Should we get rid of the penny?

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Should we get rid of the penny?
OptionResults
Yes, get rid of it
Keep it, I love pennies
Sure, everything should be in increments of 5
don't get rid of it, but don't make any more

2006-07-28 11:12 AM

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Master
4101
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Denver
Subject: Should we get rid of the penny?
Now that COJ has tackled the easy debates such as gay marriage, abortion, should I go to the bathroom, etc. it's time we had a look at a truly difficult issue.

I saw recently that there is a proposal in congress to get rid of the penny. Nowadays its costs more to produce the penny that it is actually worth (1.23 cents/penny. The nickle too, but small steps).

Has the penny's time come?

I for one can't stand the penny and would love to see it go. When I lived overseas they did not have pennies and it was so nice to have nice round prices and not to clutter up your pocket with useless change.

2006-07-28 11:18 AM
in reply to: #496093

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2006-07-28 11:21 AM
in reply to: #496093

Extreme Veteran
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Worcester, MA
Subject: RE: Should we get rid of the penny?
This was on the West Wing a few years ago. It's an intersting argument and I think the answer would depend on taxes and how we calculate things. For example, I live in MA. and if something is $0.99 I actually pay $1.04 that one is easy as it becomes $1.00 and $1.05 but that penny adds up over time. Now more tricky. if something is $.80, is it $.85 with tax opposed to $.84? that's more than 5%. Questiosn like this would be the biggest issue for me. I agree that no one really wins or loses on one or two things, but as the number of small prodcuts you buy goes up, then for many people, especially the poor, it adds up. I mean I've got to save for 2 bikes!
2006-07-28 11:22 AM
in reply to: #496093

Master
1827
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Tampa, Fl
Subject: RE: Should we get rid of the penny?
So that means all prices will round up .01 to .05, and we will have taxes raised to offset the cost of ....whatever the government wants to come up with. What will they do with all the copper/zinc as the penny is taken out of circulation?
2006-07-28 11:48 AM
in reply to: #496115

Extreme Veteran
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New Haven, CT
Subject: RE: Should we get rid of the penny?
ROBIT79 - 2006-07-28 11:22 AM

So that means all prices will round up .01 to .05, and we will have taxes raised to offset the cost of ....whatever the government wants to come up with. What will they do with all the copper/zinc as the penny is taken out of circulation?


I would guess melt 'n sell it. The rising price of copper (moreso than zinc) is the problem.
2006-07-28 12:03 PM
in reply to: #496093

Pro
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MAC-opolis
Subject: RE: Should we get rid of the penny?

How about minting a 2 cent piece and replacing all the pennies.  It's so much easier to count by twos.

 

2006-07-28 12:50 PM
in reply to: #496093

Extreme Veteran
596
500252525
Worcester, MA
Subject: RE: Should we get rid of the penny?
Ok, I've gota call you on the "It's easier to count by twos." How is it easier? 5's are either 0 or 5 and 1 is every number? Just curious on that one.
2006-07-28 2:12 PM
in reply to: #496158

Master
1827
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Tampa, Fl
Subject: RE: Should we get rid of the penny?

summer_2005 - 2006-07-28 12:48 PM
ROBIT79 - 2006-07-28 11:22 AM So that means all prices will round up .01 to .05, and we will have taxes raised to offset the cost of ....whatever the government wants to come up with. What will they do with all the copper/zinc as the penny is taken out of circulation?
I would guess melt 'n sell it. The rising price of copper (moreso than zinc) is the problem.

If thats the case, I'm hording all the pennies I can and will melt it down then sell it back to my government.

2006-07-29 1:45 PM
in reply to: #496093

Veteran
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silverton oregon
Subject: RE: Should we get rid of the penny?

if they get rid of the penny...Our town would have to get new parking meters.   Some where I read that ours is one of the last towns to have cheap meters.  1 cent will buy you 12 minutes of time.  Try that in a big city.

just my 2 cents worth here. 

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