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Poll: Save the Penny?


Woofer

What do you think of the new site?  

63 members have voted

  1. 1. What do you think of the new site?

    • Amazing
      30
    • Cool
      24
    • Could be better
      5
    • A letdown
      5

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http://http://articles.moneycentral.msn.com/News/TimeToKillOffThePenny.aspx?GT1=8376

In May, the U.S. Mint informed Congress that the cost of making a penny and a nickel will soon exceed the actual value of each coin. Thanks to the high cost of materials that go into the making of the coins -- zinc, copper and nickel -- the Mint estimates that by the end of the fiscal year, the cost of producing one penny will come to around 1.23 cents, and the cost of making a nickel will be 5.73 cents.

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I could see giving up the penny, but instead of gas prices going up 2or 3 cents every week, they'll just start upping it a nickel at a time

Good point. But how will they adjust to 9/10s of a nickle?

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Interesting point here, the elimination of the penny is not equivalent to the elimination of the cent. With the prevelence of electronic transactions it would still be possible to pay $4.31 for something, penny or no. Also, imagine buying something for $1.23 and $1.21. Instead of paying $2.50 you would still only pay $2.45 if you had to pay in cash. I wonder the extent to which these things are linked.

I remember when gas was cheaper, many stations used to charge a per gallon rate at 3 decimal places. For the life of me I can't remember if they still do this.

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Seriously, if anybody's worried about pennies, YOU need to step your game up! I personally keep my pennies in the center console of my car so I can throw them at annoying drivers who cross me. It's not destructive or dangerous, but the ping always gets their attention and gives me some sense of retribution for having to deal with their stupidity. Sometimes people even warrant a nickel or quarter! :)

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Seriously, if anybody's worried about pennies, YOU need to step your game up! I personally keep my pennies in the center console of my car so I can throw them at annoying drivers who cross me. It's not destructive or dangerous, but the ping always gets their attention and gives me some sense of retribution for having to deal with their stupidity. Sometimes people even warrant a nickel or quarter! :)

LOL!

You're user name alone justifies a post like this.

Spitter.:cool: :laugh:

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In May, the U.S. Mint informed Congress that the cost of making a penny and a nickel will soon exceed the actual value of each coin. Thanks to the high cost of materials that go into the making of the coins -- zinc, copper and nickel -- the Mint estimates that by the end of the fiscal year, the cost of producing one penny will come to around 1.23 cents, and the cost of making a nickel will be 5.73 cents.

I think it's all Israel and North Korea's fault. At least that's what the oil companies would say.

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I know but he deserves a coin too.

A coin TOO? Lincoln sounds like a greedy **** ... I hear he also wanted free slaves...

I know ... :doh: Seriously though, FDR only has the dime ... and Jefferson had the $2 bill to go along with the nickel, but that never caught on ... this will basically leave Washington as the only person with two major forms of currency, which I think is pretty fair.

Although maybe if they put Lincoln's face on the dollar coin, people will actually use it.

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