epiphany

[OtusLotus]

So, I was walking down the street today, and I thought to myself.. why don't they just make the penny worth 2 cents?

Seems like this would cover the mint's cost, they would make money, it would keep inflation at bay, and everyone would be happy!

[Cent1225]

Let me hoard my zincs first so when I turn them in they would be worth double!

[Romalae]

Well, according to the Mint's 2012 biennal report, it costs 2 cents to make a 1-cent coin. So increasing the face value to 2 cents would create no seigniorage as it stands, and given that it fluctuates above 2 cents (in 2011 the cost was 2.4 cents), it would continue to be a loss but admittedly to a lesser extent.


It's a swell idea overall, I suppose, but it's still in that range of not being worth the time, money, and effort. I'm a firm believer that in the current economic atmosphere, five-cents should be the lowest denomination.

[JadeDragon]

I'm a firm believer that in the current economic atmosphere, five-cents should be the lowest denomination.

Like in Canada.

[Romalae]

I'm a firm believer that in the current economic atmosphere, five-cents should be the lowest denomination.

Like in Canada.

Yes. I believe Canada is setting a good precedent for America. Somehow you guys are always ahead of us.

[Kurr]

I'm a firm believer that in the current economic atmosphere, five-cents should be the lowest denomination.

I'm a firm believer that in the current economic atmosphere, they should stop devaluing our money through inflation before we end up like Zimbabwe.

Fixed It For You

[NDFarmer]

I'm a firm believer that in the current economic atmosphere, five-cents should be the lowest denomination.

I've been saying this for a couple of years. With just about all transactions being done electronically or on computerized cash registers there is NO need for pennies. Just round to the nearest nickel. Some transactions you will lose 2 and a half cents and some transactions you will gain 2 and a half cents so at the end of the day it will average out.

[TwoAndAHalfCents]

I'm a firm believer that in the current economic atmosphere, five-cents should be the lowest denomination.

I've been saying this for a couple of years. With just about all transactions being done electronically or on computerized cash registers there is NO need for pennies. Just round to the nearest nickel. Some transactions you will lose 2 and a half cents and some transactions you will gain 2 and a half cents so at the end of the day it will average out.

Hey. I resemble that remark!

[scyther]

I'm a firm believer that in the current economic atmosphere, five-cents should be the lowest denomination.

I've been saying this for a couple of years. With just about all transactions being done electronically or on computerized cash registers there is NO need for pennies. Just round to the nearest nickel. Some transactions you will lose 2 and a half cents and some transactions you will gain 2 and a half cents so at the end of the day it will average out.

Hey. I resemble that remark!

I think this is the first time I've heard someone say that where it actually made sense...

[fansubs_ca]

I'm a firm believer that in the current economic atmosphere, five-cents should be the lowest denomination.

Like in Canada.

Except for those of us that have a stash of steel core cents to pay exact change for
a while longer. My tea at Tim Hortons today cost me $1.88 instaed of $1.90. ¢_¢

Interestingly in the $18 of cents I got at the Credit Union this week, I went through
$10 worth that had U.S. cents on the end and they were all U.S. excpet a 1974 CDN
cent and a 2 Euro-cent coin. I guess somebody figured they weren't going to the
states for a long time or simply needed the money now.

Yes. I believe Canada is setting a good precedent for America. Somehow you guys are always ahead of us.

Wasn't always that way, just been easier to do so the last few years.

Though I agree with the stance I'd rather not have the inflation that makes it nesscarry
to retire lower denominations.

[John_doe]

Let me hoard my zincs first so when I turn them in they would be worth double!

only on realcent......

[JadeDragon]

Like in Canada.

Except for those of us that have a stash of steel core cents to pay exact change for
a while longer. My tea at Tim Hortons today cost me $1.88 instead of $1.90. ¢_¢
[/quote]

Over 50 boxes of steel and zinc pennies in stockpile = 125,000 pennies.
Assuming an equal chance of total ending in:
0 or 5 = No rounding
1, 2, 6, 7 = round down in my favor
3, 4, 8, 9 = round up against me
So 4 out of 10 transactions there is an advantage to carrying pennies.
Half of those transactions save a penny and half save 2 pennies by having the pennies. Average savings 1.5 cents. Uses an average of 1.5 pennies.

I'm lucky if I do one cash transaction a day - but let's be generous and say one a day x 365 days X 4/10 = 146 transactions a year using 1.5 pennies on average = 219 pennies a year. 125,000/219 per year = 570.77 years supply of pennies for profitable rounding.

[creshka46]

I'm lucky if I do one cash transaction a day - but let's be generous and say one a day x 365 days X 4/10 = 146 transactions a year using 1.5 pennies on average = 219 pennies a year. 125,000/219 per year = 570.77 years supply of pennies for profitable rounding.

Nice! Why don't you just sell about 85% of that stack and then you'd still have enough to cover you for your entire lifetime?

[fansubs_ca]

570.77 years supply of pennies for profitable rounding.

Nice! Why don't you just sell about 85% of that stack and then you'd still have enough to cover you for your entire lifetime?

He's planning to beat the mortality tables.

[JadeDragon]

After that calculation i feel better about dumping 7 bags yesterday.