The penny appears to be doomed...
mhammerman
Posts: 3,769 ✭✭✭
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mhammerman
Posts: 3,769 ✭✭✭
mhammerman
Posts: 3,769 ✭✭✭
Comments
<< <i>Bring it. Make 2009 the last year. One last commemorative hurrah, then no more. >>
Take the nickel and quarter out too then and make the half dollar the size of a nickel.
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<< <i>Take the nickel and quarter out too then and make the half dollar the size of a nickel. >>
One step at a time... But the nickel's days appear numbered as well. Nickel and copper are just too expensive. Unless...
Ziffersons?
End it in 2006, if you want commerative pennies in 2009 sold to collectors that is fine.....
There are billions of pennies floating around they will be around for a while even if they did not make another one again after today.....
Kill the penney.
John
Never view my other linked pages. They aren't coin related.
Why doesn't congress just switch us to the Peso to accomodate our newly arrived friends from Mexico?
<< <i>Finally! Actually, I hope they terminate production in 2009 with a cent that has the old Wheat design and V.D.B. on the reverse >>
I've been saying for years that I'd love to see a 2009 S VDB with a mintage of 484,000. How cool would that be?
My icon IS my coin. It is a gem 1949 FBL Franklin.
<< <i>Just another way to scr*w over the people by continuing to debase the money! Rounding, indeed! Rounding UP!!!! >>
RTFA. Rounding to the nearest nickel. No screw. Australia did it, with no ill effect.
Well, aside from Paul Hogan movies, that is...
<< <i>Just another way to scr*w over the people by continuing to debase the money! Rounding, indeed! Rounding UP!!!! >>
The proposal, which will go nowhere, rounds both up and down.
Russ, NCNE
There is not one good reason for the cent to continue to be minted.....
I propose we have bilingual "Amereuros" in .5, .10 and .25 denominations.
Never view my other linked pages. They aren't coin related.
<< <i>Did any of you actually read the article? The cent is not going away.
<< <i>Just another way to scr*w over the people by continuing to debase the money! Rounding, indeed! Rounding UP!!!! >>
The proposal, which will go nowhere, rounds both up and down.
Russ, NCNE >>
**Representative Jim Kolbe, R-Arizona, told CNNMoney.com he plans to reintroduce legislation to eliminate the penny in the coming weeks.**
It might just pass this time Russ........
<< <i>Americans for Common Cents (ACC) is an interest group that counts among its supporters coin and numismatic hobby groups, charitable organizations - and companies involved in zinc production. >>
This is a lie. These are shills for the zinc mining industry to augment their lobbying efforts.
Charitable organizations have little use for the cent because it costs far too much to count
and transport the coins. Consumers lose, retailers lose, banks lose, and the mint loses
while the zinc miners roll in record profits.
<< <i>**Representative Jim Kolbe, R-Arizona, told CNNMoney.com he plans to reintroduce legislation to eliminate the penny in the coming weeks.**
It might just pass this time Russ........ >>
Not a chance.
Russ, NCNE
<< <i>Not a chance. >>
Have to agree with Russ here. Passing this bill requires that Congress do something that is fiscally responsible and against the wishes of special interest groups. When was the last time *that* happened?
Eliminate the Penny and KEEP the dollar bill.
<< <i>
<< <i>Not a chance. >>
Have to agree with Russ here. Passing this bill requires that Congress do something that is fiscally responsible and against the wishes of special interest groups. When was the last time *that* happened? >>
<< <i>Did any of you actually read the article? The cent is not going away.
<< <i>Just another way to scr*w over the people by continuing to debase the money! Rounding, indeed! Rounding UP!!!! >>
The proposal, which will go nowhere, rounds both up and down.
Russ, NCNE >>
beat me to it
Go BIG or GO HOME. ©Bill
<< <i>Finally! Actually, I hope they terminate production in 2009 with a cent that has the old Wheat design and V.D.B. on the reverse. >>
The designs for the 2009 commemorative Lincoln cents have already been mandated in the Presidental dollar coin legislation. Sorry no heat cent reverse.
They should switch the cent to mint and proof set only through 2009 (so they can have the full 100 years for the cent) and then after the 2009 commems the cent should be discontinued completely.
Naturally there will be very little rounding down. Then there will have to be legislation to regulate the rounding. If that doesn't happen then people will turn to even more
cashless transactions. Then there will be less need for the Mint. The Denver Mint will be shut down. People will be out of jobs. And it will all have been Bush's fault.
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Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>I doubt most will always round up, especially if their competition rounds both up and down. Competetion is the name of the game and only rounding up will piss off too many customers. >>
The competion will be fierce..........The Roundown of The Cent..........!!!!!!!!!!!
How much stuff is actually purchased with cash anyways.....
In this approach, our national debt would immediately lose two 0's and that's good. Just think, a house would not cost $200,000 but a mere 2,000 Bens. Burgers, .01B with cheese .02B. The effect on our national psyche would be incredibly uplifting. Instead of having $20,000 debt on your credit cards, it would only be 200 Bens...It's all good!
<< <i>If you purchase a number of items it is pretty difficult to always round up now isn't it.....
How much stuff is actually purchased with cash anyways..... >>
Not difficult at all.........prices remain the same ........roundown at total..............save 3 cents.....or 4 cents on competition.............
Seriously, if we're going to eliminate the national debt by inflating, why not do away with all fractional amounts below one dollar and have everything in even dollars. Really cheap items can be bundled in dollar-size quantities. Then we can have coins for one, five, ten, and twenty-five dollar amounts. Sales tax? Round it!!
Why not eliminate the cent, nickel and quarter, just going with the dime and half dollar (which could be reduced in size to make change more manageable.
Of course we would then want the paper dollar eliminated. This way BEP and the Mint lose 60% of their production. Just MHO.
I also believe we should keep the cent and nickel alive for numismatic purposes and only sell them in Unc and Proof sets were they sell for way over face.
I don't see any problems with Rounding. It's a NON issue. Here's why:
I have a widget. I chose the price I want to sell it for. I chose $1.99. Now the penny is gone, what do I do? I will charge $2.00 or $1.95. What's the big deal ?? No rounding, no issues.
The other thing is Tax. You can't pass a .01 or .02 or .03 or .04 cent tax. It'll be only in .05 cent increments.
Piece of cake. Could be done tomorrow.
<< <i>I doubt most will always round up, especially if their competition rounds both up and down. >>
The decision to round up or down would not be discretionary. The proposal, which again doesn't have a snowball's chance in hell, mandates the levels at which it's done.
Russ, NCNE
Am I the last to learn this?? Were they EVER made of all copper??
<< <i>
<< <i>I doubt most will always round up, especially if their competition rounds both up and down. >>
The decision to round up or down would not be discretionary. The proposal, which again doesn't have a snowball's chance in hell, mandates the levels at which it's done.
Russ, NCNE >>
Yeah, what Russ said. That's what I was trying to get at. I just assumed it would be a legislated type of thing not something convenience stores compete with like kaddy corner gas stations (competing with their gas prices).
<< <i>A copper cent is 97.55 ZINC?????
Am I the last to learn this?? Were they EVER made of all copper??
Saint ...!!!.....Wake up !!!!......you were sleeping man.......Are you Rip van Winkle ......!!!!!!!!!!........How's your Gold doin........!!!
Russ, NCNE
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
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a point that is apparently lost on some making the "I'm losing out due to the rounding" argument.
we already round the tax we pay to the nearest whole cent... and no one is complaining about the lost mills
Liberty: Parent of Science & Industry
<< <i>A copper cent is 97.55 ZINC?????
Am I the last to learn this?? Were they EVER made of all copper?? >>
They were 100% copper from 1793 - 1857
<< <i>The last time we eliminated a coin for being to small a denomination was the half cent and that was in the late 1850s. The buying power of a cent in 1850 had to have been more than 10 times today (ya think!). >>
More, in 1857 the half cent had roughly the purchasing power of todays quarter So an 1850 cent would have had the buying power of todays half dollar. So today we have four coins with less buying power than the last time we dropped the lowest coin.
<< <i>Of course we would then want the paper dollar eliminated. This way BEP and the Mint lose 60% of their production. Just MHO. >>
Actually with the increase in the number of two dollar notes that would be ordered and produced the production decline would probably be arounf 20%.
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