Get rid of the Cent already.
coinmanic
Posts: 572
I know that we are all collectors and many of us want to preserve the coin but it is time for Mr. Lincoln to go. The coin is worthless and when handling costs are considered, it is perhaps less than worthless.
This is of course not the fault of the Cent itself, but from years of unbridled government deficit spending.
The mint could still produce special collectors editions as they do with the Sac and Kennedy, I believe.
Face it, if a Cent is laying on the ground, how many will bend over to pick it up. If it is in a puddle, the number drops to near zero.
This is of course not the fault of the Cent itself, but from years of unbridled government deficit spending.
The mint could still produce special collectors editions as they do with the Sac and Kennedy, I believe.
Face it, if a Cent is laying on the ground, how many will bend over to pick it up. If it is in a puddle, the number drops to near zero.
SOCIALIZED MEDICINE: The wealthiest class treats the lowest class and sends the bill to the middle class.
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Comments
WS
.......Face it, if a Cent is laying on the ground, how many will bend over to pick it up. If it is in a puddle, the number drops to near zero.
........in todays economy i think there are people that just might DIVE into that puddle for the cent.
Our tax in Tucson is 8.2%. Maybe we need to create a 1/10 of a Cent coin to make things work better.
rolling up all your spare change, 9 pounds of it...............penny suddenly worth quite a bit.
<< <i>If you get rid of cents everything will be rounded up to the next .05... >>
Not true. Markets regularly price things at 2 for 89 cents or 3 for a dollar. By your claim, that should not be happening.
60 years into this hobby and I'm still working on my Lincoln set!
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<< <i>If you get rid of cents everything will be rounded up to the next .05... >>
Not true. Markets regularly price things at 2 for 89 cents or 3 for a dollar. By your claim, that should not be happening. >>
And if you purchase only 1 of those items it is rounded up to the next cent.
one, prices of individual items do not have to change; only the TOTAL will be rounded to the nearest .05.
two, the rounding will statistically be down just as often as up, totals ending in .00, .01, .02, 06, and .07 will be rounded down,
and .03, .04, .05, .08, and .09 will be rounded up.
Liberty: Parent of Science & Industry
<< <i>
<< <i>
<< <i>If you get rid of cents everything will be rounded up to the next .05... >>
Not true. Markets regularly price things at 2 for 89 cents or 3 for a dollar. By your claim, that should not be happening. >>
And if you purchase only 1 of those items it is rounded up to the next cent.
You said "everything will be rounded up to the next .05", when actually, only the final total will be- *not* everything.
According the the BLS inflation calculator, 5 cents has the same purchasing power today as 1 cent had in 1972. Since people weren't upset by rounding off to a penny then, why should rounding off to a nickel now be a big deal?
edited to add... and, Baley noted above, the rounding *won't* always be up- just as likely (over the long run), it will be down.
It shows to children that it's OK to waste billions of dollars so long
as it's done in tiny increments. It will show future generations how
wasteful we are and how the economy has gotten to the point it
is. It litters sidewalks and playgrounds and can serve as a power-
ful message to infants and animals which consume shiny objects
that they can be dangerous. It holds up lines at the cashier near-
ly as well as many forms of electronic transfer or the little old lady
who doesn't even get out the checkbook until her purchase is bag-
ged. People are in too big a hurry now days and this enforces ma-
ny man years of standing in line every day. People CAN learn pa-
tience. Mining the zinc creates lots of pollution which means more
jobs for the EPA which keeps the economy humming. It even has
the additional benefit of creating more smog and wear and tear on
the roads from the transport of the materials right through to haul-
ing the finished coin hither and yon. They provide a handy and in-
expensive source for small quantities of zinc. Soon enough enforce-
ment of the ban on melting the copper cents will result in a higher
prison population meaning more jobs yet. We spend some $60,000
per year to keep people locked up so this is another big gain for
the economy.
With all these benefits I'm surprised that Puerto Rico is campaigning
for little tiny aluminum 1/ 10th cent pieces and even smaller 1/ 100th
cent pieces. Then when Congress imposes a ban on trading in alum-
inum the mining industry would simply explode. It's high time we quit
getting ripped off for a tenth of a cent on every gallon of gas we pump
and on every purchase that the tax doesn't come out even.
Seriously though;
What business really needs is a change disposal by the exit so the
pennies can just be sent back to the mint for recoining. Sending them
back in large drums by weight and recoining is much cheaper than
counting and handling them and there would be a little less litter.
With all these benefits I'm surprised that Puerto Rico is campaigning
for little tiny aluminum 1/ 10th cent pieces and even smaller 1/ 100th
cent pieces
TELL US MORE!!!!!
PM me for my paypal address and of course, this will be on the honor system since I have no way of knowing what you've spent. I'll just take your word for it.
The name is LEE!
I know I wouldn't. Heck, we could get rid of the cent and the nickel and I wouldn't really notice the difference.
US and British coin collector, and creator of The Ultimate Chuck E. Cheese's and Showbiz Pizza Place Token & Ticket Guide
<< <i>You guys are funny. Suppose your favorite candy bar costs $0.85 at a local store. Then one day, that store raised the price of that candy bar to $0.87. Would you seriously stop buying that candy bar? Would you even notice the price difference or even care about it?
I know I wouldn't. Heck, we could get rid of the cent and the nickel and I wouldn't really notice the difference. >>
Good take, JoeLewis. That candy bar was 10c when I was a kid.
Lets bring back the half cent!
Sales tax would probably be rounded up to 10 cents/dollar instead of being rounded up on sale total @ 7.5%. there is another $2-$3 for that grocery trip.
You may not notice it day to day but those cents would add up. I like to keep as much of my cash as possible. I pay enough taxes. If you want to get rid of the cent just toss them on the ground for someone else to pick up.
<< <i>You guys are funny. Suppose your favorite candy bar costs $0.85 at a local store. Then one day, that store raised the price of that candy bar to $0.87. Would you seriously stop buying that candy bar? Would you even notice the price difference or even care about it?
I know I wouldn't. Heck, we could get rid of the cent and the nickel and I wouldn't really notice the difference. >>
My point exactly!
Just send me the 2 cents since it doesn't really matter to you on an individual basis. I figure if I can get 2 or three million of you to send me 2 cents that your "throw away cash" can pay off my mortgage. Heck, I'll even support your efforts bygiving you a meaningful place to toss your money away!
The name is LEE!
<< <i>There are grandchildren all over the country that love to have grampa give them shiny new pennies. >>
.......good point ken.
<< <i>Who's to say they would round down instead of rounding up each time? >>
Every proposal I have seen included this (rounding up/down based on the total).
<< <i>I would be rounding up if I were a merchant. >>
And your competitor across the street would be happy to let everyone know that *he* wasn't doing that.
<< <i>I imagine if the cent was gone items would be priced accordingly as $1.90, $3.45 etc... Instead of 1.91, merchants would most likely round up to $1.95. >>
They don't do that now. Why do you think they would start?
<< <i>Items would be rounded individually instead of separately. If you purchase 100 items at the grocery that have been rounded up 2-3 cents it'll cost you another $2-$3. >>
Again, I have not seen a single incident of this being proposed. Have you?
<< <i>Sales tax would probably be rounded up to 10 cents/dollar instead of being rounded up on sale total @ 7.5%. >>
The actual sales tax rate is irrelevant to the discussion, as currently, many places tax at fractional rates anyway. Why would they change?
<< <i>If you want to get rid of the cent just toss them on the ground for someone else to pick up. >>
That people *do* throw them on the ground is the only fact you need to know regarding the value of the cent.
<< <i>As a prelude to rounding up or down, I'd like folks to start sending me their round ups so that can get used to the idea of giving away 2 cents on every purchase that ends in a 3 cent value.
PM me for my paypal address and of course, this will be on the honor system since I have no way of knowing what you've spent. I'll just take your word for it. >>
I noticed you didn't offer to send folks their round downs. Why not?
<< <i>You guys are funny. Suppose your favorite candy bar costs $0.85 at a local store. Then one day, that store raised the price of that candy bar to $0.87. Would you seriously stop buying that candy bar? Would you even notice the price difference or even care about it?
I know I wouldn't. Heck, we could get rid of the cent and the nickel and I wouldn't really notice the difference. >>
.......joe, you mean you found a candy bar under a buck???
Like my dinner on budget tonight - Ramen noodles .17 - should it be raised 18% to 20 cents
how about other small ticket items based on pennies - stamps,nuts and bolts and fuel
when my father drove tractor trailer - those pennies per gallon added up when your pumping hundreds of gallons all the time
We still use penny coins in Britain.
<< <i>Like my dinner on budget tonight - Ramen noodles .17 - should it be raised 18% to 20 cents >>
Based on every rounding proposal I have seen, your 17 cents would be rounded down to 15 cents. But don't let that get in the way of saving those pennies.
My vote has been for a long time to at least bring the cent to a level where manufacturing them doesn't cost MORE than a cent!
They could easily make the cents out of steel like Canada and then at least the government isn't subsidizing them.
How about this for a novel idea:
No more cents.
However, all nickels are now made in some sort of lego-like material that if you need you can break into 1/5ths to pay for things that end in non round cents.
And so that you don't have to carry cents around you just "build" it back into a nickel whenever you have 5.
I'm on the fence as to whether the "nickel legos" would be able to build into any other type of things such as a dinosaur or a space ship. I can see the benefits either way.
<< <i>That candy bar was 10c when I was a kid. >>
You must be younger than I. They were a nickel when I was a tyke.
60 years into this hobby and I'm still working on my Lincoln set!
<< <i>With all these benefits I'm surprised that Puerto Rico is campaigning
for little tiny aluminum 1/ 10th cent pieces and even smaller 1/ 100th
cent pieces
TELL US MORE!!!!! >>
I hear tell that the island is virtually made of bauxite. Making a few trillion
little aluminum coins would goose the industry pretty well.
But best of all it will stop the ripoff of Americans for 1/ 10th cent in many
many cases. When someone pays for that candy bar that is 81c with 5.93c
in sales tax they'll be able to make exact change. And if paid entirely in
aluminum everyone will learn patience.
Why should anyone have to pay 87c for an 86.93c candy bar?
<< <i>Who's to say they would round down instead of rounding up each time? I would be rounding up if I were a merchant. >>
As it is now, about half the time I pay with cash the purchase amount is rounded down to the nearest nickel. I've never had anyone round up.
60 years into this hobby and I'm still working on my Lincoln set!
<< <i>We still use penny coins in Britain. >>
You have them, as do we -- but do you actually use them?
60 years into this hobby and I'm still working on my Lincoln set!
<< <i>
However, all nickels are now made in some sort of lego-like material that if you need you can break into 1/5ths to pay for things that end in non round cents.
And so that you don't have to carry cents around you just "build" it back into a nickel whenever you have 5.
I'm on the fence as to whether the "nickel legos" would be able to build into any other type of things such as a dinosaur or a space ship. I can see the benefits either way. >>
...great ideas here.
How about converting the dollar into a coin divisible in eight parts? This way
four of these bits from the dollar would make 50c and two bits, a quarter. Af-
ter this it gets really simple with a bit being 12.5 cents, 1/2 bit equal 6.25 cents
etc. All people would have to do is carry a wide variety of these bits and pro-
per change could be made for any transaction. A computer wouldn't help much
in figuring out which bits to give the payee and which to get in change so this
might spur the sale of abacuses (abici?) and slide rules.
Kids can have fun trying to assemble and reassemble bits and they'd be cheap-
er than Legos.
This would revive some old industries and might even create new ones. In-
surance can get into the act by writing policies that will refund any monies lost
to computational error providing documentation is there and the specific e-
vent is covered under the terms of the policy.
- - Dave