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 Replies: 23 / Views: 2,249 |
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Valued Member
United States
204 Posts |
I think they should switch to pennies made of carbon fiber - it's reasonably durable and could also help reduce CO2 emissions if it is made of carbon captured from power plant emissions. This way the U.S. could also brag (even if incorrectly) to have the first "green" coinage  . Saves oil (as opposed to plastic), saves metal, saves energy - our pennies will save the earth  ! Feel free to put your Two Cents in on this one  |
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Pillar of the Community
United States
615 Posts |
"""I was thinking that too that cents should be minted just for mint sets. There are already billions if not trillions if cents in circulation so why keep minting them in the masses? Just use what we have now. I believe the supply is ample.""""
There is an ample supply if people didn't just throw all the pennies in a jar.
If we produce 9,000,000,000 cents a year... that is only 30 per person. I will guess there are 250,000,000,000 cents in the system that haven't been lost or pulled from the system for good for whatever reason. That is only about 800 cents per person. There a lot of folks with more than 800 cents at home. Plus business need cents for change, and they don't count as a person at all.
If everyone put all the cent back into the system, then we would have more than enough. Good luck getting people to roll that huge jar they have sitting at home.
-SWUSC
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Moderator
 United States
188028 Posts |
Quote:
I was thinking that too that cents should be minted just for mint sets. Add me to that list. I think the cent should have gone NIFC years ago. Quote:
There is an ample supply if people didn't just throw all the pennies in a jar. How true, people are not using them and that is another good reason to stop making them. People will whine about it, but eventually get over it. Same goes for killing the paper dollar. Just do it already and move on. |
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Valued Member
United States
393 Posts |
You guys ideas on this thread make more sense than anything I've heard a politician say.
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Valued Member
United States
473 Posts |
 THe penny has become worthless...even a piece of bubble gum costs a dime now. I think the only reason it wasn't eliminated years go is because of the sales tax--8.25% in New York State, 6% in PA, etc. That can only be paid with use of the a one-cent coin in cash transactions. Without the cent, either the customer or the business would be forced to over/under pay their fair share of the tax. Wouldn't be right to either party.. |
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Pillar of the Community
United States
615 Posts |
GFR... if that is the only reason....you could bring back the sales tax tokens :)... make the states pay for their own tax collection. Does it really matter if they round up or down? It might mean big money to the state due to numbers of tranactions, but to the actually consumer... they could lose 9 cent per transaction worse case. If you did 5 transaction a day every day and lost the max.. that is only $164.25 a year. doing a 0.01 to .04 round down and .05 to .09 round up for cash transactions would about even out for those using cash. Banking system could still use currency to the 1/100, so credit/debit cards could still go out to the cent. We are rounding now to the nearest 1/100.... why not round to the nearest 1/10.
They should kill the cent, nickel, and paper dollar. The major problem I see with going to 1/10 instead of 1/100 is the quarter. you have a 1/10, 1/4, and 1/2 (5/10) coin. You would almost need to go to a .1:.2:.5 system of coins. We made a mistake picking the 25 cent coin over the 20 cent coin years ago.
Look at it this way in forty years (3.6% inflation).... the dollar will be worth about a dime today. Then we can discuss doing away with all coins. Then eighty years from now.. the dollar will be worth about a cent today using the same 3.6% inflation.
I am 25. If I make it to 105, then I think I will be paying a couple of hundred or so for a loaf of bread.
-SWUSC
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Moderator
United States
188028 Posts |
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We are rounding now to the nearest 1/100.... why not round to the nearest 1/10 Nearest being closest, up or down. In a previous thread, people complained that we would all be ripped off since everything would be rounded up to the nearest nickel (or dime, if the nickel is eliminated as per your example). Sales Tax often does not come out even (to the cent), so we already have rounding (up and down, to the nearest cent). The rounding rules would not change, just the denomination we round to. I suspect that transactions will still be calculated to the cent; where electronic ones are tendered for the exact amount and the cash ones are rounded manually. It is possible that the POS systems will be reprogrammed to give two totals, one for electronic payment and the other for cash. Not a difficult task, IMHO; proabably less hassle than moving the start and stop dates for Daylight Saving Time! I say we just stop minting cents now. Stores will round on their own and might even ask people to bring exact change next time. Maybe people will start tapping their change jars and banks will clear their vaults of unused boxes. The hoards will filter back into circulation or we will get used to not having cents in change. We might even be able to linger on a few years or decades until we actually "run out" of them. Maybe people will opt to increasingly use electronic methods of payment to keep from losing a few cents to rounding (even though they will gain as much as they lose over the course of time). |
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Valued Member
United States
393 Posts |
We wonder why people have jars of pennies sitting at home out of circulation. The is a perfect example of the problem in question; they're almost worthless. People don't want to take the time to count and roll a bunch of change that won't buy anything to speak of.
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Replies: 23 / Views: 2,249 |
First Page
Posted 05/14/2008 10:56 am
