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Should the United States eliminate the penny?
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Brandun
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no because everything would get rounded up,. screwing the US taxpayer more than they already are
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pkhere
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no
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Brandun
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though it does cost the average business man more than its worth to count, so I see your point
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levgre
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Here's an related article, he says we wouldn't lose money from rounding but that's just one professor
http://www.cnn.com/2012/02/17/opinion/whalpes-pennies-economics/index.html
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ikkoikki
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Should the United States eliminate the penny?
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Hell yes, I toss out every penny I see. There's a ton in my car that other people put there and they vibrate obnoxiously when I have my music playing.
F'in pennies, useless.
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silvadel2
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Yes -- only government would round up...
The local walmart would have to take something from 19.99 to 19.95 -- no way are they going to say 20.00.
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mightbe
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absolutly not.
if everything would be rounded up, that would be less money in my pocket.
think about it this way, if you on average make more then 1000 transactions a year and would have lost 3 cents on average, that is three dollars i think
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Poit-Narf
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No, businesses would just round everything up. Besides, I barely use cash.
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mightbe
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im the type of person that goes to the cashier, first pulls out my change, counting the pennies first, then i move to my dollars
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jeune
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Should the United States eliminate the penny?
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You are always going to need a 1 cent marker for currency... I think it is too ingrained into our system to change.
As things are going who really uses cash anyways? Penny will end up being a symbolic relic of the past until electronic transfers take over... will probably cost the taxpayers more to stamp out a penny than it is worth but really who cares about such little things?
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Itab
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mightbe posted:
absolutly not.
if everything would be rounded up, that would be less money in my pocket.
think about it this way, if you on average make more then 1000 transactions a year and would have lost 3 cents on average, that is three dollars i think
Think......3000 pennies.
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mightbe
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Should the United States eliminate the penny?
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Itab posted:
mightbe posted:
absolutly not.
if everything would be rounded up, that would be less money in my pocket.
think about it this way, if you on average make more then 1000 transactions a year and would have lost 3 cents on average, that is three dollars i think
Think......3000 pennies.
o yea 30 bucks...thanks....makles more since
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mightbe
Title: lalalalalalalalalalalalalalalalalalalalalalalalala
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Should the United States eliminate the penny?
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mightbe posted:
Itab posted:
mightbe posted:
absolutly not.
if everything would be rounded up, that would be less money in my pocket.
think about it this way, if you on average make more then 1000 transactions a year and would have lost 3 cents on average, that is three dollars i think
Think......3000 pennies.
o yea 30 bucks...thanks....makles more since
well like that article said.....u would round down on 2 and up on 4 but what about 3? if they round up i loose....if they round down, i win....buisness will always want to round up on 3 then, so im going to loose 3 and boomn 1000 and boom boom 3000 and voom 100 wimmm 30
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Brother_Tempus
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Should the United States eliminate the penny?
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Mr. Chairman,
I oppose HR 5512 because it is unconstitutional to delegate the determination of the metal content of our coinage to the Secretary of the Treasury. Under Article I Section 8 of the Constitution, the Congress is given the power to coin money and regulate the value thereof. It is a shame that Congress has already unconstitutionally delegated its coinage authority to the Treasury Department, but that is no reason to further delegate our power and essentially abdicate Congressional oversight as the passing of HR 5512 would do.
Oversight by members of Congress, who have an incentive to listen to their constituents, ensures openness and transparency. This bill would eliminate that process and delegate it to unelected bureaucrats. The Secretary of the Treasury would be given sole discretion to alter the metal content of coins, or even to create non-metal coins. Given the history of Congressional delegation and subsequent lax oversight on issues as important as the conflict in Iraq, it would be naïve to believe that Congress would exercise any more oversight over an issue as unimportant to most members as the composition of coins.
While I sympathize with the aim of Section 4 of this bill to save taxpayer dollars by minting steel pennies, it is disappointing that our currency has been so greatly devalued as to make this step necessary. At the time of the penny's introduction, it actually had some purchasing power. Based on the price of gold, what one penny would have purchased in 1909 requires 47 cents today. It is no wonder then that few people nowadays would stoop to pick up any coin smaller than a quarter.
Congress' unconstitutional delegation of monetary policy to the Federal Reserve and its reluctance to exercise oversight in that arena have led to a massive devaluation of the dollar. If we fail to end this devaluation, we will undoubtedly hold future hearings as the metal value of our coins continues to outstrip the face value.
HR 5512 is a sad commentary on how far we have fallen, not just since the days of the Founders, but only in the last 75 to 100 years. We could not maintain the gold standard nor the silver standard. We could not maintain the copper standard, and now we cannot even maintain the zinc standard. Paper money inevitably breeds inflation and destroys the value of the currency. That is the reason that this proposal is before us today.
Ron Paul - March 11, 2008
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Varece
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No
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notmforce2k
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Yes.
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Rhodoman
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Yes.
And we need a five dollar coin.
Rho
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Hawkson
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Should the United States eliminate the penny?
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Yes, if .01-.04 were rounded to .00, and .06-.09 were rounded to the next .10 up.
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timtheswordsman
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Should the United States eliminate the penny?
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Hawkson posted:
Yes, if .01-.04 were rounded to .00, and .06-.09 were rounded to the next .10 up.
Someone forgot a coin
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Ibbeh
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.05 is a nickel 
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mightbe
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Hawkson posted:
Yes, if .01-.04 were rounded to .00, and .06-.09 were rounded to the next .10 up.
no, someone would be getting boned either way
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silvadel2
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timtheswordsman posted:
Hawkson posted:
Yes, if .01-.04 were rounded to .00, and .06-.09 were rounded to the next .10 up.
Someone forgot a coin
He is assuming the nickel still exists. Hence .05 still works.
Personally the only reason why eliminating the nickel would be a problem would be that a quarter is a 2 and a half dime coin. Yes it ends up convenient as things go but it does make eliminating the nickel a problem.
Now -- if you wanted to just slide everything down, make $10 old dollars = $1 new dollars....
Then you could make dimes the new penny (and could keep that sizing for it). New nickels would need a different size as the half-dollar coin is awkward. Dollar coins could remain the same size and be called dimes. New quarters would need a different size entirely again. I wouldnt really bother with a 5 or 10 dollar coin in this case(IE a 50 cent piece or a dollar coin) -- I GUESS you could make a new dollar coin but I think it would be more awkward than anything else and who ever uses a 50 cent piece?
----
It would also have the effect of making the debt like 1.6 trillion and the deficit measured in billions again.
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Aerlinthian
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We should just get rid of currency altogether and force everyone to get a RFID implant for Federal Reserve Credits.
AMIRGHT?
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Darwynnia
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Denmark has done away with the .25 øre (the smallest division of the kroner they have) and there's not a lot of use for the .50 øre coin either.
Everything is rounded up or down. You'll still see balances of 39483.21 in your bank, but for the 'real world' you don't.
If you use your debit card then you get charged whatever the exact amount is, otherwise it goes up/down.
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EbonDragon
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No.. What else are we supposed to put on railroad tracks?
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Brother_Tempus
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silvadel2 posted:
Now -- if you wanted to just slide everything down, make $10 old dollars = $1 new dollars.....
Devaluing the currency by 90% ???? .....
There is only one way taking that path will end ..
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HeartView
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Rhodoman posted:
Yes.
And we need a five dollar coin.
Rho
This, or as another another poster hinted at, I'd just as soon go cashless.
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combat_mage_sc
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They've been talking about doing this for atleast 20 years now.
Besides, Ubama already eliminated money and replaced it with foodstamps.
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timtheswordsman posted:
Hawkson posted:
Yes, if .01-.04 were rounded to .00, and .06-.09 were rounded to the next .10 up.
Someone forgot a coin
Derp
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Fozzie_Bear
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Brother_Tempus posted:
silvadel2 posted:
Now -- if you wanted to just slide everything down, make $10 old dollars = $1 new dollars.....
Devaluing the currency by 90% ???? .....
There is only one way taking that path will end ..
2 of those will get you enough toiletpaper to wipe your butt once
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pkhere
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EbonDragon posted:
No.. What else are we supposed to put on railroad tracks?
 lol
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JD_HOGG
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Stop using cash if you don't like pennies.
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silvadel2
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Brother_Tempus posted:
silvadel2 posted:
Now -- if you wanted to just slide everything down, make $10 old dollars = $1 new dollars.....
Devaluing the currency by 90% ???? .....
There is only one way taking that path will end ..
Actually it is acknowledging what has occurred and stopping that sort of thing from happening. So long as you revalue directly instead of just letting the numbers run....
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Gaevren
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Yes, get rid of pennies. PLEASE FOR THE LOVE OF PETE.
And I don't buy the whole "onoes but they'll round up and I'll lose money!!" argument. They'll round some up and some down and the long and short of it is that as long as the law requires everyone to round the same way, no one (business or individual) will be out any money.
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-Foxy-
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pete who? 
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pkhere
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St. Pete
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mightbe
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Gaevren posted:
Yes, get rid of pennies. PLEASE FOR THE LOVE OF PETE.
And I don't buy the whole "onoes but they'll round up and I'll lose money!!" argument. They'll round some up and some down and the long and short of it is that as long as the law requires everyone to round the same way, no one (business or individual) will be out any money.
Well rounding up and down would only happen after taxes have been calculated. And if that happens what I can see is everything would be rounded up by the government. 0.1-0.4 = 0.5 and 0.6-0.9 = 0.10
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Gaevren
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mightbe posted:
Gaevren posted:
Yes, get rid of pennies. PLEASE FOR THE LOVE OF PETE.
And I don't buy the whole "onoes but they'll round up and I'll lose money!!" argument. They'll round some up and some down and the long and short of it is that as long as the law requires everyone to round the same way, no one (business or individual) will be out any money.
Well rounding up and down would only happen after taxes have been calculated. And if that happens what I can see is everything would be rounded up by the government. 0.1-0.4 = 0.5 and 0.6-0.9 = 0.10
Orrrrrr we could start doing things like they do in Germany. The price you see posted already has taxes included into it. So if it's 20 marks (or euros now, I guess) then it's 20 marks. You don't have to eff with figuring taxes after the fact.
We already do this for gas, why not everything else?
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Hawkson
Title: I AM AN ASSASSIN (SHH)
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Subject:
Should the United States eliminate the penny?
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timtheswordsman posted:
Hawkson posted:
Yes, if .01-.04 were rounded to .00, and .06-.09 were rounded to the next .10 up.
Someone forgot a coin
As stated several times. $0.05...is a nickel.
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Hawkson, Esq.
Nothing is true, everything is permitted.
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Ashmaele
Title: Pastor of Muppets
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Subject:
Should the United States eliminate the penny?
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Brother_Tempus posted:
Mr. Chairman,
I oppose HR 5512 because it is unconstitutional to delegate the determination of the metal content of our coinage to the Secretary of the Treasury. Under Article I Section 8 of the Constitution, the Congress is given the power to coin money and regulate the value thereof. It is a shame that Congress has already unconstitutionally delegated its coinage authority to the Treasury Department, but that is no reason to further delegate our power and essentially abdicate Congressional oversight as the passing of HR 5512 would do.
Oversight by members of Congress, who have an incentive to listen to their constituents, ensures openness and transparency. This bill would eliminate that process and delegate it to unelected bureaucrats. The Secretary of the Treasury would be given sole discretion to alter the metal content of coins, or even to create non-metal coins. Given the history of Congressional delegation and subsequent lax oversight on issues as important as the conflict in Iraq, it would be naïve to believe that Congress would exercise any more oversight over an issue as unimportant to most members as the composition of coins.
While I sympathize with the aim of Section 4 of this bill to save taxpayer dollars by minting steel pennies, it is disappointing that our currency has been so greatly devalued as to make this step necessary. At the time of the penny's introduction, it actually had some purchasing power. Based on the price of gold, what one penny would have purchased in 1909 requires 47 cents today. It is no wonder then that few people nowadays would stoop to pick up any coin smaller than a quarter.
Congress' unconstitutional delegation of monetary policy to the Federal Reserve and its reluctance to exercise oversight in that arena have led to a massive devaluation of the dollar. If we fail to end this devaluation, we will undoubtedly hold future hearings as the metal value of our coins continues to outstrip the face value.
HR 5512 is a sad commentary on how far we have fallen, not just since the days of the Founders, but only in the last 75 to 100 years. We could not maintain the gold standard nor the silver standard. We could not maintain the copper standard, and now we cannot even maintain the zinc standard. Paper money inevitably breeds inflation and destroys the value of the currency. That is the reason that this proposal is before us today.
Ron Paul - March 11, 2008
Does this mean you are for it or against it? Please advise because I may need to change my vote.
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I had a dream. It was an incredible dream. When I awoke, I had a huge mess to clean up. 
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Mangler_SC
Title: Bellybutton Lint Collector
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Subject:
Should the United States eliminate the penny?
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No. Not yet anyway.
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. Mangler had an accident on the way home from the liquor store. He was run off the road and crashed into a woman's clinic. It was one giant Pabst smear. -Bou_Te . Soylent CLiKK -- It's PEEEEEOPLEEE 
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Misbeller of mightbe 
I God of miself. 