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(The Consumerist)   Why the United States needs to take pennies out of circulation. They're disgusting, annoying, smelly things that have no place in modern society   (consumerist.com) divider line 219
    More: Spiffy, United States, modern society, Coinstar  
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14550 clicks; posted to Main » on 13 Jan 2012 at 10:21 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-01-13 07:16:22 PM  
How else is the government supposed to get your DNA on file?
 
2012-01-13 07:19:27 PM  
I read that as "penis" and started worrying that my wife finally signed up for TF and was submitting headlines.
 
2012-01-13 07:24:15 PM  

miss diminutive: How else is the government supposed to get your DNA on file?


Ass nickels
 
2012-01-13 07:35:32 PM  
i259.photobucket.com

Agrees
 
2012-01-13 07:40:18 PM  
Pennies become some sort of super cement when mixed with condensation from cups in my car cupholders . I could certainly do without them
 
2012-01-13 07:52:59 PM  
Seriously. Let's just round them off. Up or down I don't care. We should probably get rid of nickels too.
 
2012-01-13 08:04:14 PM  

Roook: Seriously. Let's just round them off. Up or down I don't care. We should probably get rid of nickels too.


Easily.

As I've stated before whenever this topic comes up:

When the Lincoln-head cent was introduced in 1909, it was the lowest-denomination minted at the time. It replaced the Indian-head cent, and was issued in honor of Lincoln's 100th birthday.

The value of the cent at the time is roughly the same as a quarter is worth today. This in a society that was almost entirely cash-dependent (it was for John Q. Public, anyway). Somehow, people managed to get by.

US prices are only stated in $XX.YY format because the cent still happens to be the lowest-denomination coin. Stopping at the cent is entirely arbitrary. There are fractions of pennies rounded up or down all the time -- and some businesses still sell units in fractions down to the hundredth of a mil ($XX.YYYYY). There is nothing special about the cent.

We could eliminate the penny, nickel, dime, and dollar bill, ramp up production of halves and dollar coins, and not only would our coinage system finally be modernized, but it would save the US Treasury millions in minting costs (plus additional profit of seigniorage), AND reduce the number of coins in someone's pocket. Nobody would need more than 4 dollars, 1 half and 1 quarter at any time. Six coins total before you're hitting a fiver.
 
2012-01-13 08:04:34 PM  
This thread would be very scary if the word pennies was replaced with an ethnic group.
 
2012-01-13 08:11:09 PM  
What kind of countrified rube pays cash for anything anymore?
 
2012-01-13 08:13:08 PM  
Much like farkers?
 
2012-01-13 08:14:01 PM  

AdolfOliverPanties: This thread would be very scary if the word pennies was replaced with an ethnic group.


Maybe you don't call an ethnic group pennies, but I sure as do. Dirty rotten pennies, stealing AMERICAN JOBS!
 
2012-01-13 08:16:00 PM  

WhoIsWillo: AdolfOliverPanties: This thread would be very scary if the word pennies was replaced with an ethnic group.

Maybe you don't call an ethnic group pennies, but I sure as do. Dirty rotten pennies, stealing AMERICAN JOBS!


I always hold my purse tight when I'm walking down the street and see a roll of pennies.
 
2012-01-13 08:16:20 PM  
i11.photobucket.com
 
2012-01-13 08:18:10 PM  

BKITU: Roook: Seriously. Let's just round them off. Up or down I don't care. We should probably get rid of nickels too.

Easily.

As I've stated before whenever this topic comes up:

When the Lincoln-head cent was introduced in 1909, it was the lowest-denomination minted at the time. It replaced the Indian-head cent, and was issued in honor of Lincoln's 100th birthday.

The value of the cent at the time is roughly the same as a quarter is worth today. This in a society that was almost entirely cash-dependent (it was for John Q. Public, anyway). Somehow, people managed to get by.

US prices are only stated in $XX.YY format because the cent still happens to be the lowest-denomination coin. Stopping at the cent is entirely arbitrary. There are fractions of pennies rounded up or down all the time -- and some businesses still sell units in fractions down to the hundredth of a mil ($XX.YYYYY). There is nothing special about the cent.

We could eliminate the penny, nickel, dime, and dollar bill, ramp up production of halves and dollar coins, and not only would our coinage system finally be modernized, but it would save the US Treasury millions in minting costs (plus additional profit of seigniorage), AND reduce the number of coins in someone's pocket. Nobody would need more than 4 dollars, 1 half and 1 quarter at any time. Six coins total before you're hitting a fiver.


Interesting, I never thought of it that way before.
 
2012-01-13 08:32:17 PM  
I don't mind pennies, when I need cash I can lug 30 lbs of them to the coinstar and get like $50.
 
2012-01-13 08:40:55 PM  

DanZero: Much like farkers?


You think you're better than me? You're not better than me. You handled my ass pennies.

YOU ALL HANDLED MY ASS PENNIES!
 
2012-01-13 08:42:32 PM  

FirstNationalBastard: I always hold my purse tight when I'm walking down the street and see a roll of pennies.


They think their so cool with their copper skin.
 
2012-01-13 08:54:50 PM  
Pennies are cool.
 
2012-01-13 08:55:00 PM  

miss diminutive: BKITU: Roook: Seriously. Let's just round them off. Up or down I don't care. We should probably get rid of nickels too.

Easily.

As I've stated before whenever this topic comes up:

When the Lincoln-head cent was introduced in 1909, it was the lowest-denomination minted at the time. It replaced the Indian-head cent, and was issued in honor of Lincoln's 100th birthday.

The value of the cent at the time is roughly the same as a quarter is worth today. This in a society that was almost entirely cash-dependent (it was for John Q. Public, anyway). Somehow, people managed to get by.

US prices are only stated in $XX.YY format because the cent still happens to be the lowest-denomination coin. Stopping at the cent is entirely arbitrary. There are fractions of pennies rounded up or down all the time -- and some businesses still sell units in fractions down to the hundredth of a mil ($XX.YYYYY). There is nothing special about the cent.

We could eliminate the penny, nickel, dime, and dollar bill, ramp up production of halves and dollar coins, and not only would our coinage system finally be modernized, but it would save the US Treasury millions in minting costs (plus additional profit of seigniorage), AND reduce the number of coins in someone's pocket. Nobody would need more than 4 dollars, 1 half and 1 quarter at any time. Six coins total before you're hitting a fiver.

Interesting, I never thought of it that way before.


It's bullshiat. By removing smaller coins, you're only going to see an increase in prices to the larger coins. This will include taxes. What was a 1.09 in PA will overnight become 1.25, with Sheetz pocketing the difference. Also copper is naturally anti-biotic more so than many other metals. So handled pennies are actually some of the cleanest money around.
 
2012-01-13 09:01:19 PM  
As long as we have money, we should have pennies.

When we switch to entirely electronic monies, then and only then can the smaller coins be discontinued.


And honestly, looking at Japan and Canada and Europe and every other country in the world: bills are nice but coins are nice too. I REALLY enjoy the 500 yen coins. It's actually really nice not to have to handle paper money. Just flop down one coin and you've paid for a beer a ball game. No 699 yen beers here. The coin keeps the price anchored at 500 yen. And while SOMETIMES it blows back and artificially raises things, usually it's the reverse. Good value in a coin. People don't respect bills the same way as hard metal.
 
2012-01-13 09:03:40 PM  

doglover: By removing smaller coins, you're only going to see an increase in prices to the larger coins. This will include taxes. What was a 1.09 in PA will overnight become 1.25, with Sheetz pocketing the difference.


Are all sales taxes rounded up to the nearest smallest-denomination coin now?

(Hint: the answer is "no")

What was $1.09 would be $1.00. What was $1.12 would be $1.00. What was $1.13 would be $1.25.

Over time it would average out to being no more than +/- one unit, just like today.

"zOMG TEHY WILL ALWAYZ ROUNDZ0RS UP!!!11!1!" was a stupid argument 50 years ago, and it's a stupid argument today.
 
2012-01-13 09:07:05 PM  

BKITU: What was $1.09 would be $1.00.


www.fatwallet.com


You don't know Sheetz.
 
2012-01-13 09:07:56 PM  

doglover: BKITU: What was $1.09 would be $1.00.

[www.fatwallet.com image 363x310]


You don't know Sheetz.


And you don't know shiat, so we're even. Want a beer?
 
2012-01-13 09:12:49 PM  

BKITU: doglover: BKITU: What was $1.09 would be $1.00.

[www.fatwallet.com image 363x310]


You don't know Sheetz.

And you don't know shiat, so we're even. Want a beer?


Doc said I gotta lose weight and stop drinking.

Compromise? I'm back on the martini boat.
 
2012-01-13 09:21:42 PM  

sigdiamond2000: What kind of countrified rube pays cash for anything anymore?


People that need a goddamned cup of coffee, and the tiny place in the subway with excellent coffee doesn't take cards and goddamnit here's the train and I need...$2.15 and a lid...yes, yes, a handful of change...
 
2012-01-13 10:17:41 PM  
I prefer this video:

Link (new window)
 
2012-01-13 10:24:43 PM  
But how else will I insult bad waitstaff ?
 
2012-01-13 10:24:52 PM  
What will toddlers eat when we do away with small change?
 
2012-01-13 10:25:35 PM  
Why do we have any coin currency at all?? What is this, the dark ages?
 
2012-01-13 10:26:14 PM  

One Bad Apple: But how else will I insult bad waitstaff ?


What else will old people give out on Halloween!?
 
2012-01-13 10:26:55 PM  
What else will Jews get in fist fights over!?
 
2012-01-13 10:29:09 PM  
Can't the same be said about the Jersey Shore cast? Or all of Jersey for that matter?
 
2012-01-13 10:29:22 PM  
So what you're saying is that our currency has been devalued to shiat.
 
2012-01-13 10:31:08 PM  
You know, this almost sounds like it was taken from a plot point in an old TV show.
 
2012-01-13 10:31:24 PM  

markie_farkie: I read that as "penis" and started worrying that my wife finally signed up for TF and was submitting headlines.


Me too.
 
2012-01-13 10:31:29 PM  

BKITU: doglover: By removing smaller coins, you're only going to see an increase in prices to the larger coins. This will include taxes. What was a 1.09 in PA will overnight become 1.25, with Sheetz pocketing the difference.

Are all sales taxes rounded up to the nearest smallest-denomination coin now?

(Hint: the answer is "no")

What was $1.09 would be $1.00. What was $1.12 would be $1.00. What was $1.13 would be $1.25.

Over time it would average out to being no more than +/- one unit, just like today.

"zOMG TEHY WILL ALWAYZ ROUNDZ0RS UP!!!11!1!" was a stupid argument 50 years ago, and it's a stupid argument today.


But the retailer still buys in large quantities and calculates their cost per unit so while your method of rounding makes sense mathematically it might not make good business sense.

Retailers will do what they want. The plan to get rid of nickels and dimes will ever fly with the public. See how long these arguments for ridding ourselves of pennies has gone on and never seems to get much traction.
 
2012-01-13 10:32:15 PM  
Due to metal prices, today it costs the US Mint 11 cents to make a nickel.
 
2012-01-13 10:32:35 PM  
I think plural for penis should be pennies.
It's easier to pronounce and would make pennies valuable again.
 
2012-01-13 10:32:41 PM  
mlkshk.com
 
2012-01-13 10:33:31 PM  
If I never get another penny it'll be too farking soon. Useless things.
 
2012-01-13 10:35:06 PM  

doglover: It's bullshiat. By removing smaller coins, you're only going to see an increase in prices to the larger coins. This will include taxes. What was a 1.09 in PA will overnight become 1.25, with Sheetz pocketing the difference. Also copper is naturally anti-biotic more so than many other metals. So handled pennies are actually some of the cleanest money around.


What they would do is slightly alter packaging or production to reflect the price. Take a little out and make it 1.00 or put some in and make it 1.25. And some would probably go lower anyway just to get more customers buying. Do you think retailers would suddenly stop going for the psychological trick of pricing things just below the dollar amount? Wal Mart believes in it so much they undercut the .99 to .98 or .88 all the time.

/i'd go just for eliminating penny and nickel
//and ditching the quarter for 20 and 50 cent coins
///and ditch dollar bill for coins
 
2012-01-13 10:35:17 PM  
While they're at it, get rid of mosquitoes to. Hate those bastards...they serve no purpose.
 
2012-01-13 10:35:38 PM  

farkingismybusiness: DanZero: Much like farkers?

You think you're better than me? You're not better than me. You handled my ass pennies.

YOU ALL HANDLED MY ASS PENNIES!


For the uninitiated (new window)
 
2012-01-13 10:36:08 PM  

doglover:
It's bullshiat. By removing smaller coins, you're only going to see an increase in prices to the larger coins. This will include taxes. What was a 1.09 in PA will overnight become 1.25, with Sheetz pocketing the difference. Also copper is naturally anti-biotic more so than many other metals. So handled pennies are actually some of the cleanest money around.


Why, you can still list an item at 1.09 even if there is no pennies. You just add all the groceries together, and then aproximate the price.

That's what we do in normal countries. The price of stuff is not really related to available coinage, why should it be?
 
2012-01-13 10:36:44 PM  

rocketpants: Due to metal prices, today it costs the US Mint 11 cents to make a nickel.


And due to basic macro-economics, that nickle produces many hundreds of dollars over the course of its circulation.
 
2012-01-13 10:38:10 PM  
So are pennies a new code word for Mexicans?
 
2012-01-13 10:39:22 PM  

BKITU: When the Lincoln-head cent was introduced in 1909, it was the lowest-denomination minted at the time. It replaced the Indian-head cent, and was issued in honor of Lincoln's 100th birthday.

The value of the cent at the time is roughly the same as a quarter is worth today. This in a society that was almost entirely cash-dependent (it was for John Q. Public, anyway). Somehow, people managed to get by.


To add to the historical trivia, we quit minting the half penny shortly after the civil and at the time it had more purchasing power than a dime today.
 
2012-01-13 10:39:49 PM  

doglover: By removing smaller coins, you're only going to see an increase in prices to the larger coins.


The feds over the past few years essentially gave $2 trillion to BoA, Citibank, et al to 'fight deflation.' If they could fight deflation by removing small denomination coins, save coinage costs, and pocket the seigniorage instead of giving Wall Street bankers million dollar bonuses wouldn't you prefer it?
 
2012-01-13 10:42:39 PM  
Came for ass-pennies reference. Leaving satisfied.
 
2012-01-13 10:43:43 PM  
I got only about a quarter of the way through the thread before realising it's going to be filled with the same slack-jawed morons who are the reason we still have pennies around. People like that make me pray for killer asteroids.
 
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