Pennies

I say just get rid of pennies. No one uses the damn thing and if they do it's just inconvenient. No one uses nickels either.

Then again it would be kinda hard to pay for something that's like $14.51
 
One of the videos deals with that. They're saying that getting rid of pennies would cost consumers an extra $600 billion a year in price roundups.
 
JSutter said:
One of the videos deals with that. They're saying that getting rid of pennies would cost consumers an extra $600 billion a year in price roundups.
Click to expand...

Exactly. I don't particularly care for pennies, but I don't want all the price increases either . . . .
 
They don't have pennies or nickels in New Zealand, where I live now. The smallest coins are dimes. Prices get rounded up or down if you pay cash, but if you pay by credit card or electronic funds transfer, then the exact numbers are used.

The system works very well. I say dump the penny and the nickel, especially since they cost more to make than they're worth.
 
Why not do a price round down instead?

That would be up to each individual store. Rounding prices down would cost retailers billions and rounding them up would put extra profit in their pocket. What do you think they'll choose?
 
They don't need to dump the penny and nickel. They just need to stop making more of them. With so many people using plastic, I think what's in circulation now is just fine.
 
Well if money were actually backed by commodities then coins made of copper, silver and gold would make sense.

Since our money is backed by nothing (well faith if you believe that) I guess it doesn't matter if they get rid of it all together and force everyone to use plastic.

Which is what they want I'm sure.
 
JSutter said:
Why not do a price round down instead?

That would be up to each individual store. Rounding prices down would cost retailers billions and rounding them up would put extra profit in their pocket. What do you think they'll choose?
Click to expand...

In NZ, it's not up to each individual store. The standard is that everyone uses something called Swedish Rounding:

http://en.wikipedia.org/wiki/Swedish_rounding

It's basically rounding up or down as you would expect, with a "coin flip" for sales ending in 0.05. Although rounding up is allowed that way, most stores actually just round down.

NZ also recently replaced all of their old coins with a new set that excluded the nickel (the penny was eliminated in 1990 or so). I think it would be great to see the US follow their lead. The new coins would be: dimes, twenty cents, halves, one dollar, two dollars. The twenty cent coins help address potential ambiguities with rounding.
 
Uhhhh. nickels are the only coins currently being made that have a melt value equal or greater than face value. the old copper pennies' melt value is twice face. Smart people realize these as a great value and save them or actively convert there FRN's into these. Why do you think the mint has issued a ban on melting or exporting only pennies and nickels.

Sure I might disparage them to the public but I hope to save as many as possible before everyone else gets on board. So go ahead and hate on them, while I collect them. Very soon the mint will put a stop to this. Get them while you can. They already changed the penny and will soon change the nickel.

Yeah pennies and nickels SUCK (the government says).:rolleyes: down with the penny and nickel. don't make them for us any more! WE don't want them.;)

sarcasm mode off.

seriously folks get to hoarding. uhhh, no don't as that will mean more for me!

Oh yeah, you will have to hold onto them until the melt ban is lifted, but that time wiil come eventually. You just have to be patient.

and its a can't lose proposition. They will not likely ever be worth less than 0.01 or 0.05.
 
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A way to greatly lessen the $600 billion in markups would be to leave the prices as they are but round each transaction to the nearest nickel. That way if you go to the store and buy 99 items that cost 96 cents each it costs you $95.05 [$94.04 transaction total rounded to nearest nickel] or 1 cent more for the transaction instead of $99.00 [96 cent item price rounded to nearest nickel x 100] which is $4.96 more.
 
lol Pappy, I must be one of the smart people. I bought me a Ryedale coin sorter and am saving 95% copper pennies in 5 gallon buckets.
 
WilliamC said:
Well if money were actually backed by commodities then coins made of copper, silver and gold would make sense.

Since our money is backed by nothing (well faith if you believe that) I guess it doesn't matter if they get rid of it all together and force everyone to use plastic.

Which is what they want I'm sure.
Click to expand...

Physical coins and bills are usually printed or made to replace the old worn out ones. The dollar is backed by something it's just no backed by anything physical. It's backed by the market. As demand of the dollar increases the value increases.

Well they were thinking about using stainless steel which is cheaper. But then again who uses pennies? it's like the $500 and $1000 bills, they were discontinued since rarely anyone used them.

If you guys ever think about melting pennies you're gonna be getting more zinc than you are copper.
 
I think the rising price of nickel bullion will prohibit us seeing any stainless steel coins. if anything we'll probably get plastic coins with some bs hologram or something.
 
If you guys ever think about melting pennies you're gonna be getting more zinc than you are copper.

If you get the 82 and newer pennies yes. If you get the 1959-1981 pennies they're 95% copper. That's pretty pure.
 
Tom228 said:
P
Well they were thinking about using stainless steel which is cheaper. But then again who uses pennies? it's like the $500 and $1000 bills, they were discontinued since rarely anyone used them.
Click to expand...

Actually, those bills were discontinued as part of the War on Drugs. They didn't want it to be too easy for people to exchange large sums of money.
 
Get rid of pennies, then you have to pay with your credit card. A slippery slope that ends up with a cashless society.
 
pacelli said:
Get rid of pennies, then you have to pay with your credit card. A slippery slope that ends up with a cashless society.
Click to expand...

How often do you use pennies anyway? I bet you're that asshole who pays in pennies aren't you?
 
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