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  #1  
Old 07-25-2011, 04:52 PM
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Banning Pennies

Sounds like a good idea.

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  #2  
Old 07-25-2011, 05:00 PM
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Hope not I have a whole barrel of them.
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Old 07-25-2011, 05:22 PM
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LOL, mikes bikes is across the street from my old work. I can totally see it in the owner.
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Old 07-25-2011, 05:24 PM
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You can still buy penny candy around here, why ban them?
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Old 07-25-2011, 10:15 PM
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why not ban the 9/10th of a penny on gas???what is the purpose?maybe in 1920 when a tenth of a penny actually was worth something but nowadays it is just a pain in the ass!
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Old 07-25-2011, 10:36 PM
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You can never buy exactly one gallon of gas and pay cash.
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  #7  
Old 07-25-2011, 10:54 PM
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I'd support this. They are kinda pointless aren't they....
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Old 07-26-2011, 01:32 AM
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If you think about it as a way for the government to cut some needless spending, it seems like a promising idea.

Material costs for metals is way up there. I think I read somewhere that a single penny can cost 1.5-2 cents to make depending on metal prices. If they were still all copper it would be a whole lot more. They put 7 million into production every year. Its not going to make a huge dent in the deficit obviously, but any "token" cut back to something with almost no adverse effect worth doing. Electronic transactions can still go by the nearest penny. Heck, stores can choose to still accept pennies, who cares. Just quit making them.

About 5 years ago we found a secret closet within a closet at my grandmother's house. Inside my long deceased grandfather (1926-2000) had stashed some documents, a few gold/silver bars, old coins and $200 worth of pre-1982 95% copper pennies; he methodically labeled what he paid for all of them in the mid 80s. It wasn't like we amassed a hidden fortune, just a small stash he kept as a hobby.

I believe the pennies had just about doubled up. The Gold and silver did much better obviously. If we had hung on to the gold, nowadays...
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Old 07-26-2011, 03:04 AM
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Quote:
Originally Posted by The Clk Man View Post
Hope not I have a whole barrel of them.
Find some change machine service and see if you can sell them. I read once that the mint spends some large amount - around $100 million - every year to make new pennies to replace the ones people store in coffee cans.
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Old 07-26-2011, 08:28 AM
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We'd save more money by eliminating the one dollar bill and using a coin. I believe I read the average longevity of the bill is about 18 months. It's pretty common to find 40 year old pennies.

Initial cost would be a bugger but the long term pay off would be huge savings.
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Old 07-26-2011, 08:32 AM
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Do away with currency - everyone gets a chip in their arm!
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Old 07-26-2011, 10:15 AM
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Originally Posted by cmac2012 View Post
Find some change machine service and see if you can sell them. I read once that the mint spends some large amount - around $100 million - every year to make new pennies to replace the ones people store in coffee cans.
There is one at the local Krogers, but they want 10% and I am NOT going to give them 10% of my pennies.
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Old 07-26-2011, 10:23 AM
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Originally Posted by Mike D View Post
We'd save more money by eliminating the one dollar bill and using a coin. I believe I read the average longevity of the bill is about 18 months. It's pretty common to find 40 year old pennies.

Initial cost would be a bugger but the long term pay off would be huge savings.
I get a kick out them lamenting the fact that the dollar coins weren't more popular, people still preferred the dollar bills.

Umm...just stop printing dollar bills and...umm...only make dollar coins and voila!
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Old 07-26-2011, 10:41 AM
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Originally Posted by SwampYankee View Post
I get a kick out them lamenting the fact that the dollar coins weren't more popular, people still preferred the dollar bills.

Umm...just stop printing dollar bills and...umm...only make dollar coins and voila!
We did that years go and only have dollar coins. If fact we went further and minted two dollar coins as well, both replacing paper. I'm sure if I looked I could find first year coins and they wouldn't look worn at all.

We call the dollar coin a '' loony '' because it has a loon on the back side. The two dollar coin ended up with '' toony '' for obvious reasons even though it has a polar bear on the back side. The Queen is on the front side.
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  #15  
Old 07-26-2011, 10:47 AM
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Do away with currency - everyone gets a chip in their arm!
NOT ME.
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