Abolish the 1-Cent Piece/Reintroduce the 2-Cent Piece

aus3000tin · November 22, 2007 11:28AM

Abolish the 1-Cent Piece/Reintroduce the 2-Cent Piece:

With the increase in copper prices, it is only plausible to abolish the 1-cent piece.
Reintroduce the 2-cent piece to compensate for pricing that falls with 0.00 and 0.10 dollars.

Here's my mathematical logic :

2+2+2-5 = 1 (no need for the 1-cent piece)
2 = 2 (2-cent piece)
5-2 = 3
2+2 = 4
5 = 5 (5-cent piece)
2+2+2 = 6
2+5 = 7
10-2 = 8
2+2+5 = 9
5+5 = 10 (10-cent piece)

I know many people don't give out exact change, but the above is only for reference.

It was only time before the 1-cent piece would be abolished.
I mean look where the 1/2-cent piece ended up.

Thanks,

Chris

Questions? Comments? Concerns?

Aegis3 · November 22, 2007 11:47AM

Won't work; it has two major problems.

First, all higher denominated coins and paper money pieces should be divisible by the smallest denomination available. So there is a problem with the nickel and the quarter.

Second, your scheme assumes that both sides of the transaction will have the proper coins required for an exact-value transaction to occur. That's just not going to happen with any frequency, and when the impromptu rounding that will be needed occurs, there will be problems...

Dump the cent, make into law a fair rounding scheme, and further we have to seriously consider dropping the quarter for a twenty cent piece (for if/when we drop the nickel).

Coxe · November 22, 2007 11:59AM

Based on inflation, we can barely justify the dime. The best route would be to cease the cent, nickel and quarter after 2009 and go to 10c, 50c, $1, $5 coins, all of sane dimensions and weights. People like the quarter, but there is no need for it if we trim off the second decimal place. It becomes a liability. So dump it at the close of the state quaters. The cost issues regarding the cent and nickel should provide fuel to this but the typical Joe American is horribly fiscally irresponsible with awful priorities. A poll on dumping the cent is as serious as voting for American Idol.

Overdate · November 22, 2007 1:25PM

Dump the cent, nickel and dime. The quarter buys about what a cent bought a hundred years ago, and the cent was the lowest denomination at the time.

Dump the half, along with the paper one-dollar, two-dollar and five-dollar bills.

Add a two-dollar coin and a five-dollar coin.

Problem solved!

Abolish the 1-Cent Piece/Reintroduce the 2-Cent Piece

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