Getting rid of the penny
- Locked due to inactivity on Aug 4, '16 4:29pm
Thread Topic: Getting rid of the penny
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I think we should get rid of pennies!
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Why?
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They are inefficient, a hassle, and they cost more than they're worth
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But they're shiny when they're new
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If they stopped making a penny, what would people do when a bill was uneven? Say, $78.54? We need pennies.
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Pennies and nickels cost twice as much to make than they're worth. Last year, taxpayers lost 105 million dollars on pennies and nickels. We should just get rid of the damn things!
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All things considered though, 105mil is not a big number
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In other countries the bill would be rounded to the nearest 5 cents. Like if your bill was 20.24 it would be rounded to 20.20. And if your bill was 20.27 it would be rounded to 20.30. The idea of having uneven prices is unreasonable too. It just makes more of a hassle than it is worth.
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Its 105 million that could have been spent on something more productive.
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Thats true however, in the rounding process how much money will we lose?
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No more than 4 cents. But remember you'd also save 4 cents half of the time so it evens out.
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4 cents per transaction, per american is a big number. I don't know the math on it, but its something we'd need to know before we got rid of the small change
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If I have my change up account open all week to round to the nearest 5 cents at the end of the week I have between 9 and 14 bucks in my savings. In one week if there were no nickels or pennies in this city alone 2,730,000 dollars would have been rounded away
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Other countries have gotten rid of their one cent pieces such as Canada, Australia, and New Zealand and they're doing just fine. The penny needs to go. I'm Going to take all the pennies I get from now on and just keep them from going into circulation.
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That is acounting for roughly 300,000 people spending money, and the rounding transaction to end up at the minimum end of mine. That is 9 dollars a week
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