Pennies and Nickels

[rexmerdinus]

Nothing new here, but there is it is. Posting this in the Nickel forum too

http://finance.yahoo.com/news/obama-wan ... 00840.html

[VWBEAMER]

The obious answer is to do away with both. The dollar now has the same buting power that a Nickel had at the turn of the century.

So a dime now days would have the buying power of roughly what a half cent had in 1900.

Just round everything to a dime....and stop printing ones and make people use 1 dollar coins.

[bseballdude11]

The obious answer is to do away with both. The dollar now has the same buting power that a Nickel had at the turn of the century.

So a dime now days would have the buying power of roughly what a half cent had in 1900.

Just round everything to a dime....and stop printing ones and make people use 1 dollar coins.

Rounding everything to a dime would make using quarters weird though. Would two quarters be worth 60 cents since one would have to equal thirty?

Also "Pennies and Nickels" was in the now trending in yahoo searches. Go get boxes while you can. ha

[rickygee]

Dudes! You got 6% sales tax and suddenly it goes up to 10%??? Keep the cent it just makes sense.

[Dave]

Tax stays the same, you just round up or down. Get rid of them both.

[Cu Penny Hoarder]

Just gives me more incentive for me to hoard pennies and nickels.

Speaking of which... today I sorted 8 boxes of pennies and acquired $500 in nickels. I don't bother opening/sorting the nickels.

[Bluegill]

As usual, the comment section was quite entertaining... Idiots everywhere.

It would make sense to get rid of both the penny and nickel from a cost standpoint, and price everything in 1/10 increments of the dollar. But, as long as we have the quarter, we will need to keep the nickel to make change.

[penny pretty]

1/10 increments? like the METRIC system we dummes couldnt comprehend?? americans are stupid, and as an american I resemble that remark!!

[TwoAndAHalfCents]

How about just stop making cents for a while? Another member made this same point on a different thread. The mint managed to cut back production of dollar coins to save money. No problems there. It should be just as easy to cut back production of cents to save money. There are plenty of zinc cents available in circulation to facilitate the need to make exact change. In a few years time the mint can re-evaluate the situation to decide if it is necessary to produce more cents for circulation or to tackle the bigger questions about changing the metal composition or eliminating the cent altogether. But those decisions can be deferred for a few years while the penny making machines are turned off and not losing money with each coin struck.

Temporarily stopping the production of cents would be great for all of us hoarding copper. Imagine all of the excess supply of pennies sitting around that will be brought back into circulation. Banks and businesses will be glad to have their customers bring in their jars, buckets, and piggy banks full of pennies just to make sure that they have the supply on hand they need. No more hassle from the banks not accepting pennies for deposits. No more getting ripped off with CoinStar fees. There will be competition to get people to bring their pennies in. Just think what it would be like in areas with high coin demand where banks and business are willing to buy back pennies at 60 cents a roll. What a way to dump your zincs if that opportunity ever came up.

[hags]

Just the administrative cost of minting 4.3 billion pennies costs almost a half-cent per coin by itself, leaving precious little room to make a penny for less than a cent, no matter the raw material used.

How can there be $21.5 million in admin. cost to mint 4.3 billion pennies?.....what a joke.....

hags

[highroller4321]

Just the administrative cost of minting 4.3 billion pennies costs almost a half-cent per coin by itself, leaving precious little room to make a penny for less than a cent, no matter the raw material used.

How can there be $21.5 million in admin. cost to mint 4.3 billion pennies?.....what a joke.....

hags

I wonder if by admin they mean the actual labor rather than some BS paperwork admin cost.

[Dinero2005]

Random thought but why not bills? How much would it cost to print cent bills? Why does it have to be metal at all?

[adagirl]

Just gives me more incentive for me to hoard pennies and nickels.

Speaking of which... today I sorted 8 boxes of pennies and acquired $500 in nickels. I don't bother opening/sorting the nickels.

I just stack my nickel boxes too.

[adagirl]

Dudes! You got 6% sales tax and suddenly it goes up to 10%??? Keep the cent it just makes sense.

LOL
You know the politicians aren't going to round down to five percent. Keep the penny!