Pennylimination

Bye Bye Penny?

  • Total voters
    21
Scarf said:
I don't see a problem with getting rid of pennies. With any kind of cash transaction you could simply round to the nearest 5 cents without any trouble and with anything that's done electronically there would be no need to change anything. I use cash for most of my spending and I would have no problem with this change even if I lost a couple of cents here and there. It's not like the thing you buy at $1.99 is actually and absolutely worth $1.99 anyway.
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Problem is that such change adds up over time, depending on how much cash you handle. I probably have $20 amassed worth of pennies that I didn't end up using at another time from the last two years of cash transactions alone. That's a substantial amount of money over time for someone with as low an income as me, especially if most of my debit card transactions were actually cash transactions.



Honestly, I think it's just time to change the material they're made of so that it's less dependent on copper.
 
Maybe eliminating the penny would influence businesses to stop saying things are $X.99. I've always thought that was obnoxious. >_>

Also, it would save me a lot of hassle since my wallet doesn't actually have a coin pocket, and it would be convenient to have less coins falling onto the ground when I pay my bus fare, causing me to go onto my knees to pick them up quickly before the old lady behind me gets impatient.

Yup, absolutely no downsides... except maybe there will be less lucky pennies on the sidewalk for me to pick up.
 
I've been thinking what if they take all the pennies in the Nation and recycle them into 2 cent coins, it would save money on the metal and you will get back 2 cent coins instead of 1 cent coins...thought it would be difficult to get all them...also I like the penny despite it's worth...
 
I think they should get rid of the penny...they are just useless. I live in Canada, but I think they should get rid of them here too. Both the US and Canada don't need them! XD
 
Magmaruby and Aquasapphire said:
I've been thinking what if they take all the pennies in the Nation and recycle them into 2 cent coins, it would save money on the metal and you will get back 2 cent coins instead of 1 cent coins...thought it would be difficult to get all them...also I like the penny despite it's worth...
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...do you know how utterly horrible that would be? Same problem, but worse, when your purchase comes out to an odd number.
 
No way. Even pennies are important. Way to kill any interest rate earned through the bank! ._. Heck I collected pennies in one year of highschool and made $26 just with them! >_> Anyone who says they're worthless better doublecheck their words.. because every little amount matters! I know I could buy a bunch of stuff with $26.
 
Shanghai Alice said:
...do you know how utterly horrible that would be? Same problem, but worse, when your purchase comes out to an odd number.
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Well maybe they can the prices...or maybe make the Penny worth 3 cents instead of the 2 I suggested earlier.
Also there are some nations without a Penny like coin and they do alright though I would prefer to keep the penny how it is...maybe they can replace copper for a less expensive metal...
 
Magmaruby and Aquasapphire said:

Well maybe they can the prices...or maybe make the Penny worth 3 cents instead of the 2 I suggested earlier.
Also there are some nations without a Penny like coin and they do alright though I would prefer to keep the penny how it is...maybe they can replace copper for a less expensive metal...
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Copper is one of the most plentiful and cheap metals, so they really can't cut costs that way.

And my grandfather regularly brings pennies he gets to the bank and has at least on one occasion brought back $50 from it - so pennies are far from worthless. There's really no reason to take pennies out of circulation, they're a fundamental part of the currency in countries that use them.
 
Well, it's not as though you can just get RID of the penny entirely, that would require getting them back from every business that has them and doing something with all that metal that we've paid to have minted. But you could stop circulating them. It's just like what they did with the 1/2 cent and the two dollar bill, there still out there, and technically you can still pay for a purchase with a two dollar bill or two 1/2 cents (Though you'd have to be an idiot to do that ._.)

The best thing to do would be to implement the Swedish system. (Sweden being the only country the doesn't have a single cent piece in circulation, except for countries that have adopted their system.) They still have values of purchases you can't reach with a 0.05 piece, but they round it. anything ending in a 1 or 2 round down to the nearest tens, anything ending in 3 or 4 round up to 5, anything ending in 6 or 7 round down to 5, and anything ending in 8 or 9 round up to the nearest tens. But it doesn't change the price, just how much you pay. So if an item is 9.98$ in Sweden, you have to pay 10$. The extra two cents you paid go to the business. But on the opposite side, sometimes you'll end up paying less. if something's priced at 3.42$, you pay 3.30$ and get two cents free.

The idea behind this system is that some things give you a couple cents and something take and extra couple cents, and it balances out that way. But it wouldn't work in America because we have the free market, and therefore company's can charge what they want. (That's the reason we have things like Wal-Mart charging 9.98, because it looks cheaper the 10.00$) I garuntee if we get rid of the penny, people will be loosing all kinds of money to the system because no business in their right mind would be ok with giving people money. So really, there'd be no good way to get rid of the penny, unless we go to mandated prices. Like the communists. ._.
 
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