The Movement to End The Penny

[SilentScope001]

While many people focus on the evolution/creationism topic or the issue of abortion or the issue of god/"no god"...I care about more practical issues...like the loss of our beloved penny.

 

Forbes' Editoral Supporting a bill in 2002 that would 'end the penny':

http://www.forbes.com/2002/07/05/0705penny.html

 

Another Editoral Suggesting the End of the Penny:

http://www.dailynexus.com/article.php?a=11051

 

2003 Article on CNN about the Penny:

http://money.cnn.com/2003/07/01/pf/banking/pennies/

 

2006 Article by Businessweek: Time To Kill Off the Penny?

http://articles.moneycentral.msn.com/News/TimeToKillOffThePenny.aspx?GT1=8376

 

Retire the Penny (anti-Penny)

http://www.retirethepenny.org/

 

Americans for Common Cents (pro-Penny)

http://www.pennies.org/

 

http://en.wikipedia.org/wiki/Efforts_to_eliminate_the_penny_in_the_United_States

 

This is a scary movemenet. On one hand, pennies are worthless. On the other hand, why abolish the penny? So it wastes money in the long term (you have to make the penny, you have to wrap the penny, you then have to fumble to actually get the penny). So what? It's the penny, a symbol of our natural hertiage to waste money.

 

Anyway, this is an issue of grave national importance, that will change the fate of the world and effect the lives of millions. We must do something!

[mur'phon]

What's the big deal? we lost our øre ages ago, nothing bad folowed.

[Corinthian]

You can't really get rid of the penny. Without pennies, we no longer have a way to properly handle dollar fractions. Any time we need to get $5.53, we're hosed, and it will happen.

[Ray Jones]

The internet has no nationality, so why bother us?

[SilentScope001]

You can't really get rid of the penny. Without pennies, we no longer have a way to properly handle dollar fractions. Any time we need to get $5.53, we're hosed, and it will happen.

 

You can just round up to $5.55.

[mimartin]

You can just round up to $5.55.

You could always round down to $5.50 too.

 

I just see this as another attempt by big business to stick it to the working man a few cents at a time. I would love to get rid of those $19.99 advertisment. Call it $20.00 already!

[Corinthian]

Except that isn't the correct price.

[MdKnightR]

You could always round down to $5.50 too.

 

I just see this as another attempt by big business to stick it to the working man a few cents at a time.

 

And big government. Think of the tax increase of rounding up!

[Dagobahn Eagle]

All that'll happen is that you'll have to round things off. No more, no less.

 

I just see this as another attempt by big business to stick it to the working man a few cents at a time. I would love to get rid of those $19.99 advertisment. Call it $20.00 already!

Removing the penny won't change that. They'll still call it $19,99, but you'll have to pay $20. Visit a Norwegian story some day:p.

[Corinthian]

Right. That's the worst idea I've ever heard. Grocery tax around here is eight cents per dollar every dollar. Well, the proper rounding of that brings it up to ten cents per dollar. That's a horrible idea.

[El Sitherino]

Get rid of the penny. It's tiny, it's gawdy, and I have reason to believe it's makers killed JFK.

[Corinthian]

I heard it was a Lone Gunman.

[tk102]

Tangentially, what do you think of getting rid of all cash? Electronic payments or by check if paper is necessary. Seems Visa and Mastercard are pushing that with RFID cards. With no cash, you could subdivide the dollar into thousandths if you wanted to.

[El Sitherino]

Electronic money, I believe, would be bad. It's far too easy to manipulate funds. It happens quite a bit, already, with these newer Credit/Debit/Cash cards.

[tk102]

Most money is electronic and not cash. Eliminating cash doesn't make it easier to manipulate electronic balances. Actually I would think even more security measures would be taken to prevent that if that became the sole means of payment.

 

On the upside, it'd put an end to counterfeiting.

 

But to confess, I don't like the idea much either though I can't find a reason that's not emotionally based. *hugs piggy bank*

[mimartin]

Electronic money, I believe, would be bad. It's far too easy to manipulate funds.

Not to mention electronic money really sucks when the power goes down. There is no substitute for good for good old fashion currency when the lights go out. Like after a hurricane, earthquake, tornado ….

[Web Rider]

Not to mention electronic money really sucks when the power goes down. There is no substitute for good for good old fashion currency when the lights go out. Like after a hurricane, earthquake, tornado ….

 

I would solve this with more places having battery backup, or private power generation, ie: Wal-Mart using it's roof for solar panels.

 

As for the penny, I'd only accept it is sales tax was done away with.

[PoiuyWired]

That, and I really don't like the idea of my every purchase being recorded. I mean, there is no need to have a money trail of how many packs of ciggie I smoke, or how many rounds of beer I take at the local pub, amongst other things.

[mimartin]

I would solve this with more places having battery backup, or private power generation, ie: Wal-Mart using it's roof for solar panels.

Only if the Wal-Mart is still standing. A lot of transactions after a hurricane are between individuals and yes, a lot of it goes back to the barter system where no money changes hands. Trade the tarp for a gallon of gas kind of thing.

 

Plus from experience I can say when a hurricane meets solar panels there are no more solar panels. As to generators, in Texas during hurricane season we are using the juice to keep our beer cold and the A/C on and to heck with the rest of life’s niceties. Oh, and if it is football season we have to power the TV too.

 

Besides it is not just the power lines that are down. The phone lines don’t work either. Most the satellite dishes are in the next county too.

[Rogue Nine]

I, for one, would not like it if they took away the penny. It would mean I'd have to pay more to have my opinions heard, and money is tight enough as it is!

 

That's just my $0.02 dammit! $0.05! This is horrible!

 

 

 

 

 

 

 

 

 

 

[Jeff]

I don't think they can get rid of cash all together. Money needs to be backed by something even if it is just paper bills like it is today.

 

As for the penny I don't see why they should get rid of it. Much harder to pay exact amounts or give exact change. Price levels are never going to be completely round numbers.

[Dagobahn Eagle]

Taxes? Bank accounts can still very easily do single digit decimals such as $59.29 even if penny coins are gone. Do you pay your taxes, mortage, and so on in cash?

 

Grocery tax around here is eight cents per dollar every dollar. Well, the proper rounding of that brings it up to ten cents per dollar.

Er, no. The total sum you pay is rounded off, not the tax. Two different things.

 

As for the penny I don't see why they should get rid of it. Much harder to pay exact amounts or give exact change.

Again, it's not that hard to simply have numbers rounded off.

 

Oh, and from one of the sites:

 

Myth #1: Elimination of the penny would lead to higher prices.

This claim is based upon a flawed study that found a majority of prices would be rounded up rather than rounded down. This would be true if stores did not change pricing strategies (99 cents to 95 cents, for example), there were no sales tax (which randomizes the direction of rounding), and people did not purchase more than one item (which also randomizes the direction of rounding). If these factors are included then, on average, there will be no net change in prices.

[Corinthian]

What's the point in removing the penny, though? There really isn't one.

[Web Rider]

What's the point in removing the penny, though? There really isn't one.

 

it would save the government money since it costs more to make a penny than a penny is worth due to the crazy price of copper these days.

 

Same goes for a nickel, which is why modern nickels are so much lighter than old ones, more aluminum.

[Ctrl Alt Del]

Not to mention electronic money really sucks when the power goes down. There is no substitute for good for good old fashion currency when the lights go out. Like after a hurricane, earthquake, tornado ….

 

Just barter credit cards.