Eliminating the Penny

nodle

Cheesemonger
Administrator
I think they tried to do this years back also. But I think that there are to many in circulation out there. But then again I hate the penny as much as the next guy.
 

nodle

Cheesemonger
Administrator
Maybe they just need to "revamp" the penny like they did the quater and bring some life back into it.
 

ndboarder

Bill Gates' Gimp
Members
A penny saved is a penny earned right. I don't like to carry them either (actually i don't carry anything but dollars and quarters -- for pool, darts, and the snack machine at work), but you can throw your change in a jar and take it to your bank to cash it in after a while or whatever floats your boat with it. I'm just not sure about this, as it would essentially just turn nickels into what a penny is today.

Plus I'm sure this would lead to slight price increases. Retailers would take into account that it would round to the nearest $0.05 and price accordingly to ensure that the rounding would be in their favor, which goes back to the old saying a penny saved is a penny earned I guess. With enough purchases the 2-3 cents that you would've saved before could really add up. They should probably do something about the cost of producing them however considering it currently costs more to manufacture each penny than it is worth.

Another thought is would employers then have to round up, or would they find a way to also make sure roundings work to their favor?
 

Davidc

Caulk Sucker
Members
A penny saved is a penny earned right. I don't like to carry them either (actually i don't carry anything but dollars and quarters -- for pool' date=' darts, and the snack machine at work), but you can throw your change in a jar and take it to your bank to cash it in after a while or whatever floats your boat with it. I'm just not sure about this, as it would essentially just turn nickels into what a penny is today.
Plus I'm sure this would lead to slight price increases. Retailers would take into account that it would round to the nearest $0.05 and price accordingly to ensure that the rounding would be in their favor, which goes back to the old saying a penny saved is a penny earned I guess. With enough purchases the 2-3 cents that you would've saved before could really add up. They should probably do something about the cost of producing them however considering it currently costs more to manufacture each penny than it is worth.

Another thought is would employers then have to round up, or would they find a way to also make sure roundings work to their favor?[/quote']

Oh I think the employers would round in their favor.
 
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