The cost to make a penny exceeds it's face value.
2006-07-23 07:59:54 · 6 answers · asked by phoephus 4 in Politics & Government ➔ Other - Politics & Government
Then what shall we pay for a thought?
2006-07-24 05:52:27 · answer #1 · answered by Katie 3 · 1⤊ 0⤋
This will only begin a never ending cycle. Abolish the penny, and the nickel becomes the least valuable coin. Eventually, the cost to produce nickes will exceed their worth. The same will occur with the dime, and so on.
2006-07-23 08:05:18 · answer #2 · answered by man_id_unknown 4 · 0⤊ 0⤋
How will you give change then? Every price will have to be rounded to the nearest 5 cents, and I can guarantee you they will always round up. The stores will round up on everything you buy, and then the sales tax will come out a certain percentage but it too will have to be rounded up. Think about the supply chain too-- everyone along the way rounds up their price, and you'll end up paying 20-30 cents more for everything you pay. Not much, but add it up over every single purchase you make.
2006-07-23 08:13:11 · answer #3 · answered by Tim 4 · 0⤊ 0⤋
No. Because without one penny, ninety-nine cents cannot make a dollar. Beside business will need to have their price fixing changed from $xxx.99 to @xxx.00.
2006-07-23 08:05:44 · answer #4 · answered by Don S 5 · 0⤊ 0⤋
I am all for it!!!
I often refuse to take back pennies in change.
2006-07-23 08:03:09 · answer #5 · answered by Skypilot49 5 · 0⤊ 0⤋
SOOOOOOO totally in agreeance with you. Although to abolish it may mean higher taxes to compensate (good ol' government acting in their best interests again...)
2006-07-23 08:06:12 · answer #6 · answered by subbie4gb 3 · 0⤊ 0⤋