The Movement to End The Penny

[El Sitherino]

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.

I mostly meant as far as public access. It'd be relatively easy for me to gain access to your funds via these new cards than it would to try and somehow gain access to your funds if you were using cash. Cash at least leaves the option to stay out of a system. This is in fact why many people prefer pay in cash as opposed to checks or electronic transfer of funds.

[Corinthian]

Well, I can understand changing the coin to make it cheaper to produce, but eliminating it seems like a bad idea.

[Web Rider]

I mostly meant as far as public access. It'd be relatively easy for me to gain access to your funds via these new cards than it would to try and somehow gain access to your funds if you were using cash. Cash at least leaves the option to stay out of a system. This is in fact why many people prefer pay in cash as opposed to checks or electronic transfer of funds.

 

personally, I think cash cards should work something like a flash drive. You scan it at your bank, or any location that can give you money, and you put X dollars on it(after putting in all the passwords and whatnot), and then the card only has X dollars on it, and no more personal information than a debit card.

 

Actually, I like paying in cash because it gives me a greater connection to my money.

[El Sitherino]

You can destroy someone's life just by getting their debit information.

[Web Rider]

You can destroy someone's life just by getting their debit information.

 

And that hasn't stopped us from making debit cards now has it. The problem here is security, not the existance of plastic money.

[El Sitherino]

And that hasn't stopped us from making debit cards now has it. The problem here is security, not the existance of plastic money.

I realize this, I was simply stating that we shouldn't make it our primary means of physical transfer of funds.

[Det. Bart Lasiter]

We should eliminate paper currency and start trading gold and silver bullion.

[Corinthian]

I take it back. THAT'S the worst idea I've ever heard.

[Hallucination]

We should eliminate paper currency and start trading beef and chicken bouillon cubes.

 

 

The last time I saw a penny being used it was being thrown by a kid in my English class down a girl's shirt. So, naturally, I think the penny should be kept for the lulz, but it's useless otherwise.

[JoeDoe 2.0]

I vote for dollar-chips, and DIBS on the name

[Tommycat]

Pennies are great when you go through a drive-through the day before payday. It can also be fun at the bank.

 

Me personally, I see the penny being like the gas pump prices. I mean has anyone just gotten 1 gallon for $2.899? No, they just use it to make it seem like a better deal. Its really $2.90. As for the actual coin, its useless as it cannot be used even in a vending machine(admittedly, I'm glad about this as I would hate to be the guy behind someone dropping 100 pennies into a coke machine and every third one dropping into the coin return only to find out he has 97 cents and not $1).

[Corinthian]

Without pennies, though, I can't make an improvised weapon by filling a sock with them, though.

[Tommycat]

Without pennies, though, I can't make an improvised weapon by filling a sock with them, though.

Dimes are better.... Though I guess 10 times more expensive....

[Det. Bart Lasiter]

I take it back. THAT'S the worst idea I've ever heard.

Pfft. Shows what you know about economics. The trading of gold and silver bullion is, in fact, a literal return to the gold standard.

[True_Avery]

Well, I can understand changing the coin to make it cheaper to produce, but eliminating it seems like a bad idea.

What is the practical use for carrying -pennies- around in your pocket all day?

 

The only times I have ever seen pennies put to good use is when they are hurled at people or thrown into fountains.

 

When a clerk hands me pennies, I don't accept them or I put them into the tip jar to torture some other poor person. Wasted space in my pocket and a complete waste of materials. The penny no longer has practical use in everyday life, it costs more to make then it is worth, and the majority of them are probably sitting in the ground and in pickle jars. The majority of the transactions that make use of 1 unit of money is done digitally anyway, and I do not actually remember a time seeing someone pull out pennies to pay someone.

 

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

Could you explain any reason why it should be kept outside of fountains, hitting people with them, and the satisfaction of finding one of billions laying on the streets?

 

We keep making them, but in the process the economy is losing money with each one made. It would be much easier to simply round everything in some manner and eliminate the 1 unit of money altogether, at least in coin form. The 1 cent could still exist digitally, and probably should, but the continued production of the penny damages our system.

 

1 cent over a large period of time can accumulate to a lot, especially for big business, and so it is still needed in our current system. But, that kind of transaction is mostly done digitally and not through coin.

 

And making it out of a cheaper material still seems like a waste. The new penny would still be found in masses outside stores on the ground. It would still be the most underused unit of currency in America. I don't know about you, but when I go out I have quarters and paper money for cash and rarely use any of the others. I downright refuse to carry pennies around because I simply never have to use them.

 

It would be sad to see it go, but we still have -billions- of them floating around America, unused. It could still be used, but lack of production would slowly cause it to disapear into trash and landfills as it does every year.

[Web Rider]

What is the practical use for carrying -pennies- around in your pocket all day?

 

To which I ask the government, what is the practical use of carrying dollar coins around with you all day? That has yet to stop them from making 7 different molds in the last decade, with about 35+ to come(Presidential dollar series).

 

With all the dollars the average person carries(even if it's 5 or less), that gets pretty heavy and annoying real fast. At least pennies are lighter.

[Darth InSidious]

It may look small to the guy on the street, but think about the larger scale. If you buy your stock at...oh, call it 90p/90c and sell at £0.94/$0.94, those 4p/4c really count. Eliminating the 1p/1c would destroy your small-to-mid businesses, and would have an impact on larger businesses.

 

Plus, of course, that your 5p/5c would probably take the place of it de facto, and prices would go up...

 

...This is all just theory based on zilch knowledge of economics, tho.

 

EDIT: Besides, doth not a penny outshine the unconquer'd sun?

[Tommycat]

It may look small to the guy on the street, but think about the larger scale. If you buy your stock at...oh, call it 90p/90c and sell at £0.94/$0.94, those 4p/4c really count. Eliminating the 1p/1c would destroy your small-to-mid businesses, and would have an impact on larger businesses.

 

Plus, of course, that your 5p/5c would probably take the place of it de facto, and prices would go up...

 

...This is all just theory based on zilch knowledge of economics, tho.

 

EDIT: Besides, doth not a penny outshine the unconquer'd sun?

Actually stocks are traded in theoretical money. Stocks can raise 1/8 of a penny even though you can't find an eighth of a penny.