Should we get rid of pennies?

Yup, pennies are mere wasteful therefore it's way overdue for the US government to remove them off the monetary circulation!

May you forgive me, Abraham Lincoln?
 
web730 said:
Yup, pennies are mere wasteful therefore it's way overdue for the US government to remove them off the monetary circulation!

May you forgive me, Abraham Lincoln?
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or put Abraham Lincoln on new US $500 bill.
 
shel90 said:
Believe it or not, my trip to New York City for the All Deaf meet back in January was paid for in cash and most of it came from my jar full of pennies that I accumulated over the years. Since returning, it is halfway full.

I got $400 out of that jar when it was full. Helped to give my hubby and I extra cash for NYC and not put anything on credit cards.

If they stop producing them, then I wont have any fun watching my jar get full. :(
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you remind me of my brother. :giggle: He likes to collect pennies in a jar.
 
Personally, I'm all for getting rid of pennies since it costs more to produce them than they're worth. That's nuts.
 
TXgolfer said:
Exactly......It costs 1.5 cents to make a penny......kinda nuts
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While it does cost more to make a penny than its actual value itself (the same can be said for nickels - 7.7 cents to make a nickel), the difference is that it's being reused over and over so in the long run, it's cheap. You cannot say the same for dollar bills. They wear out quickly.
 
Could we change the value of the penny? It would potentially be complicated since they are widely distibuted. We could change the value in such a way (along with the price of goods - similar to what Naisho said with rounding up to nearest 5 cents or something) that less coins were distributed as change.
 
As long as things cost 1, 2, 3, or 4 cents... we'll always need pennies.
 
The Highlander said:
Very true about street parking meter and soda machines. I wish they accept credit card for anywhere.

You use Macbook and you should use "option+4" than type cents.
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You never use ¢ anymore. What's wrong with you?

Anyway, I'm in flavor for stop make penny and continues use what leave penny is. Use it.
 
naisho said:
It's also possible for merchants to purposely price their products so always in 5 -> 9 range rounded up.
May seem a little "no big deal, 5 cents" but over time like one year, many customers = is a lot of $$.

Ever read about the hackers who stole $ few million using 1 penny from everyone's bank account?
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Yes, I want to hack everybody's bank account by steal their penny. Wooho! I'm rich!
 
Copper sells for two dollars a pound, so we always strip it from old air conditioners or heat pumps. You would be surprised to see how much you get.
 
Tousi said:
Ha, funny. I remember a similar story many years ago. A guy wheeled a grocery cart into an IRS building, loaded to the brim with pennies to pay his taxes with.:lol:
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:lol:

authentic said:
Get rid of pennies, no more saggy pants for me!
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The more you get with qaurters, the sagger you get :lol:

Miss-Delectable said:
1c in US is worth more than the actual monetary value because of copper in it.

Australia phased out 1 and 2 cents in 1991 from what I remember. Don't miss it at all. :)
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That's correct, it was phrased out in the 90's as from back of my memory. It is the same to the $1 paper note, it was converted to gold coin $1.

Foxrac said:
If we rid of pennies so what happen if you get $1.27 charge back so would be $1.00 + 0.25 cents + ???? = $1.27?
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See explaination below.

Miss-Delectable said:
We get that daily on our grocery bill and $1.27 will be $1.25 instead.
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Incorrect, rounds up to the nearest cent, if it is 1.27, that is already after 1.25, which means it have to round up to $1.30, but if it is before 1.25 that will have to round down to $1.20 however it varies on stores on how what they like to do with these in their systems.

shel90 said:
Believe it or not, my trip to New York City for the All Deaf meet back in January was paid for in cash and most of it came from my jar full of pennies that I accumulated over the years. Since returning, it is halfway full.

I got $400 out of that jar when it was full. Helped to give my hubby and I extra cash for NYC and not put anything on credit cards.

If they stop producing them, then I wont have any fun watching my jar get full. :(
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Collect the silver coins then :P Just like txgolfer below stated.

TXgolfer said:
Sure you will just fill it with dimes instead.....then it will be worth $4,000 when it is full. (actually more) :).
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The Highlander said:
Very true about street parking meter and soda machines. I wish they accept credit card for anywhere.

You use Macbook and you should use "option+4" than type cents.
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Feels bad man, we have credit cards on vending machines. and couple of parking machines too.
 
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