Dump the Penny

Discussion in 'Current Events' started by Adam's Apple, Jul 15, 2006.

  1. Adam's Apple
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    Adam's Apple Senior Member

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    Absolutely more trouble than it's worth. It now costs the U.S. Government 1.23 cents to make 1 cent--a needless expense, even if it is small potatoes.

    Penniless
    By Rich Lowry, National Review
    July 14, 2006

    Giving money away for free is not behavior one expects from ordinary, rational Americans. But it’s something they do every day in massive numbers—that is if you consider the penny to be money.

    At store counters around the country, people will leave pennies for the next customer, something they’d never do with a dime or quarter or any piece of currency they actually value. The poor, pathetic penny has become clutter in the nation’s pockets, the irritating detritus of cash transactions that inconveniently don’t end in a 5 or 0. Pennies sit in jars around the country, waiting in desuetude until their owners work up the energy to haul them to a bank or to a supermarket with a Coinstar kiosk where they can be exchanged for useful money.

    Yes, we love Abraham Lincoln. We love our memories of buying candy with pennies when we were children. We love our traditional adages (“a penny for your thoughts,” etc.). But none of that should be enough anymore to inflict the penny on adults attempting to conduct cash transactions in an efficient way. Who will rid us of this nettlesome coin?

    for full article:
    http://author.nationalreview.com/latest/?q=MjE1NQ==
     
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  2. Nuc
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    Nuc Senior Member

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    You can't buy anything for a penny. It's just clutter in your pocket.
     
  3. 007
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    007 Charter Member Supporting Member

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    The penny 'used to be' solid copper. Now it's copper plated ZINC.

    When I get home with a pocket full of change, the nickels, dimes and quarters go in a jug. The pennies go in the trash.
     
  4. insein
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    insein Senior Member

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    Its still money. IT all goes in the jug. I get something for it when i goto the bank when its full. Commerce bank shows youall the Quarters, dimes, nickels and pennies you put in. I had about 8.50 in pennies. I'll take $8.50.

    We need pennies because random tax numbers make transactions impossible to keep at 5 or 0. People are just lazy anymore is all.
     
  5. 5stringJeff
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    5stringJeff Senior Member

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    Or, get back on the gold standard, tie the dollar to a certain amount of gold (or silver), and the penny will be right back in style.
     
  6. Rico
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    Rico Member

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    As long as the United States has a currency based on the decimal of 100 the penny must remain. There is no other mathematical way to make change, balance or maintain accounts, or calculate proper interest without the penny. Besides Abe's profile is great.
     
  7. Mr.Conley
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    Mr.Conley Senior Member

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    Round to the nearest 0 or 5.
     
  8. Working Man
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    Working Man Member

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  9. BaronVonBigmeat
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    BaronVonBigmeat Senior Member

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    They might as well quit minting them, because eventually they are going to disappear whether the government likes it or not. Why? It won't be long before (the value of zinc + cost of melting it) is greater than the monetary value. I guess $1.23 covers the value of the zinc but not the cost of melting and purifying the zinc, otherwise they would be gone already.

    In other words, Gresham's Law takes over: bad money drives out good money. Ever sift through your change bucket lately? Seen any 1964 or earlier quarters or dimes? I bet you'll find lots of 1965's, but not a single 1964. That was the last year for 90% silver quarters and dimes. Now we basically have bus tokens. A bag full of old quarters might have a face value of $200, but the silver value is $600, so people hoard them and they disappear from circulation.
     
  10. Gunny
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    Gunny Gold Member

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