For those opposed to the elimination of the one cent coin...

mrpotatoheadd · July 8, 2012 9:11AM

because businesses will be forced to raise their prices, how do you explain the pricing in these ads?

illini420 · July 8, 2012 9:18AM

In most cases, you aren't required to buy the quantity listed to get the lower sale price.

So, for the 6 ears of corn for $1... if I only wanted one of them, it would be $0.17.

But if we didn't have the cent, it would surely get rounded up to $0.20 which is a price that is over 15% higher. Keep the cent!!!

mrpotatoheadd · July 8, 2012 9:26AM

<< So, for the 6 ears of corn for $1... if I only wanted one of them, it would be $0.17. >>

So you're currently getting rounded up as it is.

<< But if we didn't have the cent, it would surely get rounded up to $0.20 which is a price that is over 15% higher. >>

Assuming all you bought was one ear of corn and ignoring the fact that proposals to eliminate the one cent coin would involve a round down on 1, 2, 6, and 7 cent totals, yes- you're right.

RichieURich · July 8, 2012 9:27AM

<< In most cases, you aren't required to buy the quantity listed to get the lower sale price.

So, for the 6 ears of corn for $1... if I only wanted one of them, it would be $0.17.

But if we didn't have the cent, it would surely get rounded up to $0.20 which is a price that is over 15% higher. Keep the cent!!! >>

That's true if that is the only item you purchased. But if you bought one for $0.17 plus a pack of veggies for $1.33, your total would be $1.50.

If you add up all the time and effort you spend on cent-denominated transactions during the year, and compared that with the amount you would "save" by keeping the cent, you would probably find that your time spent on this is worth less than an dollar an hour.

The cent now is worth about 5% or less of what a half cent was when it was discontinued in 1857. It's time to get rid of the cent.

LanLord · July 8, 2012 9:29AM

<< 

<< In most cases, you aren't required to buy the quantity listed to get the lower sale price.

So, for the 6 ears of corn for $1... if I only wanted one of them, it would be $0.17.

But if we didn't have the cent, it would surely get rounded up to $0.20 which is a price that is over 15% higher. Keep the cent!!! >>

That's true if that is the only item you purchased. But if you bought one for $0.17 plus a pack of veggies for $1.33, your total would be $1.50.

If you add up all the time and effort you spend on cent-denominated transactions during the year, and compared that with the amount you would "save" by keeping the cent, you would probably find that your time spent on this is worth less than an dollar an hour.

The cent now is worth about 5% or less of what a half cent was when it was discontinued in 1857. It's time to get rid of the cent. >>

Exactly!

CoinJunkie · July 8, 2012 9:33AM

Another factor to consider is that rounding to the nearest nickel can (theoretically, anyway) occur per transaction
instead of per item. Also, for electronic payments, no rounding would be necessary.

All in all, I favor dropping the cent from production. I'm no Tea Party extremist, but I do believe in fiscal
responsibility. The cent no longer justifies its production cost.

mrpotatoheadd · July 8, 2012 9:38AM

<< In most cases, you aren't required to buy the quantity listed to get the lower sale price. >>

No, you're not. But one of the arguments against eliminating the cent is that businesses will have to raise prices. My question is- why? For the ads pictured, in order to pay exact change for one item, there would need to be 1/6 cent and 1/3 cent coins. Clearly, such denominations do not exist.

So- if businesses are currently pricing their merchandise such that it is not possible to pay in exact change, why would elimination of the cent necessitate raising prices?

JamesMurray · July 8, 2012 9:43AM

<< In most cases, you aren't required to buy the quantity listed to get the lower sale price.

So, for the 6 ears of corn for $1... if I only wanted one of them, it would be $0.17.

But if we didn't have the cent, it would surely get rounded up to $0.20 which is a price that is over 15% higher. Keep the cent!!! >>

That's a wrap ... keep the cent !

mrpotatoheadd · July 8, 2012 9:51AM

<< That's a wrap ... >>

Hardly.

All the proposals I've seen would involve rounding down on a 7 cent total. And if that's not enough, competition among stores would almost certainly be involved. Do you suppose it would take Ralph's more than two seconds to decide to come out with a "Buy from us- we round down!" ad campaign the minute Vons announced their plans to round up?

Bottom line- people throw pennies away already. Look around in the parking lot at the mini mart if you don't think so. On their own, they're essentially worthless. And getting worth less every day.

mrpotatoheadd · July 8, 2012 9:55AM

<< So, for the 6 ears of corn for $1... if I only wanted one of them, it would be $0.17.

But if we didn't have the cent, it would surely get rounded up to $0.20 which is a price that is over 15% higher. Keep the cent!!! >>

How often do you go to the store to buy one ear of corn and pay in cash?

JamesMurray · July 8, 2012 9:56AM

I already experienced this scenario in the UK when they went decimal , you know the market vendors are not going to round down , the public get screwed every time and we all know it.It never fails to amaze how many people are so keen to be hosed.

LindeDad · July 8, 2012 9:58AM

<< 

<< That's a wrap ... >>

Hardly.

All the proposals I've seen would involve rounding down on a 7 cent total. And if that's not enough, competition among stores would almost certainly be involved. Do you suppose it would take Ralph's more than two seconds to decide to come out with a "Buy from us- we round down!" ad campaign the minute Vons announced their plans to round up?

Bottom line- people throw pennies away already. Look around in the parking lot at the mini mart if you don't think so. On their own, they're essentially worthless. And getting worth less every day. >>

TwoSides2aCoin · July 8, 2012 10:01AM

Why do people pay a dime for a cent ? I bought one for over a thousand dollars. Some guys pay tens of thousands of dollars for one. Some pay a million dollars

I'm not opposed to any of it.

JamesMurray · July 8, 2012 10:04AM

<< 

<< So, for the 6 ears of corn for $1... if I only wanted one of them, it would be $0.17.

But if we didn't have the cent, it would surely get rounded up to $0.20 which is a price that is over 15% higher. Keep the cent!!!

>>

How often do you go to the store to buy one ear of corn and pay in cash? >>

If your in an area where fresh corn is available you'd never buy 6 at a time unless it's a large family. There's only me and the missus in Pa where corn is straight from the field , we buy 2 ears at a time maybe 2 or 3 times a week in season , we can't be the only couple who do this , point being people don't like to buy more than they require where fresh food is concerned , its not a saving at all.

mrpotatoheadd · July 8, 2012 10:04AM

<< you know the market vendors are not going to round down >>

Being that I have been to businesses that already round down to the nearest nickel without anybody forcing them to, no- I don't know that.

Vendors are going to do what they think is in their best interest. And rounding up is not necessarily on that list.

But you're not convinced. So tell me- how far does the value of a cent have to fall until you would be willing to accept its elimination? When it costs 10 cents to get one into circulation? 50 cents? 10 dollars? Where?

mrpotatoheadd · July 8, 2012 10:07AM

<< point being people don't like to buy more than they require where fresh food is concerned , its not a saving at all. >>

But going to the store to buy two ears of corn (and nothing more) is?

Really?

edited for clarity...

JamesMurray · July 8, 2012 10:09AM

<< 

<< you know the market vendors are not going to round down >>

Being that I have been to businesses that already round down to the nearest nickel without anybody forcing them to, no- I don't know that.

Vendors are going to do what they think is in their best interest. And rounding up is not necessarily on that list.

But you're not convinced. So tell me- how far does the value of a cent have to fall until you would be willing to accept its elimination? When it costs 10 cents to get one into circulation? 50 cents? 10 dollars? Where? >>

As far as im concered they can mint less of them , sure , theres plenty in circulation.What's next ? The nickel ...half dollar ? The dollar itself ? It's laughable people worry about a cent when the government and fed along with banks robs them blind.Anyway , good luck with your debate , ive more to concern myself with than the fate of a zinc round.

scotty1419 · July 8, 2012 10:10AM

I think the argument over 'killing the cent' gets convoluted.

There is 'stop manufacturing the cent' and 'stop permitting the cent in circulation' point. The later seems to be pushed as a fear tactic by cent related lobbies.

It would suffice to simply stop new production of the coin with the massive stockpiles that are currently available. There isn't any need to stop using it!

JamesMurray · July 8, 2012 10:11AM

<< 

<< point being people don't like to buy more than they require where fresh food is concerned , its not a saving at all. >>

But going to the store to buy two ears of corn (and nothing more) is?

Really?

edited for clarity... >>

Youll notice i said 2 or 3 times a week in season , most people i believe require fresh milk , fresh bread along with any other number of goods , so yeah..im in the store 2 or 3 times a week , you maybe dont notice but someone in your household is too.

michiganboy · July 8, 2012 10:19AM

<< I think the argument over 'killing the cent' gets convoluted.

There is 'stop manufacturing the cent' and 'stop permitting the cent in circulation' point. The later seems to be pushed as a fear tactic by cent related lobbies.

It would suffice to simply stop new production of the coin with the massive stockpiles that are currently available. There isn't any need to stop using it! >>

This makes the most sense to me and has been my thoughts on it too.

mrpotatoheadd · July 8, 2012 10:21AM

<< Youll notice i said 2 or 3 times a week in season , most people i believe require fresh milk , fresh bread along with any other number of goods , so yeah..im in the store 2 or 3 times a week , you maybe dont notice but someone in your household is too. >>

You're buying more than one thing? You'll maybe notice that rounding down scenarios are all based on the final total, not the individual price of the items you're buying. If you weren't so intent on figuring out how you were being screwed, you'd realize that eliminating the cent would SAVE you money because you could arrange your purchases such that your total bill would always fall into one of the "round down" amounts.

But- no.

TwoSides2aCoin · July 8, 2012 10:24AM

If we collect enough cents, we can get a dollar. That could help pay medical bills, tuition, or even the electricity for a few hours, for a child.
If we can adopt change , we might invoke change.

DIMEMAN · July 8, 2012 10:26AM

This is sooooooooooooooooooooooooooooooooooooooooooooooooooooooooo stupid!

You only round up to the nearest nickel on the "TOTAL"!!!!!!!!!!!!

The most you could lose on a trip to the market is the huge sum of.............................................4 cents!

Come on Man!!

mrpotatoheadd · July 8, 2012 10:30AM

<< The most you could lose on a trip to the market is the huge sum of.............................................4 cents! >>

Actually, based on proposals I've seen, that would be two cents, not four.

And over an extended period of time, your "round up" totals would equal your "round down" totals, so effectively, there would be no cost to you whatsoever.

But let's keep throwing away money making coins that people throw away.

Barndog · July 8, 2012 10:39AM

Perhaps the best solution is to practice sound fiscal policy, balance the national budget, slash the size of government at all levels, and eliminate government debt, etc...then the cent would be worth something again.

mrpotatoheadd · July 8, 2012 10:42AM

<< Perhaps the best solution is to practice sound fiscal policy, balance the national budget, slash the size of government at all levels, and eliminate government debt, etc...then the cent would be worth something again. >>

That's got to be the craziest idea I've heard in a long time...

pursuitofliberty · July 8, 2012 10:45AM

I say just get rid of it. Give me the total, and IF I am paying with cash, round it either way.

"IF I am paying with cash" is the key, otherwise, nothing changes.

Even if I am the most unlucky person on earth, and it always rounds up on me, I doubt I personally average more than 250 cash purchases a year where change is involved, which if I lost 2c each time would be a whopping $5.

Heck, at the price it costs to keep making them, it might cost me more in taxes ... not that I expect those to go down. But the responsible thing to do is eliminate the cent as a coin. We don't need to waste anymore money that we already do, especially when the waste is pretty black and white.

As much as I like the nickel I would go for rounding to a dime on the cash transactions. Of course, that is wrought with problems because of the quarter.

Niether coin (cent or nickel) is worth the cost to produce anymore, IMO.

And instead of saying my 2c worth, I'll say that's my dimes worth.

onejinx · July 8, 2012 10:48AM

It really doesn't matter if every business rounded up. A business can change prices on items any time they feel like it. In the end you will still be buying the same things

mrpotatoheadd · July 8, 2012 10:49AM

<< We don't need to waste anymore money that we already do, especially when the waste is pretty black and white. >>

The operative attitude seems to be "We're wasting money on things I don't like, so I don't have a problem with wasting money on things I do."

pursuitofliberty · July 8, 2012 11:03AM

I take offense to that mpotatoheadd

I don't like any of the waste ... not one cent of it ... however what I view as waste, many others look at as a crucial program, et al ... and therein lies a big part of the problem.

Not that I will have the individual power to do so, but God help us if I did. I'd personally suffer through the pain of all the cutbacks and eliminations neccessary to right the ship my friend, anyday ...

My point was, it's just a heck of a lot harder to argue with a real loss on every cent produced.

TwoSides2aCoin · July 8, 2012 11:08AM

Everytime I say "keep the change" someone smiles.

JamesMurray · July 8, 2012 12:36PM

An interesting real debate about eliminating the cent.Well worth reading and the pro penny guy cleans house , hands down winner.

keep the cent debate

Doubleddie · July 8, 2012 1:26PM

Why not bring back the 2 cent piece from a cheaper material? Apparently was considered in the 1970s, but could now be the time?

keyman64 · July 8, 2012 1:40PM

So if the 6 ears of corn price was $1 and you wanted to get them cheaper. Buy one at a time, each time by going through the check out line 6 times with 15 cents in your hand. Then you automatically get a 10% savings by only paying a total of 90 cents. Stores will re-do their specials so that this is not so easy though.... 20(or 18 maybe) cents each or 6/$1 type of scenario. You frequently do not have to buy the number mentioned in order to get the per unit cost but if the cent were to go away I bet you would.

With so many people using credit/debit cards to transact business...and a few still using checks...and a few using gift cards the CENT will live electronically. I think we should do away with the physical cent...and the $1 PAPER BILL. It costs taxpayers/gov't too much money....granted that savings will likely just be wasted by the government in some other way but you cannot control that. The paper $1 BILL needs to be tossed and the $1 coin should replace it!

Spooly · July 8, 2012 2:17PM

<< Perhaps the best solution is to practice sound fiscal policy, balance the national budget, slash the size of government at all levels, and eliminate government debt, etc...then the cent would be worth something again. >>

richbeat · July 8, 2012 3:01PM

I'd bet there are a lot of people who don't realize that rounding up and down is occurring now, and has been for many years--to the nearest cent. What is the sales tax in your area? In mine, it's 8.125%. That works out to fractions of a cent on the total bill. Two recent purchases: A) $25.02. Sales tax at 8.125% is $2.032; on the receipt sales tax is $2.03.

$86.59. Sales tax at 8.125% is $7.035; on the receipt sales tax is $7.04. It's programmed into the cash registers. Rounding to the nearest nickel would be no different. :

Edited to add: for non cash purchases the rounding would still be to the nearest cent.

JamesMurray · July 8, 2012 3:10PM

Eliminating the cent means minting more nickels so where exactly is this saving everyone talks about ? I don't think any of us are qualified to say the penny should go. Theres talk of rounding to the nickel , credit cards , a who cares about the cent sort of aura. We can't speak for those who don't have credit cards , who havnt a steady income , those who scrape by and make every cent count.Ask them how they feel about rounding to the nickel.

BryceM · July 8, 2012 3:14PM

1 vote for getting rid of the cent and the nickel. Start making dimes out of copper/zinc and we might get a few more years before even they are worth less than the base metal in them.

droopyd · July 8, 2012 3:20PM

<< So, for the 6 ears of corn for $1... if I only wanted one of them, it would be $0.17.

But if we didn't have the cent, it would surely get rounded up to $0.20 which is a price that is over 15% higher. Keep the cent!!! >>

How much for one rib?

CoinJunkie · July 8, 2012 3:39PM

<< Eliminating the cent means minting more nickels so where exactly is this saving everyone talks about ? >>

Eliminating the cent has zero effect on the requirement for nickels.

rec78 · July 8, 2012 6:42PM

Eliminating the cent would not change much other than small CASH purchases--The credit card would still reflect the same amount and if paying by electronic media the fractions could still remain the same. Kinda like the long forgotten reason for gasoline being prices at xxx.9 cents per gallon. If you want to buy exactly one gallon where do you get the .9 cents? I am in favor of getting rid of all denominations other than the quarter and rounding everything to the nearest quarter.
If the cent is eliminated i think that there will be no such thing as rounding down--everything will be rounded up to the next nickel. And you can certainly bet your bottom dollar that taxes will be rounded up. If a manufacturer does have a product that ends in a round down ultimatum then you can be darn sure that they will raise the price.
Anyways, how many things have prices ending in 1, or 2, or 3, or 4, or 6, or 7 cents (before taxes are added on)? Most prices end in 0 or 5 or 8 or 9 cents, so not much rounding needed.
Sometimes I like cents, and sometimes I don't like cents.
If the cent is so useless then why are billions of them manufactured every year? They are well used. Lots of jobs would be eliminated if we stop making them. JMO

Bob

joeykoins · July 8, 2012 11:50PM

Keep Abe. alive!!! By eliminating the cent you would be hurting,not only the hobby but also, Abraham Lincoln's Legacy! Don't you think? The young kids, would not be as curious,or asking their parents, " Daddy/Mommy, who is this " Man " on this penny?"

DrPete · July 9, 2012 12:00AM

For those who propose we continue making one cent coins, is there a price point of making them that you would find to hit your comfort/discomfort zone?

How about if the cent costs 5 cents each to make?

How about if the cent costs 10 cents each to make?

Trying to find a durable material that costs less than one cent to make a coin has become a real challenge. I like the cent coin, but I am not a fany of making them at the cost of 2-3 cents each or whatever the latest metal, labor and handling costs are.

ambro51 · July 9, 2012 1:13AM

Basically the value of the Dollar has grown so small in what one dollar ITSELF will buy, makes the division of it into 100 parts totally absurd. Being the President who approves removing the Nations most popular and numerous coin, PLUS dismissing Abraham Lincoln as a useless worthless trinket best eliminated, That I assure you will not be Mr. Obama.

joeykoins · July 9, 2012 1:27AM

I'll tell you,what would peek the interest of certainly the collector,but not so much the consumer is if the country would start to mint the 2cent coin again! Why not? I would make it steel though. To eliminate the cost.Anybody agree/disagree?

airplanenut · July 9, 2012 1:34AM

I hardly use cash anymore, and I know I'm not alone. I probably average less than one cash transaction per month, and usually, when I have one, it's for a product/service with a rounded price (ie, taxi fare). So with that, I use my credit card for everything (and no, I don't ever carry a balance).

Let's assume I spend $5k/month on my card. All that matters is the final cents total at the end of my billing period. With rounding, AT WORST I lose 2 cents over the course of a month, or .0004% of my expenditure. BUT, I pay my bill each month from a bank account, and that can track to the cent, as well. So now I lose at most those 2 cents when I close the account. BUT, most likely, when I close my bank account, I'll move funds electronically or by check, not take a cash payout. So now we're talking a whopping 2 cents over a lifetime. With so little purchasing power and the way our economy runs, there is absolutely no reason to keep minting cents at their current cost.

You want my 2 cents over getting the cent out of production? Go ahead and take them.

Justacommeman · July 9, 2012 1:37AM

<< I hardly use cash anymore, and I know I'm not alone. I probably average less than one cash transaction per month, and usually, when I have one, it's for a product/service with a rounded price (ie, taxi fare). So with that, I use my credit card for everything (and no, I don't ever carry a balance).

Let's assume I spend $5k/month on my card. All that matters is the final cents total at the end of my billing period. With rounding, AT WORST I lose 2 cents over the course of a month, or .0004% of my expenditure. BUT, I pay my bill each month from a bank account, and that can track to the cent, as well. So now I lose at most those 2 cents when I close the account. BUT, most likely, when I close my bank account, I'll move funds electronically or by check, not take a cash payout. So now we're talking a whopping 2 cents over a lifetime. With so little purchasing power and the way our economy runs, there is absolutely no reason to keep minting cents at their current cost.

You want my 2 cents over getting the cent out of production? Go ahead and take them. >>

this. MJ

kiyote · July 9, 2012 1:39AM

I wonder how many people opposed to ending the cent because of the rounding up situation gladly pay $4 to take $20 out of their ATM account.

joeykoins · July 9, 2012 1:52AM

Are you saying I would profit 16$ if we would xout the cent,in your example? Here's another thought thrown out there, wouldn't it make more sense,( pun not intended) to eliminate the dollar coin before the penny? Which one does the public use more? Even the half dollar,even though I love the Kennedies,the half dollar also,is not used as much as the ole Lincoln cent!

WaterSport · July 9, 2012 2:14AM

While the UK was mentioned as where merchants always round up, that has not been my experience in Alusatrlia and New Zealand where both countries did away with the cent some 15-20 years ago. When you go to the market, and buy items that total $4.02, they round down to $4.00 and it its $.03 they round up to $4.05. In the long run of a year buying groceries I doubt it hardly matters. Besides, this thread has yet to understand this is not so much about taxpayers and the cost of making a cent. Its about lobbyist. Those that are for the cent have an interest in the manufactures of the copper sheeting and not just the company who delivers the final product to the mint, but copper mining, transportation, refining, etc. Those that are against have interest in other metals and plastics that may be considered as a replacement. Along those same lines the vending companies are also one if not the loudest in this fight. They are against it and the dollar coin as well. the reason being they would have to buys ton of new equipment to accommodate ANY coin change. Its been thais way for years.

WS

JamesMurray · July 9, 2012 2:23AM

<< 

<< Eliminating the cent means minting more nickels so where exactly is this saving everyone talks about ? >>

Eliminating the cent has zero effect on the requirement for nickels. >>

And you know this because ...? I'd love to see what supports this notion.

For those opposed to the elimination of the one cent coin...

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