Death To Pennies: 4 Reasons Why The Penny Must Die

Submitted by: 314314 5 years ago in

Why Pennies are economically inefficient and should be abolished.
There are 55 comments:
Male 57
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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Male 1,292
@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.
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Male 265
Meh. In the age of plastic and portable swipe-machines the reliance on actual cash cash just isn`t what it used to be.
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Female 42
BUT THEYRE LUCKY D:
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Male 7,123
I remember farthings. You could buy one aniseed ball for a farthing.
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Male 14,332
@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.
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Male 12,138
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?
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Male 14,834
@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.
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Male 57
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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Male 464
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.
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Male 3
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.
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Male 997
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....
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Male 5,811
Same reason I don`t use the $1 bills in Monopoly. The inflation part, not the inconvenience. XD
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Male 221
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.
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Male 322
hasn`t Lincoln suffered enough?
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Female 2,549
Makes perfect sense, get rid of it.
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Male 4,902
Math is witchery..
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Male 321
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
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Male 1,164
@Draculya

I disagree with Wen Jiabao. I think a bird would be more appropriate. May I suggest the Loon?
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Male 14,834
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.
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Male 2,419
@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.
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Male 15,832
[quote]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.[/quote]
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.
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Female 94
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!
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Male 15,832
A nickle is worth about as much today as a penny was in 1973.
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Male 14,834
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.
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Male 340
"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.
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Male 17,512
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.
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Male 1,108
F*ck pennies.
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Male 246
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 $0.01 into credit. Ok, then why not get rid of all forms of tangable currency and go completely liquidated? That`s my one issue with people against the penny.
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Male 1,197
wow, you yanks are nuts, get rid of it already
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Male 7,378
Just another tax on the 99 per cent. I assure you this will only line the pockets of the 1 per cent.
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Male 335
kill the penny. That will open a slot in the cash register that can be used for the silver dollar. Get rid of the paper 1$ and now there is room for a $2 bill in the register. Problem solved.
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Male 38,480

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.
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Male 10,855
@M_Archer
Didn`t read my first post on this thread?
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Male 4,793
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.
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Female 500
@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.
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Male 68
rounding consistently
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Male 260
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.
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Male 1,064
@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!
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Male 5,314
pennies do suck. i have never ever ever used them. well actually, i roll them up and put them in my savings account.
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Male 3,462
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.
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Male 525
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.
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Male 1,737
Majority of my transactions are done with debt or credit cards anyways.
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Female 1,386
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.
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Male 10,855
[quote]He`ll replace the most horrid penny with gold bars[/quote]

Looney to you, sensible to me.
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Male 677
"Unlike more civilised countries..." *Shows Union flag*

yeah, sounds about right.
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Male 37
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.
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Female 2,228
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 )
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Male 1,084
no more pennies.. or nickles or dimes...
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Male 197
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!
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Male 10,855
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
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Male 2,690
Yes death to pennies pleeeeeease
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Male 7,740
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.

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Male 8
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.
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Male 3
Link: Death To Pennies: 4 Reasons Why The Penny Must Die [Rate Link] - Why Pennies are economically inefficient and should be abolished.
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