Do you think the US should do away with pennies?

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goldfish21
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02 Apr 2024, 11:21 am

nick007 wrote:
^^^ I'd immagine that when rounding occures the store or buisness would round whichever way is more profitable for them. I'd much rather do away with cryptocurrency than cash since cryptocurrency is not an official currency, it's unregulated, & it's value keeps changing back & forth.

That's not how rounding math works.

If it ends in a 1 or 2 it rounds down, 3 or 4 it rounds up.


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goldfish21
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02 Apr 2024, 11:25 am

MatchboxVagabond wrote:
lostonearth35 wrote:
You mean they haven't yet? Canada got rid of the penny years ago.

Yes, they should just get rid of their pennies. You can't buy anything for a penny anymore. You can't even buy anything for a nickel. Or a dime. Unless you save enough of them, but it takes ages.

What? It seems dumb to get rid of the pennies now that we're spared of getting Canadian pennies in our change.

Getting rid of pennies is dumb as things like sales tax and percentage discounts lead to the total requiring pennies. That and enough people use plastic that you'd effectively have two pricing policies if we got rid of them.

No, it's dumb to keep them since they cost more to make and then more time to count and roll and tally all the time than they're worth these days. Their purchasing power is effectively Zero, since you can't buy anything for a penny, so it's dumb to even have them in circulation anymore.. just costing the mint to produce and every business owner to count and transport etc. Wasteful.

Most people pay with a card of some sort these days so there's no penny counting required. Transacations still go through to the cent. When it is a cash transaction, it gets rounded up or down to the nearest nickel. It's been done that way in Canada for years and no one is getting rich, or losing wealth, based on rounding pennies lol. It's all a wash and no one cares - but it saves money on minting pennies & circulating them.


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PineappleLobster
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02 Apr 2024, 11:27 am

They may be able stop manufacturing them, given the abundance of coins, but i think they should still be in use.
What if i buy something that’s $5.63? And i only have cash?


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goldfish21
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02 Apr 2024, 11:51 am

PineappleLobster wrote:
They may be able stop manufacturing them, given the abundance of coins, but i think they should still be in use.
What if i buy something that’s $5.63? And i only have cash?

Then they round it up just like they do in Canada and anywhere else they've ditched the penny. $5.65. If it were $5.62 you'd pay $5.60 after they round it down.


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NewTime
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02 Apr 2024, 1:29 pm

All the pennies would not go useless if the minting of them were discontinued. You would still be able to use them in stores when buying things. They would continue to be legal tender. New ones just would not be made.



lostonearth35
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02 Apr 2024, 1:44 pm

nick007 wrote:
I'm against the US doing away with pennies because it would increase inflation. Companies would have an excuse to raise their prices to the nearest nickel ammount.


Inflation happens anyway. I think in the 1970s a penny could get you a small gumball out of a gumball machine. But by the 80s it was maybe 10 cents. Imagine saving a penny for ten whole weeks and then blowing it all on a piece of gum!



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02 Apr 2024, 9:47 pm

funeralxempire wrote:
Image


That looks like the Geminio spell