Should The US Get Rid of The Penny? (death, parties, government)

[Green Onions]

Originally Posted by roysoldboy

I keep wondering about 6% sales taxes and the result of figuring them without pennies to pay with. I sure as hell don't want to see my state sales tax go up by 4% and what do we do with local sales like one we voted in a couple of weeks ago to raise 1% sales tax to pay for a new swimming pool for the city.

I have to disagree about pennies until states and the US work out some problems involving sales taxes.

The rate simply stays the same.

I guess you've never noticed that despite the fact that we don't have any $0.001 coins, gas stations still price gas to the third decimal point on the gallon ...

See, this is precisely why coinage reform will never happen, nonsensical worries like yours ...

[chele123]

Yes. Get rid of them.

[Natural510]

I feel they should be discontinued, and the Fed should donate the copper from all recalled pennies to victims of copper property-theft nationwide.

[Joe_Ryder]

Originally Posted by Natural510

I feel they should be discontinued, and the Fed should donate the copper from all recalled pennies to victims of copper property-theft nationwide.

Pennies have been copper plated zinc for 30 years. The last of the copper pennies were minted in 1982.

[LauraC]

Originally Posted by Frank DeForrest

We need to go cashless so the state can track all our transactions. You know the whole terrorism thing.

Exactly. Cash doesn't leave a trail. That's what this whole thing is really about. Today the penny, tomorrow all hard cash.

[A Common Anomaly]

Yes, make them worth five cents and stop minting them.

[jetgraphics]

I believe the wrong question is being asked.
In the years since 1913, and the Federal Reserve Act, the value of the dollar bill has plummeted from parity with a dollar to less than $0.01. In fact, a pre-1965 copper penny is worth MORE than a paper "dollar bill".
Since the only reason the "dollar bill" is worthless paper, hyperinflated, and counterfeit fractional coins are in circulation is due to the legislature in Washington, D.C., it would be a more fitting question - HOW can we get rid of the scoundrels in the Capitol?

[softblueyz]

I understand the penny is going to be redesigned after the election. Depending on who wins - Obama or Romney - the coin will be reissued as a two-faced coin - the winner gets his face on both sides. And it will retain the same value, representing the value of the winner.

[AkronAlan]

Originally Posted by sturmgeist

I like pennies I collect em'

So the taxpayers should subsidize your hobby, is what you're saying?

[Smoke_Jaguar4]

Originally Posted by LauraC

In the United States, the mint says, each zinc and copper coin costs 2.41 cents to produce and distribute.

http://www.nytimes.com/2012/04/08/yo...ill-the-us.htm

If it costs 2.41₵ to make a penny, then that penny pays for itself after just three transactions. Considering coins last decades, that's a outstanding return for such a small cost. It's certainly a much better value than paper money, which might last a few years. Furthermore coins can be recycled, while paper must be destroyed.

If we really want to save money, replace paper dollars with dollar coins instead.