. They all look nothing like quarters.
If you get rid of the penny then that only applies to cash transactions, or to all transactions?
How long do people have, to turn in their pennies for "credits"? Where do they bring them?
Does that mean all those hoarded copper pennies can be melted down? Did you know that it's illegal to melt down copper pennies? (Melting silver coins is legal) What would that do to the price of copper?
If I buy something online that costs $100.07 do I pay that price or $100.05? Obviously if I pay cash in person I can't pay $100.07 without pennies.
How much will it cost merchants to reprogram their cash registers to round everything (after sales tax) to the nearest $0.05?
Good questions! But other countries have done it (as mentioned), including Canada so can't we ask them? Why does the U.S. always have to reinvent the wheel, even when we are behind everyone else who's already done it?
If you get rid of the penny then that only applies to cash transactions, or to all transactions?
How long do people have, to turn in their pennies for "credits"? Where do they bring them?
Does that mean all those hoarded copper pennies can be melted down? Did you know that it's illegal to melt down copper pennies? (Melting silver coins is legal) What would that do to the price of copper?
If I buy something online that costs $100.07 do I pay that price or $100.05? Obviously if I pay cash in person I can't pay $100.07 without pennies.
How much will it cost merchants to reprogram their cash registers to round everything (after sales tax) to the nearest $0.05?
In Canada the penny counts for debit/credit card transactions, but it gets rounded for cash transactions.
Canada has done things well in regards to currency. The Loonie is easily distinguishable from the quarter, which is a lesson the US Mint has failed to learn for 50 years now. Pulling the dollar note shortly after the introduction of the Loonie was another good move, and once again the US Mint missed the lesson. Dropping the penny went flawlessly. I find the plastic bills a bit weird, but they are certainly functional, and apparently hard to counterfeit.
Easy to miss sarcasm.
There was opposition to the Loonie, people complaining that it was just making us carry more coinage, but it quickly went away when people realized they didn't have to plunk so many quarters into machines. The Toonie didn't have so much opposition I believe.
It's been 33 years since the Loonie was introduced, so many have no memory of the dollar notes. Plus cash is used so much less than in 1987. That may be one reason why there was no opposition to removing the penny.
Polymer notes look great. Thanks Australia! My only complaint is that they are slippery As you said, hard to counterfeit as well.
Canadians are used to our money constantly changing. Coinage, and notes have had man designs just in my lifetime.
It costs more than 1 cent to manufacture each new penny. The U.S. Mint releases millions of pennies annually into circulation, only to have them disappear quickly into people's desk drawers and jars, as they seen as only a "nuisance." The problem is that copper and zinc mining industry lobbyists pay-off Congress to keep the status quo.
Canada abolished their penny. UK abolished their farthing coin in 1956, it was worth 1/4 cent, which in today's terms would be at least 2 cents.
The U.S. could improve its currency system in many ways. We could make different denominations of bills in different sizes, and colors, so people wouldn't accidentally pay vendors the wrong amount. Other major western countries do this, why can't we? This would also help blind people, along with imprinting the dollar amount in braille dots.
The U.S. in modern times has tried various dollar coins such as Eisenhower, Kennedy, (Pocahontas?), and Sacagawea, but none have been popular with consumers, because they too much resemble quarters. Dollar coins last longer than paper bills which wear-out very quickly. A solution would be a dollar coin with a copper center, making it easy to recognize. Canada does this with its $2 coins called "loonies" because they have a picture of a bird. Why can't the U.S. do this too?
The Loonie is a $1 dollar coin. The Toonie is the the $2 dollar coin. They are bigger than a quarter and easily identifiable since the Loonie is ONE metal, and the Toonie is TWO types of metal.
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.
