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.
I believe pennies are useful to an extent that we should still keep them because trying to bring them out of circulation would be a disaster, especially with stores still charging specific prices that need the penny
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.
It would definitely have a negative effect on me if I heard that stores were charging more because they didn't want to use the penny.
Well, most of us just use electronic money. Like debit cards or credit cards.
I'd rather just have a way for each person to have electronic accounts of their money instead of cash, perhaps a small implanted chip, that can be scanned to add or remove money from their bank accounts or the cash they would have out of banks.
Well I take my penny's but them in those little pockets so I can trade it in for a dollar then I have like a hundred packs equal $100 so I'm kind rich yeah I'm just kidding lol
but a dollar bill costs only 6-8¢ to make O_o not more then $1.00 by far.
Paper bills have an extremely short lifetime (compared to coins, of course). On average, dollar bills last less than two years. The low value of the dollar bill, combined with the fact that many must be printed every year to make up for the ones destroyed means that the dollar bill is not "rofitable". This is why many places use dollar coins instead of bills.
As many of you probably know, the current penny is no longer pure copper, but rather copper coated zinc. This is more economical, as zinc is far cheaper than copper. So, here is my solution: Just make solid zinc pennies. Change the design somehow so that it will be easier to tell it apart from a dime.
Ernie15: You have to take taxes into consideration... like 8% where I live, so what that does is make it about impossible to get an even number.
I am taking taxes into consideration. Such stupid prices wouldn't exist without them.
Why they can't simply round up a couple cents from there is beyond me. If it weren't for those annoying penny-pinchers who would look at the receipt and get all worked up about a "miscalculation" due to the price being two or three cents above what it's supposed to be, pennies could be a thing of the past.
Why do we need to take out the penny in the first place? Lincoln has appeared on US (along with other countries) pennies for over 100 years... we seem to be doing fine without them. Plus I don't think many people would vote 'tea's to deleting the precious penny.
