Save the penny?

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

  1. Stampyhead macrumors 68020


    Sep 3, 2004
    London, UK

    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


    Sep 4, 2006
    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

    Sep 1, 2004
    Rowley, MA
    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


    Jun 26, 2006
    In the Great White North.
    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


    Nov 5, 2004
  6. ErikCLDR macrumors 68000

    Jan 14, 2007
    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
    .02 (unnecessary IMO because of the .01)

    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


    Sep 3, 2004
    London, UK
    Not if we follow the Swedish rounding system. I think it makes a lot of sense.
  8. sammich macrumors 601


    Sep 26, 2006
    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


    Aug 1, 2004
    St. Louis, MO
    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

    Feb 26, 2004
    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

    May 19, 2002
    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

    Jun 7, 2007
    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


    Feb 22, 2003
    Reston, VA
    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

    Apr 27, 2006
    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

    May 2, 2005
    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

    Aug 1, 2004
    The City of Culture, Englandshire
    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


    Staff Member

    Jan 20, 2005
    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


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


    May 30, 2005
    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


    Jan 18, 2005
    Fighting to stay in the EU
    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


    Sep 7, 2006
    Texas, unfortunately.
    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


    Jan 18, 2005
    Fighting to stay in the EU
    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


    Nov 11, 2005
    Stuck in the middle with you
    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

    Jan 6, 2004
    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


    Jan 18, 2005
    Fighting to stay in the EU
    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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