Lets Dump The Cent, Already.

markglicker · May 4, 2005 11:41PM

Other than from a collector standpoint, the thing is worthless. The least expensive legitimate product one can buy today is about half a buck. A Dime has the buying power that the Cent did, 50 years ago. I know that many are sentimental, but the coin has lost any usefullness in the mercantile world.

LucyBop · May 4, 2005 11:45PM

go suck a bug!

Steve27 · May 4, 2005 11:49PM

I vote for keeping the cent until 2009, and then dumping it after a one dollar silver commemorative, which looks like the 1909 VDB cent, is issued by the mint.

DrWho · May 4, 2005 11:49PM

i like the cent, another coin to collect. however, i'd be in favour of devaluation of the mooolah. make the dime the new cent, all the way down the line, quarter becomes a 3 cent piece. 1/2 buck to a nickel. buck is now a dime.

that ought to rile up the citizenery enough to put some damn control on the free-spending washington 'elected' officials. cause that's one of the things this country has got to do, stop the wasteful spending.

Shamika · May 4, 2005 11:54PM

<< Lets Dump The Cent, Already. >>

How 'bout let's not.

PerryHall · May 4, 2005 11:56PM

<< I vote for keeping the cent until 2009, and then dumping it after a one dollar silver commemorative, which looks like the 1909 VDB cent, is issued by the mint. >>

AgMe · May 4, 2005 11:56PM

Heresy!!!!

-g

weresteve · May 4, 2005 11:58PM

<< Other than from a collector standpoint, the thing is worthless. >>

Up your nose with a rubber hose ...

BillJones · May 5, 2005 12:00AM

I'm sure that the state and local politicians who depend upon sales taxes will be very happy with your proposal. They will get to round everything up and collectively collect quite a few million more dollars per year.

btmoore9 · May 5, 2005 12:03AM

Well when I was married to my first husband...he was in the military....the army bases didn't even use them. You never paid an amount that could come up to needing any cents. Only nickels and above.

markglicker · May 5, 2005 12:03AM

Save the truculence folks. The higher tax argument is specious. The amount is always being rounded up or down. The rate in Tucson is 7.5%, should we bring back the Half Cent?

ss350camaro · May 5, 2005 12:08AM

<< should we bring back the Half Cent? >>

YES !!!!!

weresteve · May 5, 2005 12:09AM

<< Should we bring back the Half Cent? >>

Why not? The UK didn't get rid of the Half Cent until 1984 ...

Steve

flaminio · May 5, 2005 12:10AM

<< I'm sure that the state and local politicians who depend upon sales taxes will be very happy with your proposal. They will get to round everything up and collectively collect quite a few million more dollars per year.

>>

Bill, that's just silly. All cent elimination proposals put forth so far call for rounding to the nearest nickel, up or down. No extra millions would be generated; indeed, over the course of many transactions the net difference would be *0*.

Sales taxes and the like are already rounded these days to the cent, and no one complains about that. Or should we bring back mill sales tax tokens? Those were discontinued because states don't have the authority to coin money, but mostly because they became pointless. Just as the cent is today.

The cent is worse than worthless. The cost of manufacturing them has now exceeded one cent apiece. The government (in other words, you and me) loses money with every cent minted. When you add in distribution costs, the loss is even greater. The time has come to kill the bugger -- but I agree, wait until 2009 to get in a "last hurrah" of Lincoln commemorabilia.

No cents in 2010!

BigGreek · May 5, 2005 12:12AM

I think we should dump the cent too...

I love cents but they are a pain to deal with in the real world.
I also think we should dump the nickel. A dollar should consist
of ten dimes. C'mon folks, its time to let go.

CarlWohlforth · May 5, 2005 12:15AM

I agree. It makes sense to either devalue the currency or to dump the cent and paper 1 dollar bill. I like the idea of waiting until 2009 as it would give some PR company time to soften up the public. I also like the idea of a presidential series of dollar coins.

cladking · May 5, 2005 12:16AM

Count me in.

Not only does this coin have no real value it actually has negative worth. It requires
more time to count than it has value. Even laborers often earn 1,000 cents per hour
and if clerks and bank tellers count too slowly then the total wealth of the world will
go down as they are counted and a line waits.

They are also toxic. It's difficult to know how serious a problem this is since autopsys
can be blown or the results misunderstood, but there is no doubt that some animals
have died. A well made coin in uncirculated condition will probably pass right through
but coins with scratches, plating defects, wear etc are likely to be digested. This is
enough zinc to sicken or kill lighter or susceptable individuals.

They also are extremely expensive to produce. At one point a few years back it was
claimed that pennys cost only .998 cents to produce so for every thousand cents the
mint pocketed a tidy two cent profit. Since that time zinc has risen dramatically in price.
Wages and expenses of mint operation have not likely gone down. So everytime you
see a penny you know that your tax money was wasted in its production and that ev-
erytime it's used the world is a little less wealthy.

Who is responsible for this? Why do we allow such things? Yes, there are many senti-
mentalists who want to see the coin prevail but there are supposed to be people run-
ning things who know where to draw a line.

Baley · May 5, 2005 1:14AM

we've clung to these anachronisms long enough, I agree, let them go the way of the half cent.

Longacre · May 5, 2005 1:19AM

I personally never use them. Occasionally if something comes to $1.03, for instance, I will try to see if they have one of those "penny drops" for the 3 cents!

UncleJoe · May 5, 2005 2:12AM

No.

Joe.

mgoodm3 · May 5, 2005 2:13AM

Get rid of it.

ER · May 5, 2005 2:14AM

I agree. Dump all the cents to me.

michael · May 5, 2005 3:02AM

Lets Dump The Cent, Already

NO

BillJones · May 5, 2005 3:10AM

Dropping the cent would certainly put a capstone on the most popular collector coin of all time.

And it would probably enhance the value of the collector coins that are already out there.

rays · May 5, 2005 3:14AM

I agree. The current cent is mostly worthless zinc, anyway.

sellsatan · May 5, 2005 3:20AM

A couple of you folks have claimed that rounding up taxes to the nearest nickel wouldn't result in extra millions for the government. I'd like to see some math supporting this argument because I just can't buy it. Millions of people completing millions of taxable transactions every day adds up to millions the way I see it. Call me a militant, but the government gets way too much of my money already and gives me very little in return (I'm thinking specifically of the State and Local branches so spare me the defense and highway arguments).

Keep the cent. Damn the cost. The mint is making truckloads of money off of their design swapping. They can afford the price of zinc.

dimples · May 5, 2005 3:27AM

I think they said rounding up OR down thus evening out the score.

Coinosaurus · May 5, 2005 3:49AM

A local fast-food restaurant had software in their cash registers to round down the odd cent. If your bill was 6.01, and you gave them $10, the receipt would literally print out "total $6.01", "tendered $10.00", "change due $4.00".

The hassle to deal with the 99 cents change simply wasn't worth it. In absence of the gubmint doing anything, we may see folks taking matters into their own hands. What if Wal-Mart decided tomorrow to start rounding down all the odd totals and refused to ever pay change with pennies? It would be a huge PR move, and everyone would be forced to follow. (Of course they would legally still have to accept them. On the flip side they could advertise that any cents that came in would go automatically to charity.)

flaminio · May 5, 2005 4:52AM

<< A couple of you folks have claimed that rounding up taxes to the nearest nickel wouldn't result in extra millions for the government. I'd like to see some math supporting this argument because I just can't buy it. >>

Math granted. Here is an Excel sheet with 25 random totals in the range from 1c to $100:

As you can see, the total difference for this run is one cent less for the government. In case you think the sample size is too small, I ran the same calculations for 983,025 trials and came up with a grand total difference of...

87 cents.

As the numbers ran, the difference hovered around *0*, as expected, since half the values round down and half round up.

<< Call me a militant, but the government gets way too much of my money already and gives me very little in return. >>

A militant with such concerns should be for cent elimination, not against. It costs the Government (you and me) 1.2c to place a one cent coin into circulation. No matter how you slice it, that's a losing proposition.

<< Keep the cent. Damn the cost. >>

You make no sense. First you say you're concerned about the government getting too much of your money, but then you want them to "damn the cost". Logic, man, logic!

hughesm1 · May 5, 2005 5:42AM

You won't have to worry about rounding if things are priced ending in 5 or 0 AND sales tax is included in the price. Problem solved, cent eliminated.

Oh wait, that's too brilliant an idea for the politicians to execute!

Lincolnfreak · May 5, 2005 5:49AM

My vote is keep the cent. Why? Because I said so. Arguments can be made for either stance, so why list them?

itsnotjustme · May 5, 2005 5:50AM

Let the cent and paper dollar go in 2009. Army Air Force Exchange Service already rounds to the nickel and doesn't take or give cents (suspect not taking them could be challenged in court).

Rounding goes up or down and averages 0.

We round already!

Some European countries stopped making the 1 and 2 euro cent coins, so their smallest denomination is 5 euro cents, or about 6.5 US cents. No one has died yet from it!

originalisbest · May 5, 2005 6:08AM

I wouldn't mind seeing the cent continued, but only within proof sets/us mint sets for collector consumption. Man, you wanna see guaranteed sellouts of those items? That'd do it.

Of course, the mint would feel justified in charging us an arm and leg for them - but what else is new?

Also, the legal tender of any cents still out there would have to be upheld, IMO. How many cents does it take before a business is allowed to refuse them as payment? If you tried to pay a $236.54 bill all in cents, what typically happens?

flaminio · May 5, 2005 6:13AM

<< My vote is keep the cent. Why? Because I said so. Arguments can be made for either stance, so why list them? >>

Your handle would seem to imply some bias.

<< Also, the legal tender of any cents still out there would have to be upheld, IMO. >>

Absolutely. No one is talking about demonetizing cents, or even actively removing them from circulation. Just stop making more, and nickel-round totals. That's it.

BigGreek · May 5, 2005 6:32AM

<< Also, the legal tender of any cents still out there would have to be upheld, IMO. How many cents does it take before a business is allowed to refuse them as payment? If you tried to pay a $236.54 bill all in cents, what typically happens? >>

I don't believe there any laws which force a business to accept one
form of payment over another. I could start a business and insist on
being payed in bannana peels.

The only legal tender status is for public debts and payments such
as your taxes and any payment you may receive from the federal
government.

I still say lets drop both the cent and the nickel. I also like the dollar
coin idea but they need to be smaller.. maybe a bit larger than a
quarter. And heck why not put a woman's face on it for a change.

Wekar · May 5, 2005 6:53AM

<< I also like the dollar
coin idea but they need to be smaller.. maybe a bit larger than a
quarter. And heck why not put a woman's face on it for a change.
>>

You mean like the SBA & the Sacagawea?

No Cents for circulation in 2010! Only County Commemorative Cents issued in Mint/Proof Sets.

MajorDuty · May 5, 2005 8:44AM

Oh yeah, good thinkin' Just round costs up. Pffft.

Bochiman · May 5, 2005 8:50AM

I use it still.
I collect it occassionally
The mint makes a profit on it.

Why again would you care if it is canceled or not?

stev32k · May 5, 2005 9:00AM

I wonder how many remember the Mil. This was 1/100 of a cent and usually made from card board with a hole in the middle. Not sure when they were phased out, but I expect the same arguments against doing away with them was used then as is being used now. In my opinion the penny is worthless except to collectors. Most people will stop to pick up a nickel or dime on the floor, but will not pick up a penny. I think that is an indication of how much value is placed on the penny - none.

flaminio · May 5, 2005 9:03AM

<< Oh yeah, good thinkin' Just round costs up. Pffft. >>

You're not listening. Not round costs *up*. Round costs to the nearest nickel -- up or down. Please don't tell me I did all that Excel crap for nothing.

<< The mint makes a profit on it. >>

As already stated, the mint does *not* make a profit on the cent. They (we) lose money with every cent minted.

It's really hard to argue this issue when you guys don't pay attention.

flaminio · May 5, 2005 9:09AM

<< I wonder how many remember the Mil. This was 1/100 of a cent and usually made from card board with a hole in the middle. >>

A mill is one tenth of a cent (10 mills=1 cent), and is a standard denomination enumerated in the Act of 1792. Even back then, mill coins were useless, and the smallest coin made was five mills (half cent). Mill sales tax tokens showed up in the mid 20th century to round out sales tax payments, but were discontinued because (a) they were deemed illegal, as only the Feds can coin money, and (b) they were largely useless anyway.

Cladiator · May 5, 2005 9:24AM

<< one dollar silver commemorative, which looks like the 1909 VDB cent >>

That would be cool!

flaminio · May 5, 2005 9:28AM

<< one dollar silver commemorative, which looks like the 1909 VDB cent

That would be cool! >>

Mint it in San Francisco, so it can be an S-VDB!

carl · May 5, 2005 10:07AM

I have some Missouri Mills that are both plastic and metal. They were for sales taxes, came in 1/10 of a cent and 1/2 half cent. I have a roll of them and mainly keep them for sentimental reasons since an aunt, now long gone, gave them to me. They are worth the memories. Now for the cent. If your bank elminated the cent, who would force them to round up and not down all the time? If they rounded down for all accounts, that could end up being a fortune for them and only a fraction for us. Same with stores, shops that sell to the public. What law could force them to round up or down? An item is on sale for 3 for a dollar but you only want one. No pennies so you pay .40 cents? So who will pass a law telling stores that they can only charge even amounts and not to round the price up? Now what about the exchange of money between countries. Are we that powerfull that we can tell the rest of the world that we can only exchange their money if they round up or down?
I think the cent is here for now.

carl · May 5, 2005 10:12AM

Was talking to a neighbor just now about this thread and he said there was someone in a bank not long ago that transferred anything over two digits in interest in peoples accounts to her own account. People never miss fractions of a cent. Do that with hundreds of accounts, everytime there is interest posted and she ended up a millionair. She got caught because of greed and just wouldn't stop. Now what if there was no cents either. That same thing could be done with anything past the first digit of interest.

ChangeInHistory · May 5, 2005 10:31AM

<< I vote for keeping the cent until 2009, and then dumping it after a one dollar silver commemorative, which looks like the 1909 VDB cent, is issued by the mint. >>

A one dollar silver commem. in high relief!

ddink · May 5, 2005 11:09AM

<< Was talking to a neighbor just now about this thread and he said there was someone in a bank not long ago that transferred anything over two digits in interest in peoples accounts to her own account. People never miss fractions of a cent. Do that with hundreds of accounts, everytime there is interest posted and she ended up a millionair. >>

Someone watched too much Office Space!

<< The higher tax argument is specious >>

My friend, when it comes to our government and taxes, NOTHING is specious. I would be astonished if the government did not round up. Another problem is continuity: so they pass legislation to round up or down, then a few years from now someone attaches a rider to some bill and manages to get it passed, and suddenly taxes are rounded up!

<< Bill, that's just silly. All cent elimination proposals put forth so far call for rounding to the nearest nickel, up or down. No extra millions would be generated; indeed, over the course of many transactions the net difference would be *0*. >>

The government is real good at coming up with proposals and really bad at implementing them. How many proposals are there for saving Social Security? How many have been implemented?

<< So everytime you see a penny you know that your tax money was wasted in its production and that everytime it's used the world is a little less wealthy. >>

My tax money is wasted on everything else. Why not waste a little bit more? That, after all, is the government's job!

flaminio · May 5, 2005 12:15PM

<< I would be astonished if the government did not round up. >>

The few times nickle-rounding has actually been introduced to Congress, it's always been with rounding to the nearest nickel, and never rounding up.

Also, we already round to the nearest cent when calculating sales tax. Not up. Nearest. Since we round to nearest now, why would you think we wouldn't round to nearest later?

Conder101 · May 5, 2005 12:19PM

<< << Should we bring back the Half Cent? >>

Why not? The UK didn't get rid of the Half Cent until 1984 ... >>

Bad example. The UK didn't get rid of the Half Cent, they got rid of the Half Penny, which was roughly equal to the US cent. So you are pointing out that the UK got rid of the "cent" twenty years ago.

<< The only legal tender status is for public debts and payments such
as your taxes >>

The local government here will not accept legal tender cash payment of taxes. They will only take checks or credit cards.

cladking · May 5, 2005 12:19PM

<< 

<< Was talking to a neighbor just now about this thread and he said there was someone in a bank not long ago that transferred anything over two digits in interest in peoples accounts to her own account. People never miss fractions of a cent. Do that with hundreds of accounts, everytime there is interest posted and she ended up a millionair. >>

Someone watched too much Office Space!

<< The higher tax argument is specious >>

My friend, when it comes to our government and taxes, NOTHING is specious. I would be astonished if the government did not round up. Another problem is continuity: so they pass legislation to round up or down, then a few years from now someone attaches a rider to some bill and manages to get it passed, and suddenly taxes are rounded up!

<< Bill, that's just silly. All cent elimination proposals put forth so far call for rounding to the nearest nickel, up or down. No extra millions would be generated; indeed, over the course of many transactions the net difference would be *0*. >>

The government is real good at coming up with proposals and really bad at implementing them. How many proposals are there for saving Social Security? How many have been implemented?

<< So everytime you see a penny you know that your tax money was wasted in its production and that everytime it's used the world is a little less wealthy. >>

My tax money is wasted on everything else. Why not waste a little bit more? That, after all, is the government's job! >>

Ben Franklin once said a penny saved is a penny earned. As long as I'm wasting my money
it is only my problem. When the government wastes my money I can always go to the ballot
box. Why should anyone ever have to suffer others wasting their money?

Every penny that's made makes the world a poorer place and every time they are used the
world is a little poorer.

sellsatan · May 5, 2005 1:28PM

Somehow I just can't see the government rounding anything down. That's what I was referring to when I said I can't see how millions of taxable transactions wouldn't result in extra millions of dollars.

Lets Dump The Cent, Already.

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