Debate and Discussion

Should America get rid of the penny? (or just discuss the future of coins themsleves)
SpANG at 7:17AM, April 27, 2007
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Opponents of the penny argue:
The production costs to make a penny are about 1.4 cents each now. Does it make sense to keep something that costs the US more than it's return?

Although the penny costs more to make, it is cirulated over and over again. Plus, the mint makes their money by selling proof sets for 25 dollars each. ;)
A HUNDRED DOLLAR BILL doesn't cost a hundred dollars to make it. In fact, it's a significant amount LESS. Yet, oponents don't seem to take that into account when quantifying the exsistance of coins. The nickel also cost more to produce than five cents. Should we get rid of that too?

I personally like having change, saving it, and cashing it in. It's my own little savings account. :D

I also looved the sacagawea dollar coins. They were great for vending machines. Unlike a dollar, which has to be perfectly unwrinked.

Am I old school thinking this way? What do you guys think? What should be the future of coins?
“To a rational mind, nothing is inexplicable. Only unexplained.”
last edited on July 14, 2011 3:52PM
ozoneocean at 7:33AM, April 27, 2007
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Well in Australia we got rid of the 1 and 2 cent coins in the mid 80's. I still have some lying around though!
We killed off the 1 and 2 dollar notes in 1988 I think. For 1 and 2 dollars we use “gold” coins… Yellow metal :)

It makes sense really. Coins have a usage life of… what? 30, 40 years? More? “Paper” money doesn't always last out the year. Plus coins are harder to counterfeit. The disadvantage is that they weigh down your pockets and clink all the time! But you rarely carry around that much change for long anyway. SO it's a good idea to get rid of small denominations and move small value paper money to coins.

The makes sense with the relative inflationary values too if you think about it! Back in the 20's in the US you could rent rooms and by quite a bit of food and some great clothes with a few cents: metal money. That stuff had real value then! Now metal money is close to worthless comparatively. But then you'd have to convert $20 and $50 at least to coins in order to be the equivalent of metal money from back then…

I'm just guessing here… I have no idea of the real values :)
 
last edited on July 14, 2011 2:26PM
skoolmunkee at 11:21AM, April 27, 2007
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I think Euros start at 5 cents, they don't have lower-value coins than that. I was happy about that when I went to Spain and the Netherlands. :) Made things much easier!

England on the other hand has both a 1-pence AND a 2-pence coin… talk about useless.
  IT'S OLD BATMAN
last edited on July 14, 2011 3:40PM
mlai at 12:22PM, April 27, 2007
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Pennies are now useless. Just garbage ppl throw away on the street. Even beggars don't want them.

Stop wasting taxpayer money, stop polluting Mother Earth, and recycle these coins.

FIGHT current chapter: Filling In The Gaps
FIGHT_2 current chapter: Light Years of Gold
last edited on July 14, 2011 2:05PM
maritalbliss at 2:58PM, April 27, 2007
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I'm pro penny.
last edited on July 14, 2011 1:53PM
lothar at 6:36PM, April 27, 2007
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well , in Japan everything is coins, up to 1000 yen (roughly 10$)
it's realy convienent, being that so much stuff is sold in machines, altrhough if you want to buy ass tissue in a public restroom you better have 5 of those 10 yen coins on you cuz the machines don't take the 50 yen peices (i think it's cuz they have a hole in them or something) just a heads up there !
anyway they have coins equivalent to the dollar and five dollars. so if you buy a coke out of the vending machine with a 1k yen bill - you will get a nice neat little pile of change, as opposed to the slot machine like conditions when you try using a 5$ bill in a US coke machine !!!

oh and their penny is made of some sort of hybrid aluminum plastic or something , very lightweight, i think it might even float on water but i've never bothered to try !
last edited on July 14, 2011 1:45PM
reconjsh at 4:27PM, April 28, 2007
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I don't know where I sit on this issue.

While pennies cost more to make than they're worth, manufactuers still calculate production costs per item (and operating costs, over-head, yadda, yadda etc etc etc) down to the penny and often the sub-penny. So, while having a penny is anti mother earth and tax wasteful, I wonder what effect it'll have on the economy since costs and prices will have to be rounded to the nearest nickle (and most probably rounded up). When you're a manufacturer and volume is your business and suppliers and consumers shift the value of an item (as in, rounded by pennies), I can see potential for some havoc.

I'm guessing the effect will be negligable, but I still wonder. I'm going to go look into this and see what has been said on the issue.

Right now, I'm just too uninformed.
last edited on July 14, 2011 3:02PM
Hawk at 10:08AM, April 30, 2007
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I'm kind of looking forward to a time when we simply don't have any physical cash. I guess we'd all be on some kind of debit system or something. I'm always using my debit card. I'd never have actual money except that my roommates always give it to me to pay our bills.
last edited on July 14, 2011 12:45PM
SpANG at 11:19AM, April 30, 2007
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Hawk
I'm kind of looking forward to a time when we simply don't have any physical cash. I guess we'd all be on some kind of debit system or something. I'm always using my debit card. I'd never have actual money except that my roommates always give it to me to pay our bills.
I actually thought that way too, for a long time. But then I saw a bunch of reports about debit cards being less secure. Not only that, but if someone steals your PIN, then you are out of luck with all of that money in your own account. In some cases you may not even get it back, or at least have to run though several hoops between retailer and the bank to see any of it again.

I started using a credit card (Discover) and I lowered the credit limit to $1000. It's a lot easier to dispute a purchase with a credit card company. Even if you are not paying for extra “Identitly fraud insurance” on your credit card, the CC company is still obligated by federal law to cover you on a certain level. Plus, it's not your personal bank account that has been stolen from, so you still have money if you need it. I just need to remember to pay the Discover off immediately, otherwise there are late fees and garbage like that. Anyway, that seem sto make more sense to me now.

As for the future of currency, will it be thumb prints or retinal scans? Maybe, but then we'll probably see more people lose their eyes and limbs in a mugging. Yuck.

EDIT/// Just an FYI, Frank Abagnale Jr. (the guy whose life was based off “Catch me if you can” ) was just on CNN talking about this very thing. And he definitely would know. If I can find the video, I'll post it.


EDIT EDIT /// Ahhh. HERE'S A GOOD LINK.
“To a rational mind, nothing is inexplicable. Only unexplained.”
last edited on July 14, 2011 3:52PM
ozoneocean at 11:46AM, April 30, 2007
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SpANG
EDIT/// Just an FYI, Frank Abagnale Jr. (the guy whose life was based off “Catch me if you can” ) was just on CNN talking about this very thing. And he definitely would know. If I can find the video, I'll post it.


EDIT EDIT /// Ahhh. HERE'S A GOOD LINK.
Ha! My dad met him. Apparently he got away with all sorts of other stuff that he's never really talked about publicly…

I like the idea of no physical cash. Most of my transactions involve no physical money. It's so easy and convenient. I hate change. -as in coins…

And Reconjsh: you need not worry about rounding costs, because even if you haven't got a coin to actually symbolise the value of a single cent, that doesn't mean it's not still represented electronically. I know because we don't have 1 and 2 cent coins here but things can still cost $99.99 nevertheless! lol!
 
last edited on July 14, 2011 2:26PM
lothar at 6:22AM, May 1, 2007
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No Cash = No Freedom !

if there is no physical currency, the banks and credit companies will rule you !
why does the US dollar say "this note is legal tender for all debts public AND private“ ?
there will be no anonymity, everything you do (monetarily) will be traceable . ”oh , but i'm No criminal“ you say ”i don't care who knows what i did"
then Why do we have an Anonymous feature for commenting on comics on this very site?
sometimes you don't want some people to know what your doing; when you give up the CASH system you lose that freedom.
last edited on July 14, 2011 1:45PM
Alexis at 7:00AM, May 1, 2007
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I don't think the concept of cash money is going anywhere anytime soon. For one thing all of the credit card companies charge buisnesses to run the card. It's a very small fee per transaction, but it means that a small buisness can't affor to run plastic for sales of just a dollar or two. As for coins in general, dollar coins make sense for the government. They last practically forever and in the long run are cheaper to make than bills, but americans will only use dollar coins if the dollar bill is abolished, since the coins are kind of a pain to carry around and our society, vending machines, cash drawers, etc. aren't built for them yet.
last edited on July 14, 2011 10:49AM
Phantom Penguin at 9:30AM, May 1, 2007
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I'm pro penny just because I love the look on people's face when I pay for a 10.00$ something in nothing but pennies.

But besides annoying the hell out of cashiers, they are useless.
last edited on July 14, 2011 2:42PM
SpANG at 10:04AM, May 1, 2007
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lothar
No Cash = No Freedom !

if there is no physical currency, the banks and credit companies will rule you !
why does the US dollar say "this note is legal tender for all debts public AND private“ ?
there will be no anonymity, everything you do (monetarily) will be traceable . ”oh , but i'm No criminal“ you say ”i don't care who knows what i did"
then Why do we have an Anonymous feature for commenting on comics on this very site?
sometimes you don't want some people to know what your doing; when you give up the CASH system you lose that freedom.
That's a very good point Lothar! All you need is one bad keystroke (be it intentional or not) to put you in the poor house….
Hmmm…
“To a rational mind, nothing is inexplicable. Only unexplained.”
last edited on July 14, 2011 3:52PM
The Sando at 3:56PM, May 1, 2007
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Pennys are a pain.

in my country (New Zealand,) we got rid of the five cent coin and made all our silver change smaller and more portable. ofcourse, what this did was make everything that was for sale at $X.99 suddenly for sale at $X.95, so if you chose to use cash as opposed to EFTPOS for your transactions you could be losing out on hundreds of dollars a year, which sucked.
last edited on July 14, 2011 4:15PM
mishi_hime at 5:32PM, May 1, 2007
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yeah lets get rid of the penny -we have enough circulating around.
paper bills i like the best. i love quarters.
but maybe its bcause im frantically hunting food
in vending machines.

and as for the tracking thing. even if u pay in cash…
you are still being tracked in some small form.
its how marketers do research.
you can never be completely Anonymous.
its scary when u tink how much of your life is on camera. -__
last edited on July 14, 2011 2:02PM
Priest_Revan at 6:40PM, May 1, 2007
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maritalbliss
I'm pro penny.
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Offering Project Wonderful Ad space on my website.
last edited on July 14, 2011 2:48PM
GinckPress at 3:02PM, May 2, 2007
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Lothar is right. We use fiat currency which means it's only worth as much as the amount of faith the world has in our government to remain stable.

Personally, I'd like to see us all return to commodity based currency - money based on and backed by property of actual value - like gold and/or silver. I don't have the energy at this moment to really get into it, but here's something for people to check out:

https://www.libertydollar.org/

It's not THE solution, but it is an interesting one to say the least. Unfortunately, because neither banks nor the government will except them as a form of deposit or payment, they have some severe limitations. But between private parties they make an excellent form of private currency. Want to buy/sell something almost completely off the radar? Exchange your cash for silver pieces and trade ‘em for what you want.

When it comes to the penny, I really don’t have too strong a feeling about it due to the above. I do pick up every penny I find ( I'm outside a lot ), and I probably average about 10 cents a day, and once I've filled up all my little pickle jars, I dump them into a sack and take them to the bank to exchange for paper notes, which I then take down to the local gun show where I buy old coins made of REAL silver. Talk about getting return on your investment!

J.
www.planetaeruen.com
last edited on July 14, 2011 12:36PM
Will at 6:53AM, May 3, 2007
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if ive learnt anything from the Simpsons it's that the government keep them in circulation so that they can quickly and easily gather every americans DNA.

but seriously… what good is a penny, as ozone said our lowest coin is 5 cents and were doin' fine, its just much less fiddlin around. and who the hell wants a brown coin anyway? yyuk!
Will
putting your own quote into your sig is the post pretentious and pathetic thing anyone could ever do.
last edited on July 14, 2011 4:49PM
kingofsnake at 1:15PM, May 3, 2007
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I'll say this much: I'm Pro-Abraham Lincoln
last edited on July 14, 2011 1:16PM
fern at 7:54PM, May 3, 2007
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i'm with prof. kingo'snake.

whatever he said.
last edited on July 14, 2011 12:26PM
Kristen Gudsnuk at 9:52AM, May 4, 2007
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sacagawea coins were sooo lame.
I hated them. there were hardly any vending machines that took them, and also, dollars are lighter and fit better in wallets/pockets.

I like pennies. I wouldn't want such time-cherished phrases like “a penny for your thoughts” to be washed away by the tides of time and progress.
last edited on July 14, 2011 1:22PM
ozoneocean at 10:09AM, May 4, 2007
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I was wrong about the date Australia got our “golden” dollars… It was 1984! 1988 was when we got our golden 2 dollar coins.

We got rid of the “penny” in the 1960's I think. That was when we fully converted to decimal currency and got rid of the pound too.

It's funny to me that America which already had decimal still retains something so English as the penny! ^_^
 
last edited on July 14, 2011 2:26PM
Hawk at 10:07AM, May 5, 2007
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America's strange like that. We've still got the “standard” system while everyone else uses Metric, even England which started the system we have. I sure wish we were on the Metric system. My time outside America taught me that it really is more convenient.
last edited on July 14, 2011 12:45PM
Tantz Aerine at 8:04AM, May 7, 2007
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skoolmunkee
I think Euros start at 5 cents, they don't have lower-value coins than that. I was happy about that when I went to Spain and the Netherlands. :) Made things much easier!

England on the other hand has both a 1-pence AND a 2-pence coin… talk about useless.

Actually, we do have 1 and 2-pence euro coins here in Greece. They are really not used, but they exist and at the cashiers they are obliged to give you the tiny little coins whether you want it or not. It's a bother because they are so tiny (the elderly can't actually discern them, whether they are 1 or 2 pence or even 5 pence O.o) and there is talk of discarding them. I can see why.

I like the 1 and 2 euro coins, but there is the downsize that people tend to spend more and more easily if the money is in coins because there is this idea that an amount you can pay in one or two coins is ‘cheap’ whereas the same amount in paper money is ‘expensive’ and therefore you think twice before actually spending away your money before you know what you did.

In the end, I guess it is up to the person though, on the spending spree issue. Coins are just as effective as paper money, if you don't mind the jingle. (which I don't ;) ) hehe.
 
last edited on July 14, 2011 4:07PM
Kristen Gudsnuk at 12:46PM, May 21, 2007
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getting rid of the penny wouldn't make any cents.



(XD!)
last edited on July 14, 2011 1:22PM
Phantom Penguin at 6:00PM, May 21, 2007
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Zing!
last edited on July 14, 2011 2:42PM
Volte6 at 1:48PM, May 22, 2007
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I agree with lothar, and at the same time recognize how a government backed electronic current system would be terrific.

For one thing It could cut out the myrid feeds from banks… that in and of itself would be terrific. For another it could unify and simplify so much of our financial system. The downside of course is that everybody would have to have a way to verify/accept funds.

It would be nice also if it could combine some element of paper bills, though. Such as being able to transfer funds onto a blank card and give that to anyone. Or even possibly a way to anonymously be able to hold funds electronically? I mean people could probably manage that anyways with fake identities, but it would probably help acceptance of a system like that if it wasn't traceable.

It's a hard issue to solve, especially at a time when americans feel their civil liberties and freedom is constantly contested.

…Oh yeah, I say dump everything under a quarter dollar. I can barely be troubled to carry quarters around, but at least they have a use… arcade games, gum machines, etc… dimes, nickels…PENNIES?! No thanks.
last edited on July 14, 2011 4:43PM
hat at 5:04PM, May 22, 2007
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Not to mention no one will buy anything anymore.
You have those prices that are like $2.99, 1.99 etc.
Everyone's going to complain about how everything is so expensive.
That free penny makes a difference to people, psychologically.

I guess it could be like $1.95, but that just looks tacky.
last edited on July 14, 2011 12:45PM

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