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penny bailout fund

mizzou said:
http://finance.yahoo.com/banking-bu...-comes-to-the-penny-washington-makes-no-sense


I don't get what the delay is... Why has no one, even the gov, not capitalized on the fact they could flush the market with recycled Cu if they are taken out of circulation?


I'm sure at some level there is quite a profit to be made


Or are businesses really making that much on that extra .04 they always tack on 😉
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The reality is that the current penny is 97.5 per cent zinc and 2.5 percent copper.
 
Pennies are an anachronism, a waste of resources to produce. They're often hoarded, not because of their value, but rather the lack of it. I have a pig bank full of them that I need to take to the bank. I'm sure millions of others are much the same, so the govt mints more of them to facilitate commerce...

I find them on the pavement in parking lots all the time- they have so little value that people won't pick them up when they drop 'em...

I'm not superstitious, but leaving money on the ground bothers me... even if it's just a stupid penny.
 
Jhhnn said:
...I have a pig bank full of them that I need to take to the bank. I'm sure millions of others are much the same, so the govt mints more of them to facilitate commerce...
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Coinstar FTW. Get a gift certificate and there's no counting fee.


If you eliminate the penny, who gets to keep the rounding errors?
 
Jhhnn said:
Pennies are an anachronism, a waste of resources to produce. They're often hoarded, not because of their value, but rather the lack of it. I have a pig bank full of them that I need to take to the bank. I'm sure millions of others are much the same, so the govt mints more of them to facilitate commerce...

I find them on the pavement in parking lots all the time- they have so little value that people won't pick them up when they drop 'em...

I'm not superstitious, but leaving money on the ground bothers me... even if it's just a stupid penny.
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If it weren't for the stupid penny, gas stations wouldn't continue the ridiculous facade of gas being 1.99, 2.99, 3,99 a gallon instead of 2.00, 3.00, and 4.00. Apparently, they prey on the fact the the bulk of humans are dumb as a rock.
 
hal2kilo said:
If it weren't for the stupid penny, gas stations wouldn't continue the ridiculous facade of gas being 1.99, 2.99, 3,99 a gallon instead of 2.00, 3.00, and 4.00. Apparently, they prey on the fact the the bulk of humans are dumb as a rock.
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Gas stations price to $.009... pennies have nothing to do with it.
 
hal2kilo said:
I guess I'm missing something here. Never had a credit card bill for 29.009 cents.
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U.S. gas stations price to $.009 per gallon, but round to the nearest penny on the total.
Take a closer look at the pump next time and you'll see some thing like 2.899 in the gallon price window...
 
oops, I was under the impression that even with the minuscule amount of copper left in the penny, it was still enough copper to make it worth more then the penny

heheh
 
mizzou said:
oops, I was under the impression that even with the minuscule amount of copper left in the penny, it was still enough copper to make it worth more then the penny
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The price of zinc is high enough for them to be worth more than a penny.

Jhhnn said:
I find them on the pavement in parking lots all the time- they have so little value that people won't pick them up when they drop 'em...
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They have so little value that I THROW them on the pavement. Every one.

You average 2 pennies per cash transaction. So, 5000 cash transactions to collect $100. Several years' worth of transactions just to make a couple hours' pay.
Not worth keeping 'em.
 
Why not just change the penney to the 2cent peice. That way people worried about rounding will at most lose 1cent but will cover the cost/value aspect.
 
Marlin1975 said:
Why not just change the penney to the 2cent peice. That way people worried about rounding will at most lose 1cent but will cover the cost/value aspect.
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wat.

That's the worst of all worlds. You have weird rounding (1 rounded down to zero, 3 up to 4, then nothing?), wacky change (instead of having a nickel for everything past 5 cents; for 6 you have four 2 centers, 7 you have a nickel and a 2 cent, 8 you have four 2 centers, and 9 you have a nickel and two 2 cents) and you still have a useless coin.
2 cents is REALLY awkward in a 25/10/5 cent system.
How do you make 38 cents? A quarter is 25, dime for 35, then... no, we can't hit that way. So quarter for 25, nickel for 30 and 8 remaining means 4 two centers.
39 cents is... quarter for 25, dime for 35, and now we're counting odds FFS to get to 2 two centers. 41 cents is... I don't even want to know. Quarter dime and 4 two cents? No, eleven minus five is six, so three. Jesus.
As I said, REALLY AWKWARD.

What the hell is the problem with simply rounding to the nickel?
 
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DominionSeraph said:
wat.

That's the worst of all worlds. You have weird rounding (1 rounded down to zero, 3 up to 4, then nothing?), wacky change (instead of having a nickel for everything past 5 cents; for 6 you have four 2 centers, 7 you have a nickel and a 2 cent, 8 you have four 2 centers, and 9 you have a nickel and two 2 cents) and you still have a useless coin.

What the hell is the problem with simply rounding to the nickel?
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No everything rounds up.

4cents adds up quick and depending on how the law is written I can see some business's taking advantage of it, insert superman/Office Space quote here.
 
Marlin1975 said:
No everything rounds up.
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What everything rounds up?

I've already LIVED in a pennyless system. 1 and 2 rounds down. 3 and 4 rounds up. 6 and 7 rounds down. 8 and 9 rounds up.

Where the hell are you getting that everything rounds up?

And 2 cents is complete retardation.
This board really needs an IQ requirement.
 
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DominionSeraph said:
What everything rounds up?

I've already LIVED in a pennyless system. 1 and 2 rounds down. 3 and 4 rounds up. 6 and 7 rounds down. 8 and 9 rounds up.

Where the hell are you getting that everything rounds up?

And 2 cents is complete retardation.
This board really needs an IQ requirement.
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Yes you must be right, a single round up all rule is so much harder to understand than the 4 prong approach you listed.

And if we had an IQ requirement then you would have never been allowed to register. So be careful what you wish for.
 
Marlin1975 said:
Yes you must be right, a single round up all rule is so much harder to understand than the 4 prong approach you listed.
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It is two prong: Near 5 and near 0. And that is actually simpler than rounding everything up because the natural rounding is to 10's, not 5. 1, 2, 3, and 4 rounded to 5 is again awkward as hell.

You REALLY should think before you post.
 
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DominionSeraph said:
It is two prong: Near 5 and near 0. And that is actually simpler than rounding everything up because the natural rounding is to 10's, not 5. 1, 2, 3, and 4 rounded to 5 is again awkward as hell.

You REALLY should think before you post.

Just go away. You are useless.
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Wow can;t even count what you said you said. Looks like 4 rules there, not 2. Guess you should stop posting and learn to understand basic math.


DominionSeraph said:
1 and 2 rounds down. 3 and 4 rounds up. 6 and 7 rounds down. 8 and 9 rounds up.

.
Click to expand...
 
Marlin1975 said:
Wow can;t even count what you said you said. Looks like 4 rules there, not 2.
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Wow, you don't realize that the mind can use methods other than the spelled-out-in-detail one. And "can't" doesn't have a semicolon.

I said go away. You are doing nothing but showing your rampant stupidity over and over again.

Or do you want to be pwned for a fifth time?
 
DominionSeraph said:
Wow, you don't realize that the mind can use methods other than the spelled-out-in-detail one. And "can't" doesn't have a semicolon.

I said go away. You are doing nothing but showing your rampant stupidity over and over again.

Or do you want to be pwned for a fifth time?
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Only one pwned is you that can't even count what you wrote and now trying to play it off. 😀
 
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