Should we eliminate the cent?

Why do we need the cent?

The only reason is to facilitate state sales tax. If the states would allow rounding on tax on a per sale basis, then businesses could round down every purchase to the next 5¢.

If the states don't want to do that, they could issue sales tax tokens in the cent denomination. These could be made privately and sold to merchants to make change when and if the current cents become scarce.

These tax tokens would become very diverse and would make money for the states when collectors keep them for their collection.

If neither of these ideas fly, the old "take a cent, leave a cent" works just as well, only it would be a bit more used since it would be mandatory - if you were two cents from the higher 5¢ price you would take a cent. Three cents from the lower 5¢ price, the merchant would put it in the bin. No exceptions. Actually you don't need many coins at all for this to work.

Of course if you pay by credit card, there is no rounding, since no coins were needed.

What do you think?

 

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as a collector. no. i want every denomination to continue and exist. i even like to have 1/2 cent and 500.00 dollar note.

 

Eliminate the 1 dollar bill and replace it with coins and boost production of the $2 bill.

What about that idea?

Me? I like the cent.

 

just issue every denomination for collectors only.

 

Let's retitle this thread, "Should we eliminate the cent elimination discussion?" as you can search the forums for scores of other threads to discuss these points within. :goofer:

 

I second that motion. :hammer:

 

Of course, the mint could still issue the cent in Mint Sets and Proof Sets in full bronze just like the 2009 Lincoln cents.

I like cents too, don't get me wrong. Just not 3 billion of them a year.

Perhaps they could make a token amount for sales to collectors. It would be a good profit stream for the mint.

 

THE CENT IS NOT NEEDED FOR THE COLLECTION OF SALES TAX!!!!

Sales tax can simply kick in in 5c increments instead of 1c.

The cent is needed for nothing at all except to pollute the enviroment and slow transactions at the cash register. With the myriad forms of electronic transactions available to slow transactions the penny isn't even needed for this any longer.

It is still good for polution from mining operations and hauling the stupid things around.

They also demonstrate in no uncertain terms that the government doesn't give a damn about saving money or common sense.

 

:thumb: :thumb: :thumb:

All in favor ? AYE :loud: :headbang:
All opposed ? <silence>

 

http://www.cointalk.com/forum/search.php?searchid=1614157

This is the last one I saw, from 2007. I hope you don't mind the repetition, but I wasn't here back then. Besides, it's what I want to discuss. You don't have to if you don't want to.

 

get rid of cent and nickel makes most "cents"

also get rid of half dollar, one dollar note, add 500 and 1,000 notes with new designs, collectors can still buy mint sets and proof sets with their beloved coins from mint and they of course the mint will ripp you off, if you don't think this will save millions in production savings and make millions on the foolish coin collectors that pay the ripp off prices then go get a life losers!!

 

Yes, or bump the decimal point one place to the right.

Of couse by doing either, the government makes it that much harder to hide the hidden tax of inflation.

 

Of couse by doing either, the government makes it that much harder to hide the hidden tax of inflation.

Which, of course is the real reason we will have the cent around for a long, long time. The is no political will to take the hit.

 

Always a good discussion cause people come and go on this board - you always get newer and different opinion. As it is I think I pay enough taxes, so lets leave the cent alone. Vendors are already moving prices up so they get a whole number versus using pennies. Eliminating the cent will not make things cheaper - the state will still get their cut and then some if you eliminate the cent. I just wish we would go back to a proof set with a penny(on purpose), nickel, dime, quarter, half and dollar. Cut out all the other stuff. Won't happen but I can wish.

 

do away with all

I think that the penny should be dropped along with the 5cent.what can you buy today for 5cent. as a matter of fact the 10 cent piece could go also. In todays world there not needed. Think about it. gas is the only thing that might keep the smaller coins alive, but we can put gas at 25 cent intervals. 25/50/75/1.00 and so on.:hail:

 

Merchants have always had the option of pricing their products to result in "rounded" totals. But we as consumers still think $3.99 as "under" four dollars.

As a collector I would like to have the option of continuing a collection. But then again, the elimination of the half cent, two cent, both 3 cents, and 20 cent did not seem to end the collecting of them.

 

Not that I don't want to discuss it nor that the title of the threads performed in a search will turn up the topic you are looking to discuss directly but there have been a couple of threads on CT in only the past two months, a matter of days really, where this topic has arisen: Lincoln Cent Literally Struck Through and Will the cent last another 10 years so to discuss it again would be a lot of redundancy for something recently touch on or expressed by some of the CT members interested in this topic.

You just have to do a little reading to find what you are after here, CT is a treasure trove and being organized in placement of comments/discussion rather than being redundant saves us all a lot of time and effort.

I am by the way indirectly inviting you to those threads and already discussing this topic with you... So with that, here are the two articles I cited in those threads for your reading enjoyment:

Penny Dreadful [The New Yorker]

Managing Change: Is the penny worth keeping? [WSJ]

 

NO!~!!!!!!!!!

Eliminating the cent is TAX NEUTRAL.

If you disagree with this please argue the point rather than repeat the same erroneous statement.

 

Yes.

 

http://www.cointalk.com/forum/t58997/

http://www.cointalk.com/forum/t45911/

I want to say that the US mint loses money on cents and nickels but makes it up on quarters and dimes.

My concern would be in the rounding of prices, and how fair it would be. Think about the price of gasoline, How would that work? Also the state, federal taxes and local taxes would have to round tax to 5 cent increments.... I really don't trust my state as my taxes are the second highest in the nation. I'm quite certain they would round up in their favor.