Abolish The Penny!

ByekaByeka Name changed from Freak83Toronto Join Date: 2003-03-13 Member: 14484Members, Constellation Posts: 1,391
It's become worthless
The penny, $0.01. The smallest amount physical money can go. Before all the inflation of the decades hit, pennies used to be worth something. Now if you see a penny lieing on the ground, the energy spent to pick it up is more valuable than the actual penny itself. So why do these still exist?

My theory (and I would love to have this done) would be to abolish the penny. Round prices to either x.00 or x.05.

For instance,
x.01 to x.02 gets rounded down to x.00
x.03 to x.04 gets rounded up to x.05
x.06 to x.07 gets rounded down to x.05
x.08 to x.09 gets rounded up to x.00

No-one wants pennies, they take up space and are a nuicense. There value is almost worthless, even in my job, I have to count the money at the end of my shift except for the pennies.

After the abolition, banks could hand out minor rewards for submitting pennies to them in order to remove them from circulation of the economy. For instance, every 500 pennies you deposit, earns you $1.00.

Thoughts?
«1

Comments

  • Rapier7Rapier7 Join Date: 2004-02-05 Member: 26108Members Posts: 1,216 Fully active user
    500 pennies for a dollar?

    Are you a dolt, seriously?

    But seriously, pennies are legal tender. It's worth something because the government says it's worth something.

    Denied.
    RAHHH!!! BUFF SKULKS!
  • CForresterCForrester P0rk(h0p Join Date: 2002-10-05 Member: 1439Members, Constellation Posts: 3,640
    Meh, just buy penny rolls and keep adding to them until you have $10-50, then go exchange them.
  • DuoGodOfDeathDuoGodOfDeath Join Date: 2002-08-01 Member: 1044Members Posts: 617
    I like my wheat pennies. I have a whole bunch of em I expect them to be worth something. That and my silver penny from 1943 too.
  • MantridMantrid Lockpick Join Date: 2003-12-07 Member: 24109Members Posts: 3,614
    No, its worth it to pick up a penny. Picking up a penny takes, what, two seconds?

    Break out the math.

    $0.01/2s

    1h=60min=3600s

    .01x(3600/2)
    .01x(1800)
    18

    So, for doing the job of picking up a penny, you make 18 dollars an hour. Not bad. And, no, you don't have to continously pick up pennies for an hour for this to be true, the rate is still the same.
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  • CyndaneCyndane Join Date: 2003-11-15 Member: 22913Members Posts: 3,010 Advanced user
    QUOTE

    That and my silver penny from 1943 too.

    It was zinc, not silver. Which is why it has a greenish tint, also if you find a copper one from 1943, it is worth about $200,000 at the moment, as they are the most rare.

    Wheat pennies aren't really that special, but if you find a buffalo head, or an indian head one cira <1915, you can sell them to collectors for over $100(a piece).

    On topic... the penny is very intrigual to US currency, so... deal with it tounge.gif
    image
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  • BulletHeadBulletHead Join Date: 2004-07-22 Member: 30049Members Posts: 2,530
    *pokes Cyndane with a stick*

    The penny... is only worth anything if you get about a thousand of em
    QUOTE (DragonMech @ Jul 9 2005, 09:19 PM)
    QUOTE (Sonic @ Jul 9 2005, 06:49 PM)
    I wish my butcheeks could propel me up flights of stairs are terrifying speeds.

    I sense a custom title right there... :D
  • moultanomoultano Creator of ns_shiva. Join Date: 2002-12-14 Member: 10806Members, NS1 Playtester, Contributor, Constellation, NS2 Playtester, Squad Five Blue, Reinforced - Shadow, WC 2013 - Gold, NS2 Community Developer, Pistachionauts Posts: 4,219 Advanced user
  • CyndaneCyndane Join Date: 2003-11-15 Member: 22913Members Posts: 3,010 Advanced user
    edited July 2005
    I was close..

    QUOTE (wikipedia)

    Indian Head cent, 1859-1909


    Edit

    Many collectors are willing to pay more for rare coins, which is why their value is more then what the government says. tounge.gif

    QUOTE (wikipedia)

    were made for a short time due to war demands for copper; a few (the U.S. Mint reports forty) copper cents from 1943 were produced


    Rare coins == lots of money.
    image
    Boce aan va viran doyvenda anadom emadende bukkean ame
    <Rev> That's because true leetness comes not from replacing letters with numbers and poor grammar.
  • That_Annoying_KidThat_Annoying_Kid Sire of Titles Join Date: 2003-03-01 Member: 14175Members, Constellation Posts: 5,581 Fully active user
    Pffft. everyone knows pennies are still in circulation so the government can collect the DNA of anyone who ever handled it.


    but yeah, there is a local restauran called the hotdogger that has everything in their menu rounded to .0 or .5 [including tax] and it's the best effing thing ever
  • ByekaByeka Name changed from Freak83 Toronto Join Date: 2003-03-13 Member: 14484Members, Constellation Posts: 1,391
    edited July 2005
    QUOTE (Rapier7 @ Jul 15 2005, 07:16 PM)
    500 pennies for a dollar?

    Are you a dolt, seriously?

    But seriously, pennies are legal tender. It's worth something because the government says it's worth something.

    Denied.

    You heavily misinterpreted that. What I meant is, you deposit 500 pennies and you earn an extra dollar. You get your original deposit value ($5.00) plus an extra $1.00 for depositing 500 pennies.

    One fact about money also is that in order for it to actually be legal tender is that the value of the coin must actually be worth more than the material itself. Last I heard it costs something like $0.015 to produce a penny.

    QUOTE (Cyndane)

    On topic... the penny is very intrigual to US currency, so... deal with it tounge.gif


    Well strictly speaking I'm Canadian so I'm refering to the Canadian economy first and foremost. I would imagine it has the same kind of value in the states by now but not being American I don't want to say that as a fact.
  • stallioNstallioN Join Date: 2005-06-21 Member: 54363Members Posts: 192
    every penny counts
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  • Rapier7Rapier7 Join Date: 2004-02-05 Member: 26108Members Posts: 1,216 Fully active user
    You mean integral, Cyndane?

    Just dump your coins at Coinstar. Viola.
    RAHHH!!! BUFF SKULKS!
  • NumbersNotFoundNumbersNotFound Join Date: 2002-11-07 Member: 7556Members Posts: 1,937
    QUOTE (Rapier7 @ Jul 15 2005, 10:44 PM)
    You mean integral, Cyndane?

    Just dump your coins at Coinstar. Viola.

    And lose 10% of your money?

    Just roll it yourself. Better yet, get a REALLY cheap automatic coin roller and just force it through hundreds of coins. that's waht i do.

    Cheaper than 10% of a huge hunk of change.
    QUOTE (Geminosity @ Aug 1 2005, 07:31 PM)
    depot that joke was so bad I lost 30hp :p
  • CyndaneCyndane Join Date: 2003-11-15 Member: 22913Members Posts: 3,010 Advanced user
    edited July 2005
    Ok freakeightythree, lets just change our entire numerical system as we use a base of 10 to count by. 0-9.

    If you wish to switch it to binary, oh yeah that is so great.

    Oh I know lets make it Hex, but more fun, instead of ABCDEF, lets use the mayan glyphs. smile-fix.gif

    So... A would equal this one..
    user posted image

    B would be this one...
    user posted image

    C
    user posted image

    D
    user posted image

    E
    user posted image

    F
    user posted image


    Or better yet we can switch to the mayan numerical system as it is 99.99975 % more accurate then ours, which they had a base of 20. tounge.gif


    I'm sorry but this is almost as absurd as some of the threads by avengerx.
    image
    Boce aan va viran doyvenda anadom emadende bukkean ame
    <Rev> That's because true leetness comes not from replacing letters with numbers and poor grammar.
  • Deus_Ex_MachinaDeus_Ex_Machina Join Date: 2004-07-01 Member: 29674Members Posts: 242
    You dirty penny fascists. He's right, you know. The only reason we need pennies is because merchants try to squeeze every penny out of you (no pun intended) by making prices 1.99 instead of 1.90 or 2.00. I mean, come on, 1.99 is still in the $1 range! It's like $1!!

    No. Freak is right. The penny is the most moronic piece of coinage invented. There's no reason why something should cost $1.99 instead of $2.

    Oh, and sales tax should be included in the price of all items for sale, and the price should be set to something divisible by 5 or 10 AFTER tax is included. Then we'd never need pennies. All in my correct opinion, of course.
    QUOTE (Zig @ Jun 20 2004, 03:28 PM)
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  • Cold_NiTeCold_NiTe Join Date: 2003-09-15 Member: 20875Members Posts: 6,073
    As someone in retail, I'd like to note that the simple difference betwixt $1.99 and $2 can mean the difference between making a sale and not making a sale, simply because middle aged women fall for it all the time.

    Doing the whole rounding thing would be for the convience of men, going with the stereotype of men being more utilitarian, but would be to the detriment of the fashion industry. It sounds dumb, but I think there'd be a serious effect.

    Oh, and someone mentioned they had a penny from 1943. Not entirely related, but I found out not too long ago that a friend of mine has one of those Red $1 bills from the 1700's. How wicked crazy is that?
  • aegixaegix Join Date: 2002-08-31 Member: 1256Members, NS1 Playtester Posts: 382
    Australia ditched the $0.01 and $0.02 coins a long time ago.
    PAPT
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  • MantridMantrid Lockpick Join Date: 2003-12-07 Member: 24109Members Posts: 3,614
    Heres the problem. The penny is the smallest piece of currency. Therefore, it equals one. A dollar equals one hundred. A quarter equals twenty-five. Et cetera. Obviously, these numbers refer to cents, but for the sake of arguement, just assume they refer to units.

    Now, if you get rid of the penny, that makes the nickel the smallest unit. THAT MAKES IT THE SAME AS A PENNY. It just became the same as a penny, but its worth more than a penny. The point is, you're always going to have something penny-like, because you're always going to have a smallest unit. And if no cost can ever equal anything other than a multiple of five, then five might as well be one.
    IPB Image
    QUOTE(Gwahir)
    Mantrid, you truly scare me sometimes.

    0x09F911029D74E35BD84156C5635688C0
  • DepotDepot The ModFather Join Date: 2002-11-09 Member: 7956Members Posts: 6,411 Fully active user
    A penny saved is a penny earned. You disagree? Try being non-employed .... ... .. . sad-fix.gif
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  • big_jimbig_jim Join Date: 2003-12-14 Member: 24350Members Posts: 205
    QUOTE (aegix @ Jul 16 2005, 08:47 AM)
    Australia ditched the $0.01 and $0.02 coins a long time ago.

    Yet another reason for me to move down under.
  • lolfighterlolfighter Snark, Dire Join Date: 2003-04-20 Member: 15693Members Posts: 9,006 Fully active user
    Denmark did this a long time ago. Their currency is called "kroner," (or more precisely danish kroner to differentiate them from the norwegian and swedish kroner) and there are one hundred "øre" to one krone, just like there are one hundred cents to a dollar. Since the krone is worth relatively little (somewhere around seven and a half kroner to one dollar), a single øre is worth way less than a penny - in fact, it'd be worth more in scrap metal than in monetary value.
    Therefore, the smallest coin available in Denmark is 25 øre, followed by 50 øre and then one krone. When not paying by credit card or otherwise paying with something that'll allow exact payment, all sums are rounded up or down to the nearest amount of øre divisible with 25.
    So if I buy goods for an added total of 124,22 kroner, it's rounded up to 124,25 kroner. Of course I'll pay three øre more that way, but maybe I'll buy stuff for 87,53 kroner the next time, which is then rounded down to 87,50 kroner.
    In the end, the money gained or money lost from this is absolutely minimal, and it saves a lot of hassle with small change that's hardly worth anything anyway.
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  • CMEastCMEast Join Date: 2002-05-19 Member: 632Members Posts: 1,655
    QUOTE (FreakEightyThree @ Jul 16 2005, 01:14 AM)
    The penny, $0.01. The smallest amount physical money can go. Before all the inflation of the decades hit, pennies used to be worth something. Now if you see a penny lieing on the ground, the energy spent to pick it up is more valuable than the actual penny itself. So why do these still exist?

    Find a penny
    Pick it up
    and all day
    you'll have good luck


    Now that is a bargain!
    user posted image
  • raz0rraz0r Join Date: 2003-07-24 Member: 18395Members Posts: 1,656
    QUOTE (Deus Ex Machina @ Jul 16 2005, 06:35 AM)
    Oh, and sales tax should be included in the price of all items for sale, and the price should be set to something divisible by 5 or 10 AFTER tax is included. Then we'd never need pennies. All in my correct opinion, of course.

    It's already like this in most european countries, just about everywhere you go, tax is included in the price, then the prices are rounded up/down
    user posted image
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  • TychoCelchuuuTychoCelchuuu Anememone Join Date: 2002-03-23 Member: 345Members Posts: 10,501
    I made about 7 dollars last year from picking up loose change. Almost all of it is in pennies. I hope you're planning on repaying me what I'm going to lose in disposable income when you eliminate the "penny."
    QUOTE (MOOtant @ Sep 21 2012, 11:06 AM) »
    What is wrong with being a racist?

  • CMEastCMEast Join Date: 2002-05-19 Member: 632Members Posts: 1,655
    More importantly, I (although english so it may not apply) give all of my change to charity, now if everyone just put their pennies in collection pots that could be a lot of money going to needy people.

    If you don't want them then give them away smile-fix.gif
    user posted image
  • BreakthroughBreakthrough Texture Artist (ns_prometheus) Join Date: 2005-03-27 Member: 46620Members, Constellation Posts: 893
    I gather my pennies to throw them out the window of my car, in the garbage in my classroom, to throw at fat people, etc...

    I do agree - pennies are worthless... I find myself more than often giving away spare change (pennies, nickels, and dimes) to people who don't even need it...

    I do like this idea very much biggrin-fix.gif
  • SnidelySnidely Join Date: 2003-02-04 Member: 13098Members Posts: 3,896
    edited July 2005
    QUOTE (CMEast @ Jul 16 2005, 07:51 AM)
    QUOTE (FreakEightyThree @ Jul 16 2005, 01:14 AM)
    The penny, $0.01.  The smallest amount physical money can go.  Before all the inflation of the decades hit, pennies used to be worth something.  Now if you see a penny lieing on the ground, the energy spent to pick it up is more valuable than the actual penny itself.  So why do these still exist?

    Find a penny
    Pick it up
    and all day
    you'll have good luck


    Now that is a bargain!

    CMEast has it right. And you can't buy any more luck with a pound than you can with a penny. (I say that ryhme every time I find a penny in the street.)

    I recommend against the penny-charity idea, though; I used to do it until one person I was giving loads of change to went beserk and chased me across Leicester Square. Nowadays, I use the 1ps/2ps to make up 10p out of small things that I buy (water bottles, chocolate, etc). Otherwise, my wallet becomes really freakin' heavy.
    user posted image
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    USER POSTED IMAGE
  • DepotDepot The ModFather Join Date: 2002-11-09 Member: 7956Members Posts: 6,411 Fully active user
    Not only should we keep the penny ... bring back the 2 dollar bill I say! wink-fix.gif
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  • FieariFieari Join Date: 2002-10-22 Member: 1566Members, Constellation Posts: 872
    You are aware that the $2 bill is still being printed, right? Every year there's more. You can ask your bank to give you cash in $2 bills when you make a withdrawl.

    I disagree that pennies should be abolished. Fractions add up quite well. The whole rounding off thing either means that buisnesses will lose money, or people will lose money, which will accumulate over time.
    float o=0.075,h=1.5,T,r,O,l,I;int _,L=80,s=3200;main(){for(;s%L||
    (h-=o,T= -2),s;4 -(r=O*O)<(l=I*I)|++_==L&&write(1,(--s%L?_<L?--_
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    user posted image
  • VigilVigil Join Date: 2003-10-28 Member: 22066Members Posts: 91
    This system is used in Finland, because those eurocents are so mind-numbingly and flagrantly annoying.

    Only used in convenience stores and the like, however. The prices are still the same, the rounding up or rounding down is only done to the total sum of the goods you want to buy. In business transactions, nothing's changed. Seems to be working quite well, and so the smallest coin here is the 5 eurocent one. You can still use the two smaller ones, but they're extremely rare.
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