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itai195 · Nov 21, 2006, 07:28 PM

I'd support getting rid of the penny. It's essentially valueless. I'd also entertain getting rid of the nickel and adding more high denomination coins ($1, maybe $2, and $5). And I agree with NYCFarmboy regarding presidents, but I think our coinage has become too politicized for that to happen. At least with the $1 coins, Congress allowed the mint to place a lot of the inscriptions around the rim of the coin, freeing up more space for the artwork.

Tuoder · Nov 21, 2006, 07:40 PM

Originally Posted by Chuckit

No it doesn't. It makes absolutely no sense to have a unit of which there cannot be one.

Either I don't understand you, or you don't understand me.

If you want to get rid of the penny, then declare that there are 20 cents to a dollar, make the nickel worth one cent and go on from there.

A cent is a word that means one hundred. A change in the unit size would mean a change in the unit name. But that is just about what would be done if the penny were eliminated. The only difference is that the increment is .05, instead of .01

nonhuman · Nov 21, 2006, 07:45 PM

Originally Posted by Tuoder

A cent is a word that means one hundred. A change in the unit size would mean a change in the unit name. But that is just about what would be done if the penny were eliminated. The only difference is that the increment is .05, instead of .01

So if our smallest unit of currency was $0.05, we could call it a 'qinq'. Though I suppose people would find it simpler to spell it as 'kink'.

Tuoder · Nov 21, 2006, 09:23 PM

I had some trouble uploading the pic, so i will describe it to you. I was at school, scaping together change to get some chips, and I noticed behind me that there were five pennies just sitting there, discarded.

Also, it occured to me that having a non-decimal currency system is less logical than the "qinq" idea.

tie · Nov 21, 2006, 09:53 PM

Originally Posted by Tuoder

I think that it should be phased out. It is nearly worthless. The dollar is worth far less than what it was when the penny was invented. I personally can't think of anything that is worth (or costs) one cent.

Well, then we should dump the nickel, dime and quarter, too. Really, is anything less than a dollar these days? I personally can't think of anything. Nothing worthwhile. Round every price up to the next highest dollar*. (Certain businesses, like airlines, should be allowed to round prices up to the next multiple of $5.)

We should also get rid of the dollar bill, and replace it with a coin. That would save $500 million annually!! (Or roughly ten minutes in Iraq

.)

*Nearest dollar? I don't think so -- businesses aren't that stupid.

Tuoder · Nov 21, 2006, 10:38 PM

Originally Posted by tie

Well, then we should dump the nickel, dime and quarter, too. Really, is anything less than a dollar these days? I personally can't think of anything. Nothing worthwhile. Round every price up to the next highest dollar*. (Certain businesses, like airlines, should be allowed to round prices up to the next multiple of $5.)

We should also get rid of the dollar bill, and replace it with a coin. That would save $500 million annually!! (Or roughly ten minutes in Iraq

.)

*Nearest dollar? I don't think so -- businesses aren't that stupid.

The nickel(barely) and greater are still valuable increments. The penny is too exacting.

tie · Nov 22, 2006, 02:45 AM

Nobody is forcing you to take pennies as change.

Chuckit · Nov 22, 2006, 03:15 AM

Originally Posted by Tuoder

Either I don't understand you, or you don't understand me.

A cent is a word that means one hundred. A change in the unit size would mean a change in the unit name. But that is just about what would be done if the penny were eliminated. The only difference is that the increment is .05, instead of .01

What else is there that you can have five of but not one of? That's a completely whacked-out counting system. The lowest possible integer is one, not five.

Tuoder · Nov 22, 2006, 04:01 AM

Originally Posted by Chuckit

What else is there that you can have five of but not one of? That's a completely whacked-out counting system. The lowest possible integer is one, not five.

The lowest possible integer is 1, not 1/100th. There is no point in dividing up the dollar into so many parts as to have parts that are not significant.

TheWOAT · Nov 22, 2006, 04:10 AM

Originally Posted by Tuoder

The lowest possible integer is 1, not 1/100th. There is no point in dividing up the dollar into so many parts as to have parts that are not significant.

So penny candy now costs a dollar each? I would agree with your statement if I didnt have this fear that the sales tax would be rounded up to 10 percent

. Also, removing the penny would never get the go-ahead in Washington (do not underestimate to power of the 99-cent store lobby)

Tuoder · Nov 22, 2006, 04:18 AM

Originally Posted by TheWOAT

So penny candy now costs a dollar each?

No, please read the thread before posting. Also, five would cost a nickel. You have penny candy? We have nickel and dime candy, but that is not common.

I would agree with your statement if I didnt have this fear that the sales tax would be rounded up to 10 percent

.

That still isn't how it works. Again, read the thread. If you spent $10 in an area where sales tax was 7.5%, the total would be $10.75. If you spent $1 in the same area, the total would be $1.10. This would be the only case where the sales tax would do what you fear, and it would cost an extra 2 cents over the current system. However, it would round down almost as often as it rounded up. The cases where it would be rounded up would be recouped in cost by an order of magnitude in the decreased cost of producing the money.

Also, removing the penny would never get the go-ahead in Washington (do not underestimate to power of the 99-cent store lobby)

Lol. $0.99 stores would become either $0.95 stores, or $1 stores. The $0.99 store would become extinct, and be forever divided between $0.95 and $1 parts. Divide and conquer.

itai195 · Nov 22, 2006, 04:37 AM

Originally Posted by Chuckit

What else is there that you can have five of but not one of? That's a completely whacked-out counting system. The lowest possible integer is one, not five.

I guess, but the cent only serves a purpose if people want it to. Given the low value of the coin, is it really worth bothering minting and circulating them anymore?

TheWOAT · Nov 22, 2006, 04:38 AM

Originally Posted by Tuoder

No, please read the thread before posting. Also, five would cost a nickel. You have penny candy? We have nickel and dime candy, but that is not common.

Lol. $0.99 stores would become either $0.95 stores, or $1 stores. The $0.99 store would become extinct, and be forever divided between $0.95 and $1 parts. Divide and conquer.

Seriously though, I agree with the idea of getting rid of pennies. I used to just throw them away, now I give them to my sister's penny jar; they are worthless to me. But why not go to $0.02 as the minimum division? This would keep 98 cent stores in business too

Edit: Forgot to mention that in Mexico, I believe the smallest monetary value is 1/10 of a peso (aka 10 centavos). These are cheap silver colored coins that are thin enough to be confused with fisher price money. The people dont seem to be impeded by not having a true '1 cent' and are able to buy all the crap they need.

Chuckit · Nov 22, 2006, 12:01 PM

Originally Posted by Tuoder

The lowest possible integer is 1, not 1/100th. There is no point in dividing up the dollar into so many parts as to have parts that are not significant.

Well, thank God we can't have a hundredth of a cent. The lowest possible coin is "One cent," and the lowest possible integer is "one." They match up perfectly. (Incidentally, one cent is worth more than one yen!)

itai195 · Nov 22, 2006, 04:08 PM

There used to be a half cent coin

HackManDan · Nov 22, 2006, 08:10 PM

Doing away with the penny will bring us one step closer to a cashless society. A good thing I think. I hate cash in all forms. I much prefer electronic modes of payment; it’s safer, cleaner, and more convenient.

-HMD

mac1896 · Nov 22, 2006, 09:30 PM

Originally Posted by HackManDan

Doing away with the penny will bring us one step closer to a cashless society. A good thing I think. I hate cash in all forms. I much prefer electronic modes of payment; it’s safer, cleaner, and more convenient.

-HMD

I agree wholeheartedly.

The amount of cash that goes through my fingers annually is about 10% of what goes through my debit card every year.

Virtual money.............

OldManMac · Nov 25, 2006, 07:51 PM

Originally Posted by Gossamer

I took a tour of the Dever mint several years ago and they mentioned that it costs them 3/10 of a cent to produce each penny, and it's their most profitable coin to manufacture. So they don't plan on getting rid of it.

That's not true any more. i heard a short discussion of this on the radio recently, and copper prices have gone up considerably, and the government loses money on every penny today.

I say get rid of it. I never carry change, and when i get home from work, i dump my change in a jar. When it's full, I take it to the bank and put it in my savings account.