What do you think of the penny? I think it is the most pointless, useless and annoying thing ever! Basically, a penny costs 1.8 cents to make... so it is a loosing battle from the start. Also there are about 100 billion pennies made every year. That means the government wastes 55,555,555$ every year on pennies.
How they would take pennies out of circulation: 1. They would stop the penny making machine. 2. If you paid with something in a credit/debit card the exact amount would still be taken out 3. If you paid in cash and you got change, it would be rounded to the nearest 5 cents. 4. Many people think it would raise the price of things, but Canada did it and they have had no changes due to the loss of their one cent coin.
Also there are about 100 billion pennies made every year. That means the government wastes 55,555,555$ every year on pennies.
Your math doesn't add up. If each penny costs 1.8 cents to make (where did this come from?) and we produce 100 billion pennies a year (where did this come from?) That means we spend $180,000,000,000 a year on pennies...where did you get 55.5 million?
How they would take pennies out of circulation:
Pretty easy how: You just collect all of them and melt them down and don't produce any more.
3. If you paid in cash and you got change, it would be rounded to the nearest 5 cents.
A simpler thing would be that the prices can only end with a .0 or a multiple of 5.
Pretty easy how: You just collect all of them and melt them down and don't produce any more.
or just stop accepting them?
A simpler thing would be that the prices can only end with a .0 or a multiple of 5.
there is really no need. israel doesnt have a 0.1 coin and you keep seeing ??.99 everywhere. actually we used to have a 0.5 but no one accepts them anymore and they are worthless.
Without the government giving them value, the public would simply melt them down for personal profit. Since the coins are government property, the government would want the scrap value back.
also with pennys nickles and 1$ bills cost more to make then there value therefore all three should be taken out of circulation because it wastes money
I like mexico. All they have are pesos, and one peso is worth roughly 10 cents. It might piss off some librarians, but it makes sense to take out the decimal point.
pointless, i saw in a show about the penny or at least it had that in it, anywho i think they said it takes about 2 or 3 cents to make one penny so yeah pointless waste of money
It's still money. At least whatever pennies you have now. So, simply stop making them, but let the current ones still be usable. Life moves on, and old folks can rue the days where a penny was precious.
Well, most of us just use electronic money. Like debit cards or credit cards. We use those mainly instead of cash and coins. So taking the penny may affect the system some, but with our reliance on technology and electronic banking, we will be back on our feet at no time at all.
Kasic: you would only multiply by 0.8. Because the 1 cent is still worth one cent. Also, I have seen it on different websites and the fact that tons of other countries have gotten rid of the stupid coin. Also, how would you collect the trillions of pennies that already exist? just wait for them to circulate back to you then, destroy them. Plus, we have sales tax meaning (at least for the state I live in) you would have to add 4% to your item. So if you bought a 100$ purse it would cost you 104$ and eventually you would get something like 13.87 or something.
If stores and restaurants didn't charge such stupid prices like $2.58 or $10.72, we wouldn't have a need for this useless coin and the government wouldn't be wasting millions of dollars a year just to make them.
It wouldn't have a negative effect on the consumer if you rounded something worth $3.27 up to $3.30. If every charge was rounded up just a couple cents to a number ending in 5 or 10, the customer wouldn't care, the business would make a little bit more money and distributing change would be much easier for both the buyer and the cashier. It's a win-win-win.
