Now Canada is getting rid of them. Lots of other countries have also. We should too.
Now Canada is getting rid of them. Lots of other countries have also. We should too.
Yup. I agree [redacted flounder]
so everything gets inflated to the next nickle?
I remember being in Mexico for the first time in the 80s - there was a jet ski for sale for ¢127,000 and I thought it was probably time they got rid of the peso.
It is like a concession to never ending inflation.
Grtechguy wrote: so everything gets inflated to the next nickle?
This. I think getting rid of the penny is stupid.
"When I wasa boy in 1902, going to the movies only coasteda nickel. Well, I didn't have a nickel. Soi snuck in."
Theresa hidden meaning somewhere in there.
93EXCivic wrote:Grtechguy wrote: so everything gets inflated to the next nickle?This. I think getting rid of the penny is stupid.
-sigh-
It's not as bad as you think.
On any plastic transaction, the exact amount is charged to the card.
On any cash transaction, it's rounded to the NEAREST 5 cents.
Apparently each penny costs us $0.016 to produce.
Sounds like a good plan to me.
As for the peso? I've never understood why the don't just move the decimal place over one space. Same goes for the yen. You can't buy anthing for one peso or one yen so why bother.
Shawn
^Add in to that, the American economy is only about 6% cash based. So not really a big deal.
93EXCivic wrote:Grtechguy wrote: so everything gets inflated to the next nickle?This. I think getting rid of the penny is stupid.
And dropping the pennies will be the least of your worries once we start the Carter-esque inflation in the next 12-24 months.
/flounder
Just like you don't actually pay the 9/10 of a cent on a gallon of gas, it gets rounded. You buy $100 worth of groceries, the most you can get "screwed" is two cents per transaction. And that would just be on cash transactions.
Trans_Maro wrote: Apparently each penny costs us $0.016 to produce. Shawn
ABC World News covered this the other night and they said it cost over 2 cents just to produce a penny.
Thanks primarily to rising costs of zinc – the main material in a penny – the U.S. Mint now spends 2.4 cents to make a penny. Just last year, the U.S. mint made 4.9 billion pennies. It doesn’t add up: That’s $118 million to make just $49 million worth of pennies.
http://abcnews.go.com/blogs/headlines/2012/03/u-s-penny-to-be-kept-as-canada-bids-coin-farewell/
Trans_Maro wrote: On any plastic transaction, the exact amount is charged to the card. On any cash transaction, it's rounded to the NEAREST 5 cents.
Huh? If the penny is gone as currency, everything would be to the 5 cents. Also, you don't think the majority of business will just say next nickle up?
In reply to Grtechguy:
Just the physical item is gone. We don't go to a 5 cent unit of value on everything.
so, you're berkeleyed for not paying with plastic in limited terms?
Yeah, I'm not playing with plastic on anything I don't have to, even debit cards. It really screws with IRS when you don't charge things (I've had them in my office for 8 months now)
There is no way I want to raise prices to the next higher nickle. And figuring the cost to produce a penny in no way factors in the life of a penny. I've got pennies in my possession that have been in circulation for well over 60 years. That's a good return on the investment to produce it.
In reply to Grtechguy:
Just if you are horribly unlucky and your purchases always end in .03 or .04 instead of .01 or .02. If this happens to you a couple times a day and on average your purchases get rounded up by .015, you could be out damn near one dollar every month.
They should really just change the (dollar/euro/pound/etc.) hundredths division to a tenths division. So instead of something costing $16.40 it costs $16.4. What difference does (up to) nine cents make anymore anyway?
Nobody is raising individual prices to the nearest nickel. We aren't moving to the nickel is our unit of measure of money in our economy.
this is just another ploy to get us to take the microchip implant and create a cashless society 
I throw all my pennies in a jar at the end of the day. Last year, I had over $700 dollars worth collected during a 3 year period. They add up. If they get rid of the penny, who do you think will keep this? It won't be you or I.
^^ If you'd left them in your pocket you would have spent less nickels.
So if something is $5.02, I pay $5.00. If something is $5.03, I pay $5.05. In theory it should average out in the end. Only problem I see is companies pricing stuff 1 cent higher to get those extra two cents on every cash transaction. Its like Superman 3.
Does that mean we have to use ass nickels now?
mtn wrote: So if something is $5.02, I pay $5.00.
REALLY? You honestly believe any company will round down? Companies are going to volunteer to cut prices? No, they'll manipulate their price so that you always pay more.
The price will still show up on the register as $xx.02. You'll look at the register, see ".02", and hand over $xx.00. No more holding up the line while you try to make up that one last useless cent by searching every pocket of your jacket while the cashier glowers and the old lady behind you prods you with her walking stick.
Seriously, this is how it's worked in places like the Netherlands and Australia for the last thirty years, and it's well overdue in the rest of Europe and North America. Regardless of the "value" or manufacturing costs of pennies they're just a waste of metals that could be much better used elsewhere.
(The Netherlands are a funny case, the old guilder didn't have one cent pieces since sometime in the '80s. The Euro does have 1c & 2c coins, but the Dutch just plain refuse to use them. Shops won't take them and they won't give them out either. It's great. Then you cross the border back into Germany and everyone is counting out their tiny little 1c coins at the checkout again. Sigh...)
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