Not the nickel. We should ditch the penny though. Start to phase it out at least.
We could even live without dimes pretty damn easy, just round to nearest/round up to nearest quarter.
The last time I remembered using a penny was like, my piggy bank when I was five.
Just fyi, the US would not take existing 1c/5c coins out of use under any plan anyone has proposed, we'd just simply stop producing new coins and use the ones already out in peoples change jars.
Well we didn't get rid of 1c and 2c coins, they're just not produced anymore. If I ever see one it's usually a belgian one.
We should just completely stop printing any form of money and only spend it/destroy it until we value it more.
If we gonna get rid of the penny then we need to either round down or round up the price of gas. It's really annoying to know that gas is always (3-5).(1-99)9[Depending on where you live in America].
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In Australia we only go down to 5 cent coins and I have to say, one of the most irritating things about visiting Germany is the worthless stack of 1, 2 and 5 Euro cent coins I ended up with. It's irritating and impractical for people to fiddle around with small change at registers and it either ends up with transactions taking much longer or people collecting worthless small change.
Not unless we're willing to overhaul our entire currency system to compensate.
In fact it'd probably just be easier to give pennies more worth.
Plus something like this would probably hit the poor harder than anyone else.
In Australia we don't have 1 cent coins. And over the years we're spacing out 5 cent coins. So we'll have 10 cent as our lowest.
I think it's a good idea. You can't buy anything for 5 cents. They're just a huge waste.
The real reason I'm pissed off is the manufacturing cost of the nickle/penny. The nickle costs roughly 11.7 - 12 cents to produce, while the penny costs 2.4 - 3 cents to produce. What's even more retarded is the dime costs roughly a nickle(5 cents) to produce. As it stands the question isn't really, "Shouldn't we be keeping them for ease of transaction?" its more on the line "Why are we keeping something which costs more to produce while the higher valued currency[dime/quarter] has manufacturing prices which are drastically smaller then their actual value.
The nickle? It can be saved or phased. The penny should die though because it's too little of value to base on a material currency.
How about this: We get rid of sales taxes, so we wont need the nickel and penny. Then we could faze them out.
I've heard a rumor from one of my teachers that the 1 cent is being removed officially sometime this year, or next year in Canada. Apparently everything will be rounded.
Though, I think United states should keep it.
Honestly, if one kept it, and the other didn't, it would screw up the whole Dollar system. What if a U.S. resident came to Canada or vise-versa and they only had pennies!?
The US and Canadian currency systems have nothing to do with each other, what are you talking about? Canada already stopped using the penny this year.
It would honestly be a good idea to kill the penny. However the nickel should stay. The nickel is cheaper to make (Correct me if I am wrong) than the other coins. You rarely see something in America that is priced $1.17, instead almost everything is priced as a multiple of five or adds up to a multiple of five. So in my opinion, death to the pennies.
How 'bout no? I'd be for cutting production on them back a bit, significantly so even, but cutting them from our currency entirely? No. They should stay legal tender, and they should stay in the system as far as non-cash transactions(Credit cards, online purchases, and even checks if you still use those) go. Give how much of our money doesn't even exist I see no valid reason to discontinue the cent as legal tender, even if you stop or seriously reduce production of the coins that represent it.
uhh no. You would only ever overpay by a few cents per transaction. Do you guys really not understand how rounding works?
You wouldn't end up paying several cents more per each gallon of gas for example. The final amount in the transaction is rounded, not the price of each individual item.
Who the fuck would go to another country and only bring pennies? You do realize it would take thousands of pennies to afford anything right? They would literally have to carry around tens of pounds, or even a hundred pounds of pennies to buy anything.
Also no, it would in no shape or form screw up the dollar system.
Keep it how it is
Just to add some data in here, keeping the penny only costs the US around $50 a year so cutting it really won't do much in the way of saving money.
And some other interesting facts:
I'm leaning towards no.
Keep it how it is because I like my little round pieces of copper/zinc and I don't care how useless they really are.