Get Rid of the Penny...

[SpidermanTuba]

... and while we're at it

get ride of the nickel and dime

 

[Kazikli Bey]

... but then no one will have the chance of all day luck.

 

[SpidermanTuba]

... but then no one will have the chance of all day luck.

Sure they will. The penny will be useless. People will be throwing them away

 

[Avatar4321]

... but then no one will have the chance of all day luck.

Sure they will. The penny will be useless. People will be throwing them away

If you dont want your pennies, id be more than willing to take them off your hands. In fact, ill take your nickels and dimes too.

 

[auditor0007]

They should get rid of the penny. It costs more to make them than they are worth.

 

[SpidermanTuba]

They should get rid of the penny. It costs more to make them than they are worth.

Same for the nickel now. If you get rid of the nickel you gotta get rid of the dime. Other wise you could have 10 cents, 20 cents, 25 cents, 30 cents, 40 cents, 50 cents, 60 cents, 70 cents, 75 cents, 80 cents, and 90 cents - which is kinda strange. Have only the quarter and higher and do all transactions to the nearest quarter.

 

[random3434]

Sure would make it easier to teach first and second graders to count money!

 

[editec]

I think the economy is taking care of that problem right now.

If it continues to go down, few of us will have a cent to our names anyaway.

 

[Paulie]

Same for the nickel now. If you get rid of the nickel you gotta get rid of the dime. Other wise you could have 10 cents, 20 cents, 25 cents, 30 cents, 40 cents, 50 cents, 60 cents, 70 cents, 75 cents, 80 cents, and 90 cents - which is kinda strange. Have only the quarter and higher and do all transactions to the nearest quarter.

One of the dumber things I've read here in a while.

 

[random3434]

Same for the nickel now. If you get rid of the nickel you gotta get rid of the dime. Other wise you could have 10 cents, 20 cents, 25 cents, 30 cents, 40 cents, 50 cents, 60 cents, 70 cents, 75 cents, 80 cents, and 90 cents - which is kinda strange. Have only the quarter and higher and do all transactions to the nearest quarter.

One of the dumber things I've read here in a while.

Then you must not get around the board much!


There's an entire plethora for you out there Paulie!

 

[user_name_guest]

If we get rid of the penny, can we get rid of sealybobo too? Their value to society is obviously a penny to a dollar bill.

 

[SpidermanTuba]

Same for the nickel now. If you get rid of the nickel you gotta get rid of the dime. Other wise you could have 10 cents, 20 cents, 25 cents, 30 cents, 40 cents, 50 cents, 60 cents, 70 cents, 75 cents, 80 cents, and 90 cents - which is kinda strange. Have only the quarter and higher and do all transactions to the nearest quarter.

One of the dumber things I've read here in a while.

You think its smarter to pay more than 5 cents to mint a nickel? Or would it be smarter to get rid of the penny and the nickel but keep the dime?

 

[auditor0007]

Sure would make it easier to teach first and second graders to count money!

Ha! Some adults too. Thank God for computerized cash registers.

 

[manu1959]

... and while we're at it

get ride of the nickel and dime

how will be able to buy your thoughts and nickle and dime you.....

 

[Skeptik]

You might not think a penny is worth much, but if every person in America gave you one, you would have two million dollars.

But, yes, the penny has outlived its usefulness. It's time to round to the nearest nickle, if not the nearest dime.

 

[toomuchtime_]

Sure would make it easier to teach first and second graders to count money!

Ha! Some adults too. Thank God for computerized cash registers.

Or we could keep the penny and get rid of first and second graders.

 

[SpidermanTuba]

You might not think a penny is worth much, but if every person in America gave you one, you would have two million dollars.

But, yes, the penny has outlived its usefulness. It's time to round to the nearest nickle, if not the nearest dime.

If everyone in America gave me a half penny, .I'd be worth 1 million, but they got rid of the half penny in the 19t century.

Statistics.

here we go


Assuming 1000 transactions per year (3 per day)


Rounding to the nearest dollar means, on average, you will gain or lose in the range of $32 over the entire year.

Rounding to the nearest nickel means you would gain on lose on average $7 per year.


Quarters - $16
Pennies (the way it is now) - $3
Half Pennies (19th century, but bear in mind, the average person in the 19th century prolly made far less than 1000 transactions a year, prolly more like 10-100) - $2
Tenth pennies ( the way the gas sellers want it) - $1




So if we rounded all transactions to $0.25 - and you on average conducted 1000 transactions a year - the average range over which you would have gained or loss due to rounding error would be $16.


That's worth it.

 

[editec]

Anybody here ever see pennies of the early 19th century?

They're bigger than quarters and pure copper.

Today's penny is zinc covered with copper.

 

[Paulie]

Same for the nickel now. If you get rid of the nickel you gotta get rid of the dime. Other wise you could have 10 cents, 20 cents, 25 cents, 30 cents, 40 cents, 50 cents, 60 cents, 70 cents, 75 cents, 80 cents, and 90 cents - which is kinda strange. Have only the quarter and higher and do all transactions to the nearest quarter.

One of the dumber things I've read here in a while.

You think its smarter to pay more than 5 cents to mint a nickel? Or would it be smarter to get rid of the penny and the nickel but keep the dime?

The rounding to the nearest quarter part was what got me. If you round up, consumers will literally pay millions more for goods and services than they should. If you round down, businesses lose millions more than they should.

I don't mind scrapping the penny, but I don't see a good reason to scrap anything higher. There's WAY better ways to cut government spending than to get rid of our coin. Since you're ok with consumers or businesses losing so much with your logic, than you should be ok with cutting some entitlement spending too, right? I mean, afterall, waste is waste.

 

[editec]

Same for the nickel now. If you get rid of the nickel you gotta get rid of the dime. Other wise you could have 10 cents, 20 cents, 25 cents, 30 cents, 40 cents, 50 cents, 60 cents, 70 cents, 75 cents, 80 cents, and 90 cents - which is kinda strange. Have only the quarter and higher and do all transactions to the nearest quarter.

One of the dumber things I've read here in a while.

You think its smarter to pay more than 5 cents to mint a nickel? Or would it be smarter to get rid of the penny and the nickel but keep the dime?

Where did you read it cost 5 cents to mint a penny?