Say goodbye to the penny?

Discussion in 'Money Talk$' started by Salty, Dec 3, 2009.

?

About the US coins and bills....

  1. do away with only the penny

    6 vote(s)
    46.2%
  2. do away with only the nickle

    0 vote(s)
    0.0%
  3. do away with the penny and the nickle

    1 vote(s)
    7.7%
  4. do away with the one dollar bill

    4 vote(s)
    30.8%
  5. more 2 dollar bills should be printed

    4 vote(s)
    30.8%
  6. More 1 and / or 2 dollar coins should be minted?

    4 vote(s)
    30.8%
  7. other answer

    2 vote(s)
    15.4%
Multiple votes are allowed.
  1. Salty

    Salty
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    #1 Salty, Dec 3, 2009
    Last edited by a moderator: Dec 3, 2009
  2. abcgrad94

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    How about the government just stop spending money so they don't have to create any more? Then we could keep our pennies and nickles.:tongue3:
     
  3. Revmitchell

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    And just how much is the dollar actually worth? We need to go back to the gold standard.
     
  4. Crabtownboy

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    Why is it that $2.00 bills are used only at race tracks?
     
  5. rbell

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    The same reason dollar coins haven't taken off in the US, and the same reason they're still making the penny...the public is fickle.

    With regards to money, the public doesn't like change.

    Hey, I made a funny.
     
  6. NaasPreacher (C4K)

    NaasPreacher (C4K)
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    When we switched to the euro several countries did not mint 1 or 2 cent coins since they were seen as 'worthless.'

    Interesting topic.
     
  7. Jim1999

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    You have heard the expression: "Penny wise and pound foolish." Do away with the penny and you will see an increase in everything you purchase. The prices will adjust to make up to even change at whatever level you decide the coinage should be. Those penny's difference will add up with each purchase.

    Cheers,

    Jim
     
  8. Revmitchell

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    Yep....................
     
  9. Johnv

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    The "stop making the penny" argument comes up every now and then. The argument is incorrectly based on the production cost alone. Yes, it costs more than a penny to make a penny, but when you factor in how many times a penny goes through the economy, and divide the cost of making the penny, the cost is actuallly very little. So, no, there is a practical need for the penny in currency. It would do more harm than good to cease production of it.
     
  10. rbell

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    You are correct.

    Also, I noticed something when I'm in Europe (particularly in the pre-Euro era): I would spend more money on frivilous things. My theory: In the US, you simply can't carry too much money in coins on your person; it's too heavy. But one can easily carry large amounts of $$ in some countries in coinage. With all the 1, 2, and 5-Swiss Franc coins, I was easily able to carry around the equivalent of $20 USD. And in your mind, it's easier to spend "pocket change." The same was true for me in Canada.

    Now...for folks who grew up with that, their mileage may vary.

    Several years back, the penny's composition was changed from mostly copper to mostly zinc (with a trace of copper). They are looking yet again at tweaking the "recipe" to make it cheaper still. That might have an effect on future plans.

    My one political angle: If we ever see serious inflation or hyperinflation, I think the penny will go, and fast. It could quickly become worthless.

    BTW...I have a coin collection (started as a kid). I have a couple of half-cents. They're worth a lot now...but that there's some worthless face-values.
     
  11. Jim1999

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    Just for fun, I emptied my pocket to see what coinage I had there. A 2 dollar coin, 4 one dollar coins, a quarter, a dime and a nickle. I seldom have pennies because I usually drop them into a donation jar on the shop counter.

    A fair weight in coins and the reason why I follow my English habit of using a coin purse. Saves wearing the pocket out.

    If the penny disappears, I wonder how much will be lost to charities. We tend not to drop in our dimes and quarters.

    Cheers,

    Jim
     
  12. Revmitchell

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    Not me I do not like anything at all in my pockets. Not even car keys and I keep my wallet as thin as I can. I will toss out all my change to the first donation jar I find.
     
  13. Salty

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    and how would we know this? :smilewinkgrin: :saint:
     
  14. billwald

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    Do away with all paper money. Go to a 100% electronic transfer system except for coins from a dime to a ten dollar coin. Why? One could buy a cup of coffee with cash but it would be difficult to carry enough to bribe a politician.

    Eliminate ALL income and sales taxes. Let the Feds and the states split a 10% electronic transfer tax, half from each side of the transfer.
     
  15. Gold Dragon

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    Australia has no pennies. Sometimes they round up and sometimes they round down to the nearest 5 cents. Life goes on.
     
  16. Salty

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    I disagree! the Tax on an electronic transfer should only be 1% at the very most.
     
  17. rbell

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    4 dollar coin? Are we talking Canadian? I know the loonie & the toonie...what's the 4 dollar coin?
     
  18. MrJim

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    I'm all for more $1 coins~~I used to only get them through the Post Office stamp vending machine until it became a debit-only machine. Make $2 coins and shape them like octagons and color them red ~ the vending machine people will have to adapt.
     
  19. MrJim

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    <snip>

    I love this idea!
     
  20. SaggyWoman

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    Change is difficult.
     

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