2006-08-25 05:51:14 · 7 answers · asked by Rob Ho 1 in Business & Finance ➔ Other - Business & Finance
From what I understand, the U.S. isn't running out of pennies, but the cost of making pennies is getting more expensive than the materials that go into them. I think one of the metals in a penny (I can't remember if it's zinc or copper or maybe both) is going up to cost more than a penny to make a penny. From what I've read, the people who make pennies are considering getting rid of the penny altogether and to make it so that prices would have to be in other denominations not requiring pennies to make change (e.g., $5.95 instead of $5.99 or $5.97).
2006-08-25 06:00:44 · answer #1 · answered by Mark 2 · 1⤊ 0⤋
I am one of those penny pincher's. You need pennies. My idea is if it cost more money to make a penny. Then create something that is cheaper to make and works like a penny. I do not like the rounding up or down of money, It would be very hard to keep track of. You still need pennies for bills. I am talking about people who get money orders or pay in cash at payment centers or grocery stores like I do. The cost of making cash registers to round up or down would cost businesses a lot of money.
One country has already done this but they have to charge exactly if using a debit card, credit card or a check or other form of electronic payment. If they took away the penny I would use my debit card a lot more.
Here is a website that is neat to read. It will be a long time before the penny is gone.
2006-08-25 13:26:01 · answer #2 · answered by webworm90 4 · 0⤊ 0⤋
I'm not sure if it's running out of pennies, but it IS true that the value of copper is going up. This is causing people to gather up their pennies hoping to sell them for more than 1 cent each later on.
This isn't just in the US. Here in the Philippines, my parents advised me to save any copper coins I might have for that same reason.
2006-08-25 12:58:48 · answer #3 · answered by digs 1 · 1⤊ 0⤋
I dont know, but it makes sense (no pun intended). people just leave them laying around their house in jars and stuff since they really arent worth much and I know that it costs more than a penny to make a penny.
2006-08-25 12:57:37 · answer #4 · answered by flutterflie04 5 · 0⤊ 1⤋
well pennies aren't legal tender so i don't think that matters too much. i saw that on a show about the treasury on the history channel a few years back.
2006-08-25 12:57:01 · answer #5 · answered by Anonymous · 0⤊ 1⤋
No, what you probably heard is it costs more than they're worth to make them, so the government is considering eliminating them.
2006-08-25 12:57:12 · answer #6 · answered by a41xblj 4 · 1⤊ 0⤋
Could be. People don't spend em.
2006-08-25 12:56:26 · answer #7 · answered by tw0cl0n3m3 6 · 0⤊ 1⤋