Pennylimination

Bye Bye Penny?

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Spinor

Spinor

<i><font color="b1373f">The Lonely Physicist</font
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    • Seen Feb 13, 2019
    One interesting thing I've heard about is some ruckus about having the penny eliminated. Doesn't take much research to show why.

    Short answer why: That piece of copper is worthless.

    Let's see, it takes a bit more than an actually penny to create a penny in what it's worth today. In fact, that damn piece of metal is probably the reason the government's so... the government.

    The penny is no longer practical. It needs to be rid of. And for the people that only want to keep to honor Lincoln, go to a damn bank and buy that new dollar coin that's started circulating for a while.

    This reminds of a time not to long ago when Mexico decided to accept the worthlessness of their 20 cent and 50 cent coins. Keep in mind that economy has video game prices in the upper $500 pesos range.
     
    How would you get change for something that costs £9.99? Seriously, why bother going through the process of collecting and getting rid of the billions. No. Trillions of pennies in circulation.
     
    Rich Boy Rob said:
    How would you get change for something that costs £9.99? Seriously, why bother going through the process of collecting and getting rid of the billions. No. Trillions of pennies in circulation.
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    Most stuff that is usually marked that has any were from 7-11 cents sales tax. Or something in that range. Regardless I don't see the need for elimination of pennies. If anything they need to eliminate 2 dollar bills, almost no one uses them. A lot of times I have been in the case were I need pennies as does many others so I don't see this happening. As Rich Boy Rob said why would they go through the trouble for it.
     
    Honestly, there's no reason to be rid of the penny. The penny is the foundation of our economy, and while there is nothing you can honestly buy with a penny anymore, it's still a necessary component of our monetary system.

    If you look at prices, you see that most any price is almost never any one denomination of currency when there's change. You can't walk into a store and see something that straight up costs $5, tax included. You just don't. It's too rare. It only happens when the seller doesn't have change. :<

    Pennies allow for full precision pricing. Sure they're annoying, but just dump 'em into a can at the end of the day, they add up eventually ya know. You don't have to drag around a pocket full of change if you don't want to. XD
     
    Australia got rid of its 1 and 2 cent coins a while back (like I'm pretty sure it was around the time I was born, maybe a few years after or before). Nobody really notices much now. Prices are still X.99, but people just pay X+1 for whatever they're buying. The 1 cent doesn't really matter that much.

    Pennies are 1c coins in America, right?
     
    ^ Yes, pennies are the 1 cent coins in the U.S. (and other countries, like Canada and the U.K.)

    I do remember hearing that Canada was thinking of eliminating the penny about 3 years ago, but nothing really ever came of it. The most interesting fact that I heard when they were proposing this was that roughly 30% of all pennies in circulation were unaccounted for (people hoarding jars of pennies, loose change lost virtually everywhere, etc.).

    I think it would be too much of a hassle to completely get rid of the penny right away (especially in a country such as large as America), but rather the penny should stop being minted in large quantities each year, and phased out down the road.
    I also liked a proposed idea where there was to be a set date (ex: January 1, 2013) where the penny would go out of circulation, and people that were saving large amounts would have until then to turn them in to the banks. Then the final prices after tax would just be rounded up to the nearest 0 or 5.

    On a side note, I just looked at the article that was linked above about the US penny, and I never even realized that they changed the design so recently. Once and a while you get American pennies in Canada, but the only ones I've ever seen have the Lincoln Memorial on them (and I might have one of the "wheat pennies," as it seems to look familiar). I was just wondering how commonplace these new pennies are, or if the majority are still the ones with the Lincoln Memorial.
     
    Eliminator Jr. said:
    Australia got rid of its 1 and 2 cent coins a while back (like I'm pretty sure it was around the time I was born, maybe a few years after or before). Nobody really notices much now. Prices are still X.99, but people just pay X+1 for whatever they're buying. The 1 cent doesn't really matter that much.

    Pennies are 1c coins in America, right?
    Click to expand...

    I have a big problem with paying one cent more if pennies cease to exist. It should be illegal to price anything that requires pennies. Australia should do the same really...even if the penny is worthless in value, they DO add up eventually. There's a reason for them.

    Brendino said:
    ^ Yes, pennies are the 1 cent coins in the U.S. (and other countries, like Canada and the U.K.)

    I do remember hearing that Canada was thinking of eliminating the penny about 3 years ago, but nothing really ever came of it. The most interesting fact that I heard when they were proposing this was that roughly 30% of all pennies in circulation were unaccounted for (people hoarding jars of pennies, loose change lost virtually everywhere, etc.).

    I think it would be too much of a hassle to completely get rid of the penny right away (especially in a country such as large as America), but rather the penny should stop being minted in large quantities each year, and phased out down the road.
    I also liked a proposed idea where there was to be a set date (ex: January 1, 2013) where the penny would go out of circulation, and people that were saving large amounts would have until then to turn them in to the banks. Then the final prices after tax would just be rounded up to the nearest 0 or 5.

    On a side note, I just looked at the article that was linked above about the US penny, and I never even realized that they changed the design so recently. Once and a while you get American pennies in Canada, but the only ones I've ever seen have the Lincoln Memorial on them (and I might have one of the "wheat pennies," as it seems to look familiar). I was just wondering how commonplace these new pennies are, or if the majority are still the ones with the Lincoln Memorial.
    Click to expand...

    I'm certainly against the elimination of the penny because that's pointless. Eliminating the penny won't get us out of debt...it won't reduce our deficit, it will just make the economy that much more finicky and difficult to manage without the exact precision of two decimal places on a dollar.
     
    I think it is only a matter of time before it is no longer is use. With prices increasing and things becoming more expensive there will be no need for it.

    That is just my opinion.
     
    Captain Fabio said:
    I think it is only a matter of time before it is no longer is use. With prices increasing and things becoming more expensive there will be no need for it.

    That is just my opinion.
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    Prices are increasing because the dollar is being debased as currency, a process which cannot last forever. America, like all other nations, will need to readopt sound money at the very least, which will see the utility of the 1c coin increase again.
     
    Without the penny and with our ale tax system, stores are either going to have to get creative with their prices so that everything with tax costs some multiple of five cents, or (and more likely) round either up or down. It's too much hassle IMO and we should just keep pennies around.

    And maybe pennies wouldn't be so "useless" if vending machine manufacturers built their machines so they actually accepted pennies:/
     
    INNORITE? It's pathetic that you can't dump 'em into a vending machine...it's not hard to put a large penny bin into the machines considering their size, and it'd allow them to price the drinks a little more fairly anyhow, instead of outrageously high in order to be certain they cover all tax bases. :<
     
    But we just re-designed the penny and it's lighter in weight, and I don't see the point in getting rid of something that they just re-did. Plus, with weird taxes sometime the penny can save you from getting like 98 ents back or something like that. They'd have to change the taxes so it was divisible by 5 :/ seems like a bigger hastle then just dealing with the one cent.

    and it brings us luck :D
     
    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.

    Fun fact: Japanese 1 yen coins ("yennies") are made of aluminum and are physically worth less than 1 yen in materials.
     
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