Register
Events
Popular
More
Post #1
"Kill the 1¢ and 5¢ coins in America!"
It's one of those things you hear quiet often, but why? Well the main reason is because it costs more to manufacture both these damn coins then it's actually worth to have them around.
To manufacture a penny, it costs roughly 2.5¢ - 3.5¢. We waste almost 3¢ to manufacture a worthless coin that everyone hates with a burning passion. It doesn't end there either... To add some more petrol to the fire we also waste 11.2¢ to manufacture the 5¢ piece[Nickle]. I'm unsure of how much we waste manufacturing the dime/quarter, but the 1¢/5¢ have to go.
At the same time though we have to wonder whats the cons of not manufacturing the penny/nickle. So... What's everyones opinions on the 1¢ and 5¢ being removed from circulation and banned from usage?
-
-
can you cite the manufacturing cost claims for the good of the thread please
and no, because they're base units of currency
-
Money CNN
I'll see if I can find any Government Sources.
-
I've actually never heard this. Ever.
Regardless, even if those costs are true, that has to do with inflation. We still use the coins on the common market- I know I do. It does cost more than they're worth now, but that's no reason to do away with them. If our economic conditions sucked so bad the paper that the dollar was on was worth more than than a dollar, then would we get rid of the dollar? Of course not. When economic conditions suck, the coins are still going to be worth the same, but the process cost is going to be adjusted to economic conditions. It would cost us money now, but it would be a major inconvenience, and there's not much sense to it because the cost isn't permanent- it fluctuates. Eventually (I hope), we're going to get back to a healthy economy, and the cost will be lower or equal to the coin's worth.
-
1 Cents and 5 Cents. I don't understand why would anyone need these coins. No vending machines would ever accepts 1 cents and 5 cents coins.
-
Plenty of them take nickels
-
I've often thought that money would be better if it was just in fives/tens. Keep nickels, but pennies, eh.
Most of the time, end of the month comes and we're broke, we rely on pennies, however.
-
In Australia the 5c coin and 10c coin are the most commonly donated coin to charities, removing them might make people think twice before giving away more valuable coins as they just wont have much spare shrapnel any more.
Also, part of the reason for removing them would be due to inflation making them useless, but wouldn't removing them just help encourage inflation further? If you removed the 1c and 5c, wouldn't that just place the 10c (if the US uses 10c coins) in the same position later on down the road? Don't quote me on it though.
-
I bought my lunch today with the change in my cupholder (aka a big fucking pile of 1, 5, 10, and 25 cent coins) so if it weren't for pennies and nickels I'd probably have skipped lunch
-
Others do have good points. The charity thing for one.
And vending machines do take nickles.
As do parking meters. And when it comes down to it, if you want to split a dollar or give change that can't be made from 10 or 25 cents, then you're fucked.
I mean, come on. Everything is .99$ instead of a flat dollar, and in my state, sales tax is 6%. With the tax, you need a nickle and a penny to break it even with tax on a dollar. If it's just a flat purchase, no tax, then you get a penny back for a dollar.
Explain what you do in situations like that. Every dollar needs to be broken down somehow, and usually it isn't in an even or base-5 number.
-
Definitely get rid of the 1¢ at the very least, the five cent might still have a place due to the odd status of quarters.
I am Australian and we got rid of 1¢ and 2¢ coins in 1992. The same trick of making everything $19.95 still exists, but there really isn't a problem. It is rounded to the nearest five and I really don't think it's much of a big deal in cash transactions if you lose 2¢ when 5¢ is practically worthless. Our coins go .05, .10, .20, .50, 1.00, 2.00 so we don't have the issue of quarters and could move up to 10¢, but not right now.
-
We don't go .95, though, we go .99
And I don't know about you, but I honestly live on pennies when it comes to parking meters, and I'm not willing to "lose 2¢", because it's hardly worthless.
I assume you've also never had a coin jar if you consider 5s and 1s worthless.
-
those pennies add up.
-
In weight as well as value
-
10 pounds of pennies is like 14 bucks, that's a pretty nice meal pretty much anywhere
-
I know, but when they get rid of 1¢, they still pull the same trick with 5¢. You do know that you can use things other than pennies for parking meters and they'll do just as well, right? You may have them lying around but they're the only use for them, hardly worth it just for that.
I have, but I am not five years old any more and a few dollars is less than a percentage of what I earn every week. Saving $14 in pennies is 1,400 of the damn things, how many every day would you have to save to make use of them once every few months? Penny pinching is derogatory for a reason ,if you consider trivialities like pennies worth the effort then your time is probably very useless.
-
if they get rid of the 1c and pull that trick with 5c then I'm going to need 2c to pay sales tax on each dollar
-
Bro, my grandparents saved up random change- mostly pennies- for 4 years and got a trip to Vegas out of it.
And again, breaking down the dollar and whatnot. There just isn't a compelling interest to stop using the penny.
-
Inflatiooon...
-
Pennies seem kinda pointless, I'd say keep the nickels though. I feel like I'd regret saying this if it actually happened though. I just hate pennies because when I buy a 99c bag of chips, the cashier insists on giving me that one cent back
-
I don't see a point to keep pennies, I can say I've never seen something that takes less than 5¢.
I saw this a while ago, it details what is wrong with pennies:
http://blog.cgpgrey.com/death-to-pennies/
-
Here in sweden we've gotten rid of loads of outdated coins. We don't even have anything lower than a krona anymore, we recently got rid of the 50-öring (an öre is like a cent to a krona) and we used to have 1-öre coins, 5-öre coins, 10-öre coins and more. If they're hardly worth anything there's not much point in keeping them.
When I was a child you could buy bubblegum for 50 öre, now it's 1 krona :(
-
No. You have no idea how many times a nickel saved my ass at a pop machine.
-
I keep a penny/nickel/dime jar at home and it really comes in handy if I let it build up for a couple of months. So no, long live the penny and nickel.
-
Pennies are worthless, I don't understand why we still use them. Canada just killed its pennies, maybe the US will follow suit soon enough.
-
i collect pennies
:(
-
Nickels can actually be somewhat useful at times. But pennies should be considered worthless due to how useless they are.
-
I have honestly never bought anything with pennies.
-
-
I can understand pennies, but why nickels? Keeping money in five and tens is a good idea.
-
Nickels are really useful, what the hell's wrong with you OP? I can't count how many times a nickel or two has been the deciding factor in if I can afford something or not.
Also one penny is all I need to keep my bank account open, so they're cool by me.
-
Vending machines not taking 1c coins? Are you kidding? I've been all over the US and I've been able to put in 25c in pennies when I'm trying to get to a dollar out of spare change.
-
I think pennies should go, but the nickel should be made with a cheaper material. I think we're fine with nickels, dimes, and half-quarters due to the dollar being 100c.
-
Nickles cost 11.3 cents to manufacture compared to their worth[5 cents]. Logically I would say flip the dime and nickle around considering they have manufacturing costs true to their value, and at the same time it would help blind people with size differences.
-
[citation needed]
and anyway, it would be pretty costly to take out all the coins out of circulation
i could understand not manufacturing them but then how do you plan on giving change for, lets say $x and 95c?
-
Well sales and food tax is calculated differently on a state-to-state basis. Even if corporations made things 19.95, sales tax could make it something like 20.03 and good luck making that change without pennies.
-
They shouldn't kill pennies and nickels. They are small, and hard. Great for throwing at people!
No, but in all seriousness,I wish we could keep quarters, kill dimes, pennies, and nickels. but what if someone needs less than $.25 in change? I also would like to know why we put our currency symbol before the amount. Do other countries do this?
-
So then it rounds up to 20.05...
-
Yeah.
Every country does that.
Google is your friend.
-
That will annoy a good amount of person having to pay more for some goods and less for other goods
![[Seed Eater]'s Avatar](image.php?s=8699eeb5b2354d1117aa1379e1dd7aff&u=435930&dateline=1365822529 "[Seed Eater]'s Avatar")
