Your two cents now worth more

Discussion in 'Current Events' started by Tanglewood, Jul 3, 2006.

  1. Tanglewood macrumors 6502a

    Tanglewood

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    Jun 7, 2006
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    San Diego, CA
    #1
    Link

    So what do you do when you get a penny (or the lowest denomination coin in your country)?
     
  2. WildCowboy Administrator/Editor

    WildCowboy

    Staff Member

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    #2
    I keep them and roll them to take to the bank.

    But I'm squarely in the camp that wants to get rid of them altogether...I was even before it cost more to make them than they're worth.
     
  3. nbs2 macrumors 68030

    nbs2

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    #3
    What's with all the local stations airing penny stories today? We got the same thing this evening. So, expanding on the last comment in the article, do we kill the nickel too, since it costs 5.73 cents to make?

    I'm firming in the keep the penny camp, and I would love to find the source of my local news's claim that killing the penny would cost consumers $600m per year (thus justifying keeping the penny).
     
  4. Tanglewood thread starter macrumors 6502a

    Tanglewood

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    #4
    I think they should too

    If they still want to mint it they should do what they do for the half dollar and just mint the penny for the uncirrulated and proof sets only.

    I personally just throw all my change into a big coffee mug that is now overflowing. I only pillage the mug to grab quarters for the vending machine at work.
     
  5. garfield2002 macrumors regular

    Joined:
    Oct 31, 2003
    #5
    Cnn.com had a story about this today as well. Attached to the story is an amusing video where the reporter tries to by a newspaper with 25 pennies. One stand turns her away, and at a second the guy tells her to take the paper for free. I had a good laugh, I'd never thought about pennies being a burden. I'll still pick up a penny on the ground but only if it is head up. :)

    Link to story and video:
    http://www.cnn.com/2006/US/07/02/poor.penny.ap/index.html
     
  6. Tanglewood thread starter macrumors 6502a

    Tanglewood

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    #6
    Here's a picture of Edmond Knowles from the article and his $13,084.59 worth of pennies.

    [​IMG]
     
  7. Nermal Moderator

    Nermal

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    New Zealand
    #7
    Here in NZ the smallest denomination is 5 cents, and they're going to start phasing that out at the end of this month. Our smallest will then be 10 cents, which is currently worth about 6 US cents.
     
  8. CorvusCamenarum macrumors 65816

    CorvusCamenarum

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    Dec 16, 2004
    Location:
    Birmingham, AL
    #8
    Save them, roll them, and when I have business at the bank, I exchange them for gold dollar coins and/or $2 bills. Those I use mainly for tipping at restaurants or coffee money.
     
  9. jdechko macrumors 68040

    Joined:
    Jul 1, 2004
    #9
    $600m. Wow.

    I strongly believe that the smallest denomination of currency that we have should be the smallest denomination (or part thereof) that we should have to pay. Otherwise, it's just taking money from the consumers (me). And I know stores aren't gonna follow the rounding rules we're all used to (down at under 2.5c and up from 2.5 and above.)
     
  10. Sun Baked macrumors G5

    Sun Baked

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    May 19, 2002
    #10
    For a second I was thinking, "Why would opinions be worth more today?"

    ---

    Keep them around, I for sure don't want to see companies pricing things so they can extract an extra 4.9 cents on every purchase.

    Especially when they are already taking fractional cents away from you when they compute the taxes -- purchase is 1 dollar and .1 cents after tax, heck lets make them pay dollar 1.01 and give them 99 cents in change.
     
  11. dmw007 macrumors G4

    dmw007

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    Working for MI-6
    #11

    Wow, that is a lot of pennies! :eek:


    Working at a financial institution, I would to have that guy bring all of those pennies to my window! :eek: :)
     
  12. dornoforpyros macrumors 68040

    dornoforpyros

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    Location:
    Calgary, AB
    #12
    I keep my pennies in a container on my desk at work, sometimes when I get bored and I play with them. One time I tapped them all together, it was fun. stupid pennies. Australia/NZ have it right. Death to the penny
     
  13. dmw007 macrumors G4

    dmw007

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    #13

    Getting rid of pennies would make my job easier. :)
     
  14. Abstract macrumors Penryn

    Abstract

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    #14
    I like not having pennies, and I like the idea of just rounding to the nearest 5 cents.

    They don't do many things well in Oz and NZ, but they handled their currency situation well. No pennies. Sweeeeet.

    Going back to Canada the one time was a pain. I got like 8 pennies and I didn't know whether to keep them in my wallet's coin pouch, or just chuck them into the bin. Then I realized that we don't have bins in Canada. We have "garbage cans" and then really got confused. :eek:
     
  15. nbs2 macrumors 68030

    nbs2

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    #15
    That was the reasoning behind the 600m - the rounding up that stores would engage in would quickly add up. It's funny that it's only $2/person/year, but still more than half a billion....
     
  16. Sun Baked macrumors G5

    Sun Baked

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    #16
    It would probably be 600m a year in rounding profits at Wal-Mart alone. :(
     
  17. sushi Moderator emeritus

    sushi

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    #17
    Pennies do add up over time.
     
  18. Oryan macrumors 6502a

    Oryan

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    Lincoln, NE
    #18
    I'm in the keep the penny camp. If we start rounding to the nearest 5c I forsee stores carefully calculating their prices so that after tax they work out to X + 2.51c so they can get that little extra profit margin. Plus, what happens if I pay with a credit card? There's no reason to round that to 5c, they can make it as exact as they want. I did some programming for a commodities company that kept their clients' account balances to the hundredth of a penny. It may seem trivial but after millions of transactions they can add up quickly, just think Office Space.
     
  19. mkrishnan Moderator emeritus

    mkrishnan

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    Location:
    Grand Rapids, MI, USA
    #19
    Death to pennies, but this reminds me that that coinstar company advertised free coin counting when the proceeds are put on a card for places like Starbucks. I have change lying around, and I spend money on Starbucks regularly enough that this is a win-win. :)
     
  20. Jaffa Cake macrumors Core

    Jaffa Cake

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    #20
    Find a penny, pick it up,
    and all day long you'll have good luck.

    :)
     
  21. killuminati macrumors 68020

    killuminati

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    Dec 6, 2004
    #21
    I hate pennies! I'll always just throw them out if I get them in change. Sometimes I'll throw out nickels too because they're worth so little and I'd rather not have the extra weight in my pockets.
     
  22. MacFan782040 macrumors 6502a

    MacFan782040

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    #22
    Which rounds out to about $2 a year per consumer. I'll take it :rolleyes:
     
  23. MacFan782040 macrumors 6502a

    MacFan782040

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    #23
    Oh and while they're at it, why don't they stop doing gas prices with 9/10 of a cent. Freaking round it to the next penny. :mad:
     
  24. frankblundt macrumors 65816

    frankblundt

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    South of the border
    #24
    We use the Swedish rounding system currently - where prices that come out at 3, 4, 6, 7 cents round to 5 and 1, 2 down to 0 and 8, 9, up to 10.

    Electronic transactions still use the original price and most people pay that way anyway.

    So, in theory, no one got stiffed by dropping the 1 and 2 cent coins. I presume something similar will come into play when the 5 goes. If anything, consumers pay less because all the 99c prices drop to 95c, and retailers save on cash handling expenses.

    The banks however will continue to stiff everyone, like they always have, for electronic transactions that cost them almost nothing, but which they charge for as if they were cheques.
     
  25. WildCowboy Administrator/Editor

    WildCowboy

    Staff Member

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    #25
    Only if you buy just one thing.

    Say you live in a city with 8% tax. An item is priced at a buck...with tax that's $1.08 and gets rounded up to $1.10. Those darn smart shopkeepers just scammed me out of two cents.

    But what if I buy two of that item? That's $2.00 x 1.08 = $2.16, which rounds down to $2.15 and I make out by a penny.

    Buy three and the store makes an extra penny. Buy four and you get two pennies free. Throw in the wide variety of goods and their prices, and it's pretty apparent that it's essentially impossible to price things such that the store gets much benefit from the rounding...it all evens out in the end.
     

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