Do away with the penny?

Official TSP Center polls.

Moderator: Aitrus

Should the U.S. do away with the penny?

Yes
64
75%
No
21
25%
 
Total votes: 85

User avatar
Jahbulon
Posts: 3901
Joined: Wed Nov 17, 2010 1:22 pm

Do away with the penny?

Post by Jahbulon »

Should the U.S. do away with the penny?

Yes
No

houston
Posts: 129
Joined: Fri Jul 29, 2011 2:32 pm

Re: Do away with the penny?

Post by houston »

Yep.... Don't think I have even used a penny in 5+ years....


User avatar
inthecloud
Posts: 213
Joined: Mon Dec 13, 2010 9:48 pm

Re: Do away with the penny?

Post by inthecloud »

All sales would be in denominations of $.05 then? What happens to the price of gas with the 9/10ths of a cent? How would sales tax work? Round up to the nearest $.05?
Brian

User avatar
Pocono13
Posts: 541
Joined: Mon Dec 22, 2008 4:40 pm

Re: Do away with the penny?

Post by Pocono13 »

Keep the penny. If things get really bad, I can collect pennies and sell them at the junk yard for a profit as long as cooper stays high. :lol:

houston
Posts: 129
Joined: Fri Jul 29, 2011 2:32 pm

Re: Do away with the penny?

Post by houston »

I know on base here they do the round up thing. So if its 9.98 we pay 10 and if its like 9.02 or something we just pay 9... Maked the world go round...

jdeacon
Posts: 136
Joined: Fri Mar 05, 2010 4:38 pm

Re: Do away with the penny?

Post by jdeacon »

No one has mentioned that it costs the federal government more to make a penny than it is worth. This is just another waste of our tax dollars/"cents".

mchoquette
Posts: 1
Joined: Sun May 20, 2012 12:38 am

Re: Do away with the penny?

Post by mchoquette »

The us spends more money manufacturing pennies than the actual value of the pennies produce. Remove the pennies completely, and do a money re-issue/replacement to try and remove old bills. After a certain period in time make the previous versions invalid, this will help reduce the loss of cash going abroad long term and restore some value due to fake cash being issued world wide. (specifically looking at north korea and china for the counterfeit production)

fishbone
Posts: 115
Joined: Wed Oct 21, 2009 11:19 am

Re: Do away with the penny?

Post by fishbone »

The US put 4.9Billion pennies into circulation in 2011 at a cost of 2.41 cents each... that means that they spent roughly 118M to make them. That meager amount of money saved on a national level isn't even worth discussing. Not to mention unforeseen consequences of not being able to spend the most basic increment of our monetary system. Gas that was 4.11 will now be 4.15... I don't even know how you could charge sales tax. There would be a lot of rounding and who pockets that extra cash?

TSPKip
Posts: 1225
Joined: Mon Sep 27, 2010 7:34 am

Re: Do away with the penny?

Post by TSPKip »

Fishbone: do you think the penny manufacturing helped raise the copper commodity market? This is one way to make the US currency more valuable. :)
Seek Wisdom where it can be found.

jdeacon
Posts: 136
Joined: Fri Mar 05, 2010 4:38 pm

Re: Do away with the penny?

Post by jdeacon »

Fishbone:

Inflation was probably not considered with the introduction of our monetary system. Historically the most basic increment of our monetary system was the half penny, established in 1792 and discontinued in 1857. We seem to have weathered the half penny demise quite well.

The IRS permits us to round to the nearest dollar. In other words for amounts of up to .49 round down and amounts between .50-.99 round up. Sales taxes could be treated similar to Federal taxes only the rounding would be only to the nearest five cents instead of 50 cents. One possible example is one where a purchase of $12.49 would round down to $12.45. A sale of $12.50 would require no rounding. A sale of $12.51 would round up to $12.55. Using averages, it would be a wash from either the local government's or consumer's point of view.

You may consider half of the $118M saved at the national level not worth discussing. I beg to differ.

User avatar
maxbobcat
Posts: 86
Joined: Wed Sep 22, 2010 1:51 pm

Re: Do away with the penny?

Post by maxbobcat »

In regards to the $118,000,000...I think the phrase "every penny counts" would be quite apropos here...

falcon1010
Posts: 2
Joined: Tue Oct 11, 2011 12:23 pm

Re: Do away with the penny?

Post by falcon1010 »

Keep the $.01 denomination at least. Lets not forget the people using debit cards instead of pockets of change

mrlcinvest
Posts: 23
Joined: Fri Mar 23, 2012 4:29 pm

Re: Do away with the penny?

Post by mrlcinvest »

no, keep the penny :!: and stop the manufacturing of the penny. :wink:

TSPKip
Posts: 1225
Joined: Mon Sep 27, 2010 7:34 am

Re: Do away with the penny?

Post by TSPKip »

I believe that usually a new minting is to do away with counterfeit money. However, only a stupid counterfeiter would spend 2.4 cents to make one cent. Therefore, we could reduce treasury costs by encouraging more stupid counterfeiters.
Seek Wisdom where it can be found.

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Fund Prices2022-08-18

FundPriceDayYTD
G $17.00 0.01% 1.56%
F $19.04 0.12% -8.83%
C $65.31 0.24% -9.23%
S $70.24 0.46% -15.82%
I $33.59 -0.29% -14.83%
L2065 $13.10 0.09% -11.96%
L2060 $13.10 0.09% -11.95%
L2055 $13.11 0.09% -11.94%
L2050 $26.96 0.08% -10.22%
L2045 $12.37 0.08% -9.53%
L2040 $45.43 0.07% -8.77%
L2035 $12.08 0.07% -7.94%
L2030 $40.50 0.06% -7.05%
L2025 $11.67 0.05% -4.74%
Linc $23.00 0.03% -2.07%

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