Should the U.S. kill the penny?

[bevo]

I own my own.

 

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[Jason in Enid]

......... WE TRIED TO PUT OUT A DOLLAR COIN BUT THERE ARE SO MANY HORDERS & COLLECTORS OUT THERE THEY NEVER HIT THE STREET................

It didnt fail because of hoarders, it failed because people are generally resistant to change. If the govt had pulled the $1 bill, the dollar coins would have filled the void and become general circulation. Because they left the paper, nobody wanted to change.

 

[wainzoid]

i have every penny i have touched since 1989. i dont have an exact number but its well over $700-.
In1989 i cashed in all the pennies i had touched since the late 70's. That was a little over $400-.
I always pick one up if i see it.
I always check the penny dish/tray at the cash register for wheaties. In fact at the local store they have one superglued fast... just to mess with me.
I also tried to circulate the dollar coins for awhile. ive been carrying one in my pocket since they came out. The lettering on Georges side is nearly gone, and neither side has much detail left. Some of the edge is still visible.
I get $2 bills when i get my check cashed. ive been doing that for a couple yrs. in fact before the faces at the bank recently changed they would give me $2 bills w/o me asking. the new faces havent been trained yet.

 

[enamel7]

I don't care what the British do with their coins.

 

[Nomatic00]

I say give the boot to the cent, and the nickel and give us a $2 coin like our neighbors to the north have.. If you have a pocket full of those coins you really have enough to buy something..

Edit: If you got rid of the cent and nickel, that would free up two spots in the cash register and people might actually use halves and a two dollar coin.. Now there's a thought

 

[sagittarius98]

people might actually use halves and a two dollar coin

What about dollar coins?

 

[sagittarius98]

I don't care what the British do with their coins.

If they withdraw their 1 and 2 penny coins, I won't be able to spend mine, and it will put greater pressure on the US to withdraw our cent. Think about how many rare cents will be scrapped for metal by the government.

 

[Nomatic00]

What about dollar coins?

Yeah, okay you got me.. i guess I just mentally blocked them out because I hate the size of the newer ones..

 

[dirtfisher]

The Government does not lose any money on making pennies or nickels, Quarters etc.... What it does cost them they more than make up for from the cost of paper currency they produce:

$1 and $2 notes -- 5.2 cents per note
$5 and $10 notes -- 8.5 cents per note
$20 and $50 notes -- 9.2 cents per note
$100 note -- 7.7 cents per note

and this comes from the Federal Reserve: FRB: How much does it cost to produce currency and coin?

 

[paratrooper]

The Government does not lose any money on making pennies or nickels, Quarters etc.... What it does cost them they more than make up for from the cost of paper currency they produce:

$1 and $2 notes -- 5.2 cents per note
$5 and $10 notes -- 8.5 cents per note
$20 and $50 notes -- 9.2 cents per note
$100 note -- 7.7 cents per note

and this comes from the Federal Reserve: FRB: How much does it cost to produce currency and coin?

So if I send them 7.7 cents they will sell me a $100 bill? I like that idea.

 

[blaylock]

It has more to do with the sound of a price. Example ; Several years ago I ran a store and got a good deal in cases of lighters. I set them non the counter next to the register and would offer one to people that bought cigarettes for 25 cents. I probally sold maybe 10-15 a week, not great. After maybe two months of this I put a sign on them saying 4 for $1 . Sold remaining 13 cases within 2 weeks. 4 and 1 dollar both sound cheap than 25...lol.

 

[Jason in Enid]

You are ignoring the fact that on average, a paper bill has to be replaced every few years yet coins last decades. The dollar coins would still be cheaper.

 

[Doodle Bug]

Without the penny, I would be unable to give my 2 cents to any conversation!


"The Earth is saturated with history, all we need to do is extract it." - Doodle Bug

 

[Jason in Enid]

Without the penny, I would be unable to give my 2 cents to any conversation!


"The Earth is saturated with history, all we need to do is extract it." - Doodle Bug

We haven't used a 2 cent coin in over 150 years, yet we still have that phrase of "my two cents".

 

[Doodle Bug]

We haven't used a 2 cent coin in over 150 years, yet we still have that phrase of "my two cents".

"Cents" is plural referring to two.

"The Earth is saturated with history, all we need to do is extract it." - Doodle Bug

 

[dejapooh]

WELL I GUESS IF CANADA CAN MAKE IT WORK WE SHOULD BE ABLE TO....... CANADA WAS SMART AND GOT RID OF THE DOLLAR BILL MADE IT WORK......... WE TRIED TO PUT OUT A DOLLAR COIN BUT THERE ARE SO MANY HORDERS & COLLECTORS OUT THERE THEY NEVER HIT THE STREET.............. I GOT A ROLL OR 2 EVERY PAY DAY AND SPENT THEM NEVER GOT ONE BACK IN CHANGE TO MANY PEOPLE COLLECT ANYTHING .... IF THEY MADE THEM OUT OF DOG CRAP THE COLLECTORS WOULD BE HORDING THEM AWAY...........

The lack of Dollars in circulation has nothing to do with collectors hording them. People do not want them when $1 bills are what they are used to. Until they discontinue the $1 bill, the $1 coin will not widely circulate. I pick up 20 $1 coins every week to use at garage sales. I use them and $2 bills.

 

[dejapooh]

The Government does not lose any money on making pennies or nickels, Quarters etc.... What it does cost them they more than make up for from the cost of paper currency they produce:

$1 and $2 notes -- 5.2 cents per note
$5 and $10 notes -- 8.5 cents per note
$20 and $50 notes -- 9.2 cents per note
$100 note -- 7.7 cents per note

and this comes from the Federal Reserve: FRB: How much does it cost to produce currency and coin?

coins and bills are issued by different entities. Coins are stuck by the mint under the department of the treasury. Bills are issued by the federal reserve and printed by the BEP. The Fed is not a government owned entity. It is a Private one.

 

[Backbacon]

I use my different rewards credit cards (no annual fee) up here in the "north" to make 99% of my purchases then transfer the funds from my credit account to my credit cards on-line. That way I have no interest fee and I get free air miles for vacationing. I do however have at least 50,000 zinc pennies and always carry a few on me now in case they try to round up on me at the tills during small transactions. I don't miss the Penny, $1 bill, or the $2 bill at all EH.

 

[Sheldon J]

Put me down as real bad idea...
Sales tax in cash transaction will round up...
Same for cost of items in stores they will round up...

So anyone here remember the Superman movie that had Richard Prior, and he had developed this computer program that would simply take the odd penny from business transactions, and how it added up to millions in short order.... So unless they plan on giving that odd cent to me I reiterate BAD IDEA!!!

 

[Jason in Enid]

HAHA! So now we should make decisions based on fictional movies? You're too funny!