Show of HandsShow of Hands

Show Of Hands May 16th, 2017 2:35pm

What is the highest denomination coin you think the United States treasury should discontinue?

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Bakon24 Utah
05/28/17 9:21 pm

I never really use half dollars but I use everything else all the time.

Austin25 Georgia
05/19/17 3:20 am

If you don't have pennies how do you get exact change if you're $0.01 off.

inthehole
05/19/17 12:53 pm

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

Enderslayer United States
05/25/17 8:34 pm

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.

IapetusAres
05/18/17 11:39 am

But yet again, with new technology, dollar and silver currencies are a pain and obsolete. When you think about it, we have machines that take money and put it as an online currency via a Debit Card. Not to mention most countries have vast differences in currency "value", and whenever visiting a new country we would need to trade it in and blah blah blah. Currencies were a lot more beneficial back in the 1300s or so. Back then we just used animals or anything and traded them, and the currency made it easier. But at this point it would be easiest to have everyone switch to an electronic auto currency exchange program, like PayPal or master card.

IapetusAres
05/18/17 11:34 am

Although the Half-Dollar isn't really used that much, I believe that It would be more important than the penny. It would be more beneficial to have a half dollar than a one-one-hundredth-dollar

Vincere Seattle
05/17/17 4:06 pm

The half cent had more purchasing power than a dime does today when it was discontinued in 1857. Canada started removing their pennies from circulation in 2013. I'm pretty sure the US could stop making pennies and the world wouldn't end.

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IapetusAres
05/18/17 11:41 am

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

grondini Mainer in NC
05/17/17 11:04 am

I hate pennies. Worthless these days unless you save hundreds of them. They just take up space in my wallet.

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justbcause
05/17/17 7:07 am

We should discontinue the dollar all together and all use cryptocurrencies.

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JohnC14 New Hampshire
05/17/17 3:50 am

The penny now costs more than $0.01 to produce. If our coins cost more to produce than what they are worth, it may be time to discontinue that specific coin and begin rounding transactions to the nearest nickel.

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rebelfury76 F Trump
05/17/17 7:36 am

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

IapetusAres
05/18/17 11:41 am

But yet they still continue to produce them.

aksers Seattle
05/17/17 2:17 am

Get rid of the penny, nickel, and quarter. Round everything to .10 and go from there. Pennies and nickels lose money and are extremely invaluable at facilitating the exchange of goods and devices.

mac007 Mars
05/17/17 1:53 am

I rarely use cash anymore. I mostly use my credit card.

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theNobamist Silicon Valley
05/17/17 12:27 am

Keep them all!!
I like that now, after 40 years of coin collecting, I have a very complete collection.
I pick the best and brightest of the new coins as soon as they come from the bank.

theNobamist Silicon Valley
05/17/17 12:28 am

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.

lagg
05/16/17 9:01 pm

I didn't know they still minted .50 coins.

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IapetusAres
05/18/17 11:43 am

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

raywygo Pittsburgh
05/16/17 8:57 pm

When was the last time I saw a half dollar coin. Hardly ever.

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NewGeneration Washington DC
05/16/17 8:21 pm

Our economy is so sensitive that removing even the penny would cause inflation. Business would use that as an excuse to keep "rounding" up their prices.

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aksers Seattle
05/17/17 2:18 am

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

NewGeneration Washington DC
05/17/17 7:36 am

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.

aksers Seattle
05/18/17 12:21 am

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.

IapetusAres
05/18/17 6:06 pm

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

aksers Seattle
05/19/17 1:42 am

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.

NewGeneration Washington DC
05/19/17 5:44 am

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

moonshot More often I know nothing
05/16/17 7:52 pm

We should get rid of the penny, the dime, the half dollar, the dollar bill, and the five dollar bill. We should then distribute more dollar coins and two dollar bills. Prices should be rounded to the nearest nickel. All sales taxes should be included in the price and the tax rates based on gross receipts. This would be a much more user friendly system.

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theNobamist Silicon Valley
05/17/17 12:25 am

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

And many people collect them! 😃

IapetusAres
05/18/17 6:08 pm

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.

doober72 Vidalia, Ga.
05/16/17 6:00 pm

No, discontinuing anything higher than a penny would be troublesome. This isn't a quiz, make your poll clearer next time.

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Pjj
05/16/17 5:36 pm

Did anyone even read the question? If the highest denomination you want to eliminate is a penny then you evidently want to discontinue all our coins.

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TheSpookyGhost paleoconservative
05/16/17 6:23 pm

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

theNobamist Silicon Valley
05/17/17 12:26 am

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

Praetorianus Fair enough.
05/16/17 5:35 pm

Penny (costs more to mint than it's worth) and nickel (too bulky for its tiny value).
Rounding effects will be minimal.

scrpnHOG Arizona
05/16/17 5:22 pm

Germany and other countries are in an economic turmoil over this!!
Oh wait, no they're not. We'll be fine, get rid of that stupid penny.

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xtarite
05/16/17 4:53 pm

There a LOT of good discussion to be had about this but I think people are forgetting that if we discontinue pennies or any other denomination a lot of things will be effected. Wages will have to be rounded (likely to the lower number), items usually bought for very cheap will be effected as well and that will drive costs up.

Gunfighter06 Iowa, since 1846
05/16/17 4:29 pm

How about we reduce inflation and make the penny relevant again?

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Wert A picture of my junk
05/16/17 3:54 pm

Keep all in circulation, but discontinue minting pennies.

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a7xgunslingerz Tennessee
05/16/17 3:02 pm

If they discontinue pennies then all prices would have to end in a 5 or 0

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UniversePlan Michigan
05/16/17 4:01 pm

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a7xgunslingerz Tennessee
05/16/17 4:43 pm

Never seen a 2 cent

Crawdaddy11 MIMNAZMN
05/16/17 6:31 pm

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

grondini Mainer in NC
05/17/17 11:07 am

Pic or it didn't happen..... 😁

Ohioan Columbus, Ohio
05/16/17 2:20 pm

I don't think the fact a penny costs more to make than or is worth is a value argument. The government has lots of expenses and the mint isn't necessarily a for-profit program. I like the penny just because it makes sense to me to have or currency to that precision. If you just don't want to deal with them that's valid but I disagree.

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Nightcat
05/16/17 5:17 pm

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

Ohioan Columbus, Ohio
05/16/17 5:19 pm

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.

scmama South Carolina
05/16/17 1:49 pm

We have to keep the $1 coins cause that's what the tooth fairy brings at our house, and we have a few more years of tooth fairy visits.

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tytheguy
05/16/17 1:22 pm

There is literally no reason to keep the penny. It's a waste of money space and time spent counting them.

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a7xgunslingerz Tennessee
05/16/17 3:03 pm

What about when your change is $1.26?

Wert A picture of my junk
05/16/17 3:56 pm

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

UniversePlan Michigan
05/16/17 4:01 pm

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tytheguy
05/16/17 5:42 pm

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

FIAT2LUX On Planet Earth
05/16/17 1:17 pm

Penny. If it costs more to create a coin than the currency value, you're doing something wrong.

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UniversePlan Michigan
05/16/17 4:02 pm

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SHIPPY1944 Tn.
05/16/17 6:15 pm

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 Luke 10 19
05/16/17 1:03 pm

Keep them all. Only retards who think we create money to get a profit want to get rid of the penny.

centexken Republic of Texas
05/16/17 12:55 pm

Bring back the half penny and two cent coin!

Grimmy13 Socialist Californirado
05/16/17 12:47 pm

Get rid of the penny. I was in Germany in the military years ago and the stores on post rounded up and down to five cent increments. Too costly to ship pennies back to the states.

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civilliberia1
05/16/17 12:33 pm

We definitely rid the penny because we it cost more to make a penny then its worth: 1 cent. A pennies really dont serve a purpose because most people just have them on the floor or something a the bottom of their purse.

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Zod Above Pugetropolis
05/16/17 11:53 am

The quarter. I'd also get rid of pennies and nickels, making dollars, half-dollars, and tenth-dollars (dimes) the only coins remaining. There's really no need for a smaller coin than the dime, which is worth about what a penny was anyway less than 70 years ago. People got by just fine then without half-pennies (today's nickels) or tenth-pennies (today's pennies). Once we realize there is no need for nickels, that quarters are redundant becomes obvious as well.

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moonshot More often I know nothing
05/16/17 7:56 pm

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

SHIPPY1944 Tn.
05/16/17 10:54 am

Eliminate pennies (1.7 cents) & nickels (8 cents), that cost more to mint than they are valued🤑only the Feds could loose money, while minting coins😳!

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Carcano Luke 10 19
05/16/17 1:04 pm

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

SHIPPY1944 Tn.
05/16/17 2:06 pm

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

hitchens Ann Arbor, MI
05/16/17 10:48 am

The only reason we haven't already gotten rid of the penny is because of aggressive lobbying by the zinc industry.

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NYG44 Upstate NY
05/16/17 10:47 am

I'm tired of pennies

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TiredofIt Texas
05/16/17 10:11 am

Half dollar and penny but keep the rest.

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patrioticparody Pale Blue Dot
05/16/17 11:29 am

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

TiredofIt Texas
05/16/17 11:34 am

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

Confucius Cage free No antibiotics
05/16/17 9:46 am

When was the last time you used a penny to buy anything? Or a nickel, or a dime? You can't say that it's wrong to stop making worthless coins, because we've already done it before (anyone remember the half-penny). Other countries have gotten rid of their coins, and just round down. It also costs us more money to make coins than they're actually worth.

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Wert A picture of my junk
05/16/17 3:59 pm

When was the last time you used cash, period?

articulat
05/16/17 9:41 am

I'm not going to pretend to understands the economics but there's a reason why they started making the coins with "collectible" backs - there's some kind of science that goes into physical money and its affect on inflation etc when it's out there but not being spent, also the multiplier factor that it does for the economy when money is produced but then the amount of times it's used before becoming uncirculated. At some point inflation will make the penny a useless piece of physical currency just like those foreign currencies where 100,000 of something equals 1 USD... 1 of those somethings is meaningless

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bnnt Los Angeles
05/16/17 9:22 am

When the cost of creating something costs more than its actual value - then it's time to retire it.

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CoffeeNow CandybarThiefLivesMatter
05/16/17 9:46 am

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.

hitchens Ann Arbor, MI
05/16/17 10:02 am

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

bnnt Los Angeles
05/16/17 10:30 am

@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.

CoffeeNow CandybarThiefLivesMatter
05/16/17 2:36 pm

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

CoffeeNow CandybarThiefLivesMatter
05/16/17 2:38 pm

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

CoffeeNow CandybarThiefLivesMatter
05/16/17 2:41 pm

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

OhTheIrony Learning from you
05/16/17 9:18 am

We should mint pennies and nickels in smaller quantities, but we should not eliminate them altogether. The denominations we have are purposed for functional utility, so the economic argument against their production can only be a component of the discussion. We must also consider the possible impacted parties, of which there are amny.

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GoCougs Washington
05/16/17 9:09 am

Penni's make me irrationally angry

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GoCougs Washington
05/16/17 9:10 am

Lol Penni's...

patrioticparody Pale Blue Dot
05/16/17 11:32 am

Someone has a "Penni" in their contacts

DerekWills Lone Star Gun Rights
05/16/17 8:50 am

The penny wouldn't cost more to make than it's worth if the Federal Reserve hadn't devalued it by 96%....

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Carcano Luke 10 19
05/16/17 1:07 pm

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.

UniversePlan Michigan
05/16/17 8:34 am

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unforgivnn
05/16/17 9:00 am

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.

TomM
05/16/17 9:20 am

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.

Carcano Luke 10 19
05/16/17 1:08 pm

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

TomM
05/16/17 1:10 pm

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.

Carcano Luke 10 19
05/16/17 1:12 pm

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

Carcano Luke 10 19
05/16/17 1:14 pm

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.

Carcano Luke 10 19
05/16/17 1:17 pm

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.

UniversePlan Michigan
05/16/17 2:46 pm

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Crawdaddy11 MIMNAZMN
05/16/17 3:45 pm

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

UniversePlan Michigan
05/16/17 3:59 pm

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unforgivnn
05/16/17 4:12 pm

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.

Carcano Luke 10 19
05/16/17 5:33 pm

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

unforgivnn
05/16/17 6:29 pm

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! 😊

Carcano Luke 10 19
05/16/17 6:31 pm

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.

unforgivnn
05/16/17 6:34 pm

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.

Carcano Luke 10 19
05/16/17 6:38 pm

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

That's called theft.

unforgivnn
05/16/17 8:26 pm

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?

mfjd1948 rural johnson co iowa
05/16/17 8:34 am

I would drop the penny and the nickel. If everything was rounded up to the nearest 5 cents it wouldn't hurt commerce and might save time in transactions.

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lendluke iowa
05/16/17 8:56 am

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

lendluke iowa
05/16/17 8:57 am

Or 25 cents

FATSHADOW Cyborg Gorilla
05/16/17 8:34 am

The penny isnt worth the weight it adds to my pockets.

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EarlyBird Portland
05/16/17 8:22 am

Nobody values pennies anymore. Drop the penny.

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patrioticparody Pale Blue Dot
05/16/17 11:35 am

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

EarlyBird Portland
05/16/17 1:13 pm

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.

Brandon2018 Stocks Are Overvalued
05/16/17 8:07 am

Get rid of the nickel and penny.

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TomM
05/16/17 8:03 am

In my opinion they could get rid of all of them including the $1 coin. Let us all use plastic.

CoffeeNow CandybarThiefLivesMatter
05/16/17 8:06 am

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

TomM
05/16/17 8:12 am

Use a prepaid debit card.

CoffeeNow CandybarThiefLivesMatter
05/16/17 9:11 am

There are ways to track that

TomM
05/16/17 9:26 am

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.
.

CoffeeNow CandybarThiefLivesMatter
05/16/17 9:29 am

Who says it's for illegal activity? If I loan $10 to my friend, the government doesn't need to know that.

TomM
05/16/17 11:34 am

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

Carcano Luke 10 19
05/16/17 1:09 pm

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

CoffeeNow CandybarThiefLivesMatter
05/16/17 2:43 pm

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

cato Santa Barbara, California
05/16/17 7:56 am

Keep the quarter. Dump everything else.

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HoosierFan
05/16/17 7:55 am

The sooner Apple Pay is universal and I can stop carrying any physical currency at all, the better!

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MrWalrus Undergrid
05/16/17 8:32 am

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