Should we go penny-less

prrthd1987 · Post by **prrthd1987** » July 18, 2006 9:10 am

RinglingRingling wrote:
SMLCHNG wrote:Just as long as I get to stick around, I don't have a strong feeling one way or the other. Does seem silly to make something that costs more than it's worth, however.
could say the same thing about kids...

And half of the automobiles on the road...

Bubbaphan · Post by **Bubbaphan** » July 18, 2006 9:39 am

OPHarbor wrote:
finsupnorth wrote:I think we should just get rid of "money" all together....it is dirty and harder to keep track of...I think everything should be on a card from a checking account or something or a microchip or something of the sort... I am sure there are tons of drawbacks to it, but ultimately I think it will come to that someday...
At the risk of sounding too biblical, getting rid of cash signals the sign of the end of the world, a cashless society would NOT be a good thing. Also the nickel costs .056 to produce.

Don't you people watch Star Trek!?! They don't have money in the future!
We all go back to the barter system and credits and stuff.

Plus we get to wear snazzy uniforms!

AdamBomb8 · Post by **AdamBomb8** » July 18, 2006 1:59 pm

I rarely carry cash anymore period. When you can swipe a card for just about anything there is no reason to. I'm just glad you can't swipe a card for vending machines, or I'd be more broke than I am anyway.

green1 · Post by **green1** » July 18, 2006 2:02 pm

What would we put on the train tracks to squish together. Nickels are to thick and will derail the train.

Dimes and quarters are actually worth something.

Plus now when you are short cash collect the pennies melt them down and sell the lump of copper.

CapnK · Post by **CapnK** » July 18, 2006 2:46 pm

hate change. other than pieces o' eight

12vmanRick · Post by **12vmanRick** » July 18, 2006 3:52 pm

considering that it costs more to produce them than you think it does, I really don't understand why anyone would want to keep them.

Cubbie Bear · Post by **Cubbie Bear** » July 18, 2006 4:08 pm

I "borrowed" one of those big water cooler bottles from one of my businesses and dumped all my change into it for a couple of years. When I cashed it in I bought a set of Taylor Made Woods and Tommy Armour 845's irons. Boy, did the girl at the bank hate me when I did that

Now with kids, if it gets over a dollar, somebody is cashing it

RinglingRingling · Post by **RinglingRingling** » July 18, 2006 4:21 pm

Cubbie Bear wrote:I "borrowed" one of those big water cooler bottles from one of my businesses and dumped all my change into it for a couple of years. When I cashed it in I bought a set of Taylor Made Woods and Tommy Armour 845's irons. Boy, did the girl at the bank hate me when I did that

Now with kids, if it gets over a dollar, somebody is cashing it

at least your bank had a change sorter available to you. For years here, the claim was that any coins had to be counted out by hand, rolled, and the rolls initialled. All attempts to inflict logic (like, "you mean they actually make you count it all out by hand" and "my small-town bank in MN had a coin sorter, you are telling me that in a city of 1 million people, you don't have such a thing when a bank in a town of 2000 people had one?") met with "we don't have one".

Their solution: take them to Kroger and use the "Coinstar" machine. The response, "there is no way in he!! I am giving them 8-10% of my money for a little slip of paper that pays out in store scrip, nor do I feel like giving you 2-3 hours of my time rolling coins that you will turn around and sell to merchants with a percentage tacked on, in essence making me work for you, for free..."

finally, a year ago, they started getting coinsorter machines in the banks. It was heralded as a major breakthru... I broke the first one running my jars of loose coins thru. It overheated from the use.

inked-parrotthead · Post by **inked-parrotthead** » July 18, 2006 9:15 pm

If they stop making pennys I dont know how my Copany will give raises,since that is geerally what they amount to!!

aeroparrot · Post by **aeroparrot** » July 18, 2006 9:26 pm

RinglingRingling wrote:no. it would just end up in a way to drive profit up incrementally without accountability. And there wouldn't be any rounding prices down like they do in Australia.

all they need to do is find a slightly-cheaper alloy, it's not like pennies are solid copper anyway.

Copper is not what's driving the price up, it's the zinc that is used.

Elrod · Post by **Elrod** » July 18, 2006 10:04 pm

Y-NO-9-O wrote:Should we go penny-less?

"Couldn't do it. Shouldn't do it. Wouldn't be prudent."

pbans · Post by **pbans** » July 18, 2006 11:43 pm

'Pennies from Heaven'

I found a penny today
Just laying on the ground
But it's not just a penny
This little coin I've found.

Found pennies come from Heaven
That's what my Grandpa told me,
He said, "Angels toss them down."
Oh, how I loved that story.

He said, "When an angel misses you
They toss a penny down,
Sometimes just to cheer you up
To make a smile out of your frown."

So don't pass by that penny
When you're feeling blue,
It may be a penny from Heaven
That an Angel tossed to you.

scubamyk · Post by **scubamyk** » July 19, 2006 12:59 am

Maybe I'm a moron, but humor me here...

Why can't the government simply stop making them and we only use the ones already in circulation?

Am I missing something in the equation where we need to keep minting pennies?

RinglingRingling · Post by **RinglingRingling** » July 19, 2006 5:05 am

aeroparrot wrote:
RinglingRingling wrote:no. it would just end up in a way to drive profit up incrementally without accountability. And there wouldn't be any rounding prices down like they do in Australia.

all they need to do is find a slightly-cheaper alloy, it's not like pennies are solid copper anyway.
Copper is not what's driving the price up, it's the zinc that is used.

a) it's both. because with the Chinese construction boom, the price of asphalt for roofing materials, paving materials and the like outside the home is up, and copper wiring and piping inside the home is also in high demand. Zinc also has its uses.

b) see highlighted.

aeroparrot · Post by **aeroparrot** » July 19, 2006 6:07 am

RinglingRingling wrote:
aeroparrot wrote:
RinglingRingling wrote:no. it would just end up in a way to drive profit up incrementally without accountability. And there wouldn't be any rounding prices down like they do in Australia.

all they need to do is find a slightly-cheaper alloy, it's not like pennies are solid copper anyway.
Copper is not what's driving the price up, it's the zinc that is used.
a) it's both. because with the Chinese construction boom, the price of asphalt for roofing materials, paving materials and the like outside the home is up, and copper wiring and piping inside the home is also in high demand. Zinc also has its uses.

b) see highlighted.

Well, I knew copper was high but my comment was based on what I had heard earlier in the day from CNBC (around 4:30 PM EDT). In terms of cheaper alloy, there aren't much that are very much cheaper at the moment.

RinglingRingling · Post by **RinglingRingling** » July 19, 2006 6:16 am

aeroparrot wrote:
RinglingRingling wrote:
aeroparrot wrote:
RinglingRingling wrote:no. it would just end up in a way to drive profit up incrementally without accountability. And there wouldn't be any rounding prices down like they do in Australia.

all they need to do is find a slightly-cheaper alloy, it's not like pennies are solid copper anyway.
Copper is not what's driving the price up, it's the zinc that is used.
a) it's both. because with the Chinese construction boom, the price of asphalt for roofing materials, paving materials and the like outside the home is up, and copper wiring and piping inside the home is also in high demand. Zinc also has its uses.

b) see highlighted.
Well, I knew copper was high but my comment was based on what I had heard earlier in the day from CNBC (around 4:30 PM EDT). In terms of cheaper alloy, there aren't much that are very much cheaper at the moment.

part of the problem is too: when copper was selling at $0.80/lb, pennies were a great profit center for the US Mint. They still were even at $1.00/lb. It's been 25 years since the Mint lost money on their stampings. I am sure that part of the worry is "ohmygod, we're losing money", but I have a feeling that it will not be a long-term loss and given the long profitability... I think the panic should be written off as typical knee-jerk reaction rather than reasoned, rational thought.

aeroparrot · Post by **aeroparrot** » July 19, 2006 6:45 am

RinglingRingling wrote:
aeroparrot wrote:
RinglingRingling wrote:
aeroparrot wrote:
RinglingRingling wrote:no. it would just end up in a way to drive profit up incrementally without accountability. And there wouldn't be any rounding prices down like they do in Australia.

all they need to do is find a slightly-cheaper alloy, it's not like pennies are solid copper anyway.
Copper is not what's driving the price up, it's the zinc that is used.
a) it's both. because with the Chinese construction boom, the price of asphalt for roofing materials, paving materials and the like outside the home is up, and copper wiring and piping inside the home is also in high demand. Zinc also has its uses.

b) see highlighted.
Well, I knew copper was high but my comment was based on what I had heard earlier in the day from CNBC (around 4:30 PM EDT). In terms of cheaper alloy, there aren't much that are very much cheaper at the moment.
part of the problem is too: when copper was selling at $0.80/lb, pennies were a great profit center for the US Mint. They still were even at $1.00/lb. It's been 25 years since the Mint lost money on their stampings. I am sure that part of the worry is "ohmygod, we're losing money", but I have a feeling that it will not be a long-term loss and given the long profitability... I think the panic should be written off as typical knee-jerk reaction rather than reasoned, rational thought.

Well, that being true the questions I have is: Let's assume that Congress gets rid of the penny. How will that affect the prices after the penny is gone? Will business take advantage of it and round things up the one cent (for example things costing $1.99 will now be $2.00) or round down to the nearest 5 cent mark? The other question is what about the pennies that are in circulation? Will we have to roll it up and get credit with the bank?

BrianM · Post by **BrianM** » July 19, 2006 5:22 pm

Businesses price their product on what they think people will pay for them, if they raise them up to the next nickel we have the choice not to buy them if we don't want to. Plus they should ring up all your purchases and round the total up to the next nickel, it's the same thing as throwing your extra 3 cents change that they give you into the penny cup at the gas station. Pennies are a total nuisance and should have been done away with twenty years ago.

RinglingRingling · Post by **RinglingRingling** » July 19, 2006 5:31 pm

aeroparrot wrote:
RinglingRingling wrote:
aeroparrot wrote:
RinglingRingling wrote:
aeroparrot wrote:
RinglingRingling wrote:no. it would just end up in a way to drive profit up incrementally without accountability. And there wouldn't be any rounding prices down like they do in Australia.

all they need to do is find a slightly-cheaper alloy, it's not like pennies are solid copper anyway.
Copper is not what's driving the price up, it's the zinc that is used.
a) it's both. because with the Chinese construction boom, the price of asphalt for roofing materials, paving materials and the like outside the home is up, and copper wiring and piping inside the home is also in high demand. Zinc also has its uses.

b) see highlighted.
Well, I knew copper was high but my comment was based on what I had heard earlier in the day from CNBC (around 4:30 PM EDT). In terms of cheaper alloy, there aren't much that are very much cheaper at the moment.
part of the problem is too: when copper was selling at $0.80/lb, pennies were a great profit center for the US Mint. They still were even at $1.00/lb. It's been 25 years since the Mint lost money on their stampings. I am sure that part of the worry is "ohmygod, we're losing money", but I have a feeling that it will not be a long-term loss and given the long profitability... I think the panic should be written off as typical knee-jerk reaction rather than reasoned, rational thought.
Well, that being true the questions I have is: Let's assume that Congress gets rid of the penny. How will that affect the prices after the penny is gone? Will business take advantage of it and round things up the one cent (for example things costing $1.99 will now be $2.00) or round down to the nearest 5 cent mark? The other question is what about the pennies that are in circulation? Will we have to roll it up and get credit with the bank?

this doesn't even need to be asked. Prices won't go down.

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