Is it time to stop minting pennies except for collectors?

Discussion in 'General Conversation' started by olefin, Aug 1, 2007.

Poll, Is it time to stop minting pennies except for collectors?

  1. Yes

  2. No

  3. Makes no difference to me

Multiple votes are allowed.
Results are only viewable after voting.
  1. olefin

    olefin New Member

    Messages:
    3,908
    State:
    Texas
    The US MINT says it costs 1.4 cent to produce a penny. So it cost more to produce than the penny is worth! Also the US MINT will be minting about 8.7 billion pennies this year.

    Back a few years ago when I was a kid I could buy a small piece of candy and a piece of double bubble for a penny... but what will a penny buy today?

    I very seldom pay cash for anything. Strictly use credit card. So I'm not bothered with any type change in my pocket but it would save tax money.

    I say YES, stop minting worthless pennies!

    Don't take my word, read about it here.
     
  2. bluejay

    bluejay Well-Known Member

    Messages:
    8,502
    State:
    Napoleon, Mo.
    I agree. When ever I get any they ebd up in a jar.
     

  3. cubedweller

    cubedweller New Member

    Messages:
    454
    State:
    MO
    I voted "no", but I'll explain why.

    Pennies made of copper need to be retired -- I'll agree with that. However, there's still need for correct change. So, why not make the penny out of something less cheaper or more abundant than copper? In WWII they made them from steel and zinc because copper was more was necessary to the war effort.

    I'm sure there's a durable metal that could be used that would bring down the $0.014 manufacturing price point. I hope. Or how about making them even smaller? I've always wondered why the penny is larger than a dime (of course, there also used to be a silver/gold standard). How about making pennies proportional to their value? :)

    Either that, or everything will have to be priced in multiples of five, including the tax. :crazy:
     
  4. Ol Man

    Ol Man New Member

    Messages:
    3,170
    State:
    Illinois
    I thought the oil companies had already reduced the value of the penny to .9¢
    __________
    If swimming is so good for your figure, how do you explain whales?
     
  5. GaryF

    GaryF New Member

    Messages:
    3,649
    State:
    O.P., KS
    I was in Australia a few years after they did away with pennies, and I thought it was great. They still priced things in cents, but then rounded up or down based upon the total tab. It seemed to balance out pretty well, and it kept pocket change reasonable.

    I say its time to kill the pennies.
     
  6. teaysvalleyguy

    teaysvalleyguy New Member

    Messages:
    9,751
    State:
    GC, OHIO
    Thanks for posting this.

    I say no, just because I think it will be the first step in makeing this a paperless currency society.

    Will be harder to get away with my mad money now, lol.
     
  7. Kutter

    Kutter New Member

    Messages:
    5,379
    State:
    Arnold, MO
    I don't care if they round EVERYTHING up to the next nickel, just get rid of the darn things. Shoot, get rid of the nickel while your at it, it's not like it will buy anything either.
     
  8. GaryF

    GaryF New Member

    Messages:
    3,649
    State:
    O.P., KS
    Tea, if your mad money is made up of leftover pennies, you should probably just give up, lol. :wink:
     
  9. jeffjbeard

    jeffjbeard New Member

    Messages:
    287
    State:
    warsaw missouri
     
  10. baitchunker

    baitchunker New Member

    Messages:
    1,689
    State:
    alabama
    i also spent a while in austrailia. even at the local bars it didnt seem to be an issue. i think we should have gotten rid of it before now. but i dont think we should do away with the nickel, even if we cant buy anything with it at the present. guess im just hoping that we will find a way to bring prices and inflation back in check.
     
  11. vlparrish

    vlparrish New Member

    Messages:
    1,276
    State:
    Bedford, Kentucky
    I say no. Yea, it may cost more than a cent to make one, but how much does it cost to make a $100 bill. I bet not a hundred dollars. Also look how many times that one penny will be used to make a purchase to the cent. Alot more times than once. Vern
     
  12. Dave L

    Dave L New Member

    Messages:
    1,012
    State:
    Minnesota

    Pennies have been made with a copper plated zinc for quite some time.
    Years ago it had cost more to make then they were worth. So they came up with the copper coating to save the cost of the copper. I think the change was made sometime in the 80's. Take one ( 80's and beyond) to a grinder and see for your self.
     
  13. poisonpits

    poisonpits Well-Known Member Supporting Member

    Messages:
    9,757
    State:
    arkansas
    Name:
    johnnie
    goverment,or bussiness have never been known for their tendices to give back any thing.pennies may cost more to make but without them the price on ever thing would go up.this in turn would cause inflation to go up which in turn would devalue the dollar which would devalue the dollar even more and pretty soon droping the penny would cost s 3 or 4 % on our dollar.so the over priced penny is really saving us dollars.and if you can make sense of this you can read better than me.:smile2:
     
  14. winston61

    winston61 New Member

    Messages:
    161
    State:
    Texas
    Yes, get rid of the penny, cash registers can easily be re-programmed to round sales tax to the nearest nickel. And while we are at it, GET RID OF THE DOLLAR BILL, another waster of tax payer money.
     
  15. teaysvalleyguy

    teaysvalleyguy New Member

    Messages:
    9,751
    State:
    GC, OHIO
    Holy Jeeze, you get rid of the penny and Dollar Bills I wont need to carry a wallet anymore. :eek:oooh:
     
  16. Ictalurus Punctatus

    Ictalurus Punctatus New Member

    Messages:
    353
    State:
    Greensboro, NC
    Get rid of it. Dimes, fifty cent pieces, and the coined dollar. While we're at it, let's get on board with the metric system too.

    Jon
     
  17. Phil Washburn

    Phil Washburn New Member

    Messages:
    7,680
    State:
    Shawnee OK
    it would cost more to the consumer to get rid of it - i assure you, ALL merchants are going to round it up:angry:
     
  18. Phil Washburn

    Phil Washburn New Member

    Messages:
    7,680
    State:
    Shawnee OK
    tell ya what, Jon, i'll get on board with the metric system when the rest of the world gets on board with speaking english:wink:...
     
  19. cubedweller

    cubedweller New Member

    Messages:
    454
    State:
    MO
    Yeah, I believe it was 1982 when that started. Could be wrong though.
     
  20. cubedweller

    cubedweller New Member

    Messages:
    454
    State:
    MO
    How exactly is that a waste?
    Question: What's the production cost of a one dollar bill?
    The answer: $0.042

    That's 4.2 cents. For a dollar. I'll be glad to buy your dollar bills for 4.2 cents if you would like to sell them. :)

    http://www.enchantedlearning.com/math/money/bills/one/