Register FAQ / Rules Forum Spy Search Today's Posts Mark Forums Read
Go Back   MacRumors Forums > Mac Community > Community Discussion > Politics, Religion, Social Issues

Reply
 
Thread Tools Search this Thread Display Modes
Old Jan 5, 2013, 12:56 PM   #1
senseless
macrumors 65816
 
senseless's Avatar
 
Join Date: Apr 2008
Location: Pennsylvania, USA
It now costs 2 to make a US penny

2 to make and distribute a US penny, 11 for a nickel. I know the government is inefficient, but this is silly.
senseless is offline   2 Reply With Quote
Old Jan 5, 2013, 01:04 PM   #2
citizenzen
macrumors 65816
 
Join Date: Mar 2010
I rarely carry cash. There's just so little need for it these days.

I'd be totally open to not only getting rid of pennies, but getting rid of cash altogether.
citizenzen is offline   0 Reply With Quote
Old Jan 5, 2013, 01:07 PM   #3
wordoflife
macrumors 604
 
wordoflife's Avatar
 
Join Date: Jul 2009
Quote:
Originally Posted by senseless View Post
I know the government is inefficient, but this is silly.
When it comes to keeping it or getting rid of it, then perhaps (depends if you're for or against the the issuing of pennies). But the price has gone up due to economic market conditions.
wordoflife is offline   0 Reply With Quote
Old Jan 5, 2013, 01:09 PM   #4
dukebound85
macrumors P6
 
dukebound85's Avatar
 
Join Date: Jul 2005
Location: 5045 feet above sea level
Quote:
Originally Posted by citizenzen View Post
I rarely carry cash. There's just so little need for it these days.

I'd be totally open to not only getting rid of pennies, but getting rid of cash altogether.
I would not be fine with that.

I like the anonymity that cash provides, not to mention that anybody can accept cash when you are in a bind business and individual. Can't say the same for plastic.
dukebound85 is offline   5 Reply With Quote
Old Jan 5, 2013, 01:11 PM   #5
SilentPanda
Moderator emeritus
 
SilentPanda's Avatar
 
Join Date: Oct 2002
Location: The Bamboo Forest
__________________
My 24 hour web cam! ʕノᴥʔノ ︵ ┻━┻
And remember.
SilentPanda is offline   2 Reply With Quote
Old Jan 5, 2013, 01:17 PM   #6
citizenzen
macrumors 65816
 
Join Date: Mar 2010
Quote:
Originally Posted by dukebound85 View Post
I like the anonymity that cash provides, not to mention that anybody can accept cash when you are in a bind business and individual. Can't say the same for plastic.
I get that. But anonymity would only work if you converted most or all of your money into cash for purchases, bill payments, etc.

Do you really live that way?

I sure don't.

About the only purchases I make that require cash are at local farmers markets. Otherwise, I'm virtually all card. All my major monthly bills are handled through online banking. I might go the whole month with a dollar in my wallet ... if that.
citizenzen is offline   0 Reply With Quote
Old Jan 5, 2013, 01:19 PM   #7
Peace
macrumors P6
 
Join Date: Apr 2005
Location: Space--The ONLY Frontier
The idea of interest rates will keep the penny around for a long,long time.
Peace is offline   1 Reply With Quote
Old Jan 5, 2013, 01:22 PM   #8
thekev
macrumors 603
 
thekev's Avatar
 
Join Date: Aug 2010
Quote:
Originally Posted by Peace View Post
The idea of interest rates will keep the penny around for a long,long time.
Why is that? Other countries have been okay with rounding up or down to the nearest 5 cents or greater. No longer minting worthless currency would be a good starting point in cutting spending.
__________________
world's largest manufacturer of tin foil hats, none of that aluminum foil crap.
thekev is offline   4 Reply With Quote
Old Jan 5, 2013, 01:23 PM   #9
SilentPanda
Moderator emeritus
 
SilentPanda's Avatar
 
Join Date: Oct 2002
Location: The Bamboo Forest
Quote:
Originally Posted by citizenzen View Post
I get that. But anonymity would only work if you converted most or all of your money into cash for purchases, bill payments, etc.

Do you really live that way?

I sure don't.

About the only purchases I make that require cash are at local farmers markets. Otherwise, I'm virtually all card. All my major monthly bills are handled through online banking. I might go the whole month with a dollar in my wallet ... if that.
Just because most people use a credit card for virtually all purposes, doesn't mean cash itself should be eliminated. People lose their cards, people shouldn't be required to use banks, companies shouldn't be required to use credit/debit card processors and cash is an excellent way to perform person to person transactions.

It's also an excellent reminder to yourself that your cash is finite instead of just a number in your bank account.
__________________
My 24 hour web cam! ʕノᴥʔノ ︵ ┻━┻
And remember.
SilentPanda is offline   4 Reply With Quote
Old Jan 5, 2013, 01:32 PM   #10
afireintonto
macrumors 6502a
 
afireintonto's Avatar
 
Join Date: Jul 2008
Location: Portland
Send a message via AIM to afireintonto
Quote:
Originally Posted by citizenzen View Post
I'd be totally open to not only getting rid of pennies, but getting rid of cash altogether.
How are you supposed to buy drugs?
__________________
Macbook Air 13":iPad 2:iPhone 5:tv
afireintonto is offline   10 Reply With Quote
Old Jan 5, 2013, 01:34 PM   #11
Peace
macrumors P6
 
Join Date: Apr 2005
Location: Space--The ONLY Frontier
Quote:
Originally Posted by thekev View Post
Why is that? Other countries have been okay with rounding up or down to the nearest 5 cents or greater. No longer minting worthless currency would be a good starting point in cutting spending.
The United States is not other countries as evidenced by the corporate/political environment .
Peace is offline   0 Reply With Quote
Old Jan 5, 2013, 01:34 PM   #12
wordoflife
macrumors 604
 
wordoflife's Avatar
 
Join Date: Jul 2009
Quote:
Originally Posted by thekev View Post
Why is that? Other countries have been okay with rounding up or down to the nearest 5 cents or greater. No longer minting worthless currency would be a good starting point in cutting spending.
Rounding to the nearest 5 cents isn't going to fix anything. People will start using more nickels and they're 11 cents to make (6 cents higher than their worth).
wordoflife is offline   3 Reply With Quote
Old Jan 5, 2013, 01:37 PM   #13
Vetvito
macrumors 6502
 
Join Date: Sep 2012
Quote:
Originally Posted by afireintonto View Post
How are you supposed to buy drugs?
With Square card readers for iPhone and Android of course. 👽


In all seriousness. I'm all for the rounding system.

......
People seem to forget it cost the exact same amount to make a $1 bill and a $100 bill. Which is the most profitable business in the world.
Vetvito is offline   0 Reply With Quote
Old Jan 5, 2013, 01:38 PM   #14
dukebound85
macrumors P6
 
dukebound85's Avatar
 
Join Date: Jul 2005
Location: 5045 feet above sea level
Quote:
Originally Posted by citizenzen View Post
I get that. But anonymity would only work if you converted most or all of your money into cash for purchases, bill payments, etc.

Do you really live that way?

I sure don't.

About the only purchases I make that require cash are at local farmers markets. Otherwise, I'm virtually all card. All my major monthly bills are handled through online banking. I might go the whole month with a dollar in my wallet ... if that.
I use cash quite a bit. I use my card for online and gas but everything else tends to be cash and checks

How I was brought up. To each his own
dukebound85 is offline   1 Reply With Quote
Old Jan 5, 2013, 01:38 PM   #15
Zombie Acorn
macrumors 65816
 
Zombie Acorn's Avatar
 
Join Date: Feb 2009
Location: Toronto, Ontario
I guess that will stop them from minting their way out of debt.
Zombie Acorn is offline   0 Reply With Quote
Old Jan 5, 2013, 01:42 PM   #16
SilentPanda
Moderator emeritus
 
SilentPanda's Avatar
 
Join Date: Oct 2002
Location: The Bamboo Forest
Quote:
Originally Posted by Peace View Post
The United States is not other countries as evidenced by the corporate/political environment .
Can you go into more how we couldn't do this due to interest rates though?

Quote:
Originally Posted by wordoflife View Post
Rounding to the nearest 5 cents isn't going to fix anything. People will start using more nickels and they're 11 cents to make (6 cents higher than their worth).
We should get rid of pennies and nickels then. Both are fine to junk.
__________________
My 24 hour web cam! ʕノᴥʔノ ︵ ┻━┻
And remember.
SilentPanda is offline   0 Reply With Quote
Old Jan 5, 2013, 01:43 PM   #17
obeygiant
macrumors 68040
 
obeygiant's Avatar
 
Join Date: Jan 2002
Location: Michigan
They should just stop making it for a year and recoup that money. I'm sure we'll make it.
obeygiant is offline   0 Reply With Quote
Old Jan 5, 2013, 01:45 PM   #18
wordoflife
macrumors 604
 
wordoflife's Avatar
 
Join Date: Jul 2009
Quote:
Originally Posted by SilentPanda View Post
We should get rid of pennies and nickels then. Both are fine to junk.
Consumers would then be hit with a higher rounding tax.
wordoflife is offline   1 Reply With Quote
Old Jan 5, 2013, 01:48 PM   #19
mrsir2009
macrumors 604
 
mrsir2009's Avatar
 
Join Date: Sep 2009
Location: Melbourne, Australia
I remember when the NZ government had to start building one and two dollar coins out of more expensive material, as it was becoming viable for people to counterfit them... And seeing as coins have few of the security features that notes do, they would have been successful.

----------

Quote:
Originally Posted by afireintonto View Post
How are you supposed to buy drugs?
And how are tradesmen supposed to do cashies?
mrsir2009 is offline   2 Reply With Quote
Old Jan 5, 2013, 01:49 PM   #20
SilentPanda
Moderator emeritus
 
SilentPanda's Avatar
 
Join Date: Oct 2002
Location: The Bamboo Forest
Quote:
Originally Posted by wordoflife View Post
Consumers would then be hit with a higher rounding tax.
You can round up and down. If you make a bunch of small transactions every day you might "suffer" but if you only make a few purchases a day at most it's highly unlikely you'd notice either way.
__________________
My 24 hour web cam! ʕノᴥʔノ ︵ ┻━┻
And remember.
SilentPanda is offline   0 Reply With Quote
Old Jan 5, 2013, 01:50 PM   #21
Peace
macrumors P6
 
Join Date: Apr 2005
Location: Space--The ONLY Frontier
snip

Quote:
Originally Posted by SilentPanda View Post
Can you go into more how we couldn't do this due to interest rates though?



I should have said interest rates and taxes.

It's simple. Any amount to the right of the decimal point has to be accounted for and often ends in more than one decimal point.

As far as taxes many government's both federal,state and local have tax rates with many decimal points to the right. This almost always ends up with pennies or nickels.
Peace is offline   1 Reply With Quote
Old Jan 5, 2013, 01:57 PM   #22
thekev
macrumors 603
 
thekev's Avatar
 
Join Date: Aug 2010
Quote:
Originally Posted by Peace View Post
The United States is not other countries as evidenced by the corporate/political environment .
I know that. What is your point relevant to this specific circumstance?

Quote:
Originally Posted by wordoflife View Post
Rounding to the nearest 5 cents isn't going to fix anything. People will start using more nickels and they're 11 cents to make (6 cents higher than their worth).
You could round to the nearest quarter. If they're going to keep making such currency, they should look for ways to cut costs unless the number minted annually is something fairly trivial. Consider the value of the penny when it became a unit of currency relative to today.
__________________
world's largest manufacturer of tin foil hats, none of that aluminum foil crap.
thekev is offline   0 Reply With Quote
Old Jan 5, 2013, 02:01 PM   #23
Sydde
macrumors 68000
 
Sydde's Avatar
 
Join Date: Aug 2009
Half the money in the US economy does not exist as anything other than magnetic fields on some hard-drives somewhere. Trillions of dollars. So, eliminating the physical penny will only affect cash transactions, which are becoming less and less common. There is no reason to round the abstract numbers merely because you lack the physical object that represents them.
__________________
You got to be a spirit. You can't be no ghost.
Sydde is offline   0 Reply With Quote
Old Jan 5, 2013, 02:04 PM   #24
Peace
macrumors P6
 
Join Date: Apr 2005
Location: Space--The ONLY Frontier
Quote:
Originally Posted by thekev View Post
I know that. What is your point relevant to this specific circumstance?



You could round to the nearest quarter. If they're going to keep making such currency, they should look for ways to cut costs unless the number minted annually is something fairly trivial. Consider the value of the penny when it became a unit of currency relative to today.
Go study up on GAAP. Basically pennies add up to billions of dollars for economies.
Peace is offline   1 Reply With Quote
Old Jan 5, 2013, 02:11 PM   #25
afireintonto
macrumors 6502a
 
afireintonto's Avatar
 
Join Date: Jul 2008
Location: Portland
Send a message via AIM to afireintonto
Quote:
Originally Posted by Peace View Post
Go study up on GAAP. Basically pennies add up to billions of dollars for economies.
Pretty soon we'll be using IFRS not that our change will have any effect on how volatile pennies are.

I'm under the tent that says we get rid of coins. But we can still use decimals in electronic transactions, and obviously that includes interest and other transactions that are automated.
__________________
Macbook Air 13":iPad 2:iPhone 5:tv
afireintonto is offline   1 Reply With Quote


Reply
MacRumors Forums > Mac Community > Community Discussion > Politics, Religion, Social Issues

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Similar Threads
thread Thread Starter Forum Replies Last Post
5s worth every penny!!! echo44 iPhone 6 Sep 21, 2013 02:55 AM
Anyone use penny auctions? Astroboy907 Buying Tips and Advice 23 Jul 28, 2013 07:26 PM
Penny Auctions Squilly Community Discussion 11 Jan 16, 2013 02:39 PM
iPhone 5 costs $168 in parts to make! Big.Mac.Daddy iPhone 33 Sep 14, 2012 02:25 PM

Forum Jump

All times are GMT -5. The time now is 05:06 AM.

Mac Rumors | Mac | iPhone | iPhone Game Reviews | iPhone Apps

Mobile Version | Fixed | Fluid | Fluid HD
Copyright 2002-2013, MacRumors.com, LLC