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 Replies: 88 / Views: 12,719 |
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Pillar of the Community
United States
4085 Posts |
Why do we still have the penny? TRADITION!  |
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Valued Member
Canada
254 Posts |
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This rounding to the nearest 5 cents is idiotic and will land up costing people quite a bit of money in the long run. Statistics says that this is not the case. I support getting rid of the penny, as we have already done. The theory is that rounding overtime will average itself out, so nobody gains or loses anything. (Besides, even if it was a dollar a year it wouldn't hurt anybody.) Debit/credit purchases still retain their purchases to the nearest cent, so there is still a virtual representation of the penny. Not only will nobody lose money, but the government will save money from minting billions of pennies a year. |
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Bedrock of the Community
United States
17884 Posts |
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US needs to use different metal on pennies so they don't lose money on the cost to mint them. Only work if you can find a material that has a negative cost. In other words some one will pay you to take it off their hands. As I have mentioned about the only way to get that would be to sell advertising space on the coin. Get rid of the Shield and replace it with a company logo. For $X.00 a company can have their logo on 100 million cents and the amount makes up the production losses. Give the collectors a lot more varieties to collect too, a Google cent, a Visa cent, and "This Bud's for you" etc. Did see anther error in the video, they said the the copper content has dropped to 5% zinc and 95% zinc. Actually it is 2.5% copper and 97.5% zinc. |
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Pillar of the Community
New Zealand
526 Posts |
New Zealands Smallest denomination coin is 10 cents.
They have the rounding up/down system.
How does rounding work?
Retail NZ (previously the New Zealand Retailers Association) suggested to its members that when the total transaction value ends in x cents and payment is by cash then the following rounding principle should be applied:
Ending In: 1c/2c/3c/4c/5c - round down
Ending In: 6c/7c/8c/9c - round up
Retail NZ has stressed that this is a suggestion only and each company will form its own commercial decision on the matter of rounding. However, Retail NZ has added that where rounding is used then the policy should be clearly displayed at point of sale so consumers are appropriately informed.
If people need to be penny pinching, as some old people and kids may have to be they can beat the system with either cash or CC depending on the amount.
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Pillar of the Community
1325 Posts |
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The variation point of sale taxes from State to State is a reason for their continued existence. Here is a crazy idea, why not let the states make their own pennies? they got quarters and such, if the US Mint doesn't want to make more pennies, and fraudulently makes FRNs not allows by the Constitution, then maybe they can just look the other way of the Constitution as well and let states make their own pennies. Then they would be more collectible because people would have to try harder to get each states penny per year. This would make the collector value more and the states could get a little extra for the premium of uncirculated to offset the cost. Contests could be had like the quarters for the design. While spending halves earlier, the cashier told me she had to check each coin, because there are so many designs now it is a pain because the don't want to accidentally take Canadian or pesos or something. So if we are going to have 112 circulating designs for the quarter, what is wrong with 50 for the penny? Cashiers will just have to work to earn their paycheck by knowing what is money. If each "area" can make their own Euro coins, then why not each US state be able to make their own pennies? More jobs created, more revenue for the states. Bet it would turn the penny profitable also with all the various collectors items that would appear and the fact they would quickly disappear like the 2009 series which only the rare territory quarter shows up now and then and no other denomination appears in normal change. |
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Bedrock of the Community
United States
10045 Posts |
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Here is a crazy idea, why not let the states make their own pennies? I can't quite imagine the start-up costs/budgets for 50 mints, but the potential for die varieties would be enormous.  Edited by DVCollector
12/06/2014 2:37 pm
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Bedrock of the Community
United Kingdom
17926 Posts |
I've just been in the Caribbean, and in the East Caribbean Currency Authority srea they still have an aluminium 1-cent coin. And there are 2.7 East Caribbean dollars to one US dollar!
Edited by NumisRob
12/06/2014 2:43 pm
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Pillar of the Community
Canada
2805 Posts |
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and fraudulently makes FRNs not allows by the Constitution Which amendment is this, and why would a document written in 1776 be even halfway relevant when it comes to modern economics? Quote:
If each "area" can make their own Euro coins, then why not each US state be able to make their own pennies? Because every country in the European Union is still a sovereign country with its own language, culture, and government (the guy who made this video can explain all of this to you, he does a whole series), while the last time the American states tried to be sovereign half a million people died. Quote:
My dad gets pennies all the time, and what he does is he saves them up, along with the other change he gets, and cashes it in at the end of the year. He then uses the money to make an extra mortgage payment on the house. This year he's collected almost $80, with probably $15 or so in pennies alone. It's a nice anecdote, but I bet that on a forum of coin collectors there's a large bias on how people treat their coins (i.e. they actually care about them). I know most people I've talked to were happy to see the penny go. |
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Pillar of the Community
1325 Posts |
Here we go again.. not everyone wants to be a Canadian. Good for you lot that it works for you. You also have had universal health care for a long time right? So needless to say copying Canada coin methods would only work if also copying Canadian economic structure? How the money is spent and what it goes to, not jsut which types are made.
There is the BIG thing many forget in light of trying to copy other countries coinage ideology, is that the US does not have the programs and economic structure as these other countries. So compare the economies and tell me what the difference is there and how it would effect you if you had to put up witht he same crap that US people do? How about average wage in Canada, health care costs, living expenses, etc?
"A penny saved is a penny earned." SAVE THE PENNY!
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Pillar of the Community
Canada
2805 Posts |
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So needless to say copying Canada coin methods would only work if also copying Canadian economic structure? No |
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Pillar of the Community
United States
2734 Posts |
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Conder101: Give the collectors a lot more varieties to collect too, a Google cent, a Visa cent, and "This Bud's for you" etc. Even better, any retailer (Wal-Mart, Target, et al) could put their own logo on the Cents they supply to their own cash drawers!  Edited by DNA
12/06/2014 6:24 pm
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Valued Member
United States
368 Posts |
after seeing a penny on the ground yesterday , I decided it was not worth picking up. why ? it was a LSC and was face down, why bother pick it up? billions of them are around , go to any bank in the usa ask for a roll of pennies, it is 100% chance you will get LSC |
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Pillar of the Community
1325 Posts |
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No No what? You don't think the Canadian or Australian economy is vastly more different in such a way that it doesn't need the penny or don't understadn that the US is different on costs of many things not covered by taxes like those have? YOu think a peny doesn't matter much in the US though you live in Canada? At Minimum wage the least amount of hours needed to work a week just to pay rent is 56 hours for one state, while Hawaii it takes more hours than there are in a week to pay rent. Must be nice to live somewhere your butler deals with all the coins for you so you don't have to but int he real world, people need EVERY CENT THEY CAN SCROUNGE JUST TO LIVE! Every CENT... which means penny. Glad Canada has no homeless, no unemployment, no deficit, free health care, free housing, free food, free water.....and you only have to spend money on luxuries. |
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Pillar of the Community
United States
6130 Posts |
Cents last what? 15-20 years for zinc and 30-50 years for copper? If the Mint just kept the cent as a NIFC coin, we'd probably still see the cent as a circulating coin 30 years from now, minimum. Who says we need to kill the cent actively when we can just pull the plug on its life support?
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Pillar of the Community
New Zealand
526 Posts |
I believe small currency can make a valuable difference to people who are short of money.
Lets take a look at a local New Zealand fruit shop.
They price something at a crafty 96c, but they dont take a credit card under $30 in sales.
So if you want just that one item you have to pay cash and that bag of fruit costs $1 - over 4% more.
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Replies: 88 / Views: 12,719 |
First Page
Posted 12/06/2014 2:06 pm
