Penny Wise?

if it costs so much wouldnt it just be better to just get rid of said penny and nickel???? And put the money saved towards something more worth while? I mean we are spending double to make half of what its really worth.

Three comments; first there are no 'pennies' in US coinage, they are properly called 'cents'. Secondly it does not cost double the face value for the rest of the coinage so they are 'bargains' ofsetting the minimal cost of creating cents and nickels. Lastly, why are gas stations allowed to post prices in tenths-of-cents when there is no way to pay one tenth of a cent? (marketing scam I assume)

Moile: penny and cent are used synonymously in the english language. nobody but you(and maybe me) cares about the statement you made. good comment on the gas station thing since that is completely irrelavant to this discussion. on your marketing scam comment: this whole theory is a marketing scam to devalue the cent. they've been trying to do it for years. if all the people in the country with unlimited funds that throw their pennies on the ground would actually keep their pennies and put them back into the economy, the cent might be worth more. there is probably billions of dollars in cents and nickels laying on the gound in the US.

I would propose doing away with the penny and creating a dollar coin with Lincoln on it... as one of our greatest Presidents, having him on something so pointless as the penny doesn't do his legacy justice. Cash registers wouldn't have to have an extra space for dollar coins either... the four spaces would be used for nickels, dimes, quarters and dollars. Furthermore, transactions that equal $1.13 could be rounded down to $1.10 and transactions such as $1.14 could be rounded up to $1.15

We should dump the cent and dump the paper dollar, both are relics of a time long past.

If you did away with the penny , then the price of a postage stamp would have to go up a nickel at a time. The local option sales tax would be 5% instead of 1%. Sales tax that is usualy 7% would go to 10%. The biggest reason the government has not done away with the penny is because of postage stamps.

I have worked in retail for all of my adult life; I can see both sides of the arguement. Almost everything you buy is priced with cents at the end, and not the nickel kind, either. But it wouldn't be diffucult to convert over to nickels, dimes, quarters and dollars; although nobody uses those. The challenge would be converting tax-tables in store. In Texas we have an 8.75% rate, which will break down into pennies, so that would have to be adjusted legislatively (more big government). It wouldn't bother me at all, if we were to get rid of the penny; provided it can logistically be done.

First thing on a couple other comments made up top The tenths you see at the pumps have to do with taxes being included in the price you see and pay where as everything else is taxed ath the register in the same sort of manner in where I am sales tax is .06125 not just in tenths but it is an intresting idea but no one completely understands the massive money that is wasted in washington this argument is pennies compared to the money spent on needless research and other places that makes you want to say WTF

My thought is why not do away with all cash(coins or bills). Almost all banking is done electronically now and alot of jobs are requiring direct deposit. Why not save all the money it takes to print and mint as well as police counterfeits. Just my "Two Cents." LOL

I see no problem in dropping the penny. In fact, they are now phasing out 1 cent and 2 cent coins in the E.U leaving only the 5 cent coppers behind. I happen to have lived in one of those countries and instead of prices been rounded up, they where rounded down. (4.99 becomes 4.95). Anyway, how does this guy in the forth video know that people are going to donate less to charity? He has no evidence or proof whatsoever to back himself up. To me, the difference between a dime and a penny do not matter much when i donate, and i will be happy to throw in some dimes. Only the truely penniless would see a difference but then again, why would they donate in the first place?