Time to retire the penny?

[Surfingfarmboy]

Re: Time to retire the penny?

One problem with the penny is that it is not acceptable by vending machines. Not that I would be carrying $1.40 worth of pennies for a bottle of soda but I wouldn't mind putting in 5 pennies in place of nickel for that soda.

While not vending machines in the traditional sense, the self-service checkout lanes found in the stores of a regional supermarket chain around (and perhaps at the self-service checkout lanes I've seen at Wal-Marts in Hawaii?) here will accept pennies. In fact, these lanes will accept any coin or currency, including the seldom seen anymore half-dollar coins, as well as $2 bills. I've done what you said you wouldn't mind doing many times while cashing out at this supermarket, and that's to use pennies in lieu of a larger denomination coin. It's a great way to spend accumulated pennies.

[Kaonohi]

Re: Time to retire the penny?

What kind of coins will fall from heaven?

Hmmmm.
OLD NICKels probably fall up....
But I can't wait to hear those heavenly dhimes....

I'm certain we will be given no quarter!

(Apologies to the punaphobic.)

K?

[Leo Lakio]

Re: Time to retire the penny?

What kind of coins will fall from heaven?

Bennies.

(added because the original message was "too short.")

[craigwatanabe]

Re: Time to retire the penny?

Bennies.

(added because the original message was "too short.")

In order to believe that you gotta believe there is a Heaven.

[Leo Lakio]

Re: Time to retire the penny?

In order to believe that you gotta believe there is a Heaven.

Or the Eddie Jefferson song.

[craigwatanabe]

Re: Time to retire the penny?

Or the Eddie Jefferson song.

which song was that?

[Leo Lakio]

Re: Time to retire the penny?

which song was that?

"Benny's From Heaven" - parody of "Pennies From Heaven":

It was a long time ago,
A second lieutenant named Spears
Returned to the States
After being overseas three years
His wife said, "Welcome home, dear,
But since you've been gone, you see
We've been blessed with this darling baby,
And a cute little one is he."

She took that baby in her arms
She said, "Benny is his name."
He said, "I've been gone away three years,
Darling can you please explain?
So I won't feel so down,
Tell me, where did little Benny come from?"

Every time he'd ask, she's say, "Benny's from heaven."
You're right, she'd repeatedly say, "Benny's from heaven."
He said, I've asked all the neighbors that come around
No one can seem to remember Benny comin' down.
Now about a little thing thing like this,
I wouldn't bother;
But one thing I know about children,
They've got to have fathers.
And when I look at Benny, I can plainly see,
That Benny must be from heaven,
'Cause he darn sure ain't from me."

[Kaonohi]

Re: Time to retire the penny?

Ignoring my biased votes, it's neck and neck between the penny eliminators and the 'I've got a better idea' pundits.

Since the Senators and Congressmen who introduced bills had them stalled (or ignored) in the opposite side, it looks like a moot question at the moment. We have a slight consensus to stop making (but not to stop using) the penny, and fiscal logic does not prevail. (Our taxes go to make pennies at (current) $.01412 each). Currently, we lose.

We CAN stop making, and still use, which would eliminate the pennies all over the sidewalks - perhaps - as demand exceeds supply, and which will reduce taxes a bit.

Thanks all for your input. The poll is open indefinately; though you can only vote once, you can vote multiple choice (for those who have not voted), but it looks like most who will, have.

K!

[Kaonohi]

Second time around - for Sal

Your math is a bit off - 2,000% increase means a dollar back then would buy the equivalent of $20 worth of goods or services today.

KICK ME.

Dumb. I thought you were referring to the percentage, when you were correcting my conclusions....

I guess that's why I did so well in the stock market - cause my math, percentages especially - are over my head! Or at least I think I'm ahead...

Beneath or above my contempt, I thank you for your correction and even more for not smearing me with my own misunderstanding.

Humbly,
K

[craigwatanabe]

Re: Time to retire the penny?

the only logical way of dealing with the huge number I've found...it's going to be a lot of wrapping though, as my bank will only accept rolled coins.

I picked up a coin sorter at the Salvation army for a buck (you can also pick up the same model at any office supply store or Walmart for under $25. So far I've deposited about a hundred dollars in coins over a year's period of pocket change. Currently I have three rolls of quarters, five rolls of dimes, a couple rolls of nickles and two rolls of pennies to deposit. That'll buy a tank of gas and a cold pack of beer, not bad for loose change.

[Barry]

Re: Time to retire the penny?

My pennies and loose change go inside my piggy bank. It really is shaped like a pig. Yet it stops wearing holes in my pockets. Our banks supply small plastic bags for the coins but they will only weigh in 5 at a time and pay them into my account.

[craigwatanabe]

Re: Time to retire the penny?

talk about piggy banks, I opened one my Dad gave me before he passed away. I found this old quarter (the one on the right) called a Standing Liberty. The date's been rubbed off but thru some research this coin was minted between 1916 and 1930 and is made in silver.

[Walkoff Balk]

Re: Time to retire the penny?

How about the penny jar on the Checkers & Pogo show? How many pennies could a kid grab with one hand?

[salmoned]

Re: Time to retire the penny?

That's possible so long as greedy merchants won't start conveniently pricing items at the tipping point, ie, $1.33 or $5.67, etc. But in a time of corporate bailouts and lavish exec payouts, I won't be holding my breath.

I don't see improved efficiency if as a business, I now need to create two pricing structures, with cashless transactions, one set of pricing, cash, another.

The only advantage is for the US Treasury in not having to spend more than $0.01 producing the penny. But I'm more than happy with alternate material for the penny.

You can't effectively argue both sides of the argument. Either the 'greedy merchants' will take advantage of the cash price differential OR they will encourage cash transactions - the two premises are mutually exclusive.

Also, your tipping point examples don't account for sales/GE taxes ($1.33 and $5.67 may not represent the 'tipping point').

Again, there is no 'creation of two pricing structures'. I guess you're just failing to get your head wrapped around the idea of a penniless economy.

Without the penny, time spent counting in and out pennies will be saved, allowing for speedier cash transactions. The time (and money) saved by not counting pennies will almost certainly exceed the value of the pennies no longer counted. Safeway decided long ago that paying for change making machines was more efficient than having cashiers count change out (they still have to count it in, though).

[Walkoff Balk]

Re: Time to retire the penny?

http://money.msn.com/how-to-budget/a...46e9&GT1=33029

How would you like to be the person waiting in line behind him?