The U.S. Mint has reported that, for the first time in history, the cost of making pennies now eclipses the value of the coin (i.e., it now costs 1.2 cents to make a 1 cent coin). This is due to higher metal prices, specifically zinc.
So, do you consider the penny a "nuisance coin"? Would you rather get rid of it and round off prices to the nearest nickel? Oh, and by the way, the nickel now costs more to make than it is worth, as well. You can read more about all of this here: http://apnews.excite.com/article/20060702/D8IJV6UO0.html
2006-07-11 01:15:20 · 24 answers · asked by MacSteed 7 in Politics & Government ➔ Other - Politics & Government
I'm not American, but Canadian but we have pennies as well and there has been discussion here about discontinuing the penny and just making the nickle (5 cents) the smallest coin. However, I have an issue with that.
There are many retailers now that find ways to screw the consumer out of that extra penny or two by rounding prices up. If we discontinue the penny, I think we'll find that consumers will start paying more for everything than they should because retailers will round up, not down, even if an item is .51 cents.. retailers will round up to .55 cents. It doesn't matter if the government says that if an item is .52 cents or less, then it has to be rounded down... retailers will just increase the items price by an extra cent to ensure that it can be rounded up to the .55. Now, to some people, this many not be a big deal but, let's look at the big picture.
Let's say you buy two coffees a day at your local coffee shop. With the penny in circulation, that coffee might cost us .97 cents each. Without the penny, that coffee is now $1.00, that's an extra .03 cents per coffee or .06 cents per day. That equates to .42 cents per week more or about $1.90 per month or about $21.90 per year. If you take that over a lifetime of work, let's say for the sake of arguement we'll make it 40 years, that works out to $8760.00 over 40 years. That is just for a cup of coffee, twice a day. Figure that out for EVERY single item you buy every day over a lifetime. That can equate to thousands and hundreds of thousands of dollars a lifetime PER PERSON.
No, the penny should remain in place and maybe our mints can figure out a cheaper way to make the coin.
Hail the penny!
2006-07-11 01:27:22 · answer #1 · answered by Anonymous · 20⤊ 20⤋
How much it costs to make a coin does not fit into the equation.
A coin is representative of buying power not a value of its own.
I want to keep our coins. I am sure the wealthy will figure out a way to screw it to us if a penny is rounded up and then a nickle is rounded up and then a dime is rounded up and so on.
Has anyone suggested rounding them down? No, of course, not.
That would help consumers and poor people. People without the power of big business and George Bush backing them.
2006-07-11 09:55:22 · answer #2 · answered by Lou 6 · 13⤊ 9⤋
While your sources and facts are correct, I believe America should keep coinage just as it is currently. I could foresee clever pricing schemes that would add two cents to every item purchased...Consider that next time you are at the market.
2006-07-11 08:27:49 · answer #3 · answered by Anonymous · 13⤊ 9⤋
good bye...oh sweet penny, tis a shame that lincoln's face will no longer be seen on a coin! and actually i heard that it costs 1.7 cents to produce one penny. any matter, yeah it should be gotten rid of!!!
2006-07-11 08:21:19 · answer #4 · answered by bill nye the science guy 2 · 13⤊ 9⤋
I heard of that as well. Pennies are a pain in the butt. However, I'm concerned about eliminating them. Let's just go all plastic and get it overwith.
2006-07-11 08:18:43 · answer #5 · answered by Silent Kninja 4 · 13⤊ 9⤋
If it were to become obsolete no big deal.
But just change the materials that make up a modern penny and there is no reason to get rid of it.
2006-07-11 21:24:22 · answer #6 · answered by Man 6 · 16⤊ 10⤋
yeah they are a pain but think about it when they gey rid of the penny not only will we have to empty our change jugs but everything will be rounded off to the nearest dollar. at whos benefit. probobly not ours.
2006-07-11 08:24:35 · answer #7 · answered by chrltthnsn 2 · 13⤊ 9⤋
Once the penny is gone... the nickel will be the "new" penny.
2006-07-13 19:26:17 · answer #8 · answered by royrox 5 · 13⤊ 9⤋
Guess we'd grt over it. -and the Nickel has always been the most annyoying coin; large and worthless.
2006-07-11 09:22:00 · answer #9 · answered by Anonymous · 13⤊ 9⤋
Yes I do, those little cans in stores are great I always drop my pennies into them.
2006-07-11 08:33:15 · answer #10 · answered by Jim C 5 · 13⤊ 9⤋
I would welcome its absence.
And why hasn't the government eliminated dollar bills yet? Any sensible country that decided to mint coins would stop printing same amount bills, and would put a moratorium date on use of the bill. Coin or bill, but not both. WTF is wrong with the government? This isn't rocket science.
2006-07-11 08:30:59 · answer #11 · answered by Anonymous · 13⤊ 9⤋