Do away with the penny?
Moderator: Aitrus
Do away with the penny?
Should the U.S. do away with the penny?
Yes
No
Yes
No
Re: Do away with the penny?
Yep.... Don't think I have even used a penny in 5+ years....
-
- Posts: 2116
- Joined: Wed Jan 05, 2011 2:32 pm
- inthecloud
- Posts: 213
- Joined: Mon Dec 13, 2010 9:48 pm
Re: Do away with the penny?
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
Re: Do away with the penny?
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.
Re: Do away with the penny?
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...
Re: Do away with the penny?
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".
-
- Posts: 1
- Joined: Sun May 20, 2012 12:38 am
Re: Do away with the penny?
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)
Re: Do away with the penny?
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?
Re: Do away with the penny?
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.
Re: Do away with the penny?
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.
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.
Re: Do away with the penny?
In regards to the $118,000,000...I think the phrase "every penny counts" would be quite apropos here...
-
- Posts: 2
- Joined: Tue Oct 11, 2011 12:23 pm
Re: Do away with the penny?
Keep the $.01 denomination at least. Lets not forget the people using debit cards instead of pockets of change
-
- Posts: 23
- Joined: Fri Mar 23, 2012 4:29 pm
Re: Do away with the penny?
no, keep the penny and stop the manufacturing of the penny.
Re: Do away with the penny?
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.
Fund Prices2024-03-28
Fund | Price | Day | YTD |
G | $18.15 | 0.05% | 1.05% |
F | $19.08 | -0.06% | -0.74% |
C | $82.21 | 0.11% | 10.55% |
S | $82.43 | 0.30% | 6.92% |
I | $42.57 | -0.24% | 5.95% |
L2065 | $16.38 | 0.02% | 8.37% |
L2060 | $16.39 | 0.02% | 8.38% |
L2055 | $16.39 | 0.02% | 8.38% |
L2050 | $32.73 | 0.01% | 6.95% |
L2045 | $14.91 | 0.02% | 6.58% |
L2040 | $54.38 | 0.02% | 6.22% |
L2035 | $14.34 | 0.02% | 5.79% |
L2030 | $47.67 | 0.02% | 5.38% |
L2025 | $13.15 | 0.03% | 3.43% |
Linc | $25.61 | 0.03% | 2.82% |