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Posted: 11/20/2012 1:30:02 AM EST
[Last Edit: 11/20/2012 1:32:08 AM EST by scottedward58]
Today the penny is virtually worthless compared to its value when it was adopted here in 1793. The nickel isn't worth much either and things would be so much less complicated without them. When can we ditch this virtually worthless change?

Even if you compare the value to just a hundred years ago it just isn't worth keeping. In 1913 a penny was worth about what a quarter is today. A nickel was worth much more too, being equal to about $1.17 today. If they could get by with such large denominational values back then why can't we with much lesser values? If we ditched both the nickel and penny it would cut financial transactions down to one decimal place, greatly simplifying things. By rounding to the nearest tenth of a dollar people and businesses really wouldn't lose anything. Sure on one transaction you might lose a few cents but on the next you are likely to get them back.

Ditching the penny and nickel could also have a side benefit, stores would be forced to ditch the odd pricing they've been using. Things would no longer be priced $199.99 or $6.99 because savvy consumers could use the odd pricing to assure their total gets rounded down.

So can we ditch this worthless change and lighten my pocket?
Link Posted: 11/20/2012 1:35:36 AM EST
Thats racist.
Link Posted: 11/20/2012 1:36:43 AM EST
The nickel is the only coin we have that is worth anything close to face value, so no i say we keep it. The penny on the other hand is pointless.
Link Posted: 11/20/2012 1:37:15 AM EST
No..

I do not want to give them 1 cent more than needed. especially to the .GOV


Besides I like confusing people when I give them exact change when I purchase something with pennies and nickels.
Link Posted: 11/20/2012 1:37:52 AM EST
Originally Posted By saturnstyl:
Thats racist.


You got me, I just hate carrying around Lincoln. I ask for five ones instead a a five dollar bill too.
Link Posted: 11/20/2012 1:38:04 AM EST
When I was stationed in England in the 80's, the British government wouldn't allow US pennies in the country because they didn't want them mixed in with theirs (very similar). On the base, everything was simply rounded to the nickle. I liked it.
Link Posted: 11/20/2012 1:39:31 AM EST
There ought to be a law...
So we're going to get rid of this so that your pockets can be lighter.
Newsflash: the earth doesn't revolve around you.
Link Posted: 11/20/2012 1:41:43 AM EST
So the bastards can just round up on everything? Fuck no.
Link Posted: 11/20/2012 1:43:16 AM EST
Originally Posted By bblake00:
No..

I do not want to give them 1 cent more than needed. especially to the .GOV


Besides I like confusing people when I give them exact change when I purchase something with pennies and nickels.


Who pays the govt. with cash? They get paid either electronically or by check so whether pennies and nickels went away wouldn't really matter. Plus our fore fathers got away with coins of much larger value just fine. In the early 1900's a penny was worth what a quarter is today. Can you imagine if all transactions were rounded to the nearest quarter?
Link Posted: 11/20/2012 1:44:53 AM EST
I like nickels. The darn things last forever. I still find nickles from the 50s sometimes today.
Link Posted: 11/20/2012 1:46:03 AM EST
[Last Edit: 11/20/2012 1:48:06 AM EST by scottedward58]
Originally Posted By Booze:
So the bastards can just round up on everything? Fuck no.


That isn't how rounding works. Gas was priced to the third decimal place but you didn't get tenths of pennies as change. They either rounded up or down to the nearest penny.
Link Posted: 11/20/2012 1:46:49 AM EST
Link Posted: 11/20/2012 1:51:04 AM EST
I was a cashier while in college in the late 1960s. I hated pennys way back then, so yeah, it is time. It currently costs the government 2.4 cents to make each penny. Just plain dumb.
Link Posted: 11/20/2012 1:54:10 AM EST
Originally Posted By DougR:
I was a cashier while in college in the late 1960s. I hated pennys way back then, so yeah, it is time. It currently costs the government 2.4 cents to make each penny. Just plain dumb.


It costs us quite a bit to make the dollar bill. If we got rid of the dollar and replaced it with a coin we would save hundreds of millions of dollars a year.

It would also make it interesting at a strip club...
Link Posted: 11/20/2012 1:55:31 AM EST
Originally Posted By ske714:
When I was stationed in England in the 80's, the British government wouldn't allow US pennies in the country because they didn't want them mixed in with theirs (very similar). On the base, everything was simply rounded to the nickle. I liked it.


Not so much, it's just the logistics required to move lots of pennies is better served doing other things. No overseas base uses pennies, and deployed locations use crummy cardboard pogs instead of the rest of the denominations.
Link Posted: 11/20/2012 1:55:41 AM EST
Originally Posted By DV8:
Sure, that is a great idea. Inflation is about to go through the roof in this country, lets just make everything a few cents more expensive just to put the icing on the cake.


Your total would be rounded not prices. You'd still buy nine 99 cent cans of beans but instead of your total being $8.91 it would be $8.9. In another transaction you'd buy four widgets for $8.87 for a total of $35.48 which would be rounded to $35.5
Link Posted: 11/20/2012 1:57:35 AM EST
Sure -
Just round all all of the SALES TAX up to the next dime!
Link Posted: 11/20/2012 2:08:40 AM EST
Originally Posted By VarmitSniper:
Originally Posted By DougR:
I was a cashier while in college in the late 1960s. I hated pennys way back then, so yeah, it is time. It currently costs the government 2.4 cents to make each penny. Just plain dumb.


It costs us quite a bit to make the dollar bill. If we got rid of the dollar and replaced it with a coin we would save hundreds of millions of dollars a year.

It would also make it interesting at a strip club...


They also switched to 1 pound coins instead of notes while I was in England. They sucked. If you had more than a few, you had to put half in each pocket to keep from walking in circles.
Link Posted: 11/20/2012 2:09:08 AM EST
Originally Posted By Sawblade02:
Originally Posted By ske714:
When I was stationed in England in the 80's, the British government wouldn't allow US pennies in the country because they didn't want them mixed in with theirs (very similar). On the base, everything was simply rounded to the nickle. I liked it.


Not so much, it's just the logistics required to move lots of pennies is better served doing other things. No overseas base uses pennies, and deployed locations use crummy cardboard pogs instead of the rest of the denominations.


gotcha

Link Posted: 11/20/2012 2:11:50 AM EST
Originally Posted By Whamo:
Sure -
Just round all all of the SALES TAX up to the next dime!


Totals would be rounded nothing else. It wasn't that long ago that there was 6.5% sales tax here. Just because there was no change equivalent didn't cause the earth to open up and fire to rain from the sky, totals were just rounded (up or down) to the nearest penny.
Link Posted: 11/20/2012 2:17:14 AM EST
Originally Posted By scottedward58:
Originally Posted By DV8:
Sure, that is a great idea. Inflation is about to go through the roof in this country, lets just make everything a few cents more expensive just to put the icing on the cake.


Your total would be rounded not prices. You'd still buy nine 99 cent cans of beans but instead of your total being $8.91 it would be $8.9. In another transaction you'd buy four widgets for $8.87 for a total of $35.48 which would be rounded to $35.5


So will quarters be worth .20 or .30 now?
Link Posted: 11/20/2012 2:18:54 AM EST
I heartily endorse this plan. And the now freed-up coin space in registers can be used for dollar coins instead.

Posted Via AR15.Com Mobile
Link Posted: 11/20/2012 2:20:12 AM EST
Link Posted: 11/20/2012 2:21:55 AM EST
Originally Posted By Whamo:
Sure -
Just round all all of the SALES TAX up to the next dime!


It would take away incentive for sellers to price all their items so that any single item purchase rounds up.


Posted Via AR15.Com Mobile
Link Posted: 11/20/2012 2:31:07 AM EST
Originally Posted By scottedward58:
Originally Posted By Whamo:
Sure -
Just round all all of the SALES TAX up to the next dime!


Totals would be rounded nothing else. It wasn't that long ago that there was 6.5% sales tax here. Just because there was no change equivalent didn't cause the earth to open up and fire to rain from the sky, totals were just rounded (up or down) to the nearest penny.


While I am pleasantly surprised to see you being the rational voice in a thread, the mathematic illiteracy of our country is conspiring against you here. Witness the emotional and irrational connection to how things "have always been."
Link Posted: 11/20/2012 2:34:00 AM EST

Originally Posted By bigfoot87:
The nickel is the only coin we have that is worth anything close to face value, so no i say we keep it. The penny on the other hand is pointless.

This . I hate dealing with pennies and wish they would just round off to a nickle....up or down.....the additional cost would be worth it to me .
Link Posted: 11/20/2012 2:37:16 AM EST
I just returned from 3 months in Dubai. The smallest coin I saw was a half dirham.

When I checked out from a store the amount was rounded to the nearest half dirham, up or down. It seemed to work OK. In the end, the law of averages would say it should be a wash in the final tally.
Link Posted: 11/20/2012 3:51:52 AM EST
There were smaller denominations than the penny.

It's sad but I agree that inflation has made pennies and nickels pointless.
Link Posted: 11/20/2012 3:54:09 AM EST
Originally Posted By Dr_Dickie:
I like nickels. The darn things last forever. I still find nickles from the 50s sometimes today.


Most coins "last forever". The reason you don't find old dimes and quarters is because people keep them for their silver content.
Link Posted: 11/20/2012 3:54:47 AM EST
What will we use for fuses?



(gotta be old to understand this)
Link Posted: 11/20/2012 3:58:33 AM EST
Originally Posted By scottedward58:

So can we ditch this worthless change and lighten my pocket?


I spend the change so its not weighing me down.
Link Posted: 11/20/2012 3:58:45 AM EST
Originally Posted By Merrell:
What will we use for fuses?



(gotta be old to understand this)


Or be Subnet.
Link Posted: 11/20/2012 3:59:04 AM EST
I'd prefer that the dollar returned to a relative value where cents had use.

The penny isnt the problem...inflation is.
Link Posted: 11/20/2012 4:03:59 AM EST
Originally Posted By macro:
I'd prefer that the dollar returned to a relative value where cents had use.

The penny isnt the problem...inflation is.


So, you are positing that deflation would be a good thing?
Link Posted: 11/20/2012 4:04:31 AM EST
Do they even still make pennies?

Surely they could stop minting them and pennies would still be around for decades to come. Same with nickels, perhaps. While we're at it, we should bring back the half-dollar and use the dollar coin more regularly.
Link Posted: 11/20/2012 4:09:49 AM EST
[Last Edit: 11/20/2012 4:10:13 AM EST by peekay]

Originally Posted By Bohr_Adam:
Originally Posted By macro:
I'd prefer that the dollar returned to a relative value where cents had use.

The penny isnt the problem...inflation is.


So, you are positing that deflation would be a good thing?

No, but neither is printing money to pay off 16T of debt.

Link Posted: 11/20/2012 4:10:56 AM EST
Originally Posted By Bohr_Adam:
Originally Posted By macro:
I'd prefer that the dollar returned to a relative value where cents had use.

The penny isnt the problem...inflation is.


So, you are positing that deflation would be a good thing?


For those with a substantial cash position in the market it would be a wonderful thing.
Link Posted: 11/20/2012 4:19:19 AM EST
Originally Posted By macro:

For those with a substantial cash position in the market it would be a wonderful thing.


And for everyone else?

Do you not assume that your investments would go through a devaluation?
Link Posted: 11/20/2012 4:22:05 AM EST
Originally Posted By Merrell:
What will we use for fuses?



(gotta be old to understand this)


I remember that...
Link Posted: 11/20/2012 4:33:20 AM EST
Getting rid of the penny just means that the nickel will become the next penny, and so on. This type of inflation is the reason why we've not done anything but talk about it for the last 20 years or more.
Link Posted: 11/20/2012 4:39:28 AM EST
It's been tried several times but keeps getting voted down due to some special interest groups objection.
Link Posted: 11/20/2012 4:42:32 AM EST
Originally Posted By tc556guy:
Originally Posted By macro:

For those with a substantial cash position in the market it would be a wonderful thing.


And for everyone else?

Do you not assume that your investments would go through a devaluation?


They absolutely would...it would destroy wealth throughout the market.
I'm not arguing for or against deflation, just defending the penny....the denomination isnt the problem, the environment around it is.

If society as a whole were genuinely wealthier now than in the past, one could make the argument for eliminating the minting of cents. That, however is not the case. I dont think of 1 cent as worthless...but i do recognize that i need a lot of them to buy things i want.
Link Posted: 11/20/2012 4:43:07 AM EST
Originally Posted By peekay:

Originally Posted By Bohr_Adam:
Originally Posted By macro:
I'd prefer that the dollar returned to a relative value where cents had use.

The penny isnt the problem...inflation is.


So, you are positing that deflation would be a good thing?

No, but neither is printing money to pay off 16T of debt.



Inflation is a necessary and critical component for a healthy, grwoing economy. People who insist currency should maintain a fixed value over time are part of the economically and mathematically impaired crowd.

This is a wholly separate issue from the fears and concerns of hyperinflation or unpredictable inflation.
Link Posted: 11/20/2012 4:45:39 AM EST
Originally Posted By macro:
Originally Posted By tc556guy:
Originally Posted By macro:

For those with a substantial cash position in the market it would be a wonderful thing.


And for everyone else?

Do you not assume that your investments would go through a devaluation?


They absolutely would...it would destroy wealth throughout the market.
I'm not arguing for or against deflation, just defending the penny....the denomination isnt the problem, the environment around it is.

If society as a whole were genuinely wealthier now than in the past, one could make the argument for eliminating the minting of cents. That, however is not the case. I dont think of 1 cent as worthless...but i do recognize that i need a lot of them to buy things i want.



A tenth of a cent has value also. Heck, we even price gas based on it. That doesn't mean that's a valid argument to mint a coin in that denomination.

Minting and circulating pennies is an economic burden, an albatross we keep around for the irrational reasons you see posted in this thread.
Link Posted: 11/20/2012 4:46:33 AM EST
NO!!! In a nutshell the reason is taxes would go up. My reason is it is one step further toward a completely digital currency which would be bad, very bad. Now we wait 4 months for this topic to come up again lol.
Link Posted: 11/20/2012 4:47:05 AM EST
I would agree with ditching the penny, but I enjoy hearing about people paying their taxes with truckloads of them.
Link Posted: 11/20/2012 4:49:37 AM EST
[Last Edit: 11/20/2012 4:52:41 AM EST by Stlrain0341]
Originally Posted By Bohr_Adam:
Originally Posted By macro:
Originally Posted By tc556guy:
Originally Posted By macro:

For those with a substantial cash position in the market it would be a wonderful thing.


And for everyone else?

Do you not assume that your investments would go through a devaluation?


They absolutely would...it would destroy wealth throughout the market.
I'm not arguing for or against deflation, just defending the penny....the denomination isnt the problem, the environment around it is.

If society as a whole were genuinely wealthier now than in the past, one could make the argument for eliminating the minting of cents. That, however is not the case. I dont think of 1 cent as worthless...but i do recognize that i need a lot of them to buy things i want.



A tenth of a cent has value also. Heck, we even price gas based on it. That doesn't mean that's a valid argument to mint a coin in that denomination.

Minting and circulating pennies is an economic burden, an albatross we keep around for the irrational reasons you see posted in this thread.


Indeed. Its also hilarious that the whole purpose of money is that it facilitates transactions (helping the economy) and yet pennies are so worthless that they actually impede transactions, not to mention the cost of minting the things.

We would be fine getting rid of everything under the quarter.

ETA: Get rid of one dollar bills too, and use one dollar coins instead.
Link Posted: 11/20/2012 4:50:23 AM EST
Gotta have pennies....to pay sales tax.
Link Posted: 11/20/2012 4:51:22 AM EST
You know it was time to drop it when the gas stations stopped giving a shit about the penny. And they still sell their product by the 10th of a cent.

Link Posted: 11/20/2012 4:51:44 AM EST
Originally Posted By Bohr_Adam:
Originally Posted By macro:
Originally Posted By tc556guy:
Originally Posted By macro:

For those with a substantial cash position in the market it would be a wonderful thing.


And for everyone else?

Do you not assume that your investments would go through a devaluation?


They absolutely would...it would destroy wealth throughout the market.
I'm not arguing for or against deflation, just defending the penny....the denomination isnt the problem, the environment around it is.

If society as a whole were genuinely wealthier now than in the past, one could make the argument for eliminating the minting of cents. That, however is not the case. I dont think of 1 cent as worthless...but i do recognize that i need a lot of them to buy things i want.



A tenth of a cent has value also. Heck, we even price gas based on it. That doesn't mean that's a valid argument to mint a coin in that denomination.

Minting and circulating pennies is an economic burden, an albatross we keep around for the irrational reasons you see posted in this thread.


From a purely economic view, if the cost of production and circulation outweighs the value of the coins minted, then i would agree that the coin itself is not viable. That said, i question the overhead in production costs. The bottom line....i dont really care if we keep pressing planchets or not...what i do care about is incrementalism.
Link Posted: 11/20/2012 4:53:04 AM EST
[Last Edit: 11/20/2012 4:54:55 AM EST by 4v50]
Originally Posted By Booze:
So the bastards can just round up on everything? Fuck no.


This. Fuggem.

ETA: The issue will resolve itself when items are priced in dollars. Quantitative Easing #3 Ad Infinitum - "To Space and Beyond!" Spaceman Ben of the Ber Nank.
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