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Should the Government Stop Making Pennies?

Should The Government Stop Making Pennies?

  • Yes

    Votes: 12 60.0%
  • No

    Votes: 8 40.0%

  • Total voters
    20
I voted no. I do think the government should significantly reduce the amount of pennies it mints. Coins after all last a lot longer than paper money.
 
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i think they should stop it... saves more government spending
 
i think they should stop it... saves more government spending

Or they could find a way to make a penny cheaper like they have before when the price of copper rose.
 
I voted no. I do think the government should significantly reduce the amount of pennies it mints. Coins after all last a lot longer than paper money.

How long it lasts doesn't really matter when it's something as worthless as a penny though.
 
Or they could find a way to make a penny cheaper like they have before when the price of copper rose.

They could, but what's the point? Why not just get rid of a denomination of currency that is no longer necessary? We've done it before. We had half-cent pieces until 1857. I'm all in favor of eliminating the penny...and maybe the nickel too.
 
Since it's all fake value anyway, does it really matter?
 
I think the Congress should pass a law that allows vending machines to accept pennies :2mad:
 
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The Mint estimates it will cost 1.23 cents per penny and 5.73 cents per nickel this fiscal year, which ends Sept. 30. The cost of producing a penny has risen 27% in the last year, while nickel manufacturing costs have risen 19%.

I think the average use per year of a penny is about 50. The average life of a penny is more than 20 years. So an average use of a penny is about 1000 times. So the cost of the coin per use is 0.00123 penny. This issue is too much fun. Lets have some more.
 
The Mint estimates it will cost 1.23 cents per penny and 5.73 cents per nickel this fiscal year, which ends Sept. 30. The cost of producing a penny has risen 27% in the last year, while nickel manufacturing costs have risen 19%.

I think the average use per year of a penny is about 50. The average life of a penny is more than 20 years. So an average use of a penny is about 1000 times. So the cost of the coin per use is 0.00123 penny. This issue is too much fun. Lets have some more.

Somehow I don't think this assumption is quite accurate. Even it it were, the math is off. The "cost per use" that you're coming up with would be 0.123, though again, I'm not quite sure this is a good basis for the value loss/gain from using the penny denomination.
 
I checked my arithmetic. A penny costs 1.23 pennies then divide that by 1000 uses during its monetary life and that comes to 0.00123 pennies per use. (I did ignore investment costs and some other details.) I still don’t see my error.
 
The druglord currency? Not a chance. :lol:
I thought that all of the transactions were recorded on the servers to make things work. That doesn't seem to lend itself to money laundering.
 
I wonder how this will affect spending. Most retailers charge $1.99 instead of $2.00 to make the consumer at least subconsciously think that they're saving more, as they see the 1 first. Personally, I think this is stupid, but retailers do it quite a bit. Either way, I doubt that this would affect consumer spending habits that much though, especially with the rise of electronic currency.
 
I wonder how this will affect spending. Most retailers charge $1.99 instead of $2.00 to make the consumer at least subconsciously think that they're saving more, as they see the 1 first. Personally, I think this is stupid, but retailers do it quite a bit. Either way, I doubt that this would affect consumer spending habits that much though, especially with the rise of electronic currency.

They could still charge $1.95 instead of $2.00.
 
I checked my arithmetic. A penny costs 1.23 pennies then divide that by 1000 uses during its monetary life and that comes to 0.00123 pennies per use. (I did ignore investment costs and some other details.) I still don’t see my error.

I took the original post to mean it cost $1.23 per penny. If that's not the case then my apologies.
From the OP:
According to snopes in 2006 it cost $1.23 to produce
 
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Yes, because honestly who ever pays in exact change?
 
NO! That's my 2-cents worth.
 
I think the Congress should pass a law that allows vending machines to accept pennies :2mad:


They used too accept pennies...actually when I was a kid I used to go to the store for my father. I would put a dime in the vending machine get a pack of lucky strike and there would be two cents taped to the side of the cigarette pack....thats right 8cts a pack in a vending machine.
 
I say round everything to the nearest dime, then start making dimes out of whatever it is that they use now to make pennies. The current dime is worth less than the 1950's penny was worth, and we got along just fine without a 1/10 of a cent coin back then, so why do we need a coin that is worth less than 1/10 of a 1950s penny today?

Why, in fact, do we need cash at all today?
 
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Why, in fact, do we need cash at all today?

If I use a check, credit or debit card it costs the vendors of everything much more than cash.
If I use cash, private companies and the governments can’t track me as well.
Only communists would like us to use cards or checks.
 
If I use a check, credit or debit card it costs the vendors of everything much more than cash.
If I use cash, private companies and the governments can’t track me as well.
Only communists would like us to use cards or checks.

Capitalists don't want us to use cards? Really? I'm not so sure you could support that idea.
 
I voted no. I do think the government should significantly reduce the amount of pennies it mints. Coins after all last a lot longer than paper money.

I agree, besides everything we buy has pennies in the price and to eliminate them would mean the price of everything would go up.
Yes but only a few pennies, and that's right but in this economy every penny counts especially when you don't have much to start with.
 
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