some law is trying to be passed to eradicate the penny. poor ABE.
2006-11-20 05:39:13 · 5 answers · asked by nobodytotalkabout 4 in Social Science ➔ Economics
Abe will still have his job on the $5 dollar bill. It's not the cost to make the penny. If the penny is used twice, it pays for itself. How many pennies are sitting idle in jars? The question is do we need to make transactions precise to the penny, or is the nickel good enough? I think pennies are trivial these days. We need to eliminate the penny, mint a $1 coin people will use (there will be an opening in the cash drawer), stop the $1 bill, and start using the $2 bill. That said, I'm not a Jefferson fan.
2006-11-20 05:52:33 · answer #1 · answered by novangelis 7 · 2⤊ 0⤋
Be rid of it. They used to talk about getting rid of the penny in the 70s. Now it's only worth 1/3 what it was then, and we still got the thing. Just round everything to the nearest nickel.
2006-11-20 07:34:26 · answer #2 · answered by KevinStud99 6 · 0⤊ 0⤋
Australia ditched the two the 1c and 2c products in 1990-ninety one. We additionally dropped the $one million and $2 notes in favour of $one million and $2 money. very final totals on the money register are rounded up/right down to the closest 5c. (cutting-edge forex is 5c 10c 20c 50c $one million and $2 money plus $5 $10 $20 and $a hundred notes) to grant you a concept of purcahsing capacity, a music CD is approximately AUD20.00 - AUD25.00 for cutting-edge applicable 40, a DVD around AUD35.00 for clean releases. A loaf of bread is around AUD2.eighty for "variety call" and around AUD1.00 for prevalent loaves. (A McDonalds Cheeseburger varies in cost from save to save yet in many circumstances arount AUD1.seventy 5) 1c and 2c products had ben ineffective for extra or less 5-10 years at that element merchandising machines did not take them, they existed in basic terms as pocket shrapnel. Are US pennies extremely worth minting? are you able to apply them for something functional, are you able to purchase a loaf of bread or something else menaingful with a real looking handfull?
2016-12-29 06:29:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If it cost more to produce than it costs, they should do what they have done several times in the past. Find a cheaper way to make it.
That they are reporting it costs more to make sort of says the mint doesn't want to make them anymore.
2006-11-20 06:50:08 · answer #4 · answered by JuanB 7 · 0⤊ 0⤋
Yep. It's not cost-effective so get rid of it. Don't worry; old "Honest Abe" won't be out of a job -- he's on the $5 bill...
2006-11-20 05:49:27 · answer #5 · answered by sarge927 7 · 1⤊ 0⤋