If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Center for Public Integrity)   The only reason we still use the stupid penny? Zinc industry lobbyists   (publicintegrity.org) divider line 104
    More: Obvious  
•       •       •

975 clicks; posted to Politics » on 02 Jul 2014 at 1:33 PM (11 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



104 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

First | « | 1 | 2 | 3 | » | Last | Show all
 
2014-07-02 11:22:09 AM
The penny is useful. Almost all commerce in the US above the consumer level operates on fractions of a penny(from sales tax, to trades on the exchange, to stores calculating sales margins). If you really have that much of a bug up your ass about changing around the currency then get rid of the $1 bill and replace it with $1 and $2 coins.
 
2014-07-02 11:58:52 AM
blogs.telegraph.co.uk
 
2014-07-02 12:23:45 PM

Voiceofreason01: Almost all commerce in the US above the consumer level operates on fractions of a penny(from sales tax, to trades on the exchange, to stores calculating sales margins).


Are physical pennies and fractions thereof typically exchanged a lot in these processes?
 
2014-07-02 12:40:11 PM

Relatively Obscure: Are physical pennies and fractions thereof typically exchanged a lot in these processes?


No, but it means that by increasing the minimum unit of exchange for consumers you're essentially creating an extra sales tax that goes strait into the pocket of sellers.
 
2014-07-02 12:43:02 PM
And Illinois.  Don't forget Illinois.
 
2014-07-02 12:44:51 PM

Voiceofreason01: Relatively Obscure: Are physical pennies and fractions thereof typically exchanged a lot in these processes?

No, but it means that by increasing the minimum unit of exchange for consumers you're essentially creating an extra sales tax that goes strait into the pocket of sellers.


In Canada, we round cash transactions to the nearest $0.05.  Both up and down.  It's not hard.  Really.  It's not.

Rounding pennies and the $1 and $2 coins are a real convenience, I must say.
 
2014-07-02 01:15:08 PM

Benevolent Misanthrope: In Canada, we round cash transactions to the nearest $0.05.  Both up and down.  It's not hard.  Really.  It's not.


Is that a Province thing because I don't remember that last time I was there.
 
2014-07-02 01:28:31 PM

Voiceofreason01: Benevolent Misanthrope: In Canada, we round cash transactions to the nearest $0.05.  Both up and down.  It's not hard.  Really.  It's not.

Is that a Province thing because I don't remember that last time I was there.


No, it's national, but only for cash transactions.  We don't have pennies any more.
 
2014-07-02 01:38:49 PM

Benevolent Misanthrope: No, it's national, but only for cash transactions.  We don't have pennies any more.


I see. I mostly pay with plastic because the exchange rate on the card is less than the rate to buy currency. We see a lot of Canadian pennies here down here mixed in with US change.
 
2014-07-02 01:39:14 PM

Benevolent Misanthrope: Voiceofreason01: Benevolent Misanthrope: In Canada, we round cash transactions to the nearest $0.05.  Both up and down.  It's not hard.  Really.  It's not.

Is that a Province thing because I don't remember that last time I was there.

No, it's national, but only for cash transactions.  We don't have pennies any more.



Next you're going to tell me that Canada uses a much simpler, better, and more efficient measurement system too.
 
2014-07-02 01:39:21 PM
Throw in some zinc into a toonie coin (loonies are already a standard unit of currency in the US) and kill off the penny. Problem solved.

/we came up with the coins first, we get to name them
 
2014-07-02 01:41:11 PM
The United States of America: boldly leading the world in refusing to change.
 
2014-07-02 01:41:12 PM
i1.ytimg.com
 
2014-07-02 01:43:47 PM

ArkAngel:


two and out
 
2014-07-02 01:43:53 PM
Just get rid of it already.   Stop talking about it and just do it.
 
2014-07-02 01:44:00 PM

Voiceofreason01: The penny is useful.


No it isn't.  It is a farking waste of money and metal.
 
2014-07-02 01:44:45 PM

Voiceofreason01: The penny is useful. Almost all commerce in the US above the consumer level operates on fractions of a penny(from sales tax, to trades on the exchange, to stores calculating sales margins). If you really have that much of a bug up your ass about changing around the currency then get rid of the $1 bill and replace it with $1 and $2 coins.


we can't get rid of the paper dollar bill either, because of the powerful unions in Mass where they singularily print the dollar bill, and because of the Democrat's refusal to put Reagan's face rightly on the dollar coin.
 
2014-07-02 01:45:34 PM

Thank You Black Jesus!: ArkAngel:

two and out


Not just yet....

Stile4aly: [i1.ytimg.com image 480x360]


Now we're done.
 
2014-07-02 01:45:37 PM

Stile4aly:


lucky thirteen
 
2014-07-02 01:46:50 PM

Benevolent Misanthrope: In Canada, we round cash transactions to the nearest $0.05.  Both up and down.  It's not hard.  Really.  It's not.


You're talking about Americans.  We refused to convert to metric system because it we're too dumb to multiply and divide by 10.
 
2014-07-02 01:47:02 PM

Electrify: Throw in some zinc into a toonie coin (loonies are already a standard unit of currency in the US) and kill off the penny. Problem solved.


/we came up with the coins first, we get to name them


Two words: Freedom Fries.

swayzesinisesellecksnacktime.files.wordpress.com
 
2014-07-02 01:47:48 PM
I used to be a big fan of the penny, for a couple of kind of half-ass reasons that made sense to me at the time.  I can't really find a GOOD reason to defend it, anymore.  It really does appear to be little more than, as said above, "a waste of money and metal."
 
2014-07-02 01:47:55 PM
We've dropped currency before. Remember the half-penny? When we dropped that it was worth more than the dime is currently.

As for Canada and it's dropping of the penny (rounding every cash transaction to $0.05), there are lots of people keeping track and it all seems to be a wash. There was an article on Fark a while back about one guy who was something like $0.84 ahead after 10 months. The end result is that consumers aren't being gouged and the government is saving money.

Honestly, if the US dropped everything below the quarter, I'd be good with that.

/I don't carry cash.
//The only cash transactions I ever have are my haircuts.
///Go to the bank, get a $20, hand it to the old guy as I get out of the barber chair. ($13 cut, $7 tip)
////If you're not going to a *real* barber, do it.
 
2014-07-02 01:48:09 PM
We can't get rid of them.  How else am I going to maintain the upper hand?

http://youtu.be/DO1Q7F23DxM
 
2014-07-02 01:48:31 PM

Benevolent Misanthrope: Voiceofreason01: Relatively Obscure: Are physical pennies and fractions thereof typically exchanged a lot in these processes?

No, but it means that by increasing the minimum unit of exchange for consumers you're essentially creating an extra sales tax that goes strait into the pocket of sellers.

In Canada, we round cash transactions to the nearest $0.05.  Both up and down.  It's not hard.  Really.  It's not.

Rounding pennies and the $1 and $2 coins are a real convenience, I must say.


Took my first trip to Montreal last month.  Other than having to phyiscally look (stare at) at the $1 and $2 coins the first few times, it was....somewhat less than painful.   The rainbow-hued currency was an added bonus.
 
2014-07-02 01:48:34 PM

Voiceofreason01: The penny is useful.


When the USA got rid of the half penny shortly after the Civil War, it had more purchasing power than a dime today.  We'll get over it.
 
2014-07-02 01:48:39 PM

snowshovel: we can't get rid of the paper dollar bill either, because of the powerful unions in Mass where they singularily print the dollar bill, and because of the Democrat's refusal to put Reagan's face rightly on the dollar coin.


I'd agree to put Reagan's face on the dollar coin.  I'm willing to make that compromise.
 
2014-07-02 01:49:14 PM

Voiceofreason01: Relatively Obscure: Are physical pennies and fractions thereof typically exchanged a lot in these processes?

No, but it means that by increasing the minimum unit of exchange for consumers you're essentially creating an extra sales tax that goes strait into the pocket of sellers.


You've already stated that many transactions are in fractions of the minimum unit of exchange as it currently stands: one penny, and fractions thereof,.
 
2014-07-02 01:50:22 PM

Chummer45: Benevolent Misanthrope: Voiceofreason01: Benevolent Misanthrope: In Canada, we round cash transactions to the nearest $0.05.  Both up and down.  It's not hard.  Really.  It's not.

Is that a Province thing because I don't remember that last time I was there.

No, it's national, but only for cash transactions.  We don't have pennies any more.


Next you're going to tell me that Canada uses a much simpler, better, and more efficient measurement system too.


Not for temperature, let me tell you.  Though if we're going for accuracy, we should all convert to Rankins, I guess.
 
2014-07-02 01:50:44 PM
My beloved Boston terrier nearly died from swallowing a penny. She got zinc poisoning which was misdiagnosed my the first vet. Even after I told him she'd barfed up 3 pennies, a dime and a nickle. She got so anemic her cheeks looked like raw chicken. $1500 later, she's fine. But fark pennies.
 
2014-07-02 01:52:41 PM
We need a 1/10th penny coin for when we buy gas.  If I buy 1 gallon of gas then I want correct change.  Damn it!
 
2014-07-02 01:52:52 PM

schubie: My beloved Boston terrier nearly died from swallowing a penny. She got zinc poisoning which was misdiagnosed my the first vet. Even after I told him she'd barfed up 3 pennies, a dime and a nickle. She got so anemic her cheeks looked like raw chicken. $1500 later, she's fine. But fark pennies.


You're missing the fact that your dog swallowed a penny and barfed up 18 cents.  Feed that biatch a Benjamin, stat.
 
2014-07-02 01:53:24 PM

Voiceofreason01: Relatively Obscure: Are physical pennies and fractions thereof typically exchanged a lot in these processes?

No, but it means that by increasing the minimum unit of exchange for consumers you're essentially creating an extra sales tax that goes strait into the pocket of sellers.


Of at most 4 CENTS!!! BFD!

And no money goes to sellers is not a TAX.
 
2014-07-02 01:53:28 PM

hiker9999: Benevolent Misanthrope: Voiceofreason01: Relatively Obscure: Are physical pennies and fractions thereof typically exchanged a lot in these processes?

No, but it means that by increasing the minimum unit of exchange for consumers you're essentially creating an extra sales tax that goes strait into the pocket of sellers.

In Canada, we round cash transactions to the nearest $0.05.  Both up and down.  It's not hard.  Really.  It's not.

Rounding pennies and the $1 and $2 coins are a real convenience, I must say.

Took my first trip to Montreal last month.  Other than having to phyiscally look (stare at) at the $1 and $2 coins the first few times, it was....somewhat less than painful.   The rainbow-hued currency was an added bonus.


I found it a very easy adaptation.  Like most people, I use plastic almost exclusively - but I find it's slightly more convenient to have larger-denomination coins.
 
2014-07-02 01:54:17 PM

Voiceofreason01: Relatively Obscure: Are physical pennies and fractions thereof typically exchanged a lot in these processes?

No, but it means that by increasing the minimum unit of exchange for consumers you're essentially creating an extra sales tax that goes strait into the pocket of sellers.


Australia managed this a long long time ago. You just round to the nearest 5 cents for cash transactions. Canada apparently managed a while ago too, with the same strategy.

On aggregate it works out the same, some transactions you're 2c better off, others you're 2c worse off. For most purchases the rounded amount is an insignificant portion of the bill.
 
2014-07-02 01:54:34 PM
Ass-nickel doesn't have the same ring to it.
 
2014-07-02 01:55:26 PM

Muta: We need a 1/10th penny coin for when we buy gas.  If I buy 1 gallon of gas then I want correct change.  Damn it!


The 1/10th penny coin should make it the size of an all day sucker too just to stick it to gas station owners who price their product at $3.72 9/10 per gallon.
 
2014-07-02 01:55:38 PM
Industry Lobbyists explain all of the stupid things about our currency.

The main reason we can't replace $1 bills with $1 coins is because of heavy lobbying from paper and ink suppliers, especially by the Crane Paper Company, which supplies most of the paper for US currency.

Of course, the main force trying to force the switch to the dollar coin has been other lobbyists, mainly on behalf of vending machine manufacturers.  But I guess they are not as influential.

Whichever group of lobbyists win is going to set our currency policy.  What would actually be best for the public or what would save the government money are both considerations pretty far down the list, I think.
 
2014-07-02 01:56:53 PM

Relatively Obscure: snowshovel: we can't get rid of the paper dollar bill either, because of the powerful unions in Mass where they singularily print the dollar bill, and because of the Democrat's refusal to put Reagan's face rightly on the dollar coin.

I'd agree to put Reagan's face on the dollar coin.  I'm willing to make that compromise.


I like it. It doesn't impact me at all, and maybe some ranty wingnuts would pipe down for a bit if they got a binky in the form of a Reagan coin.

Benevolent Misanthrope: Chummer45: Next you're going to tell me that Canada uses a much simpler, better, and more efficient measurement system too.

Not for temperature, let me tell you.  Though if we're going for accuracy, we should all convert to Rankins, I guess.


Agreed. Fahrenheit is a more granular measurement system, and I prefer it except for the 32 = freezing part. Also, I'd like a replacement for feet. I know we have decimeters, but who uses them?
 
2014-07-02 01:57:00 PM

Voiceofreason01: The penny is useful. Almost all commerce in the US above the consumer level operates on fractions of a penny(from sales tax, to trades on the exchange, to stores calculating sales margins).


Many transaction are also done in the Mill (Like gas for example). So should we bring those back too?

upload.wikimedia.org
Just because we use that to calculate doesn't force us to use it at a currency. We already do calculation at the Mill level and we got rid of the mill and you don't even notice!
 
2014-07-02 01:58:10 PM

snowshovel: Voiceofreason01: The penny is useful. Almost all commerce in the US above the consumer level operates on fractions of a penny(from sales tax, to trades on the exchange, to stores calculating sales margins). If you really have that much of a bug up your ass about changing around the currency then get rid of the $1 bill and replace it with $1 and $2 coins.

we can't get rid of the paper dollar bill either, because of the powerful unions in Mass where they singularily print the dollar bill, and because of the Democrat's refusal to put Reagan's face rightly on the dollar coin.


I'm no fan of Reagan, but I'd accept his vacant smiling mug on a dollar coin if it meant that we could get rid of the dollar bill and the penny.

You have yourself a deal.
 
2014-07-02 01:59:00 PM

Benevolent Misanthrope: I found it a very easy adaptation.  Like most people, I use plastic almost exclusively - but I find it's slightly more convenient to have larger-denomination coins.


I really liked having $1 and $2 coins. I didn't even notice the rounding.
 
2014-07-02 01:59:20 PM

Voiceofreason01: The penny is useful. Almost all commerce in the US above the consumer level operates on fractions of a penny(from sales tax, to trades on the exchange, to stores calculating sales margins). If you really have that much of a bug up your ass about changing around the currency then get rid of the $1 bill and replace it with $1 and $2 coins.


Like I said those factors you mention wasn't a problem with the US getting rid of the mill or half penny, so why do you think the penny would be any different?

http://en.wikipedia.org/wiki/Mill_%28currency%29#United_States
 
2014-07-02 02:02:18 PM

Voiceofreason01: The penny is useful. Almost all commerce in the US above the consumer level operates on fractions of a penny(from sales tax, to trades on the exchange, to stores calculating sales margins). If you really have that much of a bug up your ass about changing around the currency then get rid of the $1 bill and replace it with $1 and $2 coins.


static.fjcdn.com
 
2014-07-02 02:02:47 PM

Benevolent Misanthrope: Voiceofreason01: Benevolent Misanthrope: In Canada, we round cash transactions to the nearest $0.05.  Both up and down.  It's not hard.  Really.  It's not.

Is that a Province thing because I don't remember that last time I was there.

No, it's national, but only for cash transactions.  We don't have pennies any more.


How long ago did that happen?

I still have a ton of Canadian pennies (as well as assorted other coins) in a jar somewhere from when I used to live in Buffalo.  Canadian coins would randomly show up in change all the time, and cashiers wouldn't bother to distinguish American and Canadian pennies.
 
2014-07-02 02:03:32 PM

Aidan: Also, I'd like a replacement for feet. I know we have decimeters, but who uses them?


People get used to the 'feel' of other units of measurement very quickly. You just measure in meters or centimeters as appropriate, or millimeters for a lot of technical things.

As you just move a decimal point rather than multiply by 16, 12 or 3 the conversions are extremely easy. If you see a measurement of 4304 mm you can instantly mentally convert it to 4.3 m (approx 4.5 yards).
 
2014-07-02 02:05:28 PM

Target Builder: Aidan: Also, I'd like a replacement for feet. I know we have decimeters, but who uses them?

People get used to the 'feel' of other units of measurement very quickly. You just measure in meters or centimeters as appropriate, or millimeters for a lot of technical things.

As you just move a decimal point rather than multiply by 16, 12 or 3 the conversions are extremely easy. If you see a measurement of 4304 mm you can instantly mentally convert it to 4.3 m (approx 4.5 yards).


Nah, I get that. It's just that centimeter and meter are easy to accept, but feet also has a great feel to it. "You've got a couple of feet of space left", "It's about 2 feet by 3 feet". I grew up metric, but I really like feet as a casual measurement.
 
2014-07-02 02:05:46 PM

Voiceofreason01: The penny is useful. Almost all commerce in the US above the consumer level operates on fractions of a penny(from sales tax, to trades on the exchange, to stores calculating sales margins). If you really have that much of a bug up your ass about changing around the currency then get rid of the $1 bill and replace it with $1 and $2 coins.


Canada has eliminated the penny (they round to the nearest nickel) and the sky hasn't fallen over there.  They also eliminated the dollar bill.  Both the $1 and $2 bill and the penny should be eliminated.  This would save the government billions of dollars.
 
2014-07-02 02:05:51 PM

Doc Daneeka: The main reason we can't replace $1 bills with $1 coins is because of heavy lobbying from paper and ink suppliers, especially by the Crane Paper Company, which supplies most of the paper for US currency.


Perhaps we should start extolling the virtue of zinc dollar coins!
 
2014-07-02 02:07:10 PM

Benevolent Misanthrope: Voiceofreason01: Benevolent Misanthrope: In Canada, we round cash transactions to the nearest $0.05.  Both up and down.  It's not hard.  Really.  It's not.

Is that a Province thing because I don't remember that last time I was there.

No, it's national, but only for cash transactions.  We don't have pennies any more.


Maybe that's because they keep giving them to me. I'm always getting Canadian pennies, even when not visiting the country.
 
Displayed 50 of 104 comments

First | « | 1 | 2 | 3 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is closed to new comments.

Continue Farking
Submit a Link »






Report