2.41 cents?

quiet_guy256

quiet_guy256

I normally make it a point to not discuss politics. But this is the one issue that I can't be silent on.

In 2006 the cost to make a penny went above $0.01

It takes 2.41 cents to make a penny. Politicians on both sides of the isle want to do away with pennies and economists have agreed that removing pennies from circulation would have little to no impact on the overall economy. Canada has even done away with pennies because the value of the currency has reached the point where it is just not feasible to continue to circulate/make them anymore. Nickels are the same way, they cost 11.18 cents to make. Between both pennies and nickels, we spent $116.7 million dollars more than the actual currency is worth in 2011.

So why do we even have them? Why not just round off to the nearest $0.1?

It's time to end the tyrannical reign of the penny! Viva la Dime!

Sources:

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I definitely support getting rid of the penny. I know when I've visited Netherlands (perhaps the guys that live there could confirm this is normal?), all prices ended in .x5 or .x0. No .99 BS. It was refreshing...and not at all inconvenient.
 
95 percent of all monetary transactions are digital nowadays, the goal of the central bank is a cashless society which makes it easier to track every cent spent aka more control over the people, I'd prefer to keep physical currencies around for as long as possible
 
That doesn't make any cents.

Lololol see what I did there? It's supposed to say sense, but since were talking about pennies, I said cents.

Canada stopped the penny. It cost us 1.5 cents to make. Drop that penny, 'Merica!!
 
quiet_guy256 said:
I'm all for keeping cash around. I just think keeping pennies and nickels is irresponsible, antiquated, overly sentimental, and just plain dumb.
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On the flipside of that, I never leave home with spare change. I come home with it and put it in a bucket. During times of crisis, they have added up and saved my ass. In WA state, my bank cashed them in, free of charge. Now that I'm in Vegas, where everything is a pain in the ass, I'm reduced to using CoinStar and paying their fees, but ya gotta do what ya gotta do.
 
Here in Germany, there is a new initiative call 'Please round up'

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It works like this: In partaking shops, you say, when paying:

'Please round up', and your bill get rounded up to the next ten cents behind the comma. Keeps your wallet clean of this small change, and if it would really catch on, it would save a lot in making these small coins
 
Canada is withdrawing the penny this year.

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Canada will withdraw the penny from circulation this year, saving taxpayers about C$11 million ($11 million) annually and ******* retailers to round prices to the nearest nickel, the government announced in its budget today.
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Makes good sense, to me. Also, go with dollar coins. I know they're heavy, and people don't like them as much, but they are so much more durable than paper bills.

In thirty years, when the penny has been gone for a while, will the phrase "That's just my :2 cents:" mean anything anymore?
 
lurkingdirk said:
Canada is withdrawing the penny this year.

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Makes good sense, to me. Also, go with dollar coins. I know they're heavy, and people don't like them as much, but they are so much more durable than paper bills.

In thirty years, when the penny has been gone for a while, will the phrase "That's just my :2 cents:" mean anything anymore?
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The Euro has not only the 1 Euro Coin, but the 2 Euro Coin, too. I guess that saves some major cash for us :2 cents:
 
lurkingdirk said:
Canada has 1 and 2$ coins. They talked for a while about cancelling the 5$ bill. It would have saved millions, but it was very unpopular.
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Before we switched to the Euro, with the Deutschmark, we had coins up to 5 Deutschmarks. Everybody liked that.

My advice: Just do it.
 
lurkingdirk said:
Canada has 1 and 2$ coins. They talked for a while about cancelling the 5$ bill. It would have saved millions, but it was very unpopular.
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I wish they would. I love coins. I thought the argument against a $5 coin were ridiculous. Too much noise in the pocket makes you a more likely target for robbery? Too heavy in your pocket? C'mon. You're not carrying $40 in coins on you. Stock in belts will skyrocket because our pants will have an extra 25lbs in them. :facepalm:

Call me crazy, but I like the idea of slowly ******* us to go wireless with our money.
 
STDiva said:
I wish they would. I love coins. I thought the argument against a $5 coin were ridiculous. Too much noise in the pocket makes you a more likely target for robbery? Too heavy in your pocket? C'mon. You're not carrying $40 in coins on you. Stock in belts will skyrocket because our pants will have an extra 25lbs in them. :facepalm:

Call me crazy, but I like the idea of slowly ******* us to go wireless with our money.
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I think that's a great idea, actually. It is hard for things like open air markets, and some businesses that are cash-only currently, but that could be overcome.
 
Supadupafly said:
Here in Germany, there is a new initiative call 'Please round up'
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Why not 'Please round down' - then you the consumer gets to benefit not the government or retailer, after all do you really think they aren't adding up those rounded up cents :2 cents:
 
If you get rid of the dollar bill, strippers will have to start wearing money pouches, because you can't stick dollar coins in their underpants...
 
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