What is the highest denomination coin you think the United States treasury should discontinue?
I never really use half dollars but I use everything else all the time.
If you don't have pennies how do you get exact change if you're $0.01 off.
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.
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.
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
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.
Thank you. Having a 1% fraction of an already very low type of currency is useless.
Try the peso or the yen. 😵
I hate pennies. Worthless these days unless you save hundreds of them. They just take up space in my wallet.
We should discontinue the dollar all together and all use cryptocurrencies.
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.
Nah we all use cards anyway and those that don't should get with the times.
But yet they still continue to produce them.
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.
I rarely use cash anymore. I mostly use my credit card.
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.
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.
I didn't know they still minted .50 coins.
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
When was the last time I saw a half dollar coin. Hardly ever.
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.
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.
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.
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.
No, discontinuing anything higher than a penny would be troublesome. This isn't a quiz, make your poll clearer next time.
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.
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 😳
Penny (costs more to mint than it's worth) and nickel (too bulky for its tiny value).
Rounding effects will be minimal.
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.
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.
How about we reduce inflation and make the penny relevant again?
Keep all in circulation, but discontinue minting pennies.
If they discontinue pennies then all prices would have to end in a 5 or 0
Or 4 you forgot about 4
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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..... 😁
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.
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.
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.
There is literally no reason to keep the penny. It's a waste of money space and time spent counting them.
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?
Then it gets rounded down to 1.25. Just round off to the nearest 5 cents.
Penny. If it costs more to create a coin than the currency value, you're doing something wrong.
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.🤔😳
Keep them all. Only retards who think we create money to get a profit want to get rid of the penny.
Bring back the half penny and two cent coin!
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.
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.
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.
I'd get rid of the penny, dime and half dollar.
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😳!
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🆘🤣
The only reason we haven't already gotten rid of the penny is because of aggressive lobbying by the zinc industry.
I'm tired of pennies
Half dollar and penny but keep the rest.
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 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.
When was the last time you used cash, period?
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
When the cost of creating something costs more than its actual value - then it's time to retire it.
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.
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.
Penni's make me irrationally angry
Someone has a "Penni" in their contacts
The penny wouldn't cost more to make than it's worth if the Federal Reserve hadn't devalued it by 96%....
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.
How about we make pennies out of the same metal they use to make the bitcoins?
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
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 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.
I agree, but if we get rid of the nickel, everything needs to be rounded to the nearest 10 cents.
Or 25 cents
The penny isnt worth the weight it adds to my pockets.
Nobody values pennies anymore. Drop the penny.
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.
Get rid of the nickel and penny.
In my opinion they could get rid of all of them including the $1 coin. Let us all use plastic.
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.
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
Keep the quarter. Dump everything else.
But muh dimes
The sooner Apple Pay is universal and I can stop carrying any physical currency at all, the better!
Most of my friends right now don't carry any currency 💴 and most of them don't have Apple Pay.