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8 Replies Last post: Apr 28, 2008 1:21 PM by Iwrite

Should we eliminate pennies in business?

Apr 25, 2008 2:54 PM

Click to view designer's profile Mogul designer 328 posts since
Feb 28, 2008
Do you know many days for lunch, I will run to get a cup of hot soup? It ends up being 2.56 with tax. I always get my change and 4 pennies are always in the pile. 4 x 5 = 20 pennies in one week, alone! Should we eliminate pennies, already? I heard it cost more to make a penny than a penny is worth?
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Click to view LUCKIEST's profile SCORE LUCKIEST 5,745 posts since
Aug 6, 2007
1. Re: Should we eliminate pennies in business? Apr 25, 2008 3:12 PM
YES, YES, YES, eliminate pennies in business

For the first time in U.S. history, the cost of
manufacturing both a penny and a nickel is more than the 1-cent and
5-cent values of the coins themselves. Skyrocketing metals prices are
behind the increase.

The Mint estimates it will cost 1.23 cents per
penny and 5.73 cents per nickel this fiscal year.
The cost of producing a penny has risen 27% in the last year.

LUCKIEST

Click to view Lighthouse24's profile Mogul Lighthouse24 2,244 posts since
Oct 10, 2007
2. Re: Should we eliminate pennies in business? Apr 25, 2008 7:56 PM

Sure, why not? When the U.S. eliminated the half-penny, it was worth about 11 cents in today's money. So let's eliminate nickels, too (which means we could do without quarters, as well).

Why not just have dimes? One coin, decimal-based . . . a first-grader could understand it. No need to search your pocket or purse for the right coins to pay with correct change -- because they'd ALL be the right coins. And the most anyone would ever get stuck with is 9 dimes -- about 19 grams of weight (compared to the 54 grams or so that you can end up now if you don't have correct change for a cash transaction).
Click to view baragh's profile Start-up baragh 1 posts since
Apr 26, 2008
3. Re: Should we eliminate pennies in business? Apr 26, 2008 3:01 AM
in response to: Lighthouse24
The dimes only thing is a really good idea by my account. Seems like even with vending machines it's becoming more common to use a dollar bill and a dime to pay for a candy bar, anyway.
Click to view Lighthouse24's profile Mogul Lighthouse24 2,244 posts since
Oct 10, 2007
4. Re: Should we eliminate pennies in business? Apr 26, 2008 1:42 PM

If you're into garage sales ("tag sales" or "rummage sales" in other parts of the country), you have to admit that it would be easier if you only needed dimes.

By one estimate, about 560 million pounds of coins will be moved today (by armored car and private vehicle) between depositories and retailers, primarily to make change for cash sales. That could be reduced to perhaps 130 million pounds if retail change-making involved dimes only. (Wouldn't there be a fuel savings? Some local governments banned plastic shopping bags with a lot shakier data than that in order to be "green" -- so maybe one of those cities will pass a pricing and vending law that effectively eliminates the need for pennies, nickels, and quarters to help save the planet!)

Anyone looking for a new "cause" to champion?
Click to view puzzleman's profile Mogul puzzleman 231 posts since
Oct 11, 2007
5. Re: Should we eliminate pennies in business? Apr 28, 2008 10:07 AM
in response to: Lighthouse24
Lighthouse, I love the idea of dimes only. Call it "Can you spare a dime" program.

Jim
Click to view Iwrite's profile Mogul Iwrite 786 posts since
Dec 29, 2007
6. Re: Should we eliminate pennies in business? Apr 28, 2008 10:31 AM
in response to: puzzleman
In defense of the penny:

"A dime for your thoughts." Bad
"A dime saved is a dime earned." Worse
"Here's my two dimes worth." Just sad

I would hate to see it go. What would happen to the .99 cent stores? Now, I do hate the practice of pricing things with .99 at the end but there is something about an item not having a rounded off price. Yes, counting would be easier, but does our society really need less reason to learn to count properly? I still get a chuckle when I pay for something and the young person behind the register figures out that I have given them an odd amount in order to get back only silver. That moment of realization is worth a penny. I will miss the penny if it every goes. I taught my sons to count to one hundred with pennys. They learned that it only takes one little, meaningless penny to keep a person from being a millionaire - that there is a power to even the smallest amount. But this is business and there is only a place in business for logical decisions - emotional connections do not equate.

The dime idea was cool.
Click to view Lighthouse24's profile Mogul Lighthouse24 2,244 posts since
Oct 10, 2007
7. Re: Should we eliminate pennies in business? Apr 28, 2008 12:23 PM
in response to: Iwrite

A penny for your thoughts. When that phrase was first used in English literature, a penny had roughly the same buying power as $64.16 in today's money (according to some financial analysts). In its literary context, the person who spoke the line cared enough about what someone was thinking to offer him the equivalent of a day's pay (for a common laborer) just to learn what it was.

That puts a whole new light on an old saying. $64.16 for each thought I've posted in these forums over the past six months would add up to more than $85,000. Geez, Luckiest could pull down a quarter million a year!
Click to view Iwrite's profile Mogul Iwrite 786 posts since
Dec 29, 2007
8. Re: Should we eliminate pennies in business? Apr 28, 2008 1:21 PM
in response to: Lighthouse24
LOL.

Think we can get BOA to at least pay half of that? There are less knowledgeable individual making a lot more for some very bad advice.

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