Show of Hands

The same way you currently get half and quarter pennies now... round.

You use a credit card, or you round to the nearest 5¢. Either way the penny is still obsolete, and the U.S. loses millions of dollars making them.

Thank you. Having a 1% fraction of an already very low type of currency is useless.

Try the peso or the yen. 😵

Nah we all use cards anyway and those that don't should get with the times.

But yet they still continue to produce them.

Exactly.

I wonder, who to give the collection I when I "retire"? And that person may have a kid... Who will instantly get book fills of coins up to and over 100 years old.

They don't. The government is trying to remove it from the system, but you can still find them sometimes. Kind of like a two dollar bill

After tax that's not an issue. Sometimes you win a few cents sometimes you lose.

That's what I mean, with taxes your total can come out to 1.91, they'll round up to 1.95. I doesn't seem like much but over time is makes a huge difference.

No, for example in Canada that would round down to .90 if you pay cash. You would round to the nearest nickel, so statistically sometimes you gain a penny or two and sometimes you lose a penny or two.

Wouldn't you be loosing the money either way, considering that one cent or so from rounding down would then be rendered useless?

Only with cash. It still has value, but for the sake of speed of transaction and cost of production, cash is rounded. Cards and electronic payment would be exact.

This America. That's not how it works. Companies would most certainly round up, never down.

They make two dollar bills. Good luck using them. People think they're fake.

And many people collect them! 😃

The dime should stay. It is very useful when calculating tax and such. Without the dime OR penny, it would cause tax to go up. Take away the penny, though. Having 1% of a 1 dollar bill is kind of useless.

???

Penny is the lowest denomination. 0.01<0.05<0.10<0.25<0.50

Ah the ol' decimals conversion, 6th grade common core math 😳

Or 4 you forgot about 4

What

🤔

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Never seen a 2 cent

He's lying 2 centers don't tesselate properly enough to tile a floor

Pic or it didn't happen..... 😁

What about the half penny should we bring it back for even more precision.

No, the penny falls in line with the decimal number system by being 1/100 of a dollar. A half penny is 1/200 of a dollar.

What about when your change is $1.26?

We round to 1/100 of a dollar now. Why can't we round to 1/10 of a dollar?

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Then it gets rounded down to 1.25. Just round off to the nearest 5 cents.

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Reduce inflation

Car, I have $10k in new nickels, if their mint cost makes no difference, I'll sell you them all at cost of minting them at 8 cents ea.🤔😳

⬇️Carcano

I'd get rid of the penny, dime and half dollar.

The point of minting coins isn't to make a profit.

Well it sure isn't to lose money either ! As Bill Engvall say's here's your sign🆘🤣

Whoa whoa whoa you leave my half dollars out of this!

Lol! Keep the ones you have, they will be collectors items and worth tons later on! Same with pennies!

When was the last time you used cash, period?

I don't think that should be the measure. If it costs $1.01 to make a dollar bill should we retire the dollar?

We should retire the penny because inflation has made it almost worthless.

If it costs $1.01 to create a dollar we would obviously have to retire the dollar...

@coffee. Yes, that's exactly right. Currently it costs the fed 4.9 cents to produce a $1 bill. When that cost outweighs the monetary value, then yes, inflation has deemed it a loss. The treasurer should follow that model, or they're blatantly wasting money.

The relationship to the cost and its value is just a good anecdotal story. It doesn't change its purpose, which is to provide a useful denomination for exchange. It's still costing money

As the value of the dollar stands now, we should still produce it even if it costs over a dollar

I can prove it. Pretend the penny was free to make. Will you start using pennies more often now? Of course not.

The reason the penny should be retired is related to its face value, not its cost

This is of course different from how a business decides to stop producing a product, which is when marginal cost surpasses marginal revenue.

many*

Lol Penni's...

Someone has a "Penni" in their contacts

Agree. Not only that, but these idiots don't seem to understand the point of minting coins. We shouldn't be creating money to make a profit. That isn't the purpose. These people think minting coins is supposed to be a money fountain.

Actually, that's not correct. The final price would be rounded up OR down, depending.

$1.01 or $1.02 would round down to $1.00
$1.03 or $1.04 would round up to $1.05
$1.06 or $1.07 would round down to $1.05
$1.08 or $1.09 would round up to $1.10

So it would depend on the situation and, in the long run, break even. And you'd never pay more that $0.02 more than you do now and half the time or so pay $0.02 less.

When you buy gas it's already rounded. The price is always .9 cents and if you just fill up it will most of the time end up with a fraction of a cent which will be rounded to the closest cent.

Also when you pay with a plastic card they will continue to charge you to the cent.

I don't want anything rounded up. Pennies matter in the long run. You're not making a good argument.

What about the fraction of a penny which is rounded when you buy gas?

Also remember they wouldn't round up every time, they would round to the closest, up or down.

That's called theft. I've never experienced rounding up when I buy gas. My gas is always the exact amount.

Oh you're talking about the 9/10 of a cent thing.

That is a dumb thing that had to happen because of idiotic government regulations during the Great Depression that carried on until today. It shouldn't exist at all.

And the funny thing is that 9/10 with rounding had to happen because there was no unit of money smaller than the penny. That's why we even have to round in the first place. You just want to make it more complicated because you saw a misleading documentary about how pennies are useless without actually understanding the uses of single units.

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How about we make pennies out of the same metal they use to make the bitcoins?

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I'm well aware of how to round in math. The proposals I've seen indicate in the legislation that the "rounding" (for lack of a better term) I listed above would be the required way to get to an even nickel.

It's also worth noting that individual items would not round up or down to the nearest nickel. Only the final value of the overall transaction.

So if you buy items that cost the following:
$4.58, $5.03, $17.89, $11.23, $24.59
TOTAL: $63.32

Those do not round individually:
$4.60, $5.05, $17.90, $11.25, $24.60
TOTAL: $63.40 ($0.08 more expensive)

Only the total amount of $63.32 is rounded. In this case, it is rounded DOWN to $63.30, for an overall saving of $0.02. Granted sometimes it might round up $0.02, but in the long run, it would essentially be a wash. And the final price would always be +/-$0.02 (at most) from the current system.

Goods need to be listed as what they're worth. Rounding up is theft, plain and simple.

I bought something at the store the other day that was marked as $9.99. Yet when I checked out, I paid $10.86. Theft? Nope...sales tax. Incidentally, with the tax rate, the total should have been $10.855. But it was rounded up to $10.86. So that "theft" already occurs. The $0.02 being discussed here would essentially be two extra pennies in the sales tax. No more theft than sales tax is theft. Now, that point in and of itself is debatable! 😊

No, the sales tax is the sales tax. It is a designated percentage that I expect to pay when buying something. That extra 2 cents is theft because it isn't included in the sales tax and just goes to the store.

Incorrect. The proposals I've read say the extra 1-2¢ would be collected as part of the sales tax. NOT kept by the store. Likewise, if the amount is rounded down 2¢, that is taken from the sales tax. The amount the store takes is exactly what is listed on the price tag.

So they're taking more in tax than the percentage that was agreed upon?

That's called theft.

And if such legislation were to be passed, it would be understood that sales tax could fluctuate on any given transaction by up to 2¢ in either direction. It would be understood to essentially be a small, dynamic tax rate. Capable of going negative.

Going back to something I mentioned earlier...what about the fact that current tax rates typically go down to fractions of a penny? For example, the sales tax rate in my area is 1.0855%. That means if I buy something that costs $1, I end up paying $1.09 because the tax is rounded up to the nearest 1¢. Theft of 0.45¢ currently?

I agree, but if we get rid of the nickel, everything needs to be rounded to the nearest 10 cents.

Or 25 cents

I leave most of the pennies I get in random places for someone else to find

A lot of people do that. I know someone who was trying to clean his house in a hurry and he had 15 pennies on the table. He threw them in the garbage because he didn't want to take the time to put them away.

There are pros to getting rid of cash, but the cons outweigh it in my opinion. Namely, privacy.

Use a prepaid debit card.

There are ways to track that

Then use bitcoins or invent another system or whatever. I cannot see the government has to (I.E. tax payers) spend all this money making sure you have a way to pay for illegal activities. I'm in no way supporting any government surveillance but on the other hand I don't believe the government in any way has to provide help either.
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Who says it's for illegal activity? If I loan $10 to my friend, the government doesn't need to know that.

Nobody said that. It was just my suggestion since you suggested the tax payers have to fund your protection.

Dumb idea. Cash is still necessary. You're not hip.

Tom, this is actually one of the functions of government. And I'm all for saving money, but there are about a million other low hanging fruit that we could attack first, many of which don't involve taking away the privacy of trade

But muh dimes

Most of my friends right now don't carry any currency 💴 and most of them don't have Apple Pay.