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 Replies: 36 / Views: 4,553 |
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New Member
United States
19 Posts |
Our politicians keep talking about eliminating the penny, but I think to effectively do it we need to move the US coin decimal point: The dime needs to be the smallest denomination. This would require eliminating the penny, the nickel, and the quarter. But it would also require a better half dollar, something most people would be comfortable carrying in quantity. So what if we also replaced the Kennedy with a Sacagawea-colored coin a fraction larger than the current nickel?
I know this has been discussed here to death, but it dawned on me the other day that the problem getting rid of the penny is that both the nickel and the quarter still use fractions less than the next significant digit. If we moved all the way to the dime being the smallest, we would need a terrific half dollar that was smaller so it could be carried in bulk. You should be able to get at least 50 in a handful, something you can't really do with the Kennedy (which is why nobody carries them).
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Valued Member
United States
203 Posts |
That is actually a really good idea. Go strictly to a dime, a half dollar, and a dollar coin. Possibly add a 2 dollar coin as well. Strike the rest in very small numbers strictly for collectors. And do like the proof versions were done a very long time ago, struck at a per order basis rather than mass minting with the possibility of left-overs. It would certainly save money. And the half would be okay in its current size. Most people would not need to carry that many of them to make change.
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Pillar of the Community
United States
1510 Posts |
good idea--but they wont do it-- it involves effort
Retired USAF 1983-2003
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Pillar of the Community
United States
7840 Posts |
It makes too much sense, and we know that would never work...much like congress, the house and the senate...the "not" working part.
Edited by oih82w8
08/17/2012 10:12 am
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Pillar of the Community
United States
2602 Posts |
I like this idea as well. Dime, Half, dollar and perhaps 2 dollar coin. Everything rounded to dime for cash transactions, but still go to exact penny for electronic transactions.
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Pillar of the Community
United States
7191 Posts |
We were forced by our government to go off the gold standard and gold coins were removed from circulation. We were then forced to go off silver as circulating means of commerce. Why does this congress not have the strength to make decisions that are logical but cost effective as we have in the past? They make the decisions for what kind of money they make. We (in reference to the general public) are a bunch of over feed, whinny, entitled sheep who in several generations have never had to buckle up and be responsible just like our congress. The American dream of two mortgages on the same home, two car payments on leased vehicles, maxed out credit cards so little Johnny can have the newest designer items is over.
Unpopular decisions can and must be made for this country to move forward from the direction we are headed. If a simple thing as revision of our coinage and currency cannot be done what can this elected government do?
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Valued Member
United States
371 Posts |
So very true and well said muddler.
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Moderator
 United States
188342 Posts |
Not really necessary to do anything more than eliminate the nickel and cent. The quarter can still be easily used with rounded totals, where appropriate.
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Valued Member
273 Posts |
Even Canada is wavering just a little on their decision to eliminate the Canadian cent... The US will not follow along any time soon. Besides, if the Euro breaks up, Europe will have to by up all the US Mint over runs to replace their now defunct bi-metalic coinage.
IMHO (wink wink)
Edited by Changeless
08/17/2012 12:36 pm
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Pillar of the Community
United States
1436 Posts |
This happens and the price of everything will get rounded up to the nearest dime. Also, what would this do to the sales taxes we pay? Would probably also round them up to the nearest dime.
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Pillar of the Community
United States
5829 Posts |
Quote:
Also, what would this do to the sales taxes we pay? Would probably also round them up to the nearest dime.
More like to the dollar! |
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Valued Member
United States
310 Posts |
Or....maybe we could control spending, and stop printing more and more fake money, and then maybe the value of the dollar would rise to where the penny and nickel are once again profitable...
Since we're dreaming and all...
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Moderator
United States
188342 Posts |
Quote:
This happens and the price of everything will get rounded up to the nearest dime. Also, what would this do to the sales taxes we pay? Would probably also round them up to the nearest dime. Rounding goes to the nearest, not the highest. Sales tax is already rounded to the nearest cent, so going to the nearest dime is trivial. There used to be a Half Cent, which arguably bought more than a nickel does today. It went away and the country survived. |
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Pillar of the Community
United States
580 Posts |
Eliminating the penny is going to kill sales marketing. People are quicker to buy something at $99.99 than they would for $100. Sounds crazy but it's a marketing plan that works for some reason.
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Bedrock of the Community
13014 Posts |
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Eliminating the penny is going to kill sales marketing. People are quicker to buy something at $99.99 than they would for $100. Sounds crazy but it's a marketing plan that works for some reason.
Thats true about the pricing but you can still price that way. It wont matter for credit cards and checks ect and after tax it gets you up over that. Just run a promotion where if you pay cash it gets rounded down to the nearest coin |
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Pillar of the Community
United States
997 Posts |
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Eliminating the penny is going to kill sales marketing. People are quicker to buy something at $99.99 than they would for $100. Sounds crazy but it's a marketing plan that works for some reason. Not really. Prices will continue to be quoted as $9.99 etc, with taxes it will almost always go over. So instead of paying $10.58 with tax we would pay $10.60, instead of $10.52 we would pay $10.50. In the end it would all average out. Non cash transactions would remain on the penny. |
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Replies: 36 / Views: 4,553 |
Posted 08/17/2012 09:52 am
