Remember penny candy? What can be purchased...

DieClash · October 6, 2009 12:40PM

...for mere cents today?

I remember buying penny candy at the local newsstand 35 years ago. A Reese's peanut butter cup was a nickel and for a dime you could get two Reese's peanut butter cups.

I could play a game of pinball for 10-cents and 3 games for a quarter.

Fastforward to 2009. What can one buy today for mere cents? I'm having a difficult time with this.

In my hometown I can buy 30-min of parking for a quarter. I can still by 1-cent stamps at the post office, but it costs me 44-cents to mail a standard first-class letter.

Think about it. How much mercandise besides the 1-cent stamp can you buy with small change? Nickel? Dime? Quarter?

The U.S. is long past due for overhauling our circulting coinage mix. I believe that we should eliminate both the Cent and Nickel, because both denominations cost a lot more to produce then their face value.

I reluctantly assert that the dime should be the lowest denomination in circulating coins (reluctant because 10-cents today is the equivalent of 1/2 cent in 1914, the denomination which was eliminated about 60 year prior because it lacked relevance then).

I guess that's my point. Cents, Nickels and Dimes are no longer relevant in todays reality. Think about it. A $1 (paper dollars are produced at the rate of about 4 billion each per year) is worth the equivalent of a 1914 Nickel! No Sh*T! FACT!

What if we eliminate the paper $1? The BEP produces about 8 billion bills per year. Eliminating the paper dollar would cut that production in half, saving billions of taxpayer dollars going forward!

We can replace the billions of cents, & nickels with the dollar coins. The dollar coins would replace the paper bills, last longer in circulation, cost much less than the cents and nickels that are sucking on the seignorage. And would be a much more practical solution for providing the coins and currency necessary for commerce, which is the constitutional mandate of the Treasury (Mint and BEP).

JMHO

MsMorrisine · October 6, 2009 12:43PM

the 1cent gumball machines are all gone

adamlaneus · October 6, 2009 12:43PM

Golden Dollar coins are the "Large Cent" of the future.

coinmanic · October 6, 2009 12:47PM

A green bean at the bulk food store. Forget the bag though, at 2/100 of a LB it would add 4C to the cost.

pcgs69 · October 6, 2009 12:48PM

There's a candy store near where I live that still has penny candy... but it's one Swedish fish or one skittle

fc · October 6, 2009 12:49PM

you can still buy hardware for a few cents each in old fashioned
hardware stores. nails and etc... usually by the pound naturally but
you can buy just a few. that type of small mass produced stuff.

but in general the things i am talking about is when you buy a package
that contains 100 items for a few dollars.. that is mere cents per piece.

ormandh · October 6, 2009 12:55PM

How would you get change for something that costs $1.07? Round up or round down?

DieClash · October 6, 2009 12:59PM

Well, whenever I buy a gallon of gas at the pumps, the merchant is not going to give me 1-tenth of a cent in change. I must buy at least ten gallons to purchase those missing tenths. And ya' know what, our dollar today is only worth a nickel in 1914 dollars and the dime is worth only a half-cent, which means our cent today is not worth 1/10th of a 1914 cent but rather 5/100ths of a 1914 cent.

I guess my point is, if this country felt in the mid-1800s that the half-cent was obsolete, then why the heck are we still producing cents, nickels, and dimes today, when their value is even less than the half-cent was, when it went obsolete.?

Makes no sense to me.

But keep posting, I do love these items (many nostalgic) that one can purchase for mere pennies today!

coindeuce · October 6, 2009 1:03PM

<< the 1cent gumball machines are all gone >>

Not so fast MsM. There is one at my local cycle shop that I feed every time I go in. Only 1 gumball per cent, but it still draws a crowd.

I'm gonna put some Indian Heads in next time around.

DieClash · October 6, 2009 1:08PM

<< How would you get change for something that costs $1.07? Round up or round down? >>

Apply ISO rounding rules. based on a 10-cent system, a $1.07 would round up to $1.10, at a $1.05 you would round up to $1.10 and at $1.04 would round down to a $1.00.

In 1914 dollars 5-cents is equivalent of a $1.00 today and $0.05 cent today is the equivalent of $0.0025 in 1914!

MsMorrisine · October 6, 2009 1:14PM

<< 

<< the 1cent gumball machines are all gone >>

Not so fast MsM. There is one at my local cycle shop that I feed every time I go in. Only 1 gumball per cent, but it still draws a crowd.

I'm gonna put some Indian Heads in next time around. >>

I'm there, just tell me where!

ProofArtworkonCircs · October 6, 2009 2:39PM

<<I reluctantly assert that the dime should be the lowest denomination in circulating coins (reluctant because 10-cents today is the equivalent of 1/2 cent in 1914, the denomination which was eliminated about 60 year prior because it lacked relevance then).>>

The need for a 1/2 cent disappeared overnight in 1857 when the Spanish-Americal coins were no longer legal tender such as the one bit piece worth 12 1/2 cents. Until quite modern times (1980's?), Spanish coins were receivable at post offices at 80% of face.

Private scrip included a 3 bit note = 37 1/2 cents.

Overdate · October 6, 2009 2:43PM

One share of a penny stock?

mrpotatoheadd · October 6, 2009 2:44PM

I have one of these- they take pennies...

PerryHall · October 6, 2009 9:28PM

Cents today serve the same purpose that the slaes tax tokens served during the 1930's.

MsMorrisine · October 6, 2009 10:12PM

<< One share of a penny stock?

>>

yes~!

and some can be had for less than a cent!

MsMorrisine · October 6, 2009 10:12PM

<< I have one of these- they take pennies...

>>

sweet

haven't seen one in years and years.

messydesk · October 6, 2009 10:31PM

You can buy 3/4" washers for 1c each, but you have to put the holes in them yourself.

NitroCruiser · October 7, 2009 3:12AM

The gasoline issue was a good point. Why do the signs show 9/10th's? Somebody is making a lot of money on those tenths of a cent we can't pay for unless you pump to the nearest whole cent (which is nearly impossible). People are making money of prices less than a cent (foreign currency exchanges, banks) it's just not the average Joe. I'm not opposed to loosing the cent (not sure on the nickle) because I think that would give more excuse to round up to an even dollar. Then want about sales tax? That would have to be at least 10% (without cents or nickles) that means the cheapest item you could buy would be .90 with .10 for tax. Anything less and the state (maybe soon the Fed, if VAT comes about) would not get its cut. Not to mention if something is $1.10 to 1.90 in price, do you give .10 or .20 for tax? That's why I don't think cents or nickles will go way. Probably a better way would be for all coin and currency to go away (more savings there) and have everyone carry a debit card.

As far as stories go, I know that into the mid-90's you could still make a local call from a phone booth in Millington TN. for .10. Now you have a harder time even finding pay phones in some areas.

coinmanic · October 7, 2009 3:15AM

You can still go to the bank and buy five government manufactured bimetal coins for a nickel.

SaorAlba · October 7, 2009 3:54AM

In one of the grocery stores here they have horsey rides for the kids that only cost a penny - I know well, because of my five year old. Exactly why the store does it.

PerryHall · October 7, 2009 4:06AM

<< You can buy 3/4" washers for 1c each, but you have to put the holes in them yourself. >>

Is zinc really the best metal for a washer?

PerryHall · October 7, 2009 4:07AM

I hear they work well as fuses.

messydesk · October 7, 2009 5:25AM

One of the grocery stores in my area that has a fantastic selection of good produce that's both better and cheaper than it is in the large, union, chain grocery stores frequently has items that are less than 5c each. I can probably get a Thai chile for 1c, and the sign above the bin of limes said "4c" once this summer -- that looked kind of strange, compared to "25/$1."

PerryHall · October 7, 2009 5:29AM

When you ask for opinions here, you can always count on several members giving you their 2 cents worth.

VintageCardLover · October 7, 2009 5:36AM

its all about perspective i guess. I can guy swedish fish for a penny a pop at the package store

they also have 5 cent bubble gum!

coinmanic · October 7, 2009 5:46AM

<< The gasoline issue was a good point. Why do the signs show 9/10th's? Somebody is making a lot of money on those tenths of a cent we can't pay for unless you pump to the nearest whole cent (which is nearly impossible). People are making money of prices less than a cent (foreign currency exchanges, banks) it's just not the average Joe. I'm not opposed to loosing the cent (not sure on the nickle) because I think that would give more excuse to round up to an even dollar. Then want about sales tax? That would have to be at least 10% (without cents or nickles) that means the cheapest item you could buy would be .90 with .10 for tax. Anything less and the state (maybe soon the Fed, if VAT comes about) would not get its cut. Not to mention if something is $1.10 to 1.90 in price, do you give .10 or .20 for tax? That's why I don't think cents or nickles will go way. Probably a better way would be for all coin and currency to go away (more savings there) and have everyone carry a debit card.

As far as stories go, I know that into the mid-90's you could still make a local call from a phone booth in Millington TN. for .10. Now you have a harder time even finding pay phones in some areas. >>

I agree that the 9/10 pricing is stupid. The fact is though, no one buys gas by the gallon, but rather by the tankfull or the Dollar amount. If you by $20 worth of gas, you will get a bit more at $2.49.90 than at $2.50 per galon.

Res · October 7, 2009 5:50AM

<< Well, whenever I buy a gallon of gas at the pumps, the merchant is not going to give me 1-tenth of a cent in change. I must buy at least ten gallons to purchase those missing tenths. And ya' know what, our dollar today is only worth a nickel in 1914 dollars and the dime is worth only a half-cent, which means our cent today is not worth 1/10th of a 1914 cent but rather 5/100ths of a 1914 cent.

I guess my point is, if this country felt in the mid-1800s that the half-cent was obsolete, then why the heck are we still producing cents, nickels, and dimes today, when their value is even less than the half-cent was, when it went obsolete.?

Makes no sense to me.

But keep posting, I do love these items (many nostalgic) that one can purchase for mere pennies today! >>

Do you pay more than if it was $2.50 instead of 2.499? No. Stop worrying about the little things. Isn't the difference only $1.00 on a thousand gallons of gas?

DieClash · October 8, 2009 9:12AM

<< 

<< Well, whenever I buy a gallon of gas at the pumps, the merchant is not going to give me 1-tenth of a cent in change. I must buy at least ten gallons to purchase those missing tenths. And ya' know what, our dollar today is only worth a nickel in 1914 dollars and the dime is worth only a half-cent, which means our cent today is not worth 1/10th of a 1914 cent but rather 5/100ths of a 1914 cent.

I guess my point is, if this country felt in the mid-1800s that the half-cent was obsolete, then why the heck are we still producing cents, nickels, and dimes today, when their value is even less than the half-cent was, when it went obsolete.?

Makes no sense to me.

But keep posting, I do love these items (many nostalgic) that one can purchase for mere pennies today! >>

Do you pay more than if it was $2.50 instead of 2.499? No. Stop worrying about the little things. Isn't the difference only $1.00 on a thousand gallons of gas? >>

"Stop worrying about the little things". That's exactly my point. The dollar has been devalued over the past 95 years such that a dime today has the same value as a half-cent in 1914 and the half-cent in 1914 had been obsolete for about 50 years. By comparison, in today's parlance, a dime is a very little thing indeed and a denomination which no longer has utility in commerce.

That's why I opined about items, like gasoline bing priced at the 1/10th of a cent level. Not having a $0.001 denomination in circulation doesn't prevent sellers from pricing items at that level. Likewise, not having a Nickel or cent today would not prevent transactions from being priced at denominations that don't circulate. Face it, most transactions are done by Credit card today. Removing obsolete denominations from circulation will not prevent precise CC transactions to the cent or fraction of a cent.

We can live without a Nickel or cent denomination in today's reality. I'm proposing keeping the dime, even if it is the equivalent of a half-cent in 1914 dollars.

MsMorrisine · October 8, 2009 9:25AM

can we keep the dime and rename it the half-cent? then the dollar becomes a nickel.... sounds about right.

DieClash · October 8, 2009 9:54AM

<< can we keep the dime and rename it the half-cent? then the dollar becomes a nickel.... sounds about right. >>

I thought about that too. It's like Zimbabwe's response to galloping hyperinflation, after the trillion dollar bill became reality I think they revalued based on something about four zeros less. When the U.S. starts seeing hyperinflation soon, maybe a similar revaluation is in order.

Barberman55 · October 8, 2009 10:38AM

In the New York City subways, in the early sixties, I used to buy 1 cent boxes of Chiclets. The boxes of Chiclets were stored in these old vending machines that were attached to the steel supports in the subway. The boxes contained 2 Chiclets.......those were the days! I remember those vending machines, which were operated 100% manually, looked very old, even back in the early sixties. I would love to own one of those machines today.

coppercoins · October 8, 2009 11:13AM

The answer is actually very simple and very obvious, yet doing the task would kill an already crippled economy.

Reforming all our currency to move the decimal point over one notch would solve the devalued coinage problem and make producing the coins easier - as well as the paper.

So...

A gallon of milk would go back to 29c, a gallon of gas would be 25c, candy bars would be 5c-10c, a new car would cost $2,500-$4,000, and a ticket to a pro baseball game would go back to $2.50 - but at the same time minimum wage would go back to 75c/hour, and a typical weekly paycheck would be $20-$75. Median household income would be much closer to $7,000-$12,000 per year.

All coinage and bills would have to be reformed, but we would once again have a need for a one cent coin, and the quarter would again gain a lot of it's once 'workhorse' status. This would buy us another 20-30 years before we came back to having the same problem we have now, but would keep us from having $10/gallon gas and $5 for a candy bar, which is where we're heading by then.

FullStepJeffs · October 8, 2009 6:42PM

<< The answer is actually very simple and very obvious, yet doing the task would kill an already crippled economy.

Reforming all our currency to move the decimal point over one notch would solve the devalued coinage problem and make producing the coins easier - as well as the paper.

So...

A gallon of milk would go back to 29c, a gallon of gas would be 25c, candy bars would be 5c-10c, a new car would cost $2,500-$4,000, and a ticket to a pro baseball game would go back to $2.50 - but at the same time minimum wage would go back to 75c/hour, and a typical weekly paycheck would be $20-$75. Median household income would be much closer to $7,000-$12,000 per year.

All coinage and bills would have to be reformed, but we would once again have a need for a one cent coin, and the quarter would again gain a lot of it's once 'workhorse' status. This would buy us another 20-30 years before we came back to having the same problem we have now, but would keep us from having $10/gallon gas and $5 for a candy bar, which is where we're heading by then. >>

Sounds like the country of Turkey. Might want to research what they did with their currency and the results.

Short version... the OP wants the penny and nickel eliminated. Turkey did that along with all the other small change over time. I got there in 1996. Exchange rate to the dollar was 46 thousand plus. I could get in a taxi and ride all over the city for a $1. A loaf of bread right out of the oven cost me a dime. They had very few coins... all bills. By the time I left... in 1998, the exchange rate was over 100K to the dollar. Eventually, it was something like 500K to the dollar when they decided to drop a zero off the currency... they had riots in the streets.

Everyones income was also reduced by a zero, while their bills remained.

I'm no economist, but rampant inflation which I believe was assisted by the elimination of the basic coinage the Turkish lira was based upon... wasn't very fun for them.

Oh, and your $1000 coins are then selling for....

I hope I never see it in my lifetime.

Steve

thisnamztaken · October 8, 2009 6:50PM

An antique mall in my area has small cups of coffee for only 5¢. On top of that, it's on the honor system : they just trust you to put a nickel in the slot on top of the cast iron, red & white, antique Aunt Jemima bank they have sitting there.

PerryHall · October 8, 2009 9:14PM

<< An antique mall in my area has small cups of coffee for only 5¢. On top of that, it's on the honor system : they just trust you to put a nickel in the slot on top of the cast iron, red & white, antique Aunt Jemima bank they have sitting there. >>

These days, I'm surprised someone hasn't stolen Aunt Jemima.

MisterBungle · October 8, 2009 10:37PM

I saw a sale at the gorcery store where you could get a package of Ramen noodles for a dime. Mmmmmm, I like the ersatz-chicken flavored variety myself!
-----
Chicken flavored salt.

~

MisterBungle · October 8, 2009 10:41PM

How would you get change for something that costs $1.07? Round up or round down?
-----
What difference would it make.

~

PerryHall · October 8, 2009 11:00PM

<< How would you get change for something that costs $1.07? Round up or round down?
-----
What difference would it make.

~ >>

1 or 2 round down
3 or 4 round up
In the long run, it'll balance out.

MisterBungle · October 9, 2009 1:08AM

<< 

<< How would you get change for something that costs $1.07? Round up or round down?
-----
What difference would it make.

~ >>

1 or 2 round down
3 or 4 round up
In the long run, it'll balance out. >>

-----
...and even if it doesn't balance out,
what difference would it make.

A few pennies, even a few pennies a day,
isn't going to change anybody's life style.

~

Remember penny candy? What can be purchased...

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