I watched the video on yahoo about getting rid of the penny, and they said that because the price of zinc, it now costs 1.3 cents to make a penny. I personally don't think that we should get rid of it. Just find another metal to make it, or the price of zinc may go down. So should we get rid of the penny?
2006-06-30 03:52:27 · 9 answers · asked by NM0758 2 in Business & Finance ➔ Personal Finance
I think every penny adds up. I know people who collect pennys and turn them in and get over 100's in cash. A penny saved is truly a penny earned.
2006-06-30 04:50:28 · answer #1 · answered by neon1972 1 · 1⤊ 4⤋
This is actually a great question that people should think about a lot. The downside of pennies was well-discussed in the Yahoo! thing, but they did not spend much time on the upside: The penny is a great hedge against inflation. Right now (though they are fooling no-one), most retailers price items at $1.99, or $49.99, or $199.99.
If we do away with the penny, they have two choices: Lose money (go to $1.95 or $49.95 or $199.95), or increase their prices.
This has happened often enough in other countries that you can be confident that if the penny is abolished, inflation will ensue.
But it's only a penny, right?
2006-06-30 11:00:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I just watched the same thing and no we shouldn't get rid of the penny. Because of the rounding up and down mess, we could be out more then just a penny.
2006-06-30 10:55:38 · answer #3 · answered by purpleama456 4 · 0⤊ 0⤋
i say we should keep the penny and, as you said, just use another metal. cuz say if something is priced $3.62 and we got rid of the penny, then it would most likely become $3.65. so if that something is gas, then those extra 3 cents could add up to a lot money over time.
2006-06-30 10:59:37 · answer #4 · answered by Clairebear. 6 · 0⤊ 0⤋
but right now, couldn't someone start hoarding all the pennies they could and melt them for the zinc. Make a nice profit I imagine, if you had loads of space....
looking at it that way, isn't crazy NOT to get rid of the penny???
2006-06-30 10:58:59 · answer #5 · answered by katunich 2 · 0⤊ 0⤋
Yes, we should get rid of the penny. Problem is getting that done. There is a society to preserve the penny and it has a strong lobby. we need a stronger lobby on the other side. i hope you can organize it, i will join. the penny is absolutely ridiculous.
but the government moves very slowly. australia has no penny. works fine.
2006-06-30 10:56:23 · answer #6 · answered by BonesofaTeacher 7 · 0⤊ 0⤋
how would the numericals work if you do away with the penny?if all monetary values are changed to a 5th of a dollar and you just round every thing off to a 5th of a dollar for each perches you make won't that be a roundabout form of inflation.
2006-06-30 11:14:49 · answer #7 · answered by Anonymous · 0⤊ 0⤋
yes we should, because i hate pennies, i'm tired of giving them away....It hurts me to know that i am giving away money....
2006-06-30 10:57:16 · answer #8 · answered by Jill 4 · 0⤊ 0⤋
get rid off coins altogether and use paper money instead or everyone just debit card or credit card. i don't see money in my purse anymore, just plastic
2006-06-30 11:06:25 · answer #9 · answered by jean 4 · 0⤊ 0⤋