Pennies - WTF?

[TheManWithAUsername]

Why are we still making these? Let's just do away with nickels and dimes, too. I'd be fine with quarters going, too.

This is a very small subcategory of: Why can't we just do sensible things?

[Anonymous]

If bernanke keeps printing money, the copper in a penny could be worth more than a dollar.

[Anonymous]

TheManWithAUsername wrote:Why are we still making these? Let's just do away with nickels and dimes, too. I'd be fine with quarters going, too.

This is a very small subcategory of: Why can't we just do sensible things?

Retailers would be up in arms because they could no longer price things at $ plus, 99 cents. Psycholigically, people think only $3.99 is not a bad price but $4.00 makes them think twice. I think this idea has been floated several times and came down like a lead balloon.

[Anonymous]

Anonymous wrote:
Retailers would be up in arms because they could no longer price things at $ plus, 99 cents. Psycholigically, people think only $3.99 is not a bad price but $4.00 makes them think twice. I think this idea has been floated several times and came down like a lead balloon.

Yes they could. Many countries in Europe don't use 1-cent of 5-cent pieces. At the register, if you pay by card, you're still charged the exact price (as if such coins existed) and if you pay in cash, then the price is rounded to the nearest 5 or 10 cent denomination.

[takoma]

Anonymous wrote:

Anonymous wrote:
Retailers would be up in arms because they could no longer price things at $ plus, 99 cents. Psycholigically, people think only $3.99 is not a bad price but $4.00 makes them think twice. I think this idea has been floated several times and came down like a lead balloon.

Yes they could. Many countries in Europe don't use 1-cent of 5-cent pieces. At the register, if you pay by card, you're still charged the exact price (as if such coins existed) and if you pay in cash, then the price is rounded to the nearest 5 or 10 cent denomination.

Many businesses and many customers accomplish the same thing with a "Give a penny, take a penny" bowl. The Europeans are smart enough to stop wasting the space.

[Anonymous]

Aren't coins more economical than bills because they last longer?

[TheManWithAUsername]

Anonymous wrote:Aren't coins more economical than bills because they last longer?

I don't have any problem with coins; it's just these pointless small denominations.

[takoma]

Half a century ago a penny could actually buy a piece of candy and a couple could mail a post card. If people could live with no smaller coins then, we could certainly do without pennies or nickels now.

The half cent coin was last minted in 1857. A century ago a nickel was worth more than a dollar is now, so the half cent that had disappeared 50 years earlier would have been worth what a dime is now. it is ridiculous for us to have the nickel, let alone the penny.

[Anonymous]

It doesn't really matter because cash is going away. It's just a matter of time. The only reason I used to carry coins was for vending machines and parking meters. Now they take credit cards, dollar bills, and sometimes you can pay by phone or app.

[Anonymous]

The new pennies' tails side is so ugly. Put the Lincoln Memorial back at least.

[TheManWithAUsername]

Anonymous wrote:The new pennies' tails side is so ugly. Put the Lincoln Memorial back at least.

That's part of what brought it to mind for me. I realize that this is tiny in budget terms, but I was looking at one of the new ones, wondering why our tax dollars were spent redesigning them.

BTW, the production cost isn't completely insignificant. Well over $100 million is spent every year minting small coins.

[takoma]

TheManWithAUsername wrote:

Anonymous wrote:The new pennies' tails side is so ugly. Put the Lincoln Memorial back at least.

That's part of what brought it to mind for me. I realize that this is tiny in budget terms, but I was looking at one of the new ones, wondering why our tax dollars were spent redesigning them.

BTW, the production cost isn't completely insignificant. Well over $100 million is spent every year minting small coins.

That's no longer penny-ante. It's another reason to be anti-penny!

[Anonymous]

I used to be pro-penny but just went to Europe and used Euros and it made me re-think US currency. Given how expensive everything is, I just no longer see a need for pennies. Let them round up if they want, I'll only be out another 5 cents a day on average. I'm also tired of tipping everyone on the planet. Can't the bill sometimes just be the bill?

[Anonymous]

Anonymous wrote:

TheManWithAUsername wrote:Why are we still making these? Let's just do away with nickels and dimes, too. I'd be fine with quarters going, too.

This is a very small subcategory of: Why can't we just do sensible things?

Retailers would be up in arms because they could no longer price things at $ plus, 99 cents. Psycholigically, people think only $3.99 is not a bad price but $4.00 makes them think twice. I think this idea has been floated several times and came down like a lead balloon.

I, for one, am irritated by change b/c I can't subtract on the spot. sort of like pee fright in a public toilet

I would be a much more confident if we just used bills, as I can subtract $30 from $100.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

TheManWithAUsername wrote:Why are we still making these? Let's just do away with nickels and dimes, too. I'd be fine with quarters going, too.

This is a very small subcategory of: Why can't we just do sensible things?

Retailers would be up in arms because they could no longer price things at $ plus, 99 cents. Psycholigically, people think only $3.99 is not a bad price but $4.00 makes them think twice. I think this idea has been floated several times and came down like a lead balloon.

I, for one, am irritated by change b/c I can't subtract on the spot. sort of like pee fright in a public toilet

I would be a much more confident if we just used bills, as I can subtract $30 from $100.[/quote

I will add, however, that I had over $2000 in change saved over the years.

opened up an account with it and it's now over $20K