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 Replies: 34 / Views: 4,035 |
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Moderator
 United States
188770 Posts |
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Civilized tax authorities have been rounding to the nearest dollar for years. You are right. My accountant does. My refund is always to the dollar. |
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Valued Member
United States
493 Posts |
Great replies out here. My extremist idea is for the federal government to hook into every retail register or credit card machine, round every transaction up to the nearest nickel and use that to get the nation out of debt. Filter copper pennies out of circulation, melt them and use it for other coinage production.
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Valued Member
United States
296 Posts |
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getting rid of the cent makes sense on the surface. However, what would the general public make of it? They would see it as a complete devaluation of money in general. Now, granted that would not be the case, public opinion, no matter how ignorant it may be will have a powerful effect on everything. People would see the nickel as the new cent. Then they might see the dime as the new nickel, then the quarter as the new dime....It would spiral out of control and everyone would panic. The country is already in financial trouble and fear, then you abolish some well established form of money...Panic will go wild. With all do respect, you couldn't be more wrong. There have been several local movements to petition the government to stop the cent. There are restaurants who have been in the news who will not accept the cent. They round to the nearest nickel. They have agreeable patrons. More people than not think it would be a good idea to stop using the cent. They don't like dealing with the coin. Most of the public throw them away for crying out loud. |
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Valued Member
United States
296 Posts |
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My extremist idea is for the federal government to hook into every retail register or credit card machine,... Yeah, just what we need, more Orwellian government intrusion into our lives. Quote:
...round every transaction up to the nearest nickel and use that to get the nation out of debt. So you want more taxation... What about cutting waste and welfare/warfare programs..? Even if that was a sound idea, there is no way on god's green earth you are going to pay of a $55 Trillion debt (accruing interest no less) with a few cents here and few cents there. That is Trillion, with a "T". That is a million millions. And there is 55 of them. Accruing $212,000,000,000 a year in interest. |
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Pillar of the Community
United States
830 Posts |
As I see it all electronic transactions could still be to the .01 fraction, but just round actual cash transactions. Heck most cashiers around here have a little box of pennies already.
Last I heard it costs 2 cents to make a penny and 10 cents to make a nickel.
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Rest in Peace
United States
9104 Posts |
Not to mention the cost of every time you have count the coins, in and out, ship them to and fro, etc.
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Moderator
United States
188770 Posts |
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They round to the nearest nickel. They have agreeable patrons. Around here many places will round the total down for cash paying patrons. There is one place here that rounds down to the nearest dollar when paying cash. When you consider the credit card transaction fee, I am sure they are still coming out ahead. |
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Pillar of the Community
United States
2207 Posts |
We'll never get rid of the cent. It's the same reason we can never replace the dollar bill with a dollar coin: People are too used to them.
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Pillar of the Community
3352 Posts |
Well, when I first started reading this thread I thought to myself => "These guys want to get rid of the penny, they're all insane!" ... but then I read-on a little further and tried to really listen to your reasoning ... and by the time I'd made it to the end of this thread, I'd totally changed my mind ... you're right darn it! => lets get rid of the penny!
... so please send all of your pennies to me, stevex6 (I will help lead this fight!)
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Valued Member
United States
397 Posts |
Just remember - ALL pre-82 pennies are trading higher than FV , there's sites that track median prices but it's hovering around 1.8 cents per penny...How long ago was it that wheats were selling for 2 cents each?
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Pillar of the Community
United States
543 Posts |
I concur with jbuck, KopperKen and bigfredd. I just hope I can hoard a ton of copper cents before the cent, as we know it, is discontinued.
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Pillar of the Community
United States
927 Posts |
Long live the cent! Wait. I didn't mean that.
Long live the king! Wait. We don't have a king.
Oh well. I guess we can discuss this until we are blue in the face and it won't change. I personally think that the cent is not worth enough to continue but I still pick them up off the sidewalk. lol.
By the way, my personal experience is that I find more copper pennies on the sidewalk than zinc ones. Figure that one out.
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Rest in Peace
United States
9104 Posts |
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Long live the king! Wait. We don't have a king Sure we do:
Image courtesy StacksQuote:
I find more copper pennies on the sidewalk than zinc ones. Figure that one out. Zinc doesn't hold up as well as copper in the elements. Just normal handling totalled a lot of WWII zinc coins, including the plating on steel cents. |
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Pillar of the Community
United States
687 Posts |
Don't hold your breath - if we can avoid hyperinflation, the government will still continue to produce the one cent coin. Even if we stop using them in day to day commerce, the mint will still produce them at reduced amounts like the half. No one wants to be known as "Congressman Killed-the-penny" so I don't expect it to happen anytime soon. Discontinuing the dollar bill is even less likely.
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New Member
United States
6 Posts |
I don't know that "people throw pennies away" is a good argument for getting rid of them. Why get rid of them just because the average person is an idiot with no respect for money in general? I'm just as happy to find a penny on the ground as anything else, personally, and I take care of my money while it's in my posession. No shoving bills randomly into pockets and crumpling them up like so many of my customers do. I don't get why people are so thoughtless and disrespectful with their money.
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Posted 07/25/2011 6:53 pm
