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 Replies: 54 / Views: 6,069 |
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Pillar of the Community
United States
818 Posts |
I agree, pennies may be corroded, but every one counts in my opinion, I wrapped $4 in pennies today and I oppose eliminating the penny from circulation, because THEN you have the government sending mail to everyone asking for their pennies and paying for the melting cost. So I don't think it's gonna happen.
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Pillar of the Community
United States
4409 Posts |
Even if the cent was eliminated and the government asked for people to turn them in, there would still be people that would ignore that and hold on to them.
-MV
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Valued Member
United States
99 Posts |
Getting rid of the pennies means that inflation have taken over the currency and requires the decimal point be to move over making cents useless... Nickels becomes the only fraction for dimes, math... .5cent+.5cent=1cent (1700s-1800s) Getting rid of pennies to use $0.05+$0.05=1dime nickels become new new Half Cent... Currency is a object to conduct mathematical transactions, i.e. Abacus You can change the composition of a coin to "save production cost" but getting rid of it completely means inflation. Instead of of adding a 0(moving a decimal point right by printing/coining higher denominations) you move decimal point left and make the drop the lowest denominator. Don't know if I make sense, my wife stares at me and smile and I try to say stuff like this until I'm able to show her. |
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Bedrock of the Community
United States
17884 Posts |
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Getting rid of the pennies means that inflation have taken over the currency Inflation has taken over the currency whether you get rid of the cent or not. Continuing to make it just means wasting more money producing something worth less than it costs to make. Quote:
You can change the composition of a coin to "save production cost" but getting rid of it completely means inflation The problem is it doesn't matter what you make it from you will still be losing money to make them. And getting rid of them won't cause any more inflation than we are already experiencing. |
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Valued Member
United States
98 Posts |
Perhaps politicians are just afraid to tell the population that we are getting rid of pennies. As is evident in this thread, it would be a common misconception that "inflation is rampant," thus impacting the economy simply due to the uninformed public. The news would have a field day: "Well it goes to show that a cent isn't what it used to be. The treasury has decided to eliminate the cent, triggering fears that the US dollar is giving in to inflation."
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Pillar of the Community
United States
4409 Posts |
The composition for the 5 cent pieces now is 75% copper, 25% nickel  Question Why couldn't it be altered to 70% copper, 25% nickel and 5% zinc? Just thinking out loud here. |
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Bedrock of the Community
United States
17884 Posts |
Why do that? It wouldn't affect the cost of the five cent piece that much, and the nickel in the coin is a higher priced metal than the copper.
Also since the density of zinc is significantly lees than copper either the weight of the coin would decrease or it would have to be larger to keep the weight the same.
Edited by Conder101
01/26/2015 04:05 am
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Moderator
 United States
188768 Posts |
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... I oppose eliminating the penny from circulation, because THEN you have the government sending mail to everyone asking for their pennies and paying for the melting cost.. It is funny because it is conceivably true.  Quote:
The problem is it doesn't matter what you make it from you will still be losing money to make them. And getting rid of them won't cause any more inflation than we are already experiencing. Truth. Quote:
Perhaps politicians are just afraid to tell the population that we are getting rid of pennies. As I said before, the politicians do not keep the cent for fear of the people. They keep the cent for fear of the zinc lobby. They know the cent is worthless, but they also know that lobbyists pay the bills. Trust me, if the zinc lobby goes, so does the cent. |
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Pillar of the Community
United States
1795 Posts |
The Pro's and Con's on keeping the cents are amazing but I will exit this thread with one thing I must say before I depart...as my mentor Ben Franklin is credited with saying "A penny saved is a penny earned.".....he he....later!
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Replies: 54 / Views: 6,069 |
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Posted 01/24/2015 8:35 pm
