Save the penny?

Discussion in 'Community Discussion' started by Stampyhead, Aug 7, 2007.

  1. Stampyhead macrumors 68020

    Stampyhead

    Joined:
    Sep 3, 2004
    Location:
    London, UK
    #1
    http://www.cbc.ca/news/background/economy/penny.html

    Interesting article from the CBC website on whether or not Canada should keep the penny or follow after Australia and New Zealand and eliminate it. They also draw an interesting comparison to the British farthing and its eventual demise in the 1950's. I've always been a proponent of eliminating the penny here in the U.S. I think we could easily adopt the Swedish rounding system and come out even, saving the U.S. Mint loads of money in the meantime. Of course, this would probably take a huge bite out of the copper industry, but there is always a good and bad side to every situation. Thoughts?
     
  2. simontarr macrumors 6502

    simontarr

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    Sep 4, 2006
    Location:
    England
    #2
    Well, I'm not in Canada, but I've always found it a bit pointless having a penny- what can you honestly buy these days with a penny? (especially in the UK) To me, it just seems like a legacy from a bygone age.

    Maybe it would stop people selling stuff for £0.99. What's the point? I'm not stupid- 99p is essentially £1 and you're not fooling me into thinking it's anything less by advertising it as 99p. And then, once I've brought something that's 99p, I'm then given a 1p coin that I don't want anyway.

    Sorry, that turned into a bit of a rant! :p
     
  3. stillwater macrumors regular

    Joined:
    Sep 1, 2004
    Location:
    Rowley, MA
    #3
    Kill the penny!

    It is time to rid American society of the blight that is the penny. I can never seem to keep my pocket from filling up with the vile things.

    Oh, and the modern one cent piece is only copper plated any way.
     
  4. kwood macrumors 6502a

    kwood

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    Jun 26, 2006
    Location:
    In the Great White North.
    #4
    I just can't see it being good for the economy. It would drive prices up.

    My employer would do their best to round my pay check down, and the grocery store would round everything up.
     
  5. topgunn macrumors 65816

    topgunn

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    Location:
    Texas
    #5
  6. ErikCLDR macrumors 68000

    Joined:
    Jan 14, 2007
    #6
    Well then I suppose it would be hard to pay for gas, you would always have to round to the nearest .05.

    I hate pennies a lot though. If I go to a gas station and buy a $1.19 bottled water that comes out to $1.26. Its like seriously I do not want $.74 in change, thats 2 quarters, 2 dimes, and 4 pennies. It would be much more convenient to get 3 quarters back.

    I must say I like american money more than Euros. As someone that doesn't like to dig for change I find myself with a full pocket of coins at the end of the day. Although coins last longer, they are a lot easier to lose.
    I think they have too many coins in the Euro
    .01
    .02 (unnecessary IMO because of the .01)
    .05
    .10
    .20
    .50
    1.00
    2.00

    I know that us Americans are criticized because because our bills are all the same size. I must say I like it, it makes a wad more neat.
     
  7. Stampyhead thread starter macrumors 68020

    Stampyhead

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    Sep 3, 2004
    Location:
    London, UK
    #7
    Not if we follow the Swedish rounding system. I think it makes a lot of sense.
    [​IMG]
     
  8. sammich macrumors 601

    sammich

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    Sep 26, 2006
    Location:
    Sarcasmville.
    #8
    Prices wouldn't go up those couple of cents. A $.99 item looks cheaper than a $1 item, even though they would cost if you bought it by itself.

    And if you bought a 3 $.99 items, you would get a $.02 discount, obviously (but useless). But it makes no sense to keep a denomination that is basically worthless, and it probably COSTS businesses since time would be wasted counting out coins to give as change.

    Unless you pay with a CC.

    And, btw, plastic money is the way to go.

    Thats my 2 pennies.
     
  9. yg17 macrumors G5

    yg17

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    Aug 1, 2004
    Location:
    St. Louis, MO
    #9
    Get rid of the penny and round it.

    If the total is $XX.X1 or $XX.X2, round down to $XX.X0, if it's $XX.X3 or $XX.X4, round up to $XX.X5. Likewise, round 6 and 7 down to 5, round 8 and 9 up to the next 0.
     
  10. ToddW macrumors 6502a

    Joined:
    Feb 26, 2004
    #10
    yeah but then where would honest abe go on. wouldn't be fair for one of our greatest presidents to just have the five dollar bill.
     
  11. Sun Baked macrumors G5

    Sun Baked

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    May 19, 2002
    #11
    Actually, based on cost alone you'd probably have to kill the nickel also since it its cost has been skyrocketing with the cost of metal increases.
     
  12. imac/cheese macrumors 6502a

    Joined:
    Jun 7, 2007
    #12
    I am all for getting rid of the penny. I accumulate large quantities in my car coin holder and I hate rolling them to take them to the bank. It just takes way too much time.

    I did have a chance to get rid of a bunch the other day. I pulled into a parking lot and a beggar came up to my window asking for spare change. I didn't have any cash and the only coins I had were pennies. I told him such and he was glad to take them off my hands. He walked away with probably $5 in copper and a smile on his face.
     
  13. mgargan1 macrumors 65816

    mgargan1

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    Feb 22, 2003
    Location:
    Reston, VA
    #13
    Just get rid of it...

    Ask yourself this; if you were to drop a penny, and you didn't need it for a purchase in the immediate future, would you bend over and pick it up? (also pretend that you're not superstitious and landing heads or tails doesn't matter to you).

    I, maybe, will bend over to pick up a dime... I will certainly pick up a quarter, but a dime is the limit (again, unless i needed it for an immediate purchase)
     
  14. Fleetwood Mac macrumors 65816

    Fleetwood Mac

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    Apr 27, 2006
    Location:
    Canada
    #14
    Don't take my pennies!! What would I put in my wallet to make it feel heavier?

    I [​IMG][​IMG]
     
  15. katie ta achoo macrumors G3

    Joined:
    May 2, 2005
    #15
    The penny costs more than it's worth. Time to get rid of it. Also, pennies are useless. I get a kid at the toy store paying with a handful of pennies almost everyday, and guess who gets to count all of them.
    ME. Rgh!
     
  16. Jaffa Cake macrumors Core

    Jaffa Cake

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    The City of Culture, Englandshire
    #16
    If you find a penny and pick it up, then all day long you'll have good luck.

    So by getting rid of the penny, we'll be depriving people of the opportunity of having a lucky day. Do we really want to do that?
     
  17. WildCowboy Administrator/Editor

    WildCowboy

    Staff Member

    Joined:
    Jan 20, 2005
    #17
    I too think the penny should go, but if the cost of production is the deciding factor, the nickel has to go too. This article cites the metal content of the nickel as being about 7 cents.
     
  18. calculus Guest

    calculus

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    Dec 12, 2005
    #18
    Well it does seem a tad harsh...
     
  19. monke macrumors 65816

    monke

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    May 30, 2005
    #19
    Kill it!

    How about a poll?


    I really don't see the point, they're thrown on the street, nobody cares about them anyway. And tax, just include that with the price. When I buy something, I want to know what the price is. I want to look at a shirt and know it's $24.00, rather than scrambling to find $23.76. :rolleyes:
     
  20. Dagless macrumors Core

    Dagless

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    Jan 18, 2005
    Location:
    Fighting to stay in the EU
    #20
    I'm a fan of the penny. My friend mindlessly saved all his pennies in jars, starting about 10 years ago. He cashed them all in a few months back for £443.

    I've got a little jar going too with about £60 in so far. Again it's not much but to say it's leftovers...
     
  21. SkyBell macrumors 604

    SkyBell

    Joined:
    Sep 7, 2006
    Location:
    Texas, unfortunately.
    #21
    Reminds me of last week when some convenient store gave me a Canadian quarter in my change. :)

    My parents saved pennies for 20 years. Took 'em to the bank, and got $163 out of it.

    Thats alota pennies! :eek:
     
  22. Dagless macrumors Core

    Dagless

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    Jan 18, 2005
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    Fighting to stay in the EU
    #22
    I think the 2p piece is a little pointless now, along with the £2 coin (as purdy as it may be). They could go.
     
  23. adk macrumors 68000

    adk

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    Nov 11, 2005
    Location:
    Stuck in the middle with you
    #23
    Gas is already priced at $X.xx9 at every station I've ever seen. I can't think of a way to hand the cashier $3.139 cash for the gallon of gas I've just bought. We're already rounding, I say get rid of the copper devils. The only thing is, would stores ever round down?
     
  24. PlaceofDis macrumors Core

    Joined:
    Jan 6, 2004
    #24
    depending on the rounding system. yeah get rid of it. no use for it anymore as most people pay via debit cards these days from what i see.
     
  25. Dagless macrumors Core

    Dagless

    Joined:
    Jan 18, 2005
    Location:
    Fighting to stay in the EU
    #25
    I used to work in a little shop once, cash was the most popular by far. coins and cards were sort of tied for second place. stealing was third :D
     

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