How Long Will The Cent Exist?

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.

I agree that the cent can easily go way of the Dodo bird and we would all be ok. But we have to consider what the majority would do and how they would react. I expect they would freak out and not be reasonable.

I actually suggest we do like other countries and do it slowly. Starting with doing away with the dollar as a bill and making it a coin. Once people get comfortable with that, do away with the cent. The dollar has too much value in peoples minds because its a "Paper Bill". Back in the day a dollar was something to have. Now its a joke. Jokes are coins. Make the dollar a coin. Get rid of the bills. Do the same with the $5 bill too, for good measure. Lets get coins back to what they where meant to be.....Hard currency. Large denominations can be bills, of course. But what about a $100 coin of pure silver?

Just throwing it out there. It makes sense to do it. I imagine in todays' economy that a ASE may be worth about $100 as a circulated coin. The mint only needs to change the denomination value and it is done.

Sometime you just have to drag John Q. Public along into reality, while he is kicking and screaming.

KK

You are right. My accountant does. My refund is always to the dollar.

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.

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.

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.

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!)

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.