• Should The United States of America kill the 1¢ and 5¢ coins?
    114 replies, posted
[QUOTE=mobrockers2;35660927]No, that makes no sense.[/QUOTE] Makes plenty of sense. Need to pay 55 cents, but have only paid 50 cents already? Use a nickel. If you would do that with pennies, you would need 5 of them just for that.
[QUOTE=Vostok;35361510]i collect pennies :([/QUOTE] They'll be even rarer if they're discontinued. Just like $2 bills. I have a collection of those.
Lets say you buy something that is for say..... $1.25. With sales tax it makes your total purchase to.... Lets say, $1.89. You hand them a total of $2 or $1.90 ($1 + 2 quarters + a dime) The sales clerk says: Would you like your change? 9 times out of 10 you are not going to want that useless penny. Half the time you do not even want the change if it isn't in quarters. I know I am like that. Carrying changed around is annoying. Most people use paper money, quarters, or even dimes. Nobody wants to carry around pennies or nickels. I'm not saying we should removed the coins. If they do remove the coins, remove the penny. Its not needed as much as some other coins.
I have 150 0.02 cents.
[QUOTE=TestECull;35492352]How 'bout no? I'd be for cutting production on them back a bit, significantly so even, but cutting them from our currency entirely? No. They should stay legal tender, and they should stay in the system as far as non-cash transactions(Credit cards, online purchases, and even checks if you still use those) go. Give how much of our money doesn't even exist I see no valid reason to discontinue the cent as legal tender, even if you stop or seriously reduce production of the coins that represent it.[/QUOTE] No one ever argues that non-cash transactions should be rounded to the nearest $.05 or $.25. Those can still be to the nearest penny because it basically costs us nothing to keep track of money that way. We could go to the nearest $.001 or less if we wanted to. Then we could pay the exact amount when we buy gas instead of rounding to the nearest cent.
[QUOTE=WaffleSteaks;35359531]No. You have no idea how many times a nickel saved my ass at a pop machine.[/QUOTE] This is exactly what im thinking.
Kill the penny and Nickel, Replace the $1 bill with a coin. All we need is 10 cent coin, 50 cent coin, 25 cent coin, and the dollar coin.
[QUOTE=IrishSim;35679283]Kill the penny and Nickel, Replace the $1 bill with a coin. All we need is 10 cent coin, 50 cent coin, 25 cent coin, and the dollar coin.[/QUOTE] If you're going to have a 25 cent coin at least keep a 5 cent coin, because how will change be handled if you buy something for 70 cents with three 25 cent coins? Get no change at all? Even though you could use a 50 cent and two 10 cent coins and you'd still get no change but it would cost you less? Be like Australia and adopt a 20 cent coin if you're not going to have a 5 cent coin. We still do have our 5 cent coin though. Anyways I've been wondering about the feasibility of having a currency based around 12 and its fractions, so eg instead of cents you get a 1/12 coin, a 4/12 coin and a whole (12/12) coin. It can accurately represent a third (not to mention that 12 has a total of 6 factors compared to 10 which only has 4), the smaller variety of coins will leave less hassle and it would still encourage the use of the least valuable coin (eg if you wanted something that was to cost you 6/12 you'd need to use a 4/12 and two 1/12 coins). The 4/12 would also be relatively valuable so you wouldn't need to carry as much coins around, but you'd still need to carry a few 1/12 coins around to pay for any remainders. Not related to inflation and it would probably end up useless if inflation and drops in purchasing power was to occur, but what do people think of that?
[QUOTE=Antdawg;35679333]If you're going to have a 25 cent coin at least keep a 5 cent coin, because how will change be handled if you buy something for 70 cents with three 25 cent coins? Get no change at all? Even though you could use a 50 cent and two 10 cent coins and you'd still get no change but it would cost you less? Be like Australia and adopt a 20 cent coin if you're not going to have a 5 cent coin. We still do have our 5 cent coin though.[/quote] There's something not quite right with keeping the dime and getting rid of the nickel, precisely because the next coin up is $.25. If it were $.20, dimes would work fine. There are three solutions: 1. Keep the nickel 2. Lose the nickel and the dime 3. Replace the quarter with a $.20 coin. [QUOTE=Antdawg;35679333]Anyways I've been wondering about the feasibility of having a currency based around 12 and its fractions, so eg instead of cents you get a 1/12 coin, a 4/12 coin and a whole (12/12) coin. It can accurately represent a third (not to mention that 12 has a total of 6 factors compared to 10 which only has 4), the smaller variety of coins will leave less hassle and it would still encourage the use of the least valuable coin (eg if you wanted something that was to cost you 6/12 you'd need to use a 4/12 and two 1/12 coins). The 4/12 would also be relatively valuable so you wouldn't need to carry as much coins around, but you'd still need to carry a few 1/12 coins around to pay for any remainders. Not related to inflation and it would probably end up useless if inflation and drops in purchasing power was to occur, but what do people think of that?[/QUOTE] I admire your ambition. It's a good idea except that it's not practical, if only because it would confuse people and piss them off. You'd be asking people to abandon decimal numbers in a place where it's already used. You might as well advocate for the Dvorak keyboard layout, a 13-month calender, or the Libertarian Party. I think it would be easier, though still completely impossible, to get people to accept something binary, as in 1/8 (like shares on the NYSE?) or 1/16 coin as the smallest. When I was a cab driver, I never bothered with change except maybe quarters, and even then I wouldn't spend much time or energy making sure I had any. The primary motivation for having quarters was the coin-op car wash I'd take the car to before turning it in. If someone's fare was $9.85 and they insisted on getting their change, I'd give them an 85 cent discount if I didn't have a quarter. For a cab driver, the sooner he can be done with one fare and on to the next, the more money he can make. Making change to the nearest penny or nickel is never worth it, and quarters are hardly worth dealing with.
when i went to america i thought it was v unsatisfactory to get a handful of coins that amounted to about £1.10 in english money. Why taunt me like that?
My dad has a friend who has a warehouse full of pennies for when they're discontinued. He's going to melt them down and gain a nice profit supposedly.
[QUOTE=3com111;35694411]My dad has a friend who has a warehouse full of pennies for when they're discontinued. He's going to melt them down and gain a nice profit supposedly.[/QUOTE] That makes no sense.. If the penny is discontinued the price of copper will go down because demand goes down, so the copper becomes worth LESS than it is worth right now.
[QUOTE=BCell;35353025]1 Cents and 5 Cents. I don't understand why would anyone need these coins. No vending machines would ever accepts 1 cents and 5 cents coins.[/QUOTE] Almost every vending machine ever made accepts nickels.
I don't think we need pennies, but i also think that nickels are still viable.
The US is late. Here in Norway we shed the equivalent of a penny aaages ago. And then we shed the equivalent of a nickel aaages ago. And we just shed the equivalent of a dime. Our lowest form of currency now is ~18 US cents.
The only two viable ideas in my head are to get rid of the penny and nickel OR at least make them from something a little less expensive. What that would be, I'm not sure.
[QUOTE=mac338;35712262]The US is late. Here in Norway we shed the equivalent of a penny aaages ago. And then we shed the equivalent of a nickel aaages ago. And we just shed the equivalent of a dime. Our lowest form of currency now is ~18 US cents.[/QUOTE] It's not something to be proud of, it just shows that your currency has a relatively poor purchasing power.
[QUOTE=mac338;35712262]The US is late. Here in Norway we shed the equivalent of a penny aaages ago. And then we shed the equivalent of a nickel aaages ago. And we just shed the equivalent of a dime. Our lowest form of currency now is ~18 US cents.[/QUOTE] shudd up norway [highlight](User was banned for this post ("This is not debating." - Megafan))[/highlight]
No I need pennys for when I don't quite stop the gas pump in time [highlight](User was banned for this post ("This is not debating - Read the rules sticky." - Megafan))[/highlight]
I say get rid of the penny, but keep the Nickel. Having things like 9.95 is much better marketing than 10.00 or 9.90. Besides, they already changed the back of the penny from the Lincoln Memorial to a dumb shield so we might as well. The nostalgia factor is gone. [IMG]http://upload.wikimedia.org/wikipedia/commons/thumb/f/f4/2010_cent_reverse.jpg/240px-2010_cent_reverse.jpg[/IMG] I mean, what the hell?
[QUOTE=Hidole555;35875420]I say get rid of the penny, but keep the Nickel. Having things like 9.95 is much better marketing than 10.00 or 9.90. Besides, they already changed the back of the penny from the Lincoln Memorial to a dumb shield so we might as well. The nostalgia factor is gone. [IMG]http://upload.wikimedia.org/wikipedia/commons/thumb/f/f4/2010_cent_reverse.jpg/240px-2010_cent_reverse.jpg[/IMG] I mean, what the hell?[/QUOTE] Not sure what you mean by nostalgia, before the lincoln memorial we just had wheat: [img]http://www.theebayentrepreneur.com/wp-content/uploads/2011/11/wheat_penny_values_170.jpg[/img] And that was just fine.
Only get rid of pennies if they indeed make all prices end in 0 or 5.
I agree with mixshifter, pennies are practically useless anyway. All they do is clutter up wallets and purses.
[QUOTE=Hidole555;35875420]I say get rid of the penny, but keep the Nickel. Having things like 9.95 is much better marketing than 10.00 or 9.90. Besides, they already changed the back of the penny from the Lincoln Memorial to a dumb shield so we might as well. The nostalgia factor is gone. [IMG]http://upload.wikimedia.org/wikipedia/commons/thumb/f/f4/2010_cent_reverse.jpg/240px-2010_cent_reverse.jpg[/IMG] I mean, what the hell?[/QUOTE] Things are marketed 9.99 or 9.95 here even though we discontinued the 1 and 2 cent coins, the 1 and 2 cent coins also remain legal tender, you'll just never get any of them back as change from a store because the total is rounded up to the nearest 5 or 0 at the counter for cash payments.
Getting rid of pennies would honestly save me and everyone else a lot of time. First of all, all these coins I have collected have to go straight to the bank, (because the coinstar machine charges like 10%) or to someone who wants to take them. Now assuming that I had one of those coin counting machines to give them to the rare person who collects the useless things, I still have to waste time driving to and from the bank for like 4 dollars. Think about how much time collectively we waste counting pennies to match a specific price compared to the amount of time it would take if it was only a nickel. And correct me if i'm wrong, but don't we have anything more important to worry about than possibly losing a cent or two per transaction? If you REALLY require those couple of cents than you probably need either financial aid or a job.
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