Store Bans Pennies

[Josh.]

http://www.miamiherald.com/2012/05/16/2 ... nnies.html

Some interesting stuff in this article.

[ceddy2]

I agree with this sentiment. It is high time our government quit producing pennies and losing money on each one made. They could then leave it up to individual retailers to decide whether they'll continue to accept them or not. The hoarders will cull out the copper, the zinc will get circulated or, well, who cares?

[Bigsarge]

“The bookkeepers used to come down and say your cash drawer was off by a penny,’’ said Andy Haase, an owner and president of the 84-year-old store off of U.S. 1. “It was just a lot of work for nothing.”

Now it's going to be, "your cash drawer is off by a nickel"?

[John_doe]

more for us.

[RD5]

Great article, I was able to read the whole thing

[jacer333]

It's nice to see the store rounding down in favor of the customer, I figured that almost every store would round up in their own favor.

[scyther]

It's nice to see the store rounding down in favor of the customer, I figured that almost every store would round up in their own favor.

They probably would if it become universal. But this way they can prevent customers from complaining about it.

[Gobirds66]

While I agree that the penny and the nickel do cost more to make than the face value, there are several things that critics of producing a penny fail to acknowledge.

1. Pennies last much longer than a year or two in circulation. We all know that we are still pulling about 25% from circulation that are pre -1982 Copper as well as Wheats and occasionally a Chief.

2. Cost of all coins outside of the penny and nickel, as well as all bills have a considerable face value over cost to produce. In other words, the government makes money when it produces them.

3. We are still using the dollar bill which has a considerably lower shelf life than any coin out there. I find many wheats in a box regularly, dating back to the teens. I cannot tell you the last time I found a dollar older than the late 60"s.

So, if this country wants to do away with the penny.....OK, but then the country should force the dollar coin on the public. I have been overseas and seen the dollar coin work well. The reason it does not work here is two fold. 1.) We did not take bills out of circulation to force it and 2.) there is no two dollar coin. Americans never liked the two dollar bill, so they will not like a two dollar coin unless the only alternative is a heavy pocket full of dollar coins. If we produce a two dollar coin, we now have a place for President Lincoln to flee from the penny.

The penny and the nickel do add up. My boss rounded my billable rate down a nickel to the even dollar and I made him put it back in because over the course of a year, that extra nickel per hour amount to roughly ninety bucks. If you throw away that nickel, you throw away 90 bucks, and if you want to throw it away, throw it my way!

As long as we have the cash/coin system, the penny and the nickel should be made. Just my two cents worth (which will go up to 10 cents if we get rid of the nickel and the penny. )

[scyther]

If we produce a two dollar coin, we now have a place for President Lincoln to flee from the penny.

I've never really understood this concern... He's already on the $5 bill. Why have him on 2 coins/bills in a row?

[Gobirds66]

I never really understood the concern either, but some feel that is a concern so I offer a way to eliminate that concern.

[creshka46]

If we produce a two dollar coin, we now have a place for President Lincoln to flee from the penny.

Here's an idea, what if we brought back the quarter eagle and had a $2.50 coin. That would be cool, no? I'm sure everyone would HATE it except for people like us.

[cesariojpn]

Americans never liked the two dollar bill,

The strippers at the strip clubs beg to differ!!

[mtalbot_ca]

Americans never liked the two dollar bill,

The strippers at the strip clubs beg to differ!!

Being from Canada, I always thought that it was an urban legend.

[cesariojpn]

Americans never liked the two dollar bill,

The strippers at the strip clubs beg to differ!!

Being from Canada, I always thought that it was an urban legend.

BEST NIGHT I EVER HAD!! Had a wad of $2 bills I used as "emergency money," and after several years, I figured swap it out for a prepaid Visa Gift Credit Card, and spend it.

It was a great night.

[penny pretty]

Nice post for a new member josh, and WELCOME!

[Bluegill]

Americans never liked the two dollar bill,

The strippers at the strip clubs beg to differ!!

Being from Canada, I always thought that it was an urban legend.

Oh no. The novelty from lack of general circulation here in the U,S. made $2 notes more popular and appreciated than $5 notes. Ike's on the other hand, got mixed results.

[Gobirds66]

Novel, yes. Popular...not so sure. If they were popular, they would not be novel, they would be in circulation. IMO, the reason people save two dollar bills is because they are perceived to be rare. My grandfather saved every darn $2 FRN he ever got and most were in an almost or uncirculated state. I went to the LCS whom I trust very much and he told me their worth.....$2. Apparently there are vaults somewhere stacked with uncirculated $2 bills.... The only bills he were interested in were consecutive serial numbers, the star notes, and the silver certificates. Apparently they have value over face.

Personally, I would love to use the $2 bill more. I like it, but then again, I like Ike and the rest of the dead president dollar coins too....

[Copper Catcher]

Posted at a California bike shop
http://mikesbikes.com/about/pennies-don ... -pg952.htm

[cesariojpn]

Personally, I would love to use the $2 bill more. I like it, but then again, I like Ike and the rest of the dead president dollar coins too....

Still can get them from banks.....grudgingly.

[68Camaro]

Personally, I would love to use the $2 bill more. I like it, but then again, I like Ike and the rest of the dead president dollar coins too....

Still can get them from banks.....grudgingly.

If your bank is friendly they can/will order them for you. I bought $4000 worth many months back to help out my then head teller, who had ordered them for someone who had decided not to take them. Apparently having the vault teller order unusual cash (which costs money) unusually is frowned on by the bank PTB, so he didn't want to turn it back in. So I took them (at face of course), and gradually got rid of them for him.

[Bluegill]

Novel, yes. Popular...not so sure. If they were popular, they would not be novel, they would be in circulation. IMO, the reason people save two dollar bills is because they are perceived to be rare. My grandfather saved every darn $2 FRN he ever got and most were in an almost or uncirculated state. I went to the LCS whom I trust very much and he told me their worth.....$2. Apparently there are vaults somewhere stacked with uncirculated $2 bills.... The only bills he were interested in were consecutive serial numbers, the star notes, and the silver certificates. Apparently they have value over face.

I was talking about inside the strip club...

[chris6084]

Posted at a California bike shop
http://mikesbikes.com/about/pennies-don ... -pg952.htm

The average person wastes 2.4 hours a year dealing with pennies. I waste more than that each week.

[chris6084]

Novel, yes. Popular...not so sure. If they were popular, they would not be novel, they would be in circulation. IMO, the reason people save two dollar bills is because they are perceived to be rare. My grandfather saved every darn $2 FRN he ever got and most were in an almost or uncirculated state. I went to the LCS whom I trust very much and he told me their worth.....$2. Apparently there are vaults somewhere stacked with uncirculated $2 bills.... The only bills he were interested in were consecutive serial numbers, the star notes, and the silver certificates. Apparently they have value over face.

Personally, I would love to use the $2 bill more. I like it, but then again, I like Ike and the rest of the dead president dollar coins too....

There are probably stacks of them at the Bureau of printing and engraving. When I went on a tour of the one in Fort Worth, they talked about $2 bills. They have not printed $2 bills for many years, because nobody uses/needs them. If people did, and banks were ordering them, they would fire up the presses again and start printing more $2 bills.

[Copper Catcher]

This past week I had a friendly teller save for me two red sealed $2 bills. Meh, worth $2.10 maybe each, still neat to see. It is great to have folks looking out for you on everything that they take in.

[HoardCopperByTheTon]

Posted at a California bike shop
http://mikesbikes.com/about/pennies-don ... -pg952.htm

The average person wastes 2.4 hours a year dealing with pennies. I waste more than that each week.

Darn.. I just realized I am wasting 2.4 hours a year dealing with pennies.