"Usa Act" May Kill Penny, Nickel & $1 Bill

Live in NY and can confirm that we are not all rich....





Not sure where you live but, one thing NY does right tax wise, we have no tax on food sold in markets...unless they are prepared... http://www.tax.ny.gov/pubs_and_bull...d_stores.htm

Sounds like an issue with your State, not the Feds....

Another thing...

You talk abut being poor or bad off. Well, consider this... If you knew were wasting money on something, even though you were making more somewhere else, would you not stop doing the wasteful thing so you would have more money at the end of the week?

Of course you would! You, like me, probably have a tight budget and will save wherever you can.

Well, then why should the "filthy rich" mint not do the same thing?

Of course, ultimately it is our money (We the People). Does it not bother that they are wasting our money every year to make something that most people just toss aside?

How do you not understand this?

Well I'm sure you mean 2 DOLLARS a day, not cents.

Anyway, you keep missing the point. It was not a small value coin back then. People worked an hour for a handful of pennies.

You could buy a loaf of bread for cent at one point. Now you can't buy anything. Literally nothing. If you have a penny it is no better than having nothing. Even a beggar has no use for pennies because they'd need 99 of them just to buy a gas station donut.

NO, he made 7 cents a day. that is a nickel and two pennies (some were probably 22 plain), and he got to keep the pennies to spend on candy and the nickel went to help pay for family when he was 10. Sorry he wasn't born in your upscale fantasy world where everyone has 3 XBox ones, and just iPhone 5s and such, but actually lived during the Great Depression. Had I known this forum was jsut a bunch of rich snobs that jsut look down on others I wouldn't have joined in the first place because the constant insults are really ticking me off because you people make wild assumptions based on your privileged lives!




What bothers me is that the government is adopting the lack of respect for money that those people have. I see it like the telecommunications people claiming they could have repaired the infrastructure of the system years ago, but instead used the money to pay tens of millions or even hundreds a year to top execs rather than use it to maintain let alone upgrade the physical things that need to be kept up.

We are talking about $69 million dollars lost on pennies in 2011. The discontinuation of the nickel, which serves no real purpose except to further people into throwing away pennies, would have saved the cost of $110 million. I say even though 220 > 40, 40 > 0.

Again, this is politician spin. "we are losing some money in this corner case!" yeah but the State Quarter program made a profit of $6.2 BILLION, just the quarters! Us Treasury is ONE department of the government and it is NOT losing money. The Fed must buy coins and bills from the Mint and BEP, which it them sells to the banks. It buys them at face value. so for every $100 bill bought from the BEP by the FRB the Treasury gets over $99 ROI for making that bill.

Do you people not understand math enough to understand the concept shown above that you keep the ones places?

Hey they made quarter and double eagles still until 1930 which is beyond the buying power of the penny then. Why did they then stop making the $500 bill or discontinue the eagles ad public distributed coins? I am calling BS on the logic and logistics of the thought process.

$1.11 this is one dollar and eleven cents. With the penny you need to make change in this amount you would give a one dollar coin, a ten-cent coin (dime), and a one-cent coin (penny).

the ones place would be just as quick and easy to do everything with when the nickel AND quarter are removed. I know current bills look like Monopoly(tm) money, but are people really trying to play that silly game in the real world and think only in terms of Monopoly(tm) money?

I want to hear from someone FROM CANADA how much the same it is to the US for us to copy them? Population, population density, how the Canadian dollar trades in the rest of the world? How much trade the Canadian dollar sees?

Also remember many places you go you see $9.99 instead of $10 for a price of something. most movies are $19.99 or $29.99 instead of having that extra cent. Why? because of the mental image that one single single portrays of the price. This study has been done in the US and other countries, and thus why other countries keep that cent for those kinds of prices.

I also want to know the politicians talking about this, do they even use money to get coins back as change or are they the 1% that have so much moeny that they never even see cash? so of course it won't matter to them since it will jsut be digital.

See the people affected will be those that use cash. The cent will not be an invalid number to use with plastic "money", but when you see the register say cents the cashier or store manager will decide on cash purchases how to round, either int he store favor or the customer. 10 out of 10 times the store will do something in the stores favor, because these franchises owners income is based on store profits. they only make money when they take more in.

Also Coinstars locally take in more pennies than anything else from the local "collector" I spoke to. The reason is that yes people store them up until the become "worth something". so just because they aren't being used to give exact change for every purchase, many people are still tacking EVERY ONE of those cents as money. They just no longer have to roll them and take them to a bank to deposit when they have "enough".





You are wrong, or it may only be true in select locations. Your numbers are backwards from where I live. Little over 10% of transactions don't use cash here. Again a case of people thinking their little community is how the rest of the country works.

I know how Jefferson felt right now. people not understanding the simplicity and intuitiveness of having cent, dime, dollar coins. talk about wanting to save money, and make things easier, but refuse constantly the simplest method avilable. (other than fully digital money we could do now that he couldnt do then.)

3 coins, we only need 3 coins:
Penny
Dime
Dollar

these are the ones place, it is simple elementary school math people! it is right there in the price of everything you can see thus why we can read $1.11 as one dollar and 11 cents and know how much change to be given. Would it really be that hard to hand 27 coins for change when you have to give $9.99?

9 dollar coins, 9 dimes, 9 pennies!

the thing does all your math for you, no longer needing to question, do you need a quarter and a nickel? no!, just grab 3 dimes dime'nt!

If politicians REALLY want to save money, then they can take budget cuts. I know this will be the same amount it costs to mint pennies. Will they sacrifice for the country? heck no! they expect someone else to do it while they luxury around and don't do their jobs like make a budget and argue about every little thing, and pocket lobby money to allow power companies and telecommunication companies to become monopolies, and the justice department takes money to allow it a well by squashing a return to regulation that PROTECTS THE PEOPLE FROM CORPORATIONS.

IF what people claim is true, then those people not using cash anyway would want to see cash go away, and is that int he best interest for the people? is the IRS going to track a 10 year olds allowance because they now have some digital money card instead of cash handed to them and start charging them taxes? I just see so much stupid in the argument to get rid of the cent it dumbfounds me, and math being the basis of it, the ones places; you keep them!

i still want numbers on the dollar coins vs bills. I say the department of the treasury making coins is making money oh the whole and not losing it. that means no need to change things. this means even keeping the nickel which I see no real point in having like the quarter which is of no use since you cannot cut up a silver dollar into 8 anymore to get your 2-bits from and spend because it is all fiat, so the quarter has long ago outlived its usefulness.

IF in 2011 the mint made the $1 coins and the BEP no longer made the $1 bills, that would be $2,392,212,480 more in seigniorage. trying to do too much too quickly, just sounds like a get rich quick scheme, and the problems caused with the logistics has to be figured into whether it will be a profit for "We the People" or not. I say not. 3 coins will work and be more intuitive because you wont have people asking what to do with quarters when there is neither nickel or penny to create them. round everything to the tens places, and the quarter just becomes the (runt of the liter doesn't work so no idea what else to call it?) of our coins. so to keep the quarter you must keep either the nickel or the penny. so I say keep the penny. If you are going to keep the penny and can use it, then just get rid of the quarter and nickel because they are a pair anyway, which leaves us with 3 coins again: dollar, dime, penny.

I just don't see why people get this about math, since that is all money is when it isn't cash in your hand; just a system for physical math which we use base 10.

It took several delusional rants, but you've finally convinced me that you have no desire to talk sense and logic regarding the topic at hand, so I'm bowing out.

The irony is that your grandfathers story illustrates the fall of the penny's value quite well, but you are too busy pretending like you are being picked on to see it.

90% of the country does solely NOT use "paper" (non-cash) though, that is where you are wrong on your bet.

every one of these things is dismissive!

you got people jsut chiming away at "we don't need the penny, it will save us money" rather than look at ANYTHING else like the other things I have mentnioned. no comment on the fact I agree with the nickel or dollar, sjut cherry-picking with no actual signal, sjtu all noise. every time it comes up. people jsut want to get rid of the penny, I get that. but there is no discussion because they do NOT talka bout anything, so why should ANY of these sorts of threads exist outside of some sort of news area, if there is NO discussion?

i have presented many ideas, but not a single thing ever mentioned beyond, "herp derp, you are dumb and we should get rid of the penny not keep it".

not once has anyone, that I have seen, commented on what to do with the quarter if the nickel and penny are both gone. why should we keep it without its fractional currency to o with it since we will be rounding to 10s of cents anyway? huh!

also, why do only cash users get rounded? will it be rounded DOWN for all cash transaction since "digital" transactions get to keep their 1/100ths? it is a biased system until the government issues its own digital currency method for those who cannot get Visa, MasterCard, American Express, Discover, and how ever many other ones exist right now.

again, I am saying it is just a knee-jerk reaction by congress that has shown NOTHING for the need to remove the penny. haven't explained what to do with the quarter when both nickel and penny are gone, nothing at all. the same goes for most people on here jsut saying "we dont need it and losing money on it", when I have proven they do NOT lose money at the Mint. just bored people wanting change for the sake of change (no pun intended) is what it seems to me. give me REAL reasons with facts to back them up if you REALLY want to convince me of anything like not needing the penny, as such none has been provided other than people are wasteful and throw away pennies, and will likely do the same with ANY coin that is the smallest coin denomination.

the price of a hill of beans in China in 1914 don't have a hill of beans to do with the penny. heck they could make palstic tokens for the penny jsut to keep it then do the Canadian thing, since they want to be Canadian instead of American, and have no more than X amount allowed o be used in a single transaction and there is a lot less incentive to counterfiet a plastic token. Then only the people wanting to use them can, and everyone else can use jsut the dime. the point remains you don't discard your ones place. stores wont round down to $9.9 from $9.99, the will round up to $10.1 or something like they do with #10.09.

again go watch Superman III where it talks aout how many of these partial cents there were then and how quickly they add up and then you want that to be ten times the amount because the dime is the lowest? You think the stuff is fake, well I have seen it in the news people trying to collect those partial cents and stuff from banks.

Give me something real other than some biased data collectors with an agenda, or a knee-jerk reaction or total dismissal.

Didn't I already answer you?


Because of even rounding, there is no net benefit to these people either. Even if there was, it would be on the scale of a couple cents per transaction, which is meaningless.


And without the penny, they could NOT lose even MORE money.


Who wouldn't want to be Canadian, though?


Yeah, 10 pages of NO discussion in this thread, right? You've got to mean "NO discussion... that I agree with", which is completely different.


This is not the right way to get people to answer you.

I am far from rich financially--I make do with what I have. I don't think eliminating the cent would be the end of the world. The Zincolns cannot hold up to use, they turn ugly and rot. Why keep making them?

The people who lived during the Great Depression lived on what they made and saved every cent, nickel, dime they could just to be able to afford the necessities. Back then, it was ingrained into every person to SAVE because the change they held could actually buy flour, tea, coffee, sugar, etc. These days you need hundreds of cents to buy the same goods.

The Mint should do a three year hiatus on striking cents starting January 1, 2015. Let the existing quantities dwindle and see how the public responds. This might encourage people to dump their change jars back and recirculate coins.