pennies

[snagglepuss]

i really hate pennies. i hate having them in my car, my bedroom, my pocket.

will the united states ever finally abandon use of pennies? if they do begin to phase them out, how will it affect the economy? will theorhetical 1/100ths of the dollar be treated in the same way fractions of pennies are today?

does anyone else hate pennies as much as i do?

bonus discussion question: how much money in pennies would it take for you to put out an effort to collect them from being scattered around? i think my cutoff is a minimum of 50 dollars in pennies that would take 30 minutes to collect.

here is a classic upright citizen brigade sketch for those of you looking for a laugh: ucb penny sketch. ( maybe nsfw? talk of pennies in ass)

[kipin]

Snaggle -

You may not be aware, but there is talk of removing pennies from circulation right now, for the sole reason that they are actually costing the US mint money to produce. Pennies cost about 1.2 cents to produce, while, they are obviously only worth 1 penny!

[snagglepuss]

[ QUOTE ]
Pennies cost about 1.2 cents to produce, while, they are obviously only worth 1 penny!

[/ QUOTE ]

[El Diablo]

chuddo,

You might find these two recent CNN articles interesting:

The fight against the penny

Anti-penny push provokes passions

[snagglepuss]

diablo,

thanks for the links. Jim Kolbe must hate pennies even more than i do!

[Nick B.]

What will happen with rounding? Will the customers get screwed everytime? The stores will no longer be able to advertise x.99 prices. Will the be forced to lose 4 cents per transaction???

[kipin]

[ QUOTE ]
What will happen with rounding? Will the customers get screwed everytime? The stores will no longer be able to advertise x.99 prices. Will the be forced to lose 4 cents per transaction???

[/ QUOTE ]

One thing is for sure, we will all get [censored] when it comes to gas prices.

[El Diablo]

Nick,

In all the things I have read about this, there are a few points.

In electronic transactions, credit cards, etc, exact amounts are still used.

In cash transactions, some suggest rounding up or down to the nearest nickel, while others suggest always rounding down.

[Nick B.]

[ QUOTE ]
Nick,

In all the things I have read about this, there are a few points.

In electronic transactions, credit cards, etc, exact amounts are still used.

In cash transactions, some suggest rounding up or down to the nearest nickel, while others suggest always rounding down.

[/ QUOTE ]

Diablo, do you think that I should start a website about store(censored) (DON"T WANT TO GET THAT B0!!!) so consumers will know when it is beneficial to use a credit card and when it is beneficial to pay cash?

[El Diablo]

Nick,

If pennies get abolished, yes, but until then I am not sure there is enough demand from consumers to really proactively prepare for store-gaming opportunities.