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Ditch The Penny?

06 Dec 2012 09:26 #1 by FredHayek
Ditch The Penny? was created by FredHayek
Mike Rosen has a column about this in the Denver Post today. Think it is time to ditch the one cent piece?

I worry about prices rounding up, but it should be minimal, but it should make cashiers much more productive. I will miss the penny, but not much.
Thomas Sowell: There are no solutions, just trade-offs.

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06 Dec 2012 09:30 #2 by cydl
Replied by cydl on topic Ditch The Penny?
It may have made sense when the value was worth more than the copper, but now...

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06 Dec 2012 12:18 #3 by Raees
Replied by Raees on topic Ditch The Penny?
With sales tax, we still need the penny. The total is always some figure that requires pennies.

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06 Dec 2012 12:55 #4 by FredHayek
Replied by FredHayek on topic Ditch The Penny?
It might create a two tier system. Use the charge card and you will still be charged in 1 cent increments, cash will have a different set of rules.
Thomas Sowell: There are no solutions, just trade-offs.

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07 Dec 2012 08:53 #5 by Mtn Gramma
Replied by Mtn Gramma on topic Ditch The Penny?
I am adamantly opposed to getting rid of the penny. What would happen to the 1ยข horse ride at Kings?????

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07 Dec 2012 09:04 #6 by FredHayek
Replied by FredHayek on topic Ditch The Penny?
It would go up to a nickel?
Thomas Sowell: There are no solutions, just trade-offs.

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07 Dec 2012 10:06 #7 by Wily Fox aka Angela
Replied by Wily Fox aka Angela on topic Ditch The Penny?
from what I understand it takes more to produce the coin that what it is worth. Time to start rounding up or down. For myself, I don't use cash or coins and rarely checks.

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07 Dec 2012 10:11 #8 by FredHayek
Replied by FredHayek on topic Ditch The Penny?
2.3 cents to make and distribute every penny.

And people probably take them out of circulation faster than other coins by not bothering to pick them up and putting them in coin jars at home.
Thomas Sowell: There are no solutions, just trade-offs.

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07 Dec 2012 11:07 #9 by Raees
Replied by Raees on topic Ditch The Penny?
More like 2.41 cents. That's 2.41 cents that goes directly into the economy by buying the metal and paying the workers to make it.

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07 Dec 2012 12:53 #10 by FredHayek
Replied by FredHayek on topic Ditch The Penny?

Raees wrote: More like 2.41 cents. That's 2.41 cents that goes directly into the economy by buying the metal and paying the workers to make it.


:VeryScared: Oh no, another advocate of the broken window myth.

This same copper and zinc could be used to build something instead of lying at the bottom of a piggy bank.
Thomas Sowell: There are no solutions, just trade-offs.

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