The cost of metal and minting far exceeds the monetary value.
Italy is now part of the EU, but the last time I was there, the lira exchange was about 1800 lire to 1 US $. At that time, a 10 cent coin, 1/10 of one lira, was very short in supply. They were necessary to operate an elevator in high rise buildings. The cost of metal and minting far exceeded it's value, and so, jewelers made jewelry from them. If a shopper was entitled to change, less than a lira, one might receive a packet of stamps, equivelent, or a wrapped mint/s, or a stick/s of chewing gum. When my late wife questioned this the answer was, "E soldi !" It's money.
Is this what we can expect if US stops making pennies?
2006-06-30 07:35:42 · 5 answers · asked by ed 7 in News & Events ➔ Current Events
No, I believe everything would just be rounded in nickels.
2006-06-30 07:39:38 · answer #1 · answered by butrcupps 6 · 4⤊ 3⤋
I Don't Think So Pennies Are Money Too But In My Bureaucracy Book Read In Class This Year The Value Of The Dollar Is Going Down So I Would Think That The penny and Other Metal Money's Would cost less Than Making Paper Money
2006-06-30 08:54:50 · answer #2 · answered by Phi nu 2 · 0⤊ 0⤋
I expect so, if for no other reason than bureaucratic inertia and tradition. (Also, retailers could no longer claim an item is "under $10" when it's $9.99.) Our currency operates on the decimal system, and it would be even more impractical to have denominations we can't represent with exact change.
2006-06-30 07:40:10 · answer #3 · answered by ensign183 5 · 0⤊ 0⤋
It remains to be seen. There is a bill in the U.S. House that, if passed, would end the manufacture of pennies and take them out of circulation.
2006-06-30 08:54:08 · answer #4 · answered by brotherb95 3 · 0⤊ 0⤋
it is cheaper to make coins than notes!!!!
2006-06-30 07:40:41 · answer #5 · answered by Conservative 5 · 0⤊ 0⤋