Get rid of the penny?

[NUKE_CLEVELAND]

http://money.cnn.com/2006/07/18/news/penny/index.htm?cnn=yes

 

I came across this while reading the news today and wondered what you all thought about this idea. Personally, I kinda like it. Would save the government money and eliminate some of the loose change that piles up in my car and on my desk.

[NorthSideSox72]

http://money.cnn.com/2006/07/18/news/penny/index.htm?cnn=yes

 

I came across this while reading the news today and wondered what you all thought about this idea. Personally, I kinda like it. Would save the government money and eliminate some of the loose change that piles up in my car and on my desk.

I think this belongs in the pile with all the other crap that Congress is moving on that ISN'T WORTH THE TIME. I wish they'd put this much thought into more important issues, like, I don't know... poverty, the environment, crime....

 

Once those are fixed or on the way to fixed, then worry about the penny.

 

EDIT:

Also, while we might save $40M, there will be all sorts of costs we take on as well. Think about all the administrative costs of dealing with the weird rounding rules, differences between cash and credit purchases, etc. That alone will be a cost burden on private businesses well in excess of $40M.

Edited July 18, 2006 by NorthSideSox72

[southsider2k5]

I think this belongs in the pile with all the other crap that Congress is moving on that ISN'T WORTH THE TIME. I wish they'd put this much thought into more important issues, like, I don't know... poverty, the environment, crime....

 

Once those are fixed or on the way to fixed, then worry about the penny.

 

EDIT:

Also, while we might save $40M, there will be all sorts of costs we take on as well. Think about all the administrative costs of dealing with the weird rounding rules, differences between cash and credit purchases, etc. That alone will be a cost burden on private businesses well in excess of $40M.

 

DING!

 

this is a complete waste of time. IIRC this same guy has introduced this bill for years straight, and it hasn't gotten anywhere. I mean if you all don't want your pennies, I have a baby who is going to need every one for a college fund, feel free to send all of your unwanted change my way

 

Also another little known fact is that the US loses money on the nickel as well.

 

One more FYI, is that the mint was never intended to be a money making (as in a profitable) venture. All it was meant to do was to create and supply a universally recognizable and trustworthy monetary unit for US citizens. The other side of the coin (pun intended) is that the mint is make a ton of money off of all of the coin redesignnings by people taking this stuff out of circulation. Think of all of the new quarters and nickels as examples of that.

[CanOfCorn]

And don't forget...K-Fed wants to keep the penny!

 

If only Britney were made out of copper

[Balta1701]

One of the real things that would suffer as a result of eliminating the penny is actually charitable donations. You know those boxes say at the counter at a grocery store, or at a fast food place, where you drop in some of your extra change? Getting rid of the penny would actually significantly hurt those numbers, IIRC.

[southsider2k5]

Plus I love this part of the article

 

Kolbe's home state of Arizona is the largest copper producing state in the nation. Copper is the main material of the nickel which would benefit by becoming the lowest denomination of currency in circulation.

 

Nice. I wonder when he will introduce a bill to kill the money losing nickel... oh wait...

 

And you thought the United States Mint saved money by making money. Not only does it cost more than 1 cent to make a penny, it seems as if it will cost more than 5 cents to make a nickel — 5.73 cents for fiscal year 2006 according to Mint estimates. The cost makes up the metal used, metal processing, labor and transportation.

 

http://www.mysanantonio.com/business/consu...ge.42aac14.html

[Gregory Pratt]

What would I throw at the Freshman?

[NorthSideSox72]

What would I throw at the Freshman?

Ya know, I don't know where you go to school, but your posts have New Trier written all over them.

[mr_genius]

One of the real things that would suffer as a result of eliminating the penny is actually charitable donations. You know those boxes say at the counter at a grocery store, or at a fast food place, where you drop in some of your extra change? Getting rid of the penny would actually significantly hurt those numbers, IIRC.

 

 

good point.

 

DING!

 

this is a complete waste of time. IIRC this same guy has introduced this bill for years straight

 

 

not sure if it's the same guy, but you're right... this certainly isn't the first time this bill has been brought up.

[Gregory Pratt]

Ya know, I don't know where you go to school, but your posts have New Trier written all over them.

 

New Tier? Do explain.

[NUKE_CLEVELAND]

Ya know, I don't know where you go to school, but your posts have New Trier written all over them.

 

 

I used to throw pennies at people when I was in HS and I went to Bogan.

[NorthSideSox72]

New Tier? Do explain.

New Trier.

 

Nevermind. It was just a number of different things I've seen you post that led me to a hunch (not just the pennies). My guess was apparently incorrect.

 

You may continue with the subject at hand.

[mreye]

One of the real things that would suffer as a result of eliminating the penny is actually charitable donations. You know those boxes say at the counter at a grocery store, or at a fast food place, where you drop in some of your extra change? Getting rid of the penny would actually significantly hurt those numbers, IIRC.

That's the first thing I thought of. I save all my pennies and usually have a coffee can full of them by the end of the year. We in the Knights of Columbus collect them for a school for problem kids in Terre Haute.

[FlaSoxxJim]

That's the first thing I thought of. I save all my pennies and usually have a coffee can full of them by the end of the year. We in the Knights of Columbus collect them for a school for problem kids in Terre Haute.

 

And then you throw the pennies at all the problem kids, right? Very nice.

 

[soxpride77]

One of the real things that would suffer as a result of eliminating the penny is actually charitable donations. You know those boxes say at the counter at a grocery store, or at a fast food place, where you drop in some of your extra change? Getting rid of the penny would actually significantly hurt those numbers, IIRC.

 

Great point, never really thought about that. I hate having pennies in my pocket so I always put them in some sort of collection jar when there is one there.

[santo=dorf]

QUOTE(Balta1701 @ Jul 18, 2006 -> 02:03 PM) <{POST_SNAPBACK}>

One of the real things that would suffer as a result of eliminating the penny is actually charitable donations. You know those boxes say at the counter at a grocery store, or at a fast food place, where you drop in some of your extra change? Getting rid of the penny would actually significantly hurt those numbers, IIRC.

Oh come on.

 

First off, are there really people so cheap they would give less than a nickel to a charitable company? One could argue they'll start getting coins of larger value because the guy who normally gives 3 cents will now be inclined to give 5.

 

Working in a liquor store for quite sometime, I can not tell you the abuse I have witnessed of our take-a-penny-leave-a-penny jar. Get rid of the damn things already.

Edited July 20, 2006 by santo=dorf

[Balta1701]

Oh come on.

 

First off, are there really people so cheap they would give less than a nickel to a charitable company? One could argue they'll start getting coins of larger value because the guy who normally gives 3 cents will now be inclined to give 5.

 

Working in a liquor store for quite sometime, I can not tell you the abuse I have witnessed of our take-a-penny-leave-a-penny jar. Get rid of the damn things already.

I'm not talking about a "take a penny leave a penny" jar. I'm talking about the things say at McDonalds, the small slots that are in front of cash registers, where people only leave pennies, not take them. You'd quite literally be putting the Ronald McDonald House out of business. The Salvation army bell ringers would take a huge hit also. People give them pennies because they don't want them piling up.

Edited July 20, 2006 by Balta1701

[jackie hayes]

I'm not talking about a "take a penny leave a penny" jar. I'm talking about the things say at McDonalds, the small slots that are in front of cash registers, where people only leave pennies, not take them. You'd quite literally be putting the Ronald McDonald House out of business. The Salvation army bell ringers would take a huge hit also. People give them pennies because they don't want them piling up.

I don't think he was connecting the two. I believe the g-a-p-t-a-p thing was just a separate personal annoyance.

 

I don't know -- you're saying people, when they see the charity jar, say, 'These pennies, but no more!' Santo's saying they'd just leave a nickel. I tend to agree with santo -- I think people decide to ease their guilt a tad, then leave the most worthless thing they have. There's a quick, easy paper in that.

[Mplssoxfan]

I'm not talking about a "take a penny leave a penny" jar. I'm talking about the things say at McDonalds, the small slots that are in front of cash registers, where people only leave pennies, not take them. You'd quite literally be putting the Ronald McDonald House out of business. The Salvation army bell ringers would take a huge hit also. People give them pennies because they don't want them piling up.

Um, no. There would definitely be unintended consequences after the abolition of the penny, but massive closings of Ronald McDonald Houses would not be one of them.

[mreye]

And then you throw the pennies at all the problem kids, right? Very nice.

 

 

They still benefit.

[knightni]

I'm not talking about a "take a penny leave a penny" jar. I'm talking about the things say at McDonalds, the small slots that are in front of cash registers, where people only leave pennies, not take them. You'd quite literally be putting the Ronald McDonald House out of business. The Salvation army bell ringers would take a huge hit also. People give them pennies because they don't want them piling up.

 

The govt might institute a rounding up where the extra change would be sent to charities that businesses choose.

[Soxy]

The govt might institute a rounding up where the extra change would be sent to charities that businesses choose.

Shhhhyeah, and monkeys might fly outta my butt.

[jackie hayes]

Humor me. Suppose the only thing that changes is the fact that there are no pennies available. Non-cash transactions still use/transfer cents. Only when hard cash changes hands are businesses forced to choose between this nickel and the next. What's the difference? We already have transactions in fractions of a penny (the most common one, gas is $3.079, not $3.07, as everyone knows). Now we do it in fractions of a nickel. What's the big deal?

 

Not that it's such a big deal, but then, when Congress is cheaping the Census about $58 mil on their budget, $40 mil starts to seem important. (Of course, it would be better to roll back the tax cuts, but that's another thread, and this is just a needling cheap shot...)

[NorthSideSox72]

Humor me. Suppose the only thing that changes is the fact that there are no pennies available. Non-cash transactions still use/transfer cents. Only when hard cash changes hands are businesses forced to choose between this nickel and the next. What's the difference? We already have transactions in fractions of a penny (the most common one, gas is $3.079, not $3.07, as everyone knows). Now we do it in fractions of a nickel. What's the big deal?

 

Not that it's such a big deal, but then, when Congress is cheaping the Census about $58 mil on their budget, $40 mil starts to seem important. (Of course, it would be better to roll back the tax cuts, but that's another thread, and this is just a needling cheap shot...)

Except there won't be a $40M savings, as discussed earlier. The cost to business of the changes necessary will far outweigh that.

[jackie hayes]

Except there won't be a $40M savings, as discussed earlier. The cost to business of the changes necessary will far outweigh that.

My question is more to that point -- why will those changes be necessary?