Do you think that we should do away with the penny?

Question

I work in a convenient store and it seems that everyone disregards the penny, I certainly do... I always find them on the floor, in the dirt, my brother used to flick them into the street... is it an obsolete thing or what? Tell me why we should hold onto it okay!

Answer 1

In Australia we did away with our 1c & 2c pieces and never looked back. They are pretty worthless anyway

Answer 2

The way I see it - if we got rid of the penny, the government would round our taxes up to the nearest 5 cents. Gas stations would round their prices up to the next 5 cents. Some businesses would use the penny abolishment as an excuse to raise their prices. And what about the states that have 6, 7, or 8% sales tax? Would all those taxes go up to 10%? Yikes! I'd hate to see that. Without the penny, government (and other establishments) have an excuse to raise fees and taxes.

In the long run, things would probably work out just fine. However, the penny has existed for quite some time. How much chaos would it create if the penny were abolished? Would the country be in danger of further economical damage? And if so, how could that be prevented? I think that getting rid of the penny would be no easy task.

Answer 3

Would prices be rounded up to the nearest nickel if you are using a debit card? Would banks pay interest to the nearest nickel? If you hate pennies so bad then leave them for someone else to pick up. I'll take any change I can get. It is interesting though that pennies cost more then a penny to make, but with the ways of accounting and what not, even if we did away with the penny maybe some of the costs would be reallocated elsewhere (overhead) and therefore it may not cost as much.

Answer 4

No I do not think we should get rid of the penny. If we do then taxes will be rounded up by the nickel. A penny is also the easy way to save money, and yes they do add up
in a hurry. In less than a month I can save up five to ten dollars to add to my savings account or checking account.

Answer 5

Here's why...you are standing in a line at McDonalds and you are just ready to pay for your cheeseburger, but you only have 68 cents and a cheeseburger costs 70 cents. I bet you had 2 pennies now...I don't throw them away, but I do sometimes give them to the cashier so she can give somebody back a dollar in change instead of a handful of coins. I love it when they do that for me. Pennies need love too! Ha Ha

Answer 6

If the don't round out taxes to make an item calc to something without cents attached- it would never work. You could say to le nearest nickel for items on sale- but when you add the sales taxes pennies fall in. The only way they could do that would be to say the round up or down. The gov't would lose money on the rounding down- so they wouldn't want to do that.

Answer 7

Do away with the penny? ... You gotta be kidding !
You always have to have a single denomination or else all prices with be in the even numbers to avoid paying the penny.
Prices will go higher as well.
The penny will always be around, unless they decide to remove numbers after the decimal point.

Answer 8

It doesn't matter that it costs more than a penny to make a penny, that's what we pay the govt. to do. If you do away with the penny you will see an immediate jump in prices across the board.
No...keep the penny.

Answer 9

Yes. Get rid of it. It costs more than a penny to make a penny. And they are a pain to carry around.

Answer 10

If they do away with them fine, everyone will adjust. I enjoy saving mine in an old beer stein. When it's full I give them to my two grandchildren to split. It's usually about $20 and I fill it about 4 times a year. That's not pocket change to a kid.

Answer 11

Chances are, that if you're a few pennies short, the store will even let you slide.
Plus they make your hands stink.