money, pennies Options

[smile4me]

do you think the penny should be discontinued indefinitely?
(if they are no longer used.
their values still hold.
ppl get their money back.
rounding occurs.)

pennies should be dicontinued because...
rolls of 50 pennies cost 60 cents.
slow checkout lines (due to pennies) = lost productivity
US Mint has to create more pennies because ppl either throw them in the streets or keep them in jars at home (apparently, the Mint has some way of keeping track of the amount of pennies in circulation)
US Mint spends .81 cents on minting a penny. Pennies are only a little bit more than that, so US Mint spends more money on pennies than other coins.
Pennies are a hassle
Cant be used in vending machines or public transportation
People face ridicule when they take out a bag of pennies to pay for something

pennies should be continued because...
they are part of tradition
rounding would increase price and consumers would have to suffer the blow
charities rely on pennies for donations
zinc and copper makers will suffer (pennies are made of zinc and copper)

what do you think?

[fameONE]

Its interesting that you brought that up ebcause I find myself disregarding pennies and tossing them to the side. I don't treat pennies like money at all.

It might be cool to play God and experiment with American society by getting rid of them so people can pointlessly cause a fuss over money that they don't even use.

Still, that would me mean that nothing can be 2.88 at Wal Mart. It woulf have to be 2.90. Rising prices?! OH NOES!

[miss barnes]

they should stay because since i dont really use them..they are just laying around my house so when i have no cash...they really do help out

[jue]

thats a really intresting topic to bring up. and i tink yes htey should stay because without them things will be different in many ways. Pennies might be like nothing to many people but to others pennies can be everything there is. Just one penny here in NY can buy a tootsie roll. How will people give change to someone? if it was a 6cent change?

[aera]

they should be continued. some peopledont have anything but pennies. and i dont ridicule people who take out a bag a pennies. i'll just be like 0o.

[*kryogenix*]

My friend tried paying for Mario Party 64 in quarters, and got kicked out of Target for refusing to pay in cash.

Imagine if he tried paying in pennies.

[*CrackedRearView*]

Well for over 200 years the penny has been a successful institution.

Why discontinue it now?

[ItzOnlySydney]

don't discontinue it! because what if you

buy something for $8.94

and you hand the cashier a 10 dollar bill

if he doesn't have any pennies how can he give you your $1.06 back?


hm? hm? hm????

[*mzkandi*]

People face ridicule when they take out a bag of pennies to pay for something
[

I could care less about that even though it is annoying when you have been waiting in a long line and then the person in front of you takes out a bunch of pennies to count.

I actually find pennies useful when I go over a little bit on gas. And there is this store near my school that has this one cent bubble gum machine.

[*CrackedRearView*]

don't discontinue it!  because what if you

buy something for $8.94

and you hand the cashier a 10 dollar bill

if he doesn't have any pennies how can he give you your $1.06 back?
hm? hm? hm????

Well, if pennies were discontinued, a price of $8.94 would be impossible to achieve. That would take some serious skill .

[*kryogenix*]

Well, if pennies were discontinued, a price of $8.94 would be impossible to achieve.  That would take some serious skill  .

No it wouldn't.

$1 item + 6% tax = $1.06

$10- $1.06=$8.94

[*CrackedRearView*]

Eliminating pennies would logically make a sales tax of anything other than a multiple of five unacceptable.

Unless our Treasury is that stupid.

[Tung]

no. because there are some poor people out there. and one penny means alot to them.aahahhaha. and if they can find like alot. they can get at least a drink with it. ahaha. maybe if they find 50 pennies.. ahahah

[smile4me]

don't discontinue it!  because what if you

buy something for $8.94

and you hand the cashier a 10 dollar bill

if he doesn't have any pennies how can he give you your $1.06 back?
hm? hm? hm????

erm..

rounding occurs.)

[demolished]

Well i have such a great idea, why not make a law that if you donate your stack of pennies, you get twice as much. Of course, people will start saving it and cash it out.

[Spirited Away]

Wouldn't rounding hurt seller and buyer, depending on the price?

Lets say I sell pencils for $0.52 each, and to make things simple, no tax is involved. The purchase price would probably be rounded to $0.50/pencil. $0.02 cents doesn't sound much if I sell one pencil. But if I sell 5023 pencils to 5023 people, instead of getting $2611.96 as revenue, I would only get $2511.50. I would lose $100.46.

Now if I'm the buyer, I would benefit from the above example. However, what if the price is $0.53? I'd have to pay $0.55 for something that cost $0.02 less?

Rounding isn't the best thing to do with money.

[*CrackedRearView*]

Which is why if this was implemented, prices would have to be adjusted which would mean the market is adjusted, therefore, you wouldn't be hurt too bad.

As well, a sales tax on an item would have to be a multiple of 5.

[esharp]

I think pennies should stay because even though they have such a miniscule value, they actually DO add up if saved. I have a jar that I keep in my room where I'll save all kinds of coins. When it comes time to cash in, the pennies are what give me those few extra dollars. It would also because the government could round prices like you said. Our economy cannot afford that kind of action.

[waitwaitwait]

"US Mint has to create more pennies because ppl either throw them in the streets or keep them in jars at home"

Hmm... never thought about that. Interesting.

[b0st0ngrl]

They should stay..a radio station near me once did a penny fundraiser thing and the school who raised the most could have a band come visit them and the radio station raised about $3,000 (?).

And ralso if we got ride of pennies, infomercials couldn't sell anything for "only $19.99!!!!"

[Paradox of Life]

I actually don't ever hear about this as a complaint. People just find pennies annoying, but they shouldn't be discontinued completely. Like Brandon said, if something was like 5.98, you'd have to round it up to 6 dollars. And the trick that people use to make prices look cheaper (5.99) would have to be discontinued. There are so many pennies already made; why not just keep them? This isn't a big problem so it's more a hassle to get rid of pennies than to keep them.

Also, we'd have to be wasting 5 whole cents if we wanted to make a wish at a wishing well. And even though you might want to make more generous donations in those little swirly things, I just put in pennies and watch em' go down.

Brandon, you always make a lot of good points. This might sound weird, but lots of people respect you (like myself).

[*xcaitlinx*]

umm of course they should be continued. even though you may not use them, you need to have something to represent 1 cent. unless you dont mind not getting your exact change back when you hand someone a $20 and it only costs $12.53 ...

[*mipadi*]

No it wouldn't.

$1 item + 6% tax = $1.06

$10- $1.06=$8.94

The 6% tax on an $8.94 does not make the price add up to $10.00; the price would be $9.48.

Plus, not all states have 6%. Most are at least 7%, and 8.25% is a common tax.

[*kryogenix*]

The 6% tax on an $8.94 does not make the price add up to $10.00; the price would be $9.48.

Plus, not all states have 6%. Most are at least 7%, and 8.25% is a common tax.

you read it wrong. I said a 6% tax on a $1.00 item. If you hand a ten dollar bill, then you need $8.94 in change.

[lAzN YiN YanGl]

They should just round numbers to the nearth .05 or .1 because it is a lot easier then having 50 million pennies in your back pocket (like mee)