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I keep my pennies in a penny jar. When it's full I take it to the change machine and there hasn't been one occasion where I haven't made under $12! Which is not to be sneezed at.
Don't expect any businesses to round down. A lot of places deal in such volume, (Walmart for instance), that profit on some cheap items is only 1 or 2 cents. The price will be rounded up to insure you pay the difference, not them.
I agree that the penny has to go. It is a nuisance coin. More time is spent counting them out and giving/receiving them than they are worth. Time is worth something and it is more than the few seconds it takes to trade in pennies.
And I, for one, do not mind paying shopowners a couple extra pennies (if necessary) in this economy to help keep them afloat.
~ Eliminates the cost of printing and maintaining the money supply (which is immense)
~ Would reduce armed robberies by an amazing percentage (no more bank robberies, no more knocking over 7-11s, etc)
~ Would make drug dealing much more difficult to do, and much easier to prosecute
~ Would create a record of all bribes in some fashion
~ Would virtually eliminate illegal immigration (they would only be paid thru a bank account, which they would be unable to open without documentation)
~ Would eliminate much of the tax evasion that takes place by people paid in cash
~ Would make many types of money laundering more difficult
~ Would make terrorist financing much more detectable and traceable
I'm sure there are more that I have not thought of.
~ Eliminates the cost of printing and maintaining the money supply (which is immense)
~ Would reduce armed robberies by an amazing percentage (no more bank robberies, no more knocking over 7-11s, etc)
~ Would make drug dealing much more difficult to do, and much easier to prosecute
~ Would create a record of all bribes in some fashion
~ Would virtually eliminate illegal immigration (they would only be paid thru a bank account, which they would be unable to open without documentation)
~ Would eliminate much of the tax evasion that takes place by people paid in cash
~ Would make many types of money laundering more difficult
~ Would make terrorist financing much more detectable and traceable
I'm sure there are more that I have not thought of.
Anyone got any downsides to present?
I dunno, that's too big brothery. Plus I just like the feeling of giving cash sometimes. How will those roadside kid business lemonade stands ever survive?
Is the alternative paying everything with credit cards/bank cards? My daughter just got a notice from her bank that her Check Card was "compromised". That is one downside.
No way would I want to eliminate cash. I don't want the guberment and large corporations knowing every financial transaction I make. It's none of their business! I don't trust them.
I almost never use cash now. Society is almost to the point where you don't need it anyway. The problem is the fees associated with the bank/credit cards.
A friend from England suggested they get rid of all paper dollars and only have coin ones which would make American currency more similar to most of Europe's. He complained that he's often fooled into thinking he has plenty of cash when in reality he only has several one dollar bills in his bill fold. A problem he doesn't have in merry old England.
On the other extreme. How about having a one tenth of a penny coin. Then we could pay the real exact on those gas purchases. If you ever noticed gas prices usually are something like $1.79.99/gallon
Don't you know that if you find a penny, it's a lucky penny? Doesn't appy to other coins.
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