Eliminate penny or no?

[banquo's_bumble_puppy]

Many people just throw them on the ground. Banks won't take large volumes of them and they charge you a service charge when they take small amounts. Is it time to get rid of the penny/cent in Canada and the USA, etc..?, (and I assume that other countries have similar small denominations.)

[gethen]

I voted yes because if they're eliminated, by the time my great grandchildren get born and grow up, that big jar of pennies in my closet should be worth enough to send them to college. :wink:

[Normandy6644]

The only problem is, how to make change? Unless of course the point is that no one would want between 1 and 4 pennies anyway, so just forget about them? Hmm, I'm not sure. I like saving them because you can roll up a significant number of them and get a few bucks from the bank. It is a lot of trouble though... :wink:

[SciFi Chick]

I voted no. If you get rid of the penny, then how will you charge $19.99 for all those wonderful products on TV?

And how about gasoline? Instead of creeping up from $1.75 to $1.76, it would go immediately to $1.80. Not only that, do you really think if something is rung up, the stores will ever round down?

:wink:

[Brady Yoon]

No. Tax would be a big problem, then.

[Ut]

A penny saved is a penny earned. If someone wants to throw them away, I'm more than happy to take them.

[ToSeek]

I vote yes. I get sick of accumulating pennies in my wallet. Then I make a conscientious effort to get rid of them, but when I do of course the very next time I buy anything it's like $20.01. Take them away!

[R.A.F.]

I voted no. I think that if they're going to put Reagan's face on our money, it should be on the lowest denomination...and then we could give Lincoln a "raise".

[banquo's_bumble_puppy]

never expected the 'no's' to overtake the 'yes's'...

[Mars]

When I stationed overseas in Germany some 8 years back we didn't have pennies on the base, they rounded up if it was 3 cents or more and down if it we 2 or less. It worked both ways, in the end you break even.

[aurora]

And how about gasoline? Instead of creeping up from $1.75 to $1.76, it would go immediately to $1.80. Not only that, do you really think if something is rung up, the stores will ever round down?

:wink:

But gas wouldn't be $1.76, it would be $1.769.

:P

[SeanF]

And how about gasoline? Instead of creeping up from $1.75 to $1.76, it would go immediately to $1.80. Not only that, do you really think if something is rung up, the stores will ever round down?

:wink:

But gas wouldn't be $1.76, it would be $1.769.

:P

Gas is actually a good example of how it could work. Gas is charged down to the tenth-of-a-cent per gallon, but we don't carry coins that small - the final price just gets rounded.

On the other hand, it should be pointed out that eliminating the penny won't get rid of the smallest denomination - the smallest denomination will just become the nickel. Then we'll have to start talking about eliminating those.

How about we eliminate the penny and always round down - but only if you're paying cash! If you're writing a check or paying by credit card, you might as well pay the cents, eh? That's right, let's reward people for using cash!

[CTM VT 2K]

When I stationed overseas in Germany some 8 years back we didn't have pennies on the base, they rounded up if it was 3 cents or more and down if it we 2 or less. It worked both ways, in the end you break even.

Its still like that now. A long, LONG time ago they tried to keep pennies in circulation for U.S. Forces, Europe. It didn't work: They kept having to ship more and more in, because the loose pennies kept winding up in penny-jars, and then back to the States.

Interesting thing, I've noticed most Americans don't do much with loose change. They'll throw it in their pocket, and at the end of the day toss it in a jar or similar. This of course is viable because the $1 is widely available as paper. The Euro (and earlier the DM) are only available in paper down to the €5, with €1 and €2 as coins. An American here breaks a €20 or a €5, and looses track of the change. Locals, on the other hand, are very quick with the coin combinations. I think some of this comes from the wide availablity of dual bill-fold/coin purse wallets, vs. the American standard of bill-fold only.

Just my $0.02 or €0.02

[StarStuff]

I don't know... I kind of like the idea of a lucky penny. :P Though if we eliminated pennies, maybe we'd just find more lucky nickels lying in the street instead. :wink:

I vote yes. I get sick of accumulating pennies in my wallet. Then I make a conscientious effort to get rid of them, but when I do of course the very next time I buy anything it's like $20.01. Take them away!

Okay, this I do identify with; I often have the same problem. And it'll usually be some amount like $15.01 when all I have is a $20 bill, and then my almost $5.00 gets reduced to a handful of change.

[TriangleMan]

I don't even want to think about how foreign exchange transactions would work without the penny. Blah!

[Ut]

I don't know... I kind of like the idea of a lucky penny. :P Though if we eliminated pennies, maybe we'd just find more lucky nickels lying in the street instead. :wink:

I vote yes. I get sick of accumulating pennies in my wallet. Then I make a conscientious effort to get rid of them, but when I do of course the very next time I buy anything it's like $20.01. Take them away!

Okay, this I do identify with; I often have the same problem. And it'll usually be some amount like $15.01 when all I have is a $20 bill, and then my almost $5.00 gets reduced to a handful of change.

Don't blame the penny. Blame the bozo that priced his merchendise in such a manner that it can come to $X+$0.01. Or the tax man, for that matter.

[Parrothead]

If they get rid of the penny, are they going to introduce a $5 coin. :wink:

[xbck1]

Sure, get rid of the penny. Just make sure to price everything so that when you add sales tax you come out with nice dollar amounts like $5.50 or $2.25 instead of $6.23 and $2.08.

[gethen]

After further consideration, I think eliminating the penny could get really messy. This state has a 6% sales tax, so it would take some figuring to price items in such a way that no pennies are needed when paying cash. Except for food items which do not require sales tax. So your item would be priced differently, depending on which state you're in, wouldn't it? Or am I just getting really confused?

[jami cat]

After further consideration, I think eliminating the penny could get really messy. This state has a 6% sales tax, so it would take some figuring to price items in such a way that no pennies are needed when paying cash. Except for food items which do not require sales tax. So your item would be priced differently, depending on which state you're in, wouldn't it? Or am I just getting really confused?

I say yes

In the end, all calcualtions come down to the last nickel: anything under a nickel is rounded from .025=less from .026=more. Now all we have to do is adjust our pricing schemes to include another decimal point, like gas stations do. (Of course it's always $0.00.9 :x ).

Now a loaf of bread can be $1.09.9 instead of $1.09.(All those .9=$)

Just the last few cents is reduced to the nearest nickel.

I don't think many americans know what tenths of a dollar is anymore. 8-[

Oh yea forgot, Supermarkets are doing it. When you look at the price of products, they write the price per pound/ounce as 0.00.00 depends on what it is. (Usually like $0.39.8c per ounce, or close to it)

Hmm, maybe they shoud bring back the half cent?
I think we're getting ripped off

[xbck1]

Well, the government could adjust sales tax so stuff would cost the same everywhere in the country... Not that they would, of course.

[NASA Fan]

Well, the government could adjust sales tax so stuff would cost the same everywhere in the country... Not that they would, of course.

Depending on what you are buying, there is a state tax, and sometimes even a local tax that you are paying, and the federal goverment has little (if anything) to do with that.

Denmark did away with the equivialant of the penny in either the 60's or early 70's, everything would cost something ending in a 5 or a 0. Then in the late 80's or early 90's Denmark did away with the equvilant of the dime and the nickel. They still kept things ending in 5 or 0, once the total is figured out then then final price is rounded up or down to the nearest 0.25. It seems to work for them, but that is also because of the relative worth of the Danish Krone.

[Jpax2003]

I don't think we'll get rid of the penny in the near future. Not when the Speaker of the US House of Representatives is from the Land of Lincoln (Illinois). Yeah, it was mentioned on The West Wing, but I coulda told you myself.

[paulie jay]

In Australia we haven't had 1 or 2 cent pieces for many years now. It's been no big deal, shops still put whatever price they want on goods, and when the total comes $324.38 (for example) gets rounded up to $324.40, where $324.37 would get rounded down to $324.35. Credit card purchases are for the exact amount as it's done electronically.

We are also thinking of scrapping the 5 cent piece too. Many bus companies and road toll collectors won't accept them anyway.

On the other hand we got rid of $1 and $2 notes a long time ago too and have replaced them with coins.

[Candy]

I want to say eliminate all monies, in the form of paper or coin exchange for goods as we know it today. From a great movie, the Graduate, plastic is our future.

Edit to add additional thoughts, and yes I know from the movie, plastic was meant in an entirely different way. 8-[

[mid]

So, for every item in the supermarket currently priced at 99p, you're happy to legislate an extra 1% inflation? Doesn't strike me a particularly good idea.

[xbck1]

I want to say eliminate all monies, in the form of paper or coin exchange for goods as we know it today. From a great movie, the Graduate, plastic is our future.

I just have one word for that: Yuck!

I don't want to need a credit card just so that I can buy something out of a vending machine (I do that a lot when school's in), I don't want to have to stick a credit card in a slot every time I want to ride the bus, I don't want to use a credit card because something at a thrift store costs $0.25 (books being a prime example), and I certainly don't want to hassle with all the annoyances that come with credit cards, i.e., interest rates and whatnot. If it's a choice for me between pennies and credit cards, I'll take pennies any day.

[SciFi Chick]

I don't want to need a credit card just so that I can buy something out of a vending machine (I do that a lot when school's in), I don't want to have to stick a credit card in a slot every time I want to ride the bus, I don't want to use a credit card because something at a thrift store costs $0.25 (books being a prime example), and I certainly don't want to hassle with all the annoyances that come with credit cards, i.e., interest rates and whatnot. If it's a choice for me between pennies and credit cards, I'll take pennies any day.

But the cards get more convenient as you go. For example, at my university, you can connect your checking account to your ID, and then when you go up to vending machines, you can use your card, and it costs less than it would with cash. You also get a discount for using your card at the parking garages, and you don't have to pay sales tax on food from the cafeteria if you use PLUS dollars attached to your card. Very convenient.

[SeanF]

I don't want to need a credit card just so that I can buy something out of a vending machine (I do that a lot when school's in), I don't want to have to stick a credit card in a slot every time I want to ride the bus, I don't want to use a credit card because something at a thrift store costs $0.25 (books being a prime example), and I certainly don't want to hassle with all the annoyances that come with credit cards, i.e., interest rates and whatnot. If it's a choice for me between pennies and credit cards, I'll take pennies any day.

But the cards get more convenient as you go. For example, at my university, you can connect your checking account to your ID, and then when you go up to vending machines, you can use your card, and it costs less than it would with cash. You also get a discount for using your card at the parking garages, and you don't have to pay sales tax on food from the cafeteria if you use PLUS dollars attached to your card. Very convenient.

Plus it creates a nice little electronic "paper trail" attaching you to every single thing you buy.

Not that I'm paranoid or anything . . .

[SciFi Chick]

Plus it creates a nice little electronic "paper trail" attaching you to every single thing you buy.

Not that I'm paranoid or anything . . .

Call me a cynic, but I figure I'm so on the grid, there's nothing I can do anyway. As long as it doesn't suddenly become illegal to be who I am, it's not a problem anyway. 8)