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 Replies: 33 / Views: 3,671 |
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Pillar of the Community
United States
4867 Posts |
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Rest in Peace
United States
4078 Posts |
 and a good read. Interesting that I picked up a box and found 30 or better Canadian cents. The dumping has started. There is a dealer that will pay 2 for 1, in my area. |
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Moderator
 United States
187702 Posts |
Yes!  Quote:
What's more, only a small percentage of transactions would be affected if the penny were discontinued, Diehl said. Companies would likely round down prices rather than upset customers with price increases to account for the inability to price in 1-cent increments, he said.
"Why would you irritate a customer over a penny?" he asked. This.  |
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Valued Member
United States
219 Posts |
While I see the benefits of doing away with the penny, I also think that the penny has a long and cherished history in this country and simply phasing it out and leaving our lowest denomination as the nickel would be distasteful.
I think a better option for the penny would be to do what the Mint has done to half dollars, which is minting not for circulation issues so we would still have pennies in our proof sets, uncirculated sets, and available to purchase by the general public.
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Valued Member
United States
343 Posts |
I dislike that the half dollars are not meant to be circulated anymore. I think change from cash would be a lot easier with more halves and no cents. If JFK weren't assassinated halves would likely still be plentiful, and used.
Edit: another reason I dislike people on coins.
Edited by SpaceMaNy0
02/13/2017 6:28 pm
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Valued Member
United States
467 Posts |
Quote:
Companies would likely round down prices rather than upset customers with price increases to account for the inability to price in 1-cent increments, he said. I have trouble believing that. Maybe I am wrong, but I think nearly everything would be priced upward, not downward. And also- if sales tax equaled $2.63 on a transaction how will that work? I am sure that the city/county/state would not accept $2.60...but they might accept $2.65. I am not saying that we should never get rid of the cent. But I have trouble believing that it will not have any negative financial impact on me in the short or long term. |
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Bedrock of the Community
United States
10034 Posts |
I personally hate the idea - but it is best economically to do so.
Unless we could have a responsible return to PMs and/or altering the present system to equate, let's say, a new penny to the present nickel or dime.
Dreaming here... responsible government has not been the norm for most of my life.
How much squash could a Sasquatch squash if a Sasquatch would squash squash? Download and read: Grading the graders Costly TPG ineptitude and No FG Kennedy halveshttps://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2 |
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Valued Member
Korea, Republic Of
489 Posts |
I don't see a problem in this and I have experienced it firsthand here in Korea. On base, everything at the register is rounded up or down to the nickel. There is a balance of loss and gain for both the customer and the sellers and the prices of the items stay the same. They have been doing this on post here for a long time. I think it is mostly due to how annoying it is for the banks over here to order one cent rolls. The only place on post that takes pennies is the post office and even then so many transactions are done electronically/by card that its never noticed. They have penny cups across all of the windows for people to use for free. The penny is just not what it used to be.
Secondly, here in Korea they have not used their 1 won (1/10 of 1c), 5 won, (1/2 of 1c, 10 won (1c) or 50 won (5c) coins in a really long time either. Nearly every item that can be bought off post is by the 100 won (dime) or 500 won (50c). The transactions are smooth and no hassle.
From a collectors standpoint, just continue to put the cent in collectors sets and I will be happy. The only problem with killing the penny is companies will turn in all the pennies they have and pull the hunting grounds out from under our feet.
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Bedrock of the Community
 United States
12813 Posts |
Quote:
...everything at the register is rounded up or down to the nickel. There is a balance of loss and gain for both the customer and the sellers and the prices of the items stay the same. This. I believe that is how countries such as Canada, who have already done away with their 1-cent, 1-Euro, etc. coins, handle things. Even some American retailers are doing this. I frequently get rounded up to the next nickel and wouldn't care if I got rounded down. Even if the cent goes away as CLT, it'll probably be carried on as NCLT for years just like the half is currently. Which should satisfy collectors (myself included). |
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Pillar of the Community
United States
519 Posts |
I agree, the penny should go. Since I don't spend money on NCLT it would not matter if it was continued for the annual sets. As far as inflation, a little bit more would be a good thing for the US.
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Valued Member
Korea, Republic Of
489 Posts |
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Even if the cent goes away as CLT, it'll probably be carried on as NCLT for years just like the half is currently. They do this here in Korea. They have kept the 1 and 5 won coins in the mint sets since they stopped using them in the mid 90s. I'd hope they would do the same for the cent. |
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New Member
United States
4 Posts |
They want to pull the penny...and the $100 bill and maybe the $50. When will it stop?
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Valued Member
United States
343 Posts |
When all we have is a plastic card for monetary transactions.
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Pillar of the Community
United States
3210 Posts |
Here's my opinion. There is 2 denominations they need to scrap the penny and the dollar coin. The penny cause they cost more to make than they're worth and they take up a lot of space and are annoying at times. The dollar coins simply aren't used, not really collected, never seen in circulation etc. I bet you federal reserve depositories have thousands upon thousands of bags sitting in vaults cause no one cares about them. The fed should just have them all melted and use the metal on actual coinage that circulates (nickels, dimes, quarters, and on occasion the half dollar). The stuff they make for collectors they can continue, but for general circulation it needs to stop.
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Valued Member
Korea, Republic Of
489 Posts |
Quote:
...cause no one cares about them. How dare you, good sir? I care about them and love them with all my heart. But I understand where you are coming from. To be honest you are right. I think they are trying to make 'fetch' a thing and its not going to happen. Quote:
They want to pull the penny...and the $100 bill and maybe the $50. I understand if they want to get rid of the 50, but the $100 is huge and stacks very easily for large payments/face-to-face currency exchanges. |
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Pillar of the Community
United States
3077 Posts |
kill the cent, nickel, dollar and the five. drop the last digit and price to the dime/tenth and add a $5 coin and a $500 bill we are overdue a reevaluation of our currency when I was a kid loose change could buy a candy bar and a soda now ya gotta have a fiver
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Replies: 33 / Views: 3,671 |
Posted 02/13/2017 6:02 pm
