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Date: 11/30/11 01:36 PM

55 Responses to Death To Pennies: 4 Reasons Why The Penny Must Die

  1. Profile photo of 314314
    314314 Male 18-29
    3 posts
    November 30, 2011 at 1:37 pm
    Link: Death To Pennies: 4 Reasons Why The Penny Must Die - Why Pennies are economically inefficient and should be abolished.
  2. Profile photo of Yorbo
    Yorbo Male 18-29
    8 posts
    November 30, 2011 at 1:55 pm
    My only correction is that toll booths here do accept pennies (Richmond, VA). I don`t really care if pennies stay or go, but I do wish retailers had to list prices INCLUDING sales tax.
  3. Profile photo of Grendel
    Grendel Male 40-49
    6267 posts
    November 30, 2011 at 2:41 pm
    The argument that it`s not cost effective because it costs more to manufacture than it`s worth is a failure in logic. It`s like saying that the government is making a profit because a hundred dollar bill only costs 7.5 cents to make. (think of it as a pre-printed check)

    It`s not printed to be a one-time exchange worth a certain amount. It`s basically an exhange marker (just like all money).

    The average life-span of a penny is 30 years, which would constitute thousands of transactions.

    That being said, I see no problem with eliminating the penny, just didn`t agree with that line of logic.

  4. Profile photo of RyanHake
    RyanHake Male 18-29
    2690 posts
    November 30, 2011 at 2:45 pm
    Yes death to pennies pleeeeeease
  5. Profile photo of Cajun247
    Cajun247 Male 18-29
    10742 posts
    November 30, 2011 at 2:45 pm
    The only problem is the price AFTER sales tax will have to be set at the nearest 5 cents. So for the state of Texas the typical sale price after tax is:

    .1N+.05

    We have a 8.25% sales tax so divide all that by 1.0825 you`ll get:

    .04619+.09237N

    After some penny shaving your sales price before tax is:

    .05+.09N

    Then again the simpler way would probably be:

    .05N
  6. Profile photo of MattyP
    MattyP Male 18-29
    197 posts
    November 30, 2011 at 2:47 pm
    OR...fix the economy and make them relevant. I`d love to buy a trolley ride downtown for a penny like I keep hearing about!
  7. Profile photo of uatme
    uatme Male 18-29
    1074 posts
    November 30, 2011 at 2:54 pm
    no more pennies.. or nickles or dimes...
  8. Profile photo of QueenZira
    QueenZira Female 18-29
    2228 posts
    November 30, 2011 at 2:55 pm
    OMG an obscure, off beat, & vague monetary kerfuffle?! Somebody call Representative Paul! He`ll replace the most horrid penny with gold bars, problem solved! (/sarcasm )
  9. Profile photo of STWP
    STWP Male 50-59
    37 posts
    November 30, 2011 at 3:24 pm
    Stores could just include the sales tax in the price and round to nearest nickel on all their prices on their own. Naaah, we still want everything to be $9.99, it`s so much cheaper.
  10. Profile photo of marcus2
    marcus2 Male 13-17
    677 posts
    November 30, 2011 at 3:39 pm
    "Unlike more civilised countries..." *Shows Union flag*

    yeah, sounds about right.
  11. Profile photo of Cajun247
    Cajun247 Male 18-29
    10742 posts
    November 30, 2011 at 3:44 pm
    He`ll replace the most horrid penny with gold bars

    Looney to you, sensible to me.
  12. Profile photo of Loxen
    Loxen Female 30-39
    1387 posts
    November 30, 2011 at 3:46 pm
    While we`re at it can we actually start using those Sacajawea dollar coins? What the heck even happened to those, did everyone just horde them? I never see them in use... anywhere.
  13. Profile photo of EgalM
    EgalM Male 30-39
    1707 posts
    November 30, 2011 at 3:51 pm
    Majority of my transactions are done with debt or credit cards anyways.
  14. Profile photo of M_Archer
    M_Archer Male 18-29
    525 posts
    November 30, 2011 at 3:55 pm
    Without the penny, how will you buy things that are worth $4:99? Sales tax will also screw that up. I dare you to try to incorporate sales tax on most things and get a final total of a multiple of five cents.
  15. Profile photo of DuckBoy87
    DuckBoy87 Male 18-29
    3286 posts
    November 30, 2011 at 4:07 pm
    I agree with just about every point except the time.
    And I thought that it only cost a half penny to make a penny. Unless I`m thinking of a different coin.

    The problem of getting rid of it though, is the sales tax issue. Every state has a different sales tax. You would either have to go through every state government to change the laws, or put it up the discretion of the store to program their machines to round the price. And which way would it round? Up, of course.
  16. Profile photo of ScottSerious
    ScottSerious Male 18-29
    5316 posts
    November 30, 2011 at 4:08 pm
    pennies do suck. i have never ever ever used them. well actually, i roll them up and put them in my savings account.
  17. Profile photo of PacoP42
    PacoP42 Male 13-17
    1064 posts
    November 30, 2011 at 4:09 pm
    @QueenZira

    geez, you sure know a lot about economics! gold is way too unstable and invaluable to go hand-in-hand with our little slips of paper!
  18. Profile photo of Smoothjc1
    Smoothjc1 Male 50-59
    260 posts
    November 30, 2011 at 4:09 pm
    Loxen Just ask your friendly teller for some the next time you`re at the credit union/bank I get them all the time for my grand nieces & nephews, they love them.
  19. Profile photo of DSDavis008
    DSDavis008 Male 13-17
    68 posts
    November 30, 2011 at 4:11 pm
    rounding consistently
  20. Profile photo of kittilia
    kittilia Female 18-29
    500 posts
    November 30, 2011 at 4:12 pm
    @M_Archer: I hate .99 priced stuff anyways. It`s stupid. It warps people`s minds into thinking they`re spending less than they really are. Also, sales tax kills your point. Rounding. It ain`t so bad.
  21. Profile photo of TKD_Master
    TKD_Master Male 18-29
    4794 posts
    November 30, 2011 at 4:41 pm
    Just price things so its an even .5/1/1.5/whatever WITH TAX. so it always comes out to a total of eitehr a whole dollar value or a whole dollar and a half value.
  22. Profile photo of Cajun247
    Cajun247 Male 18-29
    10742 posts
    November 30, 2011 at 4:59 pm
    @M_Archer
    Didn`t read my first post on this thread?
  23. Profile photo of Gerry1of1
    Gerry1of1 Male 50-59
    36850 posts
    November 30, 2011 at 5:51 pm

    Getting rid of the penny only does away with the coin. On Debit and Credit transactions which is most sales nowadays, they can still tax to the penny. Only cash sales would be affected rounding up or down to the nearest 5 cents.
  24. Profile photo of InTheNameOf
    InTheNameOf Male 30-39
    335 posts
    November 30, 2011 at 5:56 pm
    kill the penny. That will open a slot in the cash register that can be used for the silver dollar. Get rid of the paper 1$ and now there is room for a $2 bill in the register. Problem solved.
  25. Profile photo of madest
    madest Male 40-49
    7378 posts
    November 30, 2011 at 6:04 pm
    Just another tax on the 99 per cent. I assure you this will only line the pockets of the 1 per cent.
  26. Profile photo of Selous
    Selous Male 30-39
    1197 posts
    November 30, 2011 at 6:49 pm
    wow, you yanks are nuts, get rid of it already
  27. Profile photo of jacos27
    jacos27 Male 18-29
    246 posts
    November 30, 2011 at 6:57 pm
    honestly, even if the economy bounces back to the point where the penny becomes relevant, I`m sure a nickel won`t hurt me if i needed to pay for something worth a penny. the extra 4 cent profit will do the company good lol.

    Though, for mathematical purposes, what if say calculating interest is ends in a number like 6? There needs to be a coin to represent that $0.01.

    Ok, so your solution is to simply turn $0.01 into credit. Ok, then why not get rid of all forms of tangable currency and go completely liquidated? That`s my one issue with people against the penny.
  28. Profile photo of rammo34
    rammo34 Male 18-29
    1083 posts
    November 30, 2011 at 7:10 pm
    F*ck pennies.
  29. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17514 posts
    November 30, 2011 at 7:59 pm
    if you are going to get rid of the penny you should get rid of the nickle as well for the same reasons.

    Chrome plating shops already use old nickles in their plating process because they are cheaper than buying raw sheet nickle.

    Problem is, many people, like madest, still love pennies and would perceive that they are getting screwed if they were eliminated.
  30. Profile photo of Hedkwab
    Hedkwab Male 18-29
    340 posts
    November 30, 2011 at 8:13 pm
    "Just another tax on the 99 per cent. I assure you this will only line the pockets of the 1 per cent."

    LOL at all this arbitrary and airy class warfare that the media is spurring up.
  31. Profile photo of Draculya
    Draculya Male 40-49
    14653 posts
    November 30, 2011 at 8:20 pm
    Kill the penny, dime and dollar bill. The dollar bill should be replaced with a coin. I suggest Wen Jiabao for the coin face.

    They should also issue a two hundred, five hundred and thousand dollar notes which will help facilitate drug transactions and purchases of real estate by Chinese home buyers as the dollar devalues.
  32. Profile photo of OldOllie
    OldOllie Male 60-69
    15841 posts
    November 30, 2011 at 8:56 pm
    A nickle is worth about as much today as a penny was in 1973.
  33. Profile photo of Mooberry
    Mooberry Female 18-29
    94 posts
    November 30, 2011 at 9:01 pm
    its true that new zealand got rid or their one cent coins, but they also got rid of the five cent. As far as I can tell, everything is cheap as hell there! Lets eliminate coins!
  34. Profile photo of OldOllie
    OldOllie Male 60-69
    15841 posts
    November 30, 2011 at 9:07 pm
    Though, for mathematical purposes, what if say calculating interest is ends in a number like 6? There needs to be a coin to represent that $0.01.
    So what do you do now if your interest ends in a number like 0.333...? You simply round it.

    You may not know it, but years ago they had coins call "mills" which were worth 1/10 of a cent. They were issued by local governments mostly for sales tax purposes. The could be made of paper, steel, aluminum, brass, or later, plastic. They were typically about the size of a quarter but thinner, and they usually had a hole in the center. We got rid of them at a time when they were worth considerably more than a penny is today.
  35. Profile photo of I-IS-BORED
    I-IS-BORED Male 18-29
    2419 posts
    November 30, 2011 at 9:22 pm
    @Jacos
    The massive DEFLATION required for the penny to become worth something would not be considered the economy recovering. It would only occur at that level if supply became retardedly more than demand, the value of goods plummeted, and everything became worth almost nothing except for the magical paper and coins with words on them. At which point people would question paying for TV`s with 7 pennies as the TV required more metal just to make.
  36. Profile photo of Draculya
    Draculya Male 40-49
    14653 posts
    November 30, 2011 at 9:30 pm
    Here`s some trivia for you. By law, the central bank of the Philippiens has to mint even one centavo coins ($0.00023), yet one almost can`t even give away coins worth less than a Peso ($0.023). Banko Sentral estimates on average it costs PHP 2 to make each coin. There are 19 billion of coins in circulation, including over ten billion one Peso coins.

    Despite this large circulating coinage and few people wanting them, there is a shortage. Why? Philippine peso coins minted from the late 70`s till 1991 are worth more dead than alive. They are made of 75% copper and 25% nickel. That makes the metal content worth about $11,000 per metric ton vs face value of $3,800.

    Foreign scrap dealers figured this out and in 2006 one shipment of 7 tonnes hit the headlines, so a lot of people started hoarding coins. Not knowing which ones are most valuable, they hoard all of them to the detriment of their economy and government.
  37. Profile photo of Linkenberger
    Linkenberger Male 18-29
    1164 posts
    November 30, 2011 at 9:33 pm
    @Draculya

    I disagree with Wen Jiabao. I think a bird would be more appropriate. May I suggest the Loon?
  38. Profile photo of snakecharmer
    snakecharmer Male 18-29
    321 posts
    November 30, 2011 at 9:34 pm
    Dude, pennies aren`t all that bad. This is really someone who just wants to bitch about something, anything. His videos are cool sometimes, but this one is a bit of a reach
  39. Profile photo of xCYBERDYNEx
    xCYBERDYNEx Male 18-29
    4903 posts
    November 30, 2011 at 11:45 pm
    Math is witchery..
  40. Profile photo of sutra46
    sutra46 Female 40-49
    2550 posts
    December 1, 2011 at 12:11 am
    Makes perfect sense, get rid of it.
  41. Profile photo of rbt_food
    rbt_food Male 18-29
    322 posts
    December 1, 2011 at 12:25 am
    hasn`t Lincoln suffered enough?
  42. Profile photo of bex753
    bex753 Male 40-49
    221 posts
    December 1, 2011 at 1:48 am
    Like the dude says the sales tax being added on receipt is the bit that drats it up. Make a law that all published prices include the sales tax and people how can add 1+2 and get 3 without a calculator can use the I have the correct change mind trick easier.
  43. Profile photo of patchgrabber
    patchgrabber Male 30-39
    5812 posts
    December 1, 2011 at 7:02 am
    Same reason I don`t use the $1 bills in Monopoly. The inflation part, not the inconvenience. XD
  44. Profile photo of Mr_Pedo_Bear
    Mr_Pedo_Bear Male 70 & Over
    997 posts
    December 1, 2011 at 7:19 am
    Australia got rid of the 1 cent coin. Basically if it`s 1,2,3 it`s rounded down to 0 cents if its 4 it`s rounded to 5cents. This is only done to cash transactions cards still pay the exact amount. So you wouldn`t need to change prices, just round up or down at the end depending on final price.

    The penny does actually serve a purpose with the 9.99 pricing. It stops pocket transactions in many stores. If it`s 10 dollars the cashier can pocket the 10 dollar note and not put it through the cash register. Where as you wait for your penny change so it has to go through the till. That`s the bigger reason for that type of pricing then to make it look cheaper....
  45. Profile photo of sureshot007
    sureshot007 Male 30-39
    3 posts
    December 1, 2011 at 8:54 am
    There is one main reason they want to keep it:

    Every penny you throw away, or don`t pick up off the ground, or toss in a jar is one penny that the government gets to keep and use as a "loan". And the pennies that are never spent turn into a donation.
  46. Profile photo of Byfield
    Byfield Male 18-29
    464 posts
    December 1, 2011 at 9:18 am
    I love pennies. They make a good building material. I collect them up for that. I have roughky £30 worth now. And yes, they are useless in england too.
  47. Profile photo of Viden
    Viden Male 18-29
    57 posts
    December 1, 2011 at 10:55 am
    lol, is it sad that i`ve actually seen a half penny? Either my father or grandmother has one. When i was a kid i always thought they were kidding when they said there used to be a half penny.
  48. Profile photo of Draculya
    Draculya Male 40-49
    14653 posts
    December 1, 2011 at 8:28 pm
    @Linkenberger I disagree with Wen Jiabao. I think a bird would be more appropriate. May I suggest the Loon?

    Why not? Carry on the tradition of American presidents with Regan/GWB. No wait, they`re not women.
  49. Profile photo of davymid
    davymid Male 30-39
    12140 posts
    December 1, 2011 at 11:28 pm
    Most of Europe got rid of pennies years ago. Not that that will convince Americans... Aren`t you guys still on inches, feet, yards and other 18th century paraphernalia?
  50. Profile photo of McGovern1981
    McGovern1981 Male 30-39
    14268 posts
    December 2, 2011 at 5:51 am
    @davymid

    Aren`t you from the UK a place that it`s people still use stone as a measurement, support a king/queen and other 10th century concepts.
  51. Profile photo of LordJim
    LordJim Male 60-69
    7066 posts
    December 2, 2011 at 10:49 am
    I remember farthings. You could buy one aniseed ball for a farthing.
  52. Profile photo of artvamp27
    artvamp27 Female 18-29
    42 posts
    December 2, 2011 at 11:07 am
    BUT THEYRE LUCKY D:
  53. Profile photo of Wowummwow
    Wowummwow Male 18-29
    265 posts
    December 2, 2011 at 11:35 am
    Meh. In the age of plastic and portable swipe-machines the reliance on actual cash cash just isn`t what it used to be.
  54. Profile photo of jbwhite
    jbwhite Male 18-29
    1292 posts
    December 2, 2011 at 11:57 am
    @McGovern1981 & @davymid

    Aren`t you both from Earth, a place that its people have inconsistent views and other weird poo. C`mon folks, human ears are weird.
  55. Profile photo of Viden
    Viden Male 18-29
    57 posts
    February 1, 2012 at 1:24 pm
    lol, is it sad that i`ve actually seen a half penny? Either my father or grandmother has one. When i was a kid i always thought they were kidding when they said there used to be a half penny.

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