There many arguments for and against but to me there are mainly two issues.
IMO, working in the retail market I say get rid of them. The main argument for me is that is just costs us too much to make them. It costs about 1.26 cents to make just one penny. So that means you, as a tax payer, lose 0.26 cents every time a penny is made. Take into account that every year the US produces about 7 billion of them.
On the other side though that if we get rid of pennies we will need more Nickels to be in circulation and they cost even more to make.
There many arguments for and against but to me there are mainly two issues.
IMO, working in the retail market I say get rid of them. The main argument for me is that is just costs us too much to make them. It costs about 1.26 cents to make just one penny. So that means you, as a tax payer, lose 0.26 cents every time a penny is made. Take into account that every year the US produces about 7 billion of them.
On the other side though that if we get rid of pennies we will need more Nickels to be in circulation and they cost even more to make.
Do nickels cost more to produce than they are worth? If not then it wouldn't matter if they cost more to produce than pennies.
They've already done this here in Brazil. I still have some, because they are useless and i never had the chance to spend them. So "Yay!".
Did it effect much. I know in Israel they got rid of pennies and it didn't really effect much. Banks still use pennies in a digital form though.
Honestly, most of the population not even noticed. Nobody used them, at least not in physical form. But, around the same time, we were getting rid of the 1 real(Our currency.) bill, so it's most of people were all like "Oh no, there will be no Bills anymore! Just coins! Oh my gosh!".
OK I have a suggestion. So by law every time you get back pennies as change it automatically gets donated to some kind of foundation. So you buy chips you get back x amount of change and the pennies get donated by the company to a charity.
OK I have a suggestion. So by law every time you get back pennies as change it automatically gets donated to some kind of foundation. So you buy chips you get back x amount of change and the pennies get donated by the company to a charity.
So then, charities pay off stores to structure prices to get the most pennies....
Yes. We have gotten rid of all "öre" (our cents) in Sweden. As it works here 1.01 to 1.49 gets rounded down to 1 and 1.50 to 1.99 gets rounded up to 2 so it pretty much balances out. When I lived in Canada I hated all those pennies. I collected them on a mug because I didn't know what to do with them and I couldn't even give them away to someone for free. No one wanted them so why even have them? In fact get rid of 5 cents as well. What can you buy for less than 10 cents at this point? If you care so much about loosing money you can use a credit card. You will still be charged the exact amount when using a card, it's only if you use coins they round up (or down).
Are you people fucking serious? This is really an issue?
Don't worry. Nobody's actually taking it seriously, it's just a thing Jeff said on the podcast.
Personally, one of my to-do things on my bucket list is swim in a room full of pennies, like Scrooge McDuck. So do whatever you kids want to do, but wait until I'm dead.
Let's just make all money digital. Physical money is kinda stupid considering it can be mugged, it can be lost, ripped, etc.
Just let me swipe my phone to buy shit. Also it'll be great to see what weird barter item people use to buy drugs and other illegal shit. Maybe make money digital but then have it not leave a paper trail for privacy's sake, even though no one would do that ever.
but, but....without physical money how will rappers make it rain in their rap videos? What would we shove in a strippers g-string? How will we buy drugs?
I'd also be fine with making the US coins like the dimes bigger to make them at least bigger than the nickels, right now they are almost the same size as pennies & quite troublesome to sort out of a pile of coins with a ton of pennies.
I don't care about pennies, but I don't want to get rid of physical currency completely. That's the only way I can buy things without having some douche with a skimmer steal from me!
Pennies are cool, just get rid of the 2p piece. It is the most useless coin I have ever known, it's such an huge awkward coin too, it is really so pointless, I don't know why they still exist.
@Deeveeus: @Brendan: The cost fluctuate according to the market but Last time I checked, which was last year, Nickels cost about 7.7 cents to make, that's a 2.7 cent increase over face value, as opposed to 0.26 cents over face value to make a penny. Making each nickel costs 1.44 cents more then what it cost to make a penny. So if the penny costs 0.26 more than face value to make, you can make 5 pennies and still lose less money than making 1 nickel. And, of course, if we eliminate the penny, we'll need a lot more nickels. However, various countries did get rid of their penny equivalent and did just fine with that.
Are you people fucking serious? This is really an issue?
Why shouldn't it be?
It costs almost 2 billion tax payer dollars a year to make 7 billion pennies.
On the other hand, if they got rid of pennies they would need more nickels, which cost even more to make and most charities make the majority of their donations off of left over pennies that people donate.
There are a lot more issues on both sides, those are just the big ones.
but, but....without physical money how will rappers make it rain in their rap videos? What would we shove in a strippers g-string? How will we buy drugs?
You just swipe your NFC enabled phone across the RFID chip in her thong, obvs.
People who are saying we would need more nickles: Why? Surely we would round down as often as up, no? And besides, you literally never need more than one nickle for any amount of change. Every time you might use two, they can be switched out for a dime.
The main argument for me is that is just costs us too much to make them. It costs about 1.26 cents to make just one penny. So that means you, as a tax payer, lose 0.26 cents every time a penny is made. Take into account that every year the US produces about 7 billion of them.
You do realize that's only about six dollars per person spread across an entire year of taxes, right? If they quit making pennies you'd really only save yourself about a dime each week. I'm really not too worried about that.
Frankly, I just think the penny is stupid. The reason I want to get rid of it is simple: there are too many of them and they're too fucking small. I'm sick of counting pennies like an asshole every time I have to give somebody change or cash in coins. Pennies are annoying. That's the reason I want them gone. ha
@HatKing: Its not about the savings to the individual. I don't think anyone would expect taxes to go down if this happened, but those billions could definitely be better spent elsewhere. For example, how many scholarships could that fund if it were spent on education?
Also, the pile of coins collecting on my desk is pretty useless.
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