penny bailout fund

[DominionSeraph]

Still math challanged are we. Its ok, I'm sure your mom loved ya, thats enough right?

Ooh, is that the kitchen sink that just whizzed by?

Pathetic. But predictable monkey reflex.
God, what a rudimentary psychological structure from first reaction.

x6. x7 incoming.
inb4 more wild flailing.

 

[Vette73]

Ooh, is that the kitchen sink that just whizzed by?

Pathetic. But predictable monkey reaction.

x6. x7 incoming.

Hahahahahaha

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

It is two prong:

 

[kranky]

The post-1982 cents (almost all zinc) only have 0.6 cents worth of metal but they are a money loser when you factor in the manufacturing cost.

63% of all the circulating coins minted in 2010 were cents. Do you know how many government jobs would be eliminated if they stopped making cents?

That's why they haven't stopped making them.

 

[DominionSeraph]

<no response>

And that's the end of that.

 

[piasabird]

The main reason for pennies is Sales Tax. Just round things to the nickel. I like the penny and I think it is worth keeping. Maybe we could make pennies in another way and only coat it with copper alloy. Ceramic pennies, composite pennies. Steel Pennies.

 

[CPA]

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.

That wouldn't stop people from filling up say $7.89 worth of gas. You still have the penny issue.

 

[Jhhnn]

The post-1982 cents (almost all zinc) only have 0.6 cents worth of metal but they are a money loser when you factor in the manufacturing cost.

63&#37; of all the circulating coins minted in 2010 were cents. Do you know how many government jobs would be eliminated if they stopped making cents?

That's why they haven't stopped making them.

As I offered, pennies are hoarded, which is why we need so many of them. It's not really intentional hoarding so much as casual, like my penny pig. And also because they're discarded by some, as has been demonstrated.

I'm very much in favor of reforming the currency to eliminate both pennies and dollar bills. No pennies, dollar coins only, because they're a lot more durable. I suspect that a coherent argument could be made for a $5 coin, as well.

CPA's point is overblown wrt fill ups on gas. The vast majority of such transactions are done at the pump, with credit cards, the transactional billing for which can still be done in cents. Only cash transactions need to be rounded.

 

[drebo]

I guess I'm missing something here. Never had a credit card bill for 29.009 cents.

Telecoms bill other telecoms to the $0.0001 or even $0.00001 depending on the volumes and rates involved. It adds up when you have a million charges that end in $0.0001.

The fact that the penny is useless in daily commerce has no bearing on the fact that pricing still needs to be as aggressive as possible.

 

[LTC8K6]

That wouldn't stop people from filling up say $7.89 worth of gas. You still have the penny issue.

The pump would be set up to round that to $7.90

 

[ConstipatedVigilante]

Coinstar FTW. Get a gift certificate and there's no counting fee.


If you eliminate the penny, who gets to keep the rounding errors?

Rounding isn't a problem. Eventually it always comes out to be even. If you do a million transactions, both the merchant and the customer will eventually get an average of half a cent.

 

[rstove02]

Personally I would drop the penny and nickel out of circulation. That way it is an order of magnitude change.

When you can no longer buy anything within the value of a coin, then it is no longer needed.