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 Replies: 10 / Views: 1,473 |
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Pillar of the Community
United States
2295 Posts |
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Valued Member
United States
292 Posts |
I'd be interested in a survey more than a poll. Why keep it?
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Pillar of the Community
 United States
2295 Posts |
Why a survey? There are only 2 choices. Either keep it or not. There have been other threads on this topic and it all boils down to the cost. Right now, the Mint can't make a 1 cent coin without losing money, even if the planchets were for free.
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Pillar of the Community
United States
3283 Posts |
It will happen it's just a matter of when
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Valued Member
United States
292 Posts |
You can understand yes or no but you can't understand why or why not with a poll.
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Pillar of the Community
United States
2271 Posts |
They should have been eliminated in 1974 when the aluminum penny was made but it wasn't obvious. In 1982 when we went to the zinc cent it was painfully obvious to anyone actually thinking about the issue that they were obsolete. Today we waste countless millions of manhours every year making the cents, counting them, and waiting for change while standing in line. Not only are we losing so many millions of dollars with less than worthless pennies but as long as these are in commerce it makes it difficult to get the dollar coin in circulation which would save far more money, improve the economy, and be more convenient to the millions who still prefer cash for small transactions.
The waste represented by this coin is remarkable. Each penny represents a 1c loss to the economy every time it's used. Many only get used a single time before they are thrown away or relegated to a coin jar which is redeemed every couple years.
Note that the incidence of copper cents in circulation remains stubbornly at about 20% of the pennies despite the fact that millions of copper cents are withdrawn by the population every day. This suggests that the zinc pennies are being consumed at a rate four times the rate people are sucking up the copper. They simply don't last. It also implies the demand for pennies must be collapsing or mintages would be exploding to replace the copper and lost zincs.
Time don't fly, it bounds and leaps.
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Valued Member
United States
55 Posts |
I for one want the penny to keep being minted, sure if you buy an item that costs $9.99 now it will go up to $10, a penny, no big deal, but when you have thousands of transactions a year, it starts to add up, and there is no way that retailers will round down.
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Pillar of the Community
United States
2271 Posts |
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for one want the penny to keep being minted, sure if you buy an item that costs $9.99 now it will go up to $10, a penny, no big deal, but when you have thousands of transactions a year, it starts to add up, and there is no way that retailers will round down.
Normally it's only the total bill that is proposed to be rounded rather than each individual item. There is absolutely no net effect and everyone comes out exactly even in the long run. Actually they'd probably have the gas pumps set up to move in 5c increments so you could always end up half way to the next nickle and save 2 1/2 c every time you buy gas. We used to do that with the pennies when it ratched up slowly enough to stop half way to the next penny. Time don't fly, it bounds and leaps.
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Pillar of the Community
United States
2295 Posts |
Plus there are so many billions already minted, sitting at everyone's home, they will circulate for many years, even after the Mint stops making them. If not, then it is obvious that no one wants them.
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Bedrock of the Community
United States
17884 Posts |
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if you buy an item that costs $9.99 now it will go up to $10, Why? Quote:
and there is no way that retailers will round down. They'll have to stop using cash registers then because they already have the software built into them to round up or down to the nearest 5 cents. Now of course they could round up all the prices in theirs store, and their competitor could leave his alone or round them down and take away business from him. |
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Moderator
 United States
188213 Posts |
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There have been other threads on this topic... Do I even have to post my opinion? No?  Quote:
and there is no way that retailers will round down. This is just plain wrong. Several places in my area round cash transactions down since they do not have to pay the surcharge on an electronic transaction. I guarantee you if one place decides to round up, their competitors will round down and make it known. |
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Replies: 10 / Views: 1,473 |
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Posted 02/24/2012 1:01 pm
