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    8 Replies Latest reply on Apr 28, 2008 1:21 PM by Iwrite

    Should we eliminate pennies in business?

    designer Tracker
      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?
        • Re: Should we eliminate pennies in business?
          LUCKIEST Guide
          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
          • Re: Should we eliminate pennies in business?
            Lighthouse24 Ranger

            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).
            • Re: Should we eliminate pennies in business?
              Lighthouse24 Ranger

              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?

                • Re: Should we eliminate pennies in business?
                  puzzleman Tracker
                  Lighthouse, I love the idea of dimes only. Call it "Can you spare a dime" program.

                  Jim
                    • Re: Should we eliminate pennies in business?
                      Iwrite Pioneer
                      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.
                        • Re: Should we eliminate pennies in business?
                          Lighthouse24 Ranger

                          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!