Say goodbye to the penny?

OK, 1% transfer tax is a good starting place until the actual numbers settle in.

90% of all money is already electronic transfer. Less than 2% is cash and half of that 2% is held outside the US. The rest is checks, money orders . . . I can't remember the last time I wrote a check. The Wife pays the bills.

 

Naw, they have those machines now where you just dump in the coins to get counted for ya:smilewinkgrin:

 

I have a crazy theory (I have a lot of crazy theories, but this one is specifically for pennies).

People have so many pennies lying around in drawers, in piggy banks, in jars, under your couch, etc, that if it were up to me, I would create a limited number of fifty cent pieces and silver dollars that one could go to their local bank and trade their pennies for.

This would encourage people to put those pennies back into circulation. Once they are back into circulation, I'd suspend production of new pennies. Not scrap the penny, just shelve new production for two or three years.

 

I am stunned. :tonofbricks:

 

Aw they work pretty nice

I was at a convenience store yesterday and the cashier had 2 $1 coins on her register~~I asked for 'em in change and she gave 'em to me quick, guess they don't have a spot for the dollar coins, which they would if they got rid of pennies.

 

I think the Susan B. put distaste in quite a few Americans' mouths. Those dollar coins were the most rejected and finally they gave them to the post office to give as change.

I have saved one since 1969 in my wallet.

Cheers,

Jim

 

I love change.... and have 'special' places that it goes.... but I don't like to carry it.
My SS class has an 'emergency cash' collection which goes to special needs for people with deserving urgencies which are too immediate to consult the church's budgetary programs for such and bypasses the reporting of donations and claiming on taxes.... it's our own 'labor of love' beyond the tithes and offerings we share through the church.

My pennies go into a gallon coin jar.... almost full now.
My quarters go into my laundry fund to run the washers and dryers at the laundry mat.
Nickels and dimes..... which are the most change I get most often..... goes to my SS class collection w/o my counting.

But this penny thread makes me rethink maybe its time to take those pennies to the bank or give them to charity. I guess if charity is the choice.... then the most charitable thing I could do is to put them through one of those counters first and give the amount in larger denominations.

 

It's because the geniuses that minted the SBA's made them virtually indistinguishable from quarters.

 

Which is why those new dollar coins a few years back were copper colored.

I liked them but they did not circulate well.