The mighty penny (Update: RIP the penny) (4 Viewers)

[bigdaddysaints]

I am always seeing random articles that suggest getting rid of the penny. Saying that they are a waste of money to produce and just collect in piggy banks. But my thoughts are, and I may be wrong, if the penny was gone and there was no more 1 cent, wouldn't that cause all taxes to be an even 5 cents? If a sales tax is, say 7 percent, wouldn't it have to jump up to 10 percent because there would be no way to pay 7 cents on a dollar?
Just something that crossed my mind today, for no particular reason....

 

[LSSpam]

I am always seeing random articles that suggest getting rid of the penny. Saying that they are a waste of money to produce and just collect in piggy banks. But my thoughts are, and I may be wrong, if the penny was gone and there was no more 1 cent, wouldn't that cause all taxes to be an even 5 cents? If a sales tax is, say 7 percent, wouldn't it have to jump up to 10 percent because there would be no way to pay 7 cents on a dollar?
Just something that crossed my mind today, for no particular reason....

No. It's not very difficult for businesses to price items so that, with tax, they come out to a multiple of 5.

 

[bclemms]

Or even easier, just have registers round to the nearest 0 or 5. The most anyone could be out is .02 on a transaction.

 

[Jeff Miller]

a large amount of money isn't cash anymore anyways. Between direct deposit, paying bills online, and making purchases with debit/credit cards, physical legal tender isn't really nesscessary these days.

 

[LSSpam]

physical legal tender isn't really nesscessary these days.

That's absurd

 

[jpcdolphan]

Marcy Rhoades: Steve, don't tell them about your insane quest to create the 99 cent coin.

Steve Rhoades: Al, I invented the 99 cent coin. Have you ever noticed how things cost $7.99? $14.99? $99.99? My coin will eliminate the messy change that only catches the attention of obnoxious beggars who hastle you on the way to your Mercedes. What do you think of it, Al?

Al Bundy: What about tax?

Steve Rhoades: (After pause) You sound just like those fools in the treasury department.

 

[taygolf]

the problem with the penny is it cost more to produce than it is worth. Thats right! you can take your pennies to a scrap metal place and get more money for them than you can get for them at a bank! That is if they will take them.

nuts!

 

[SWJJ]

physical legal tender isn't really nesscessary these days.

You ever try to buy pot with your debit card?

 

[helofixer]

How bout that wacky gas station pricing? $3.09 & 9/10ths cent per gallon? I don't think I have ever have seen it explained to me. If I go and purchase one gallon at the above listed price, I certainly cannot use legal US tender to give the cashier $3.09 and 9/10ths of a cent, or get my 1/10th of a cent change back. Just round it up already.

 

[FWtex]

Taking away pennies may seem minor but it is not. Everything will go up (rarely down)by multiples of $.05

Stamps would automatically go to .45 and increase by a nickle instead of cents when the USPO decides it need more money.

Gas increases go up a nickle at every increase and the suppliers would wait too long before they decide to give you a .05 reduction at the pump. more profits for the oil companies.

Dumping the penny is an excuse to help big business and sneak more money out of the consumers pockets a little at a time.

 

[RebSaint]

You ever try to buy pot with your debit card?

Yes, this idea of a completely cashless or coinless society is absolutely absurd. With all those electronic transactions, keep in mind there's a subsequent shift of cash from one bank to another, or from the bank to whatever firm a consumer purchased an item from.

 

[RebSaint]

Taking away pennies may seem minor but it is not. Everything will go up (rarely down)by multiples of $.05

Stamps would automatically go to .45 and increase by a nickle instead of cents when the USPO decides it need more money.

Gas increases go up a nickle at every increase and the suppliers would wait too long before they decide to give you a .05 reduction at the pump. more profits for the oil companies.

Dumping the penny is an excuse to help big business and sneak more money out of the consumers pockets a little at a time.

Yeah, really good way of putting it here. Pennies mean more who pay attention to counting or saving them.

 

[Complex Kid]

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[kcirdor]

why not just skip years in producing pennies? or just produce less pennies. That way when we start having a shortage of pennies people will actually pick them up instead of them being scattered everywhere as gravel.

 

[Dre]

I hate pennies. I leave them at the register for the next soul...