Should the US get rid of the penny?
Should the US get rid of the penny?
Is it about time, or is it still useful? If you think its time has passed, what about the nickel/dime/quarter?
Yes, and daylight savings time and the electoral college too please.
I think I remember hearing that the cost to make a penny is now more than one cent. Considering you can't really do anything with them, I'd say it's time to discontinue the penny at the very least.
I say get rid of money completely. Everything should be free for everyone. Except for my neighbor, Ron. He's still gotta pay.
Shift the decimal point two over so a penny is worth a dollar.
I don't think anyone ever gets excited about finding anything less than a quarter. Hell, even today I don't know if quarters are worthwhile. We should definitely get rid of everything besides quarters. I don't think any machines even take anything other than quarters. Maybe some drink machines do, but that's it. Like, two dimes and a nickel is objectively less useful than a quarter. And not just because of the mild inconvenience of carrying two additional coins lol.
I think there are enough places that use quarters that we shouldn't get rid of them.
Quarters are useful if only to feed into pinball machines.
Lose 'em. Nickels too, gone. Honestly if we ditched dimes too I wouldn't shed a tear. Quarters are cool though, they can stay.
New Zealand abandoned the 1c and 2c coin
decades agoin 1990, and then the 5c coin too in 2006. Never been missed. Nothing changed.See https://en.m.wikipedia.org/wiki/New_Zealand_dollar
Prices are all still in 0.01 increments, and are Swedish rounded when paid for with cash (electronic payments are exact and never rounded).
Similar story in Norway, with 10 øre deprecated in early 90s; 50 øre in 2012. Prices are still 1 øre below a round number, even though the average Norwegian has never used coins of that denomination. (And lots of us haven't really used cash for a couple of decades now.)
Can we just round everything to the nearest dollar? If something is still cheap enough to be 25 cents then it should only be sold in a pack of 4.
Canada got rid of pennjes like ten years ago. We barely noticed after the first few months.
Yes. I think that's what the study explains in the last paragraph there. The customer is still likely to buy the item if it's ending in $.95 vs $.99. However, as the price of the item goes up, that four cent difference is less important. In the decision making of the buyer, but also costs the company more per unit. It's less important to the business/seller the more expensive it is. I think that's part of the reason they called it a wash.
The prices on shelves don't change when you drop the penny.
Final cost is just rounded to the nearest 5 cent at checkout if you pay in cash.
Consider the fact that Japan has a ¥1 coin. It is strangely light, and can actually float on water if you are careful enough with the surface tension.
The purpose of leaving that coin in circulation is pricing. ¥399 looks much better than ¥400.
At the moment, ¥1 is about 0.64¢.
The 1 yen should've been taken out of circulation even earlier than the penny. Right now it's only worth about .65 of a US penny. Other countries have taken their 1 cent equivalent out of circulation and stores haven't stopped doing the .99 ending in prices-- you just round at the register.
I'd argue it's because of a hatred of anything that looks like price increases, especially among the older crowd. Japan is still very much cash-based, especially in those older generations. Then 1-yen coin being light and cheap probably helps, but I don't know if it actually costs more to make.
That said, I'd be happy getting rid of the 1 and 5 yen coins, especially since machines do not tend to take them.
Several countries got rid of the penny already, we still have pricing listed to the 1 cent. If you pay cash it's rounded to the nearest 5cent if you pay with card it's not rounded at all.
Nothing changes you just don't spend money minting coins that cost more than their value, and don't have to wait behind someone digging through their wallet for those pennies that they "swear are in here somewhere"
https://www.npr.org/sections/money/2020/07/14/890435359/is-it-time-to-kill-the-penny
By the 1990s, Kolbe says, he was introducing new legislation to kill the penny with every new session of Congress. But he kept facing resistance — for example, from the speaker of the House at the time, Dennis Hastert, who represented a district in Illinois, the home state of Abraham Lincoln. Lincoln, of course, is on the penny, and Kolbe says that proved to be a major roadblock. So were special interests such as zinc miners and the company that supplies the "penny blanks" used to mint the penny.
Penny defenders' strongest argument was that eliminating it would hurt consumers. All those $9.99 products? The prices would be jacked up to an even $10! They called it the "rounding tax." But Whaples, that penny-researching economist at Wake Forest University, conducted a study of convenience stores and found that the final digit of purchases, which usually involve multiple products and a sales tax, was pretty much random. "And so if you round it to the nearest nickel, the customer wouldn't get gouged," Whaples says. Sometimes you'd round up; other times you'd round down. In the end, it would basically be a wash.
Yeah. But the penny allows salespeople to provide a price that is enticing to the consumer because it's basically taking advantage of the psychology of how we round things. So it's good for businesses, and that's exactly why it still exists.
Yes. Yes. No. Just penny needs to die.
I hope she doesn't
Currently you can just get rid of all change, or increase the value of the dollar, by a lot.