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 Replies: 16 / Views: 3,374 |
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Pillar of the Community
Canada
2805 Posts |
While the zinc companies are diddling about and delaying the inevitable, Norway pulled its 50-øre coin last year: http://www.norges-bank.no/en/notes-...awn-in-2012/  Quote:
Why is the 50-øre coin being withdrawn?
The 50-øre coin is being withdrawn because it no longer circulates as an ordinary coin used for payment. While it is used in shops to give change, customers largely put the coins aside rather than use them for subsequent payments. This means that Norges Bank needs to produce a large number of 50-øre coins, even though there are a sufficient number of coins already in circulation. In recent years the annual net issue from Norges Bank has ranged between 15 and 22 million coins. The exchange rate of 50 øre? 8.328 cents USD! That means the least valuable coin in Norway (1 krone) is worth 16.7 cents. The most valuable coin in Norway is the 20-kroner coin, worth $3.33 USD today - and the 50-kroner note ($8.32 USD) is viewed as "hardly worth anything", so it's rumoured that it, too, will be replaced by a coin in the near future! Meanwhile, in the United States...  Edited by nalaberong
09/29/2013 5:00 pm
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Valued Member
50 Posts |
their has been a lot of debate about not using the penny anymore but some people must be very opposed to getting ride of the penny !
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Pillar of the Community
United Kingdom
837 Posts |
I guess the companies dealing in zinc like the fact that the US penny is still around , this Norwegian situation is very interesting. I guess in the US they have bigger fish to fry .. instead of pesky pennies  it would probably take something major for the penny to be axed ...... |
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Moderator
 United States
188213 Posts |
Nice. More reason to nix the cent and the nickel.  |
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Pillar of the Community
United States
2271 Posts |
We really don't need a nickel any longer since it's no money but it';s needed to bridge the gap between the dime and quarter. Thisis why I say make the nickel out of aluminum for now and as soon as the system is completely updated in a couple years then shrink the nickel to about the size the penny is now but slightly thicker.
Congress can't possibly do anything that makes sense.
Time don't fly, it bounds and leaps.
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Pillar of the Community
 Canada
2805 Posts |
I'd advocate a fifth dollar with a central hole - even the dimmest bulbs will be able to spot that difference.
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Valued Member
United States
368 Posts |
i think the US has bigger worries than the penny....
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Pillar of the Community
Canada
2805 Posts |
Yes, so let's talk about them on the US Modern Coins forum!
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Moderator
United States
188213 Posts |
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I think the US has bigger worries than the penny.... True, but eliminating the cent is an easy victory. Why not take it? |
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Bedrock of the Community
United States
17884 Posts |
Besides it provides a distraction for a few days away from what they REALLY need to be working on but which not one of them really wants to touch. Most of the serious problems they have been studiously avoiding for 30 years or more.
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Pillar of the Community
United States
979 Posts |
schris252, that may be true, but the age old adage still makes sense. "Worry about the cents, and the dollars will take care of themselves"
We made about 6 billion pennies last year. That's about $60 million dollars worth of pennies. It costs 2.41 cents to make a penny. That means we spent $144.6 making the penny, and most people wouldn't pick one up off the floor. What else could that $144.6 million dollars do?
Imagine, if you would put in charge of JUST this issue, what would you do? Let's say you also got to use the money saved to help the US population somehow. How much good could you do with $144.6 million dollars of SPENDABLE money?
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Pillar of the Community
United Kingdom
4208 Posts |
$144.6m could really make a big difference to scientific research. Instead, billions of zinc disks are being pumped out with no use. They;re worth less than a UK penny and I cant use those anymore. I use them as paper weights. Id be much happier spending £2 than £1.99 and losing ap enny knowing that the UK is 1p better off.
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Bedrock of the Community
13014 Posts |
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$144.6m could really make a big difference to scientific research. It works both ways. Hundreds of millions if not billions a year end up going to charities from pennies being thrown in charity boxes and penny charities ect. A large amount of that would be lost without the penny. |
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Moderator
United States
188213 Posts |
So, people are so heartless and uncaring that they only give worthless cents to charity? We will all stop giving to charities if there were no cents to give? Wow, I guess humanity is dead.  More often than not, people dump all of their change into these containers (the ones near cash registers or store exits at least). I see it all the time and have done it myself more than once. It is much easier to do that sort it out. Also, better than carrying all of that heavy change in your pockets! (You know who you are.) Since I am right, we should eliminate the dollar note to get those oh-so-heavy dollar coins out there and dumped into those charity kettles.  |
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Bedrock of the Community
13014 Posts |
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We will all stop giving to charities if there were no cents to give? Itll decline for sure. Pretty much everyone throws pennies in, fewer throw nickels and even fewer throw dimes ect. Those boxes are almost always more than 50 percent pennies if not more. Its psychological. Even if you give away more in the long run its easier to not care about a few pennies then it is a larger coin. |
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Moderator
United States
188213 Posts |
I really have doubts it will go down. Charitable people are that way by nature. Yes, giving the cents is easy because they accumulate easy, but people will still give their nickels. It is still a wash if they only do it with one fifth the effort.  As you mentioned before, we will not know for certain until it happens. I just hope I am right. Otherwise, the human race (or at least America) is worse off than I thought. |
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Replies: 16 / Views: 3,374 |
Posted 09/29/2013 7:12 pm
