Should We Get Rid of the Penny?

https://www.youtube.com/watch?v=_tyszHg96KI

I personally never use pennies and find them annoying and cumbersome in bulk. They cost more money to make than they're worth, so as the video points out, they're basically costing the government money and thus costing the taxpayer money.

The main argument for keeping pennies is that they allow for exact change, but I feel like there are ways around that. For one thing, do you actually care if you're shortchanged 2 or 3 cents? I personally don't, but then I'm a laidback kind of guy.

Anyway, what are your thoughts about this?

Also, while we're at it, do we get rid of nickles too? They're also kind of pointless.

While we at it, lets get rid of the dollar.

And switch to some communist currency.

We already got rid of ours.

Keep the nickels though, you can eventually gather them up and exchange them.

How do we decide between Russian, Cuban or Iranian?

I guess I don't care much either way. I just toss my pennies in a jar and whenever it's fully I take it to a coinstar and get cash for them.

If it costs more to make them than they are worth, then yeah we should get rid of them.

Originally posted by juggerman
If it costs more to make them than they are worth, then yeah we should get rid of them.

So can we get rid of the government as well?

Is that at all the same thing? We're talking about an almost worthless coin here 😂

Originally posted by Time-Immemorial
While we at it, lets get rid of the dollar.

Originally posted by Omega Vision
https://www.youtube.com/watch?v=_tyszHg96KI

I personally never use pennies

Pennies could probably be done away with. As Omega mentioned, their only purpose seems to be for exact change. They can't be used in soda machines and really nothing costs a penny these days. Sales tax could be calculated and rung up to the nearest nickle to avoid giving back incorrect change.

Sales tax could be calculated and rung up to the nearest nickle to avoid giving back incorrect change.

http://m.livescience.com/33045-why-do-most-prices-end-in-99-cents-.html

https://en.m.wikipedia.org/wiki/Psychological_pricing

Ending a price in .99 is based on the theory that, because we read from left to right, the first digit of the price resonates with us the most, Hibbett explained. That's why shoppers are more likely to buy a product for $4.99 than an identical one for $5 the item that starts with a 4 just seems like a better deal than the one that starts with 5.

That sales tactic isnt going away, so, by default, neither is the penny.

Originally posted by riv6672
Never happen.

http://m.livescience.com/33045-why-do-most-prices-end-in-99-cents-.html

https://en.m.wikipedia.org/wiki/Psychological_pricing

[b]Ending a price in .99 is based on the theory that, because we read from left to right, the first digit of the price resonates with us the most, Hibbett explained. That's why shoppers are more likely to buy a product for $4.99 than an identical one for $5 the item that starts with a 4 just seems like a better deal than the one that starts with 5. [/B]

True, but you're not buying it for .99 or 4.99. You still pay sales tax which changes the amount. That can be modified to the nearest nickel, i would think.

Maybe so, maybe no, that was just

When I lived in Canada they did it and it wasn't the end of the world. I see no issue with getting rid of them and saving a bit of money.

Originally posted by -Pr-
I see no issue with...saving a bit of money.

No, I like Penny. Just reveal her last name, pre-Hochsteader.

Re: the coin: get rid of it only if prices are rounded to the nearest nickel.

I'd say, **** it, let's get rid of up to and including the nickel!

The U.K. Has a 1p 2p and 5p in circulation and they're bothersome and tedious. Getting rid of them would be good.

10p is a 10th of a pound, 20p is a 5th of a pound and 50p is half a pound. I don't know if a quarter is better than a 5th, but it makes more sense to me than to have 100th of a pound in circulation.

The U.K. Has already gotten rid of half pennies, threepence, sixpence, tithe, farthing, crown, shilling etc. There's no debate.