I did a search on resolved questions and found several questions covering this, but no answers really touched any good arguments for keeping it around.
What is the socio-economical reasoning behind keeping it ? Money spent and circulated is good for the economy. Money saved isn't. Money stored in a huge jar at home or in countless vacuum cleaner bags certainly isn't. The most typical answer for the penny-lovers seem to be "What is something costs $1.78 ? You'll end up paying 2 cents more !" Well, it'll clearly even up over time. And imagine all the time society will save not looking for that last penny to pay for the $20.01 tab instead of rounding down.
School books don't have to be replaced right now. Just because we get rid of the penny doesn't mean that the concept of the penny is going away. There will still be 100 cents in a dollar so all the math will still work out.
I just think the U.S. economy would greatly benefit from getting rid of this redundant copper coin.
2006-07-07 07:31:08 · 3 answers · asked by Bayman 2 in Business & Finance ➔ Other - Business & Finance
When something costs $1.61 or $1.62 the total would be rounded _down_ and not up. So any argument stating that we'll lose big on this as a consumer won't fly. Sorry...
2006-07-07 07:42:50 · update #1
I think your assumption is correct. The penny and the dime are not needed in circulation and it would save the government a lot of money to eliminate them . Everything ought to be rounded off the the .05 mark, either up or down.
2006-07-07 07:43:30 · answer #1 · answered by darkdiva 6 · 1⤊ 1⤋
There is now talk of removing the penny from circulation, since it now costs more than one cent to produce each penny.
I'm sure you will see odd cents on paper (checks/credit card transactions/electronic debits), but cash transactions will soon be rounded (up, most likely) to the next nickel.
Trust me, the consumer will not prevail in this situation. If something would have cost you $1.61, it will now cost you $1.65. Imagine that over the course of a year. This will cost you upwards of a hundred bucks a year --- for nothing.
2006-07-07 14:36:04 · answer #2 · answered by kentata 6 · 0⤊ 0⤋
Stuff is made to the fraction of a cent when they sell it to the stores the price goes up to the nearest penny. Thrugh this alone companies make millions.
Now do that again except to the nearest nickel then consumers would be outraged.
Don't eliminate the penny just make it out of a cheaper material.
2006-07-11 03:10:33 · answer #3 · answered by Man 6 · 1⤊ 0⤋