I mean really whats the point of pennies
2007-02-14 15:41:33 · 7 answers · asked by bloomingflower 3 in Politics & Government ➔ Government
So people are saying that we should stop because we use too many? They only make as many as we need. It is not like the government has a bunch in the bank and just make more because they want to. So keep on making them, we need them.
2007-02-17 01:45:13 · answer #1 · answered by NYC_Since_the_90s 6 · 0⤊ 0⤋
The penny is not the basis of the US dollar. The number 100 is. The penny is just 1/100th of a dollar. The penny, as money, is worthless. It has more value melted down and turned into wire than it does as currency. It currently cost three cents to make a penny. And since we borrow that money from the Federal Reserve we are paying interest on something that cost more to make than it is worth. But the Fed has devalued our currency so much that it cost eight cents to make a nickel. A dollar is only worth half of what it was eight years ago.
Instead of abolishing pennies we should abolish the Federal Reserve System and take control of our money supply away from the bankers.
2007-02-14 23:49:06 · answer #2 · answered by Anonymous · 1⤊ 0⤋
I would- as long as businesses would STOP selling stuff with 99cents on the end! I mean if a Dollar Store & a 99 Cent store are side by side, does anyone REALLY think the 99 Cent store is going to do MORE business??! Pennies would become obsolete if we just rounded items to the nearest nickel... Even little kids don't save pennies anymore... -they're too much of a hassle when they're out purchasing stock options! :)
2007-02-15 01:05:36 · answer #3 · answered by Joseph, II 7 · 0⤊ 0⤋
If I had a penny for every one-cent piece floating around the country, lost in houses and cars and couches and gutters...I'm quite sure we could feed a small, starving country with that money.
So yes. There's no need to make more pennies when there are tons floatin' around everywhere.
2007-02-15 03:13:38 · answer #4 · answered by Lilywhite 2 · 0⤊ 0⤋
The reason they make pennies is prob because so many people just keep them in a piggy bank that are out of curency. Just imagine having 100,000,000 pennies you'd be a millionaire...
2007-02-14 23:52:41 · answer #5 · answered by Livier A 3 · 0⤊ 0⤋
I think they will sooner or later because paper money is slowly dying off in place of digitized denominations and plastic cards, such as direct deposit bank accounts, wire transfers, ATM's. Correction, the basis of the U.S. Economy is gold bullion, not pennies.
2007-02-14 23:50:19 · answer #6 · answered by super682003 4 · 0⤊ 0⤋
a penny is the basis of the U.S dollar you cant get smaller than a penny. Why get rid of it?
2007-02-14 23:45:39 · answer #7 · answered by jared l 4 · 0⤊ 0⤋