Penniless Literally!

D-Level Stars are now campaigning to save the penny.

http://www.chinadaily.com.cn/entertainment/2006-06/23/content_624681.htm

 

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WOW!!! That's insulting. Kevin Federline became a "penny(Cent) activist" when he recieved a TEXT MESSAGE from virgin mobile! Just for that they should abolish the penny(Cent), lol. WOW!: headbang:

 

Another article about the possibility of the penny disappearing forever

http://www.msnbc.msn.com/id/13673241/

 

im sorry, but with inflation and all, they need to retire the penny. Nickels are just fine for me

( i realize that by retiring the penny, inflation may grow even higher, but seriously, what can a penny buy these days????)

 

I think they should stop the production of Lincoln Cents and the $1 dollar paper bill. All vending machines anymore take the $1 dollar coin and the cent is almost useless except for filling up a glass jar or if you happen to have a wishing well..lol. I certainly believe that if the Lincoln cent is discontinued the the value of your Lincoln cent collection will increase with time if every one of your memorial cents are BU and after everyone is done hoarding, unfortunately though with the price of copper as it is today I'm sure alot of those will be taken back to the mint and melted and when that happens they'll offer us a $50 dollar copper Buffalo coin for a "mere" $400 dollars. Yea...sign me up for that one!!!! haha

 

Hmmm...thought I had posted the same message twice :desk:.

 

Why don't they reintroduce the cent with a new design(like the old eagle or indian, or maybe even a colonial figure), with the proper metal that is worth more than it costs to make it(preferabally equal to one cent). I have been brainstorming on this since the moment I heard "they cost more to make than they are worth". Now then, would this not be a fairly reasonable resolution to the problem, as well as help the economy? Maybe someone should update those people at the mint that it's not just about how much income they produce as a company, but their every outcome effects our nation's economy as a whole. I think they just keep on getting lower on quality and craftsmanship, wich is sending our economy and pride in the government down the drain. Any thoughts are welcome...

 

I think that they should introduce a clad penny for the 100th anniversary of old Abe. Imagine a clad penny in circulation. How cool would that be? Bigger than a dime with no reeded edge so people won't confuse it with the dime. Awe the mint will never take my suggestion. :computer:

 

They already do, weekly, to reflect their changing costs from their suppliers.

 

How much money would be lost by different businesses, when they count their registers and if they are 1,2 or 3 cents off and if everything was rounded up it would turn out being .05,.10 or .15 cents off....millions maybe, well you already know how they overcome the small loss, they raise their prices by cents now, if they go by .05's it would cause increase's by atleast .25 cents.

Just a thought

 

I agree with the previous post about dumping the dollar bill. The penny isn't the bigger problem at hand. My only concern is that when they go to the one dollar coin. They need to be larger diameter so that it easier for the ones who don't have that good of eyesight to tell them apart with more ease. Like the morgan size would be good. Something of that nature... I know this was about the penny so i'll end my conversation there. Thanks for the thread.

 

I think it wouldnt be a problem to round up to the nickel...

 

If they ever did take the penny away, would the value of the penny go up? I guess I could see why it would and why it wouldn't. If they took the penny away for good the value could go up because it's a scarce item no longer made, but 'scarce' isn't exactly what I'd call it because everyone and their dog has a hoard of pennies whether they collect them or not. Or would it be like the half-cents, they'd be worthless for a while and then in a few hundreds years gain lots of value? Or are there simply too many pennies in existance to ever make them valuable if they were ever stopped from minting?

I hope they keep the penny.

 

I would say that pennies would have a quick jump in value as collectibles as people rush to speculate... then the market would crash down and then slowly build up over time.

 

I think there are but two alternatives... drop the penny entirely (and there are many good reasons for this) or switch to a cheaper material. The mint will have to do one or the other. The only real alternative metal for the penny that would leave some seniorage for the mint would be aluminum.

In either case, even with a melt ban in effect, the value of existing copper or copper plated zinc pennies will rise. Just as with pre-'64 silver they will always be worth their weight in metal.

Check out the "hoarding pennies" forum for more inspiration on that! http://realcent.forumco.com/

 

To Penny or not to penny?encil: In the state of Montana, where they have no sales tax the penny is rarely ever used today. Every thing has been rounded off, and with no tax :thumb: ~~problem solved. What we really need is the removal of sales tax. I have seen several credit card commercials on the TV that are starting to round off your tab and automatically deposit your change to an account for you. With the advancements in credit,debit,online transfers,the speedpass,paypal, :computer: it is not just the penny that is going the way of the dodo bird. Just my humble 2 pennies worth. :headbang:

 

Why would the presence of sales tax change the rounding? You'd just round after the tax. Same diff.

 

If things are priced in even 5¢ increments instead of .49, .99, etc., sales tax would still leave final prices with 1-4/6-9¢ ending price totals. With no tax and prices pre-rounded to end in 5 or 0, there would be no need for 1¢ coins.

So all we need to do to make the cent redundant is to convince the other 49 states (plus D.C., Puerto Rico, and the various territories) to abolish sales taxes! Yeah, sure.

 

That's not the way nickel-rounding works (as proposed by the likes of the Kolbe bill, for example). Items are still priced to the cent. The denomination of one cent is not being eliminated, only the physical manifestation of that denomination (the penny). Only the final total of goods, after sales tax has been applied, is rounded to the nearest nickel.

We already do this with products like gasoline. Most every gas station in the country prices gasoline to the mill, yet no one complains that they don't have a one mill coin to make exact change. The total is just rounded to the cent, and everyone goes on about their business.

We also already round for sales tax. Tax in my county is 8 1/4%, so if I buy something for $1.00, I should pay $1.0825 to complete my transaction. However, since we don't have small enough change for that, we round to the cent, and I pay $1.08. Without cents, instead of rounding to the nearest cent, we'd just round to the nearest nickel, and I'd pay $1.10. And before you start screaming that I'm being ripped for 2c, just change the purchase to 99c -- with tax, that's $1.071675, $1.05 rounded to the nearest nickel.

The net effect across many random transactions is -0-. Zero cost to the consumer, zero expense to the merchant, and zero change for the tax collector. The gain is in not producing the coin, in costs of production, distribution, and handling. These costs amount to tens, perhaps hundreds of millions of dollars per year.

 

I have a spreadsheet the demonstrates the effect of nickel-rounding versus cent-rounding across 25 random transactions. You can see that even with the effect of sales tax, the difference is negligible.