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Should we eliminate the penny?

  • Yes. Eliminate it.

    Votes: 46 56.1%
  • No. Keep the penny.

    Votes: 36 43.9%
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Discussion Starter · #1 ·
Arguments for eliminating the penny are that pennies are worthless, people waste time handling pennies, they cost more to make than they are worth, the mint wastes time making 7 billion pennies a year. Arguments for keeping the penny are that prices would get rounded up causing increased prices. Charities get penny donations. If there were no pennies the mint would have to make more nickels which cost 7.7 cents to make.

Here's a detailed article: http://coins.about.com/od/uscoins/i/penny_debate.htm

So what do you think? Should we eliminate the penny?
 

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Discussion Starter · #2 ·
I would think we could make the nickel smaller so it doesn't cost more than 5 cents to make.
 

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No - just make fewer pennies.
 

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I think it's a perfectly good idea to do away with the penny. I have so pennies around that just pile up. I'll probably roll them up and take them to a bank at some point. But I mean, they seem to be fairly useless. Some place don't even accept them any more. But I think for now, our economy has bigger fish to fry. But cutting down on things like that always helps.
 

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Yes. I mean what can you buy with a penny? It's pointless as a discrete coin. I'd even consider getting rid of the nickel. I wouldn't even give a penny to a panhandler for fear of insulting him.

In a perfect world, businesses would also post the after tax price so customers aren't left wondering exactly how much they'll owe. If that were the case, you'd know the after-rounding price as well.
 

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The penny allows for lots of different types of pricing strategies, such as psychological pricing.

More people would buy a product if the price tag read $9.99 than if it read $10.00. This is good for companies, and the economy. It's better to lose one penny than $10.00 and a consumer.
 

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Discussion Starter · #10 ·
Why not make the penny and nickle out of materials that are worth the value that they represent?
Bcause a manure penny would smell too bad.

The penny allows for lots of different types of pricing strategies, such as psychological pricing.

More people would buy a product if the price tag read $9.99 than if it read $10.00. This is good for companies, and the economy. It's better to lose one penny than $10.00 and a consumer.
That used to work, but don't you think people are smarter than that now?
 

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I think it fills in the gaps...
At least in my country it does, don't know about the us' situation...
 

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Discussion Starter · #12 ·
I thought the penny would lose - and it was losing for a while. But now it's a tie ball game. VOTE people! Lets; break the tie!!!
 

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Done my bit. I hate them. I like the aussie money, 5,10,20,50
 

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I think it would be great if everything had to be moved to 5 cent denominations. That .99 crap is annoying and no one wants a ton of pennies back when their purchases come out to be an odd amount of cents. Who needs $.01 for anything anymore. Nothing costs less than a nickel and very little costs less than a quarter out of any machine these days. In fact many machines don't take less than quarters or at least don't take pennies. We ran in to that with the parking meters in town last weekend. We had about $3 in pennies between us because there is no use for pennies but it doesn't take less than nickels.
 

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At least it is moving people towards doing everything on debit / credit / gift cards. I know I use a starbucks card so I dont have to worry with change or entering my debit pin every transaction.
 

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I was just thinking of this the other day. I say eliminate it, its pretty useless, plus imagine how funny the prices at walmart would look :b
 

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1. Anyone using credit and debit cards wouldn't have to do the rounding.

2. People paying in cash could have the rounding up if .50 or higher, down if .49 or lower to the closest dime (.10)
 

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Without pennies, you can't do this:

I'm for getting rid of the penny. If I see one on the street, it's not even worth the time to pick it up. I wouldn't even pick up a nickel. A quarter.. maybe.
 

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Yes it should be eliminated for practicality. Inflation eroded the value of the coin that it is virtually useless in transactions and annoying to handle. US formerly had the 0.5 cent coin. Making the penny incurs net loss because costs of making them exceeds face value.
 
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