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 Replies: 33 / Views: 3,731 |
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Valued Member
United States
169 Posts |
The US is debating if they should get rid of the penny or maybe even the nickle.Do you agree?
*** Moved by Staff to a more appropriate forum. ***
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Pillar of the Community
United States
1130 Posts |
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Pillar of the Community
United States
1796 Posts |
Torn. Like Bassmaster I do enjoy searching.
However, as a matter of sound fiscal policy, the penny and nickel must die.
On the other hand, I'd search the forum for debates on this, as we have dozens of threads that have already hashed over the pros and cons. :-)
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Valued Member
United States
132 Posts |
Quote:
Torn. Like Bassmaster I do enjoy searching.
However, as a matter of sound fiscal policy, the penny and nickel must die.
On the other hand, I'd search the forum for debates on this, as we have dozens of threads that have already hashed over the pros and cons. :-) Exactly my thought. |
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Pillar of the Community
United States
1599 Posts |
Keep them-I like to search. Sound fiscal policy-you guys crack me up.
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Valued Member
United States
449 Posts |
we are all coin collectors on here so obviously there will be people against it on here. but in the public people dont want them anymore, and it also dosent make sense to keep them. they are becoming obsolete, in order to keep moving forward we need to continually modernize our economy.
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Valued Member
United States
143 Posts |
Eliminating the penny and nickle would be a true sign of inflation of the dollar. Which I guess we already see, but more symbolic.
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Pillar of the Community
United States
1109 Posts |
On one hand, I'd like to say having a cent and nickel as part of our current economy shows the strength of said economy (that it's strong enough we can break it down to 1/100 of a dollar). On the other hand, when was the last time someone could buy anything with one cent? Or one nickel even? I'm torn.
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Pillar of the Community
United Kingdom
4208 Posts |
1p sweets became 2p sweets in the UK not long ago. It makes the lowest denomination pretty worthless.
I think that cutting the bottom denomination out is necessary (especially for you guys - I mean, $16.6tr, c'mon) but it needs to be rectified. Cutting the bottom denomination cannot solve all your problems - as was previously stated, its sreally symbolic of inflation getting reaaally bad.
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Bedrock of the Community
13014 Posts |
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On the other hand, when was the last time someone could buy anything with one cent? Or one nickel even? I'm torn. To play devils advocate if you have to be able to buy something with it then all our change needs to go. A dime and quarter wont get you anything anymore either. A half could come back but that basically gets you a gum ball or the 5 piece small pack of gum |
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Bedrock of the Community
United States
11951 Posts |
IMO Getting rid of the One and Five cent coins would hurt the lower income. Rounding up to the nearest dime on every transaction over a year period could add up, there are people that just don't have any extra money.
Of course the government and banking could be wanting this just to get citizens to use credit/debit cards for every transaction. It would be, round up to the nearest dime with cash or exact payment on cards.
I would like to see them start a ad campaign, where one week a year get everyone to turn in all the coins that are sitting around homes,I am not talking coin collections, coins on dressers change jars etc. By doing this the mint would not have to make as many coins each year, look what happened in 2009. This also would result in lower mintage coins .. better for collectors.
Lower mintage coins might bring more people into the hobby and the mint might sell more mint and proof sets .. winning combination.
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Pillar of the Community
United States
1116 Posts |
I tend to agree with gr58. I think that the impact of rounding up a dime would hurt everyone. Imagine every item that you buy being rounded up to the next highest dime, and then extending that figure out over all the items you buy in a year.
Such a plan would hurt everyone not just the low income. The main benefactors of such a plan would be all the merchants. With each layer of producer and middlemen boosing the price to the next higher dime the impact would be hard for everyone to get used to.
Nowhere do I see any manufacturer, producer, middleman, or seller rounding down to the next lower dime at any stage of the retail distribution stream. No one would be willing to take a lower profit.
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Pillar of the Community
United States
1109 Posts |
-------------------------------------------------------------------------------- Quote:
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On the other hand, when was the last time someone could buy anything with one cent? Or one nickel even? I'm torn.
To play devils advocate if you have to be able to buy something with it then all our change needs to go. A dime and quarter wont get you anything anymore either. A half could come back but that basically gets you a gum ball or the 5 piece small pack of gum I didn't want to say that initially but that's where my line of thinking was going. If you get rid of one, or two, really you'd need to move way up. That's kind of what makes me fall back on the "strength of the dollar" argument for keeping the cent and nickel. While a cent may not buy anything, a small pile of them will help out a lot, especially when combined with nickels or dimes or a quarter. |
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Valued Member
United States
64 Posts |
I've hoarded pennies machine style, and moved on to other things. All I want is to cash in on my effort at some point.
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Valued Member
United States
102 Posts |
I would like to know how it is working so far in other country's that have done this?
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Bedrock of the Community
United States
19932 Posts |
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IMO Getting rid of the One and Five cent coins would hurt the lower income. Maybe I'm stereotyping, but when I'm out the people that look to be "lower income" are the ones that I see dropping change and NOT bothing to pick it up. IMO, the only people losing out by keeping cents and nickels are the American taxpayers. |
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Replies: 33 / Views: 3,731 |
Posted 03/09/2013 9:13 pm
