Abolish The Penny!
Byeka
Name changed from Freak83Toronto Join Date: 2003-03-13 Member: 14484Members, Constellation
Name changed from Freak83Toronto Join Date: 2003-03-13 Member: 14484Members, Constellation
in Discussions
<div class="IPBDescription">It's become worthless</div> 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?
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?
Comments
Are you a dolt, seriously?
But seriously, pennies are legal tender. It's worth something because the government says it's worth something.
Denied.
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.
That and my silver penny from 1943 too.
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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 <!--emo&:p--><img src='http://www.unknownworlds.com/forums/html/emoticons/tounge.gif' border='0' style='vertical-align:middle' alt='tounge.gif' /><!--endemo-->
The penny... is only worth anything if you get about a thousand of em
<a href='http://en.wikipedia.org/wiki/Penny_%28U.S._coin%29' target='_blank'>http://en.wikipedia.org/wiki/Penny_%28U.S._coin%29</a>
<!--QuoteBegin-wikipedia+--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td><b>QUOTE</b> (wikipedia)</td></tr><tr><td id='QUOTE'><!--QuoteEBegin-->
Indian Head cent, 1859-1909
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Edit
Many collectors are willing to pay more for rare coins, which is why their value is more then what the government says. <!--emo&:p--><img src='http://www.unknownworlds.com/forums/html/emoticons/tounge.gif' border='0' style='vertical-align:middle' alt='tounge.gif' /><!--endemo-->
<!--QuoteBegin-wikipedia+--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td><b>QUOTE</b> (wikipedia)</td></tr><tr><td id='QUOTE'><!--QuoteEBegin-->
were made for a short time due to war demands for copper; <b>a few (the U.S. Mint reports forty) copper cents from 1943 were produced </b>
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Rare coins == lots of money.
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
Are you a dolt, seriously?
But seriously, pennies are legal tender. It's worth something because the government says it's worth something.
Denied. <!--QuoteEnd--></td></tr></table><div class='postcolor'><!--QuoteEEnd-->
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.
<!--QuoteBegin-Cyndane+--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td><b>QUOTE</b> (Cyndane)</td></tr><tr><td id='QUOTE'><!--QuoteEBegin-->
On topic... the penny is very intrigual to US currency, so... deal with it <!--emo&:p--><img src='http://www.unknownworlds.com/forums/html/emoticons/tounge.gif' border='0' style='vertical-align:middle' alt='tounge.gif' /><!--endemo--><!--QuoteEnd--></td></tr></table><div class='postcolor'><!--QuoteEEnd-->
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.
Just dump your coins at Coinstar. Viola.
Just dump your coins at Coinstar. Viola. <!--QuoteEnd--> </td></tr></table><div class='postcolor'> <!--QuoteEEnd-->
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.
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. <!--emo&:)--><img src='http://www.unknownworlds.com/forums/html/emoticons/smile-fix.gif' border='0' style='vertical-align:middle' alt='smile-fix.gif' /><!--endemo-->
So... A would equal this one..
<img src='http://www.pauahtun.org/ColorGlyphs/Gif/complete1_m.gif' border='0' alt='user posted image' />
B would be this one...
<img src='http://www.pauahtun.org/ColorGlyphs/Gif/one_m.gif' border='0' alt='user posted image' />
C
<img src='http://www.pauahtun.org/ColorGlyphs/Gif/two_m.gif' border='0' alt='user posted image' />
D
<img src='http://www.pauahtun.org/ColorGlyphs/Gif/three_m.gif' border='0' alt='user posted image' />
E
<img src='http://www.pauahtun.org/ColorGlyphs/Gif/five_m.gif' border='0' alt='user posted image' />
F
<img src='http://www.pauahtun.org/ColorGlyphs/Gif/six_m.gif' border='0' alt='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. <!--emo&:p--><img src='http://www.unknownworlds.com/forums/html/emoticons/tounge.gif' border='0' style='vertical-align:middle' alt='tounge.gif' /><!--endemo-->
I'm sorry but this is almost as absurd as some of the threads by avengerx.
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.
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?
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.
Yet another reason for me to move down under.
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.
Find a penny
Pick it up
and all day
you'll have good luck
Now <b>that</b> is a bargain!
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
If you don't want them then give them away <!--emo&:)--><img src='http://www.unknownworlds.com/forums/html/emoticons/smile-fix.gif' border='0' style='vertical-align:middle' alt='smile-fix.gif' /><!--endemo-->
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 <!--emo&:D--><img src='http://www.unknownworlds.com/forums/html/emoticons/biggrin-fix.gif' border='0' style='vertical-align:middle' alt='biggrin-fix.gif' /><!--endemo-->
Find a penny
Pick it up
and all day
you'll have good luck
Now <b>that</b> is a bargain! <!--QuoteEnd--></td></tr></table><div class='postcolor'><!--QuoteEEnd-->
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.
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.
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.