Nickel and Pennying us to Death

Should the US Mint stop making pennies and nickels?

Yes
5
83%
No
1
17%
 
Total votes: 6

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Wise One
Posts: 1955
Joined: 2007 Nov 02 09:33

Nickel and Pennying us to Death

Postby Wise One » 2008 Dec 02 09:06

I saw Neck's poll and article about car horns, neat idea, and it got me thinking.

I hate pennies and nickels, as do many people I encounter. I wish we could get rid of the damn things. The US Mint wastes tons of money manufacturing them. They waste untold millions of retail and customer man-hours, just to handle them. They serve no useful purpose.

The penny, the nickel, and now even the dime are worth less than the penny was worth on the day I was born. Nobody in that era saw a need for a coin worth less than one penny!

So let's simply stop manufacturing them -- no other action is needed.

People who like their pennies and nickels can continue using them. Merchants, working within a free market, will do whatever they like. Some may continue pricing to the penny. Some, increasing in numbers as time passes, will choose to round up or down to the nearest dime. I don't care which way they round ... the free market will average out prices in response to competitive forces.

I predict that the market will fairly quickly eliminate the penny and the nickel from retail cash transactions, even faster than pennies and nickels wear out.

:thum: Good riddance! :thum:
"If your only tool is a hammer, every problem looks like Donald Trump."

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Coondog
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Re: Nickel and Pennying us to Death

Postby Coondog » 2008 Dec 02 15:33

Admittedly, I have few of any of those items left. But, without a penny, what would be left for me to pinch? An inch? Scientists and Europeans would deprive me of an inch, also. Without the nickle, the plug would loose it's perverbial significance. Without a dime, how do we measure the thinness of a thing?

Shall we reduce ourselves further and embrace the simplicity of the bushman, where anything over three is simply "many"? Surely, if we can pretend to have put a man on the moon, we can accommidate ourselves by salvaging the sanctity of the individual unit, "one". Or, five or ten of them. We don't have to use silver or copper! We can use chicklets. :2cent:

Coondog :joker:

If you haven't got a penny, a hay penny will do.........................

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Wise One
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Re: Nickel and Pennying us to Death

Postby Wise One » 2008 Dec 02 15:49

I love your sense of humor ... for a pooch, it is excellent. Hell, even for a human.

:salut: Keep 'er up! :salut:

I'll see your Chiclet, and raise you two M&M's.
"If your only tool is a hammer, every problem looks like Donald Trump."

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fangz1956
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Re: Nickel and Pennying us to Death

Postby fangz1956 » 2008 Dec 03 10:04

Does this mean we could also get rid of that idiotic 9/10 ths of a cent tacked on to a gallon of gas? We have a great monetary system based on the decimal system with the exception of the nickle and the penny. I never understood the necessity for either of these coins.

:hmm:
Ever looked at someone and thought "the wheel is turning but the hamster is dead"?

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Wise One
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Re: Nickel and Pennying us to Death

Postby Wise One » 2008 Dec 03 10:45

I'd have to agree that the 9/10th of a cent ending on every gasoline price is dumb, but it's a practice found elsewhere, like the price of a house being $299,000, etc.

This marketing ploy probably originated when gasoline was about 30 cents a gallon, but even then that 0.1 cent discount amounted to only a negligible 1/3 of one percent. (0.1/30) It is even more minuscule now.

Although it is dumb, I really don't care about this practice because it causes me no inconvenience. The seller always rounds the total price to an integer.

:violent1: Pennies and nickels, on the other hand, get me screaming. :violent1:
"If your only tool is a hammer, every problem looks like Donald Trump."

10thFO

Re: Nickel and Pennying us to Death

Postby 10thFO » 2009 Jan 20 07:51

I love Pennies and Nickels. Often times a clerk will just use a penny or a nickel that someone has thrown in the dish, to important to be bothered over a loose penny or nickel in their pocket. I took my coins in at Christmas this year from a year and a half of throwing them in a five gallone water jug. The bank counted them for free, and I got a return of $684 to put into the bank. Yeah, ya'll can throw away the pennies or be done with them, but if a penny is 10% of dime, then that means retailers are gonna be taking more of your money.

Why don't we just get rid of the numbers 1-9 while we are at it. They are just in the way as well. Numbers don't matter until you get to 10. :razz: You guys are funny.

Bob

Re: Nickel and Pennying us to Death

Postby Bob » 2009 Aug 15 13:18

I hate to be a party pooper, or the stiff at a wedding, but I'm out raged. I'm disgusted with myself when standing in line at any counter and someone is delaying me with their currency issues. And that is because I feel that when I dole out worthless coinage, I should be the exception. So I seriously ask myself, why do we have the penny, the nickel, or the one dollar bill for that matter, in usage? And I don't mean why are we still producing them, I mean why are they not removed from usage? The total reason for legal tender is for an exchange of value. To take up your personal time, or anyone else's time, for any exchange should always be approached with consideration, which is why anything in terms of whole dollar value is seldom an issue. But even then, when someone in front of me takes the time to lighten their purse/wallet of $1 bills, I sigh with personal disgust because clearly its should be nothing more than average. So for my own personal mental health, and I'm sure yours too, we have to speak out because "OUR", government in an obscure way is profiting on minting these legal tender. For that reason alone, Congress won't consider this issue pressing.

My personal goal is to see the penny, nickel, and dollar bill removed from usage. We could easily consider the dime as the "New Penny", since it has a similar multiplier. Keep the quarter and push the usage of the dollar coin. And while were at it, why not get rid of all those $1's in our wallets/purses and produce a $5 coin. This would free up currency bulking and add efficiency to any exchange of value. Irritated in Los Angeles, Ca.

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Wise One
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Re: Nickel and Pennying us to Death

Postby Wise One » 2009 Aug 15 16:06

I am so with you on this.

  • New Coin System: dime, quarter, dollar, 5 dollar. Paper: everything higher as at present.
Actually, though, there's a glitch. It's desirable to be able to make the value of any coin out of smaller ones. This would not be possible in the case of the quarter which would be the only coin valued at something plus 5 cents, the latter no longer really existing. A better list would be:

  • New Coin System: dime, thirty cents, dollar, 5 dollar. Paper: everything higher as at present.
Oh, and the reason we are producing useless pennies and nickels has nothing to do with need, or even government desire. It is entirely due to several powerful lobbies representing metals companies that have the Congress in their clutches. This is the American tragedy, progress being nearly impossible because metaphorical "buggy whip makers" have stolen our government from the people. It repeats over and over, health insurance companies, domestic SUV makers, drug companies ...

I like your emphasis on usage. I don't believe anything prevents a retail establishment, right now, consulting nobody, from rounding prices and/or rounding down cash register totals to the nearest dime. If this practice spreads, think of the time and bother both merchants and their customers will save!!!

:help2:
If buggy whip makers had had better lobbyists then federal law, even today, would mandate that every car be equipped with a buggy whip.
If Obama proposed reforming the buggy whip requirement, then corporate right wing stooges would scream "He wants to take my car!
"If your only tool is a hammer, every problem looks like Donald Trump."

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lexingtonrick
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Re: Nickel and Pennying us to Death

Postby lexingtonrick » 2009 Aug 17 16:10

My rule of thumb is if I'm not willing to bend over (with my perpetually sore back) and pick up a dropped penny, nickel or dime then its worthless money. However I am still willing to bend over and pick up a dollar bill, if I don't I get a worse ache somewhere else. And lets not forget that a dollar still spends well at the Dollar Store where I can take my grandson and invite him to buy anything he wants! Unfortunately he doesn't like the toys they stock preferring Wal-Mart (its not often that I get to annoy him in turn). So until the dollar store becomes the five dollar store lets leave the dollar alone. Of course I still need a nickel for the sales tax ...............nuts!

lexingtonrick

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Wise One
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Joined: 2007 Nov 02 09:33

Re: Nickel and Pennying us to Death

Postby Wise One » 2009 Aug 18 10:36

Well, if the government and not even merchants choose to do the sensible thing, how's this for options to consider?

Let consumers everywhere initiate little rebellions!
  • Vow never to touch a penny or nickel again.
  • Gentle: When paying, never use a penny or a nickel ... round up to the nearest dime.
  • Gentle: Spurn pennies and nickels in change ... leave them on the counter
  • Aggressive: If you're even more brave and rebellious, round that cashier's total down to the nearest dime, pay that exact total and refuse to pay the few cents difference. This will lead to interesting confrontations. They are unlikely to get you into serious legal trouble, but will send a very loud and clear message.
    Merchants who have to expend their time and good will in dealing with repeated mini-rebellions will change their policy ... they will have to.
    Figure it out ... the customer refuses to pay a few pennies, the register clerk calls over a manager, all argue for 6 minutes, thereby costing the store a tenth of an hour of the burdened salaries of two employees, at least $3 and often more, plus the value of customers behind you delayed by 6 minutes in progressing through checkout, plus the value of your lost sale if the manager rejects the rounded payment, plus more employee time for restocking the shelf with the canceled sale merchandise.
:tongue3: How many sales can a merchant afford to cancel because the patron pays $94.70 but refuses to pay $94.73? Those few pennies will cost the merchant many dollars.
"If your only tool is a hammer, every problem looks like Donald Trump."