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Should we abolish the penny

by tomron / June 28, 2006 1:27 PM PDT

I've experienced on more then one occasion where a place of business just doesn't want to deal with pennies.I'm not sure but i think even tool roads say no pennies.

A penny is worth one cent,where as it costs 1.3 cents to produce and yes,they are annoying LINK

Tom

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(NT) (NT) No... next question?
by grimgraphix / June 28, 2006 2:12 PM PDT
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(NT) (NT) Why
by tomron / June 28, 2006 2:51 PM PDT
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The argument to abolish the penny
by grimgraphix / June 28, 2006 3:27 PM PDT
In reply to: (NT) Why

usually revolves around the physical factor involved in manufacturing, the cost of copper, etc. I have seen many complaints about the practicality of carrying such a small value coin.

As far as the physical aspects go. A paper bill wears out within a year of hitting circulation. A coin lasts indefinitely. How much is the coast of printing a new dollar bill every year for 50 years versus stamping a penny once in 50 years?

Copper too valuable a metal to be used for a coin? Pick a different metal... "silver" coins quit being actual silver back in the 60's

Finally, in todays world we are being nickel and dimed to death with a fee here, a penalty there to the point where corporations are literally making more money off of the extras than they used to make by just selling a product or service. If we eliminate the penny... I guarantee you that business will not be rounding down on future transactions. Get rid of the penny and suddenly stuff costs

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I just checked...
by J. Vega / June 28, 2006 3:38 PM PDT

FWIW, I just checked the price of zinc, $1.37 a pound. I don't know offhand how many pennies you can get from a pound.

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I thought of...
by tomron / June 28, 2006 8:02 PM PDT

business rounding in their favor,which i have no doubt.


"Copper too valuable a metal to be used for a coin",actually pennies are mostly zinc or tin.

I never understood charging 2.50 9/10 a gallon.So if i bought two gallons and give them $6,how much change would i get,keeping in mind that tax is already included.

I saw this on tv and a politian was talking about this and according to him this might go down.They also did a test in which a vendor was offered 25 pennies to purchase fruit and the vender said "bye bye",and they offered 25 pennies for a newspaper and the man said take it for free.

Valid as your points are,i think the inconvenience and annoyance will supersede any arguements.

Tom


Tom

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9/10 of a cent
by grimgraphix / June 28, 2006 11:38 PM PDT
In reply to: I thought of...

the 9/10 of a cent deal stems from the late twenties and 1930's when gas stations competed for customers in cites and a fraction of a penny was a significant amount (although difficult to actually deduct from the actual price).

Advertising! It works! Wink

grim

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Here you go
by tomron / June 29, 2006 2:10 AM PDT
In reply to: 9/10 of a cent

I also thought that the taxman had a hand in this. LINK

Tom

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(NT) (NT) nice link... thanks ;-)
by grimgraphix / June 29, 2006 2:13 AM PDT
In reply to: Here you go
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Pennies are the basis for our economy
by dirtyrich / June 28, 2006 3:06 PM PDT

getting rid of them would significantly alter our economy. Think about it, every financial transaction would have to be rounded to 5 cents (likely up), raising prices across the board.
Soon enough, the nickel would become as bothersome as the penny.

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I also though of...
by tomron / June 28, 2006 8:07 PM PDT

whats next,the nickle,then the dime.

If a business sells a millon items and adds one penny to the price this would equal $100K more in profit,which would not notice the increase of 1 cent.

Tom

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Perhaps so, but the rounding should be 3 or 4 cents
by Roger NC / June 29, 2006 3:24 AM PDT
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As long as stores price things at...
by EdH / June 28, 2006 8:24 PM PDT

$3.99 or $14.98, impossible. They like those kinds of prices for obvious reasons.

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I know,I just don't like them
by tomron / June 28, 2006 9:54 PM PDT

They are practically worthless,with the exception of huge quantities.

Tom

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(NT) (NT) Send them to me then !!!
by duckman / June 28, 2006 9:58 PM PDT
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(NT) (NT) LOL,but shipping would cost a fortune
by tomron / June 28, 2006 10:03 PM PDT
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Give them to panhandlers...
by EdH / June 28, 2006 10:07 PM PDT

It's great to hear them curse when you hand them one penny. Be sure to say, "Don't spend it all in one place."

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(NT) (NT) you don't want to place them in a high tax bracket
by tomron / June 28, 2006 10:12 PM PDT
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(NT) (NT) I usually kick them at that point too.
by duckman / June 28, 2006 10:12 PM PDT
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Don't forget state sales tax
by grimgraphix / June 28, 2006 11:41 PM PDT

my state charges

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Well that one isn't really the best argument ...
by Evie / June 28, 2006 11:44 PM PDT

... many states and municipalities tax at fractions of a cent. I think combined sales tax in NYC is 8.75 cents on the dollar.

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and who gets the extra
by grimgraphix / June 28, 2006 11:46 PM PDT

a hidden tax or a windfall... the extra still goes to the state in most cases.

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Ha ha. No sales tax in NH
by EdH / June 28, 2006 11:44 PM PDT

Suckers!

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(NT) (NT) Your probably right
by tomron / June 29, 2006 2:13 AM PDT
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maybe higher than ny
by WOODS-HICK / June 29, 2006 10:51 AM PDT

in property taxes 1 nj 2 ct 3 nh 4 ny 5 ri according to :

http://www.taxfoundation.org/taxdata/show/251.html

in practical terms what would the property tax on $100k house including school and all local taxes. I know there must be variables in different districts; schools, fire, water, etc.

where I live all property taxes on $100k would be approx $2500. (includes schools and all applicable local taxes)

does not include state (I'm jealous) income or sales.

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Don't know, but overall taxes per year...
by EdH / June 29, 2006 12:06 PM PDT
In reply to: maybe higher than ny

in the bottom three I believe. We had a chart on that here a while back.

Property taxes are high, but they are the state's main source of revenue.

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No! Please no!
by Angeline Booher / June 29, 2006 7:34 AM PDT

Definitely not!

It would cause mass confusion when somebody said, ''A penny saved is a penny earned.''

Or, ''A Penny for your thoughts.''

Or singing the song,''Pennies From heaven''.

Would it be the end of any more girls being named "Penny"?

Seriously, I've long had a love affair with the penny because there was a time when it could buy some really good candy, or bubble gum. When I tried to save pennies, watching the jar filling up was a thrill.

My kids could buy a few treats for a nickel. Phone calls from a booth cost a nickel. Don't know of anything a nickel will buy today. Will the nickel be the next to go?

Comic books were a dime. A dime would buy some candy. What costs a dime today? Will it be next?

Will everything that now costs $12.99 now cost $13.00? A price increase.

Yep, I believe in the penny! Our money is on the decimal system. So is the Euro.

Of, maybe I'm penny-wise and pounf foolish. But , to me, I will only need 100 pennies to have a dollar. Happy

There are some things I can still buy for a dollar. Not including tax. So, say the tax is 4 cents. So it now becomes 5 cents. A tax increase.

I raise my humble voice to defend the lowly penny!

Angeline
Speakeasy Moderator
click here to email
semods4@yahoo.com

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it all adds up
by WOODS-HICK / June 29, 2006 10:16 AM PDT
In reply to: No! Please no!

propane heats my house. my fuel co. charged $1.89990 not 1.8990 per gal, 05-06 winter. ex: 1.89990 x 100g=189.90. 1.8990 x 100g=189.00 extra $.90 per 100g. do not know if auto gas pumps are the same.

when I was in italy about 30yrs ago. I was walking around with let us say 300,000 lira. a plate of pasta was 3000 lira. same pasta usa 3 dollars. I asked my waiter why not knock off 3 zeros of their money. he shrugged, arms wide, smiled, and gave me more wine. so the decimal reason seems to answer why some people throw them away and some stop and pick them up.

and a side note to give em to a panhandler. 5 yrs ago in DC. there was a PH screaming: '' don't want no change, give me a GD dollar'' to anyone who passed by.

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If they get rid of the penny...
by grimgraphix / June 29, 2006 1:34 PM PDT
In reply to: No! Please no!

all girls with that name will be known from here on as "Nickel" Devil

grim

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Best logic yet
by Steven Haninger / June 29, 2006 9:04 PM PDT
In reply to: No! Please no!

Nostalgia and preservation of history. I'd been trying to assist my father with getting rid of, what I consider, useless junk. By this I mean old magazines, medical journals, (he's a retired M.D.), tapes, records, and the list goes on. These things are stacked in his home "office" to the point that navigating the room is treacherous....and with his titanium hips, he can't afford to fall down. He knows he may never look at most of this stuff again but always finds an excuse to avoid the weeding process. His real reason for keeping all the junk is nostalgia. Maybe that counts for something but it's not hit me yet as good reason. Nostalgia, I tell him, is only what's in your head and that takes up no physical space at all. Happy

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I am doing the same thing with me mum
by grimgraphix / June 30, 2006 2:01 AM PDT
In reply to: Best logic yet

Her excuse is "you might use it someday". I lose my patience sometimes but do my best to hide it.

As far as nostalgia goes just realize though... that it's easier to remember if you can put your hand on it.

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