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loriwsm1 | Should the U.S. Mint discontinue manufacturing the one cent piece? |
The current cent is made mostly of zinc with a copper plating, and costs the government more than one cent to make. Most people won't stop to pick up a nickel, let alone a cent, if they spot one on the street. Its purchasing power is nil, but seems to have some "value" in that its existence deters retailers from rounding up prices arbitrarily in order to 'shortchange' the consumer and make extra profits. Who hasn't steered their car into a gas station that advertises fuel at a cent or two less than the one across the street? On a twenty gallon purchase, it isn't worth driving across town to save 40 cents while burning a dollar's worth of gas to get there. Maybe the Mint should resume making two or three cent pieces instead? What do you think? |
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yeeooow
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the answer is not to get rid of 1/100th of a dollar, but to get rid of cash altogether. This is happening more and more each day, and soon the debit and credit cards will take over completely.
removing pennies removes competition from small products, most notabley in the supermarket, gas stations and don't forget the stock market. getting rid of 'pennies' is limiting, not empowering.
moving away from a cash baisis removes some of the ability to hide illegal transactions like drugs, under the table payments to illegal immigrants, gambling and other crimes. While it is not for the government to watch this data, they should be able to follow a money trail with a court order. It is also harder to cheat on taxes, and harder for small business to hide money too. |
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Shane H
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Yes, because the price of zinc (the main metal in the Penny) is going up! The metal in the penny is worth about 1.4 times the actual value of the penny. Therefore it costs more to produce the penny than it is actually worth!
Prices in shops should change from odd to even amounts of cents to accommodate for this. For example, you could change the prices of products costing $19.99 to $19.98 or $20.00. |
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b
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yes |
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kittykat
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I totally agree. They have no value unless put with something else. I thought I heard at one point that they were going to stop making them. |
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rainfire1977
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Ok, first off, you went two totally different directions here. Do you want to know if the mint should stop making pennies, or are you out to lower the prices of gas? If it's the former, then you pretty much should have stop the question, after you remarked about the lack of interest most people have in picking one up off the street.
It's pretty safe to say you were desparately reaching for a comparison that had nothing to do with the question that appears in your headline. Honestly, I am not exactly sure where you thought bringing up pricing at a gas station helped your question or train of thought. You basically could have said what I always say: if you can't use pennies in vending machines they aren't really worth anything let alone anyone's time to carry around in their pockets. That would have helped motor your question along a little bit better.
Pennies are worthless, even in two or three cent denominations. |
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Frank Castle
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Pennies are made from 97.6% zinc and 2.4% copper since 1982
The pennies will be made from a cheaper material in 2009 and also $1.00 USD coins will be minted in 2007 because they last for years as opposed to a few months for bills.
This is a long term program (It will last until 2015) to reduce the number of $1.00 USD bills printed every year.
Top 3 Answerer in Business & Finance. (Vote for me) |
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BaFfler
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Yes. Lets just round to 5 cents. |
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philrech
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in Australia we got rid of the one and two cent piece years ago.
soon we will get rid of all cash all together and have barcodes tattooed on our heads and that is how we will pay for every thing |
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© 2007. Sammy Z.
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I think we should discontinue pennies and nickels. round everything to the nearest 1/10th of a dollar, and make everyone's lives simpler. |
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Blue
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Where did you find your information on the cost of minting a penny?
It doesn't matter to me. I use plastic. |
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buzinbyuall
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yes |
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jeannot_kensinger
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Yup, I'm an auditor and it would be less work not to count the pennies. |
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Rich B
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I have heard that it costs 3 cents to make a penny. I am all for it. All cash transactions can be rounded to the nearest 5 cents. I would also advocate elimination of the $1 bill in favor of a longer-lasting $1 coin. |
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Jose
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if they dont stop to pick up nickels what makes you think they will stop to pick up 2 or 3 cent pieces? |
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crazynesiscool
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No because it only takes 100 pennies to make one whole dollar. Did you know it only also takes 50 pennies to make two whole quarters and 25 cents to make 1 quarter. Have you ever had a piggy bank? I have and I added all those pennies and once had over $300 dollars to spare!!! Well if you hate pennies so much send them to me I dont mind. |
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thebigm57
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First the Cent may/might be phased out by the mint though it's only speculation at this point. Also as long as States have sales taxes measured in fractions of a Cent like CA than the Cent will be with us. So far as your arbitrary pricing because of the Cent...I have to laugh at that comment as price gouging on certain items is a fact of life. Look at Gasoline for example...a Refinery hasn't been built in this country since 1976 and yet the Oil industry claims it doesn't control supply...are we that stupid? |
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