Is it about time, or is it still useful? If you think its time has passed, what about the nickel/dime/quarter?
You must log in or register to comment.
Yes, and daylight savings time and the electoral college too please.
It was time to ditch the penny 20 years ago. The nickel has since joined that club.
Didn’t the half cent we ditched in the 1800s have the buying power of a dime today when we ditched it?
That was the Stat like 10 years ago. It has to be worse now.
I say get rid of money completely. Everything should be free for everyone. Except for my neighbor, Ron. He’s still gotta pay.
Sure. Fuck it. I wouldn’t waste any brain power on it when the *gestures wildly at everything* is still happening
deleted by creator
That doesn’t mean we need to mint more. Especially when it costs more than $0.01 to produce a penny.
You’re only pointing to why we don’t invalidate the coin.
You’re only pointing to why we don’t invalidate the coin.
Correct.
That doesn’t mean we need to mint more.
The question wasn’t if we should mint more. It was if we should do away with what we have.
Sure, but functionally stopping the production is the main benefit of the decision. It means banks can’t order more and the usage will naturally wane away.
I guess I’m saying there’s a middle ground that doesn’t require invalidating the currency
New Zealand abandoned the 1c and 2c coin
decades agoin 1990, and then the 5c coin too in 2006. Never been missed. Nothing changed.See https://en.m.wikipedia.org/wiki/New_Zealand_dollar
Prices are all still in 0.01 increments, and are Swedish rounded when paid for with cash (electronic payments are exact and never rounded).
Similar story in Norway, with 10 øre deprecated in early 90s; 50 øre in 2012. Prices are still 1 øre below a round number, even though the average Norwegian has never used coins of that denomination. (And lots of us haven’t really used cash for a couple of decades now.)
Lose 'em. Nickels too, gone. Honestly if we ditched dimes too I wouldn’t shed a tear. Quarters are cool though, they can stay.
I think I remember hearing that the cost to make a penny is now more than one cent. Considering you can’t really do anything with them, I’d say it’s time to discontinue the penny at the very least.
I don’t think anyone ever gets excited about finding anything less than a quarter. Hell, even today I don’t know if quarters are worthwhile. We should definitely get rid of everything besides quarters. I don’t think any machines even take anything other than quarters. Maybe some drink machines do, but that’s it. Like, two dimes and a nickel is objectively less useful than a quarter. And not just because of the mild inconvenience of carrying two additional coins lol.
I think there are enough places that use quarters that we shouldn’t get rid of them.
Quarters are useful if only to feed into pinball machines.
Shift the decimal point two over so a penny is worth a dollar.
Canada got rid of pennjes like ten years ago. We barely noticed after the first few months.
Can we just round everything to the nearest dollar? If something is still cheap enough to be 25 cents then it should only be sold in a pack of 4.
Consider the fact that Japan has a ¥1 coin. It is strangely light, and can actually float on water if you are careful enough with the surface tension.
The purpose of leaving that coin in circulation is pricing. ¥399 looks much better than ¥400.
At the moment, ¥1 is about 0.64¢.
The 1 yen should’ve been taken out of circulation even earlier than the penny. Right now it’s only worth about .65 of a US penny. Other countries have taken their 1 cent equivalent out of circulation and stores haven’t stopped doing the .99 ending in prices-- you just round at the register.
Several countries got rid of the penny already, we still have pricing listed to the 1 cent. If you pay cash it’s rounded to the nearest 5cent if you pay with card it’s not rounded at all.
Nothing changes you just don’t spend money minting coins that cost more than their value, and don’t have to wait behind someone digging through their wallet for those pennies that they “swear are in here somewhere”
I got to say I disagree about the pricing thing. I know every business uses this psychological exploit, but to any kind of budget conscious shopper, doing math with round numbers is so so so much better. Like if I’m looking at a case of oil for my car and six bottles is $40, it makes it way easier to figure out the price per liter instead of bullshit like $38.99
I’d argue it’s because of a hatred of anything that looks like price increases, especially among the older crowd. Japan is still very much cash-based, especially in those older generations. Then 1-yen coin being light and cheap probably helps, but I don’t know if it actually costs more to make.
That said, I’d be happy getting rid of the 1 and 5 yen coins, especially since machines do not tend to take them.
Yes. I think that’s what the study explains in the last paragraph there. The customer is still likely to buy the item if it’s ending in $.95 vs $.99. However, as the price of the item goes up, that four cent difference is less important. In the decision making of the buyer, but also costs the company more per unit. It’s less important to the business/seller the more expensive it is. I think that’s part of the reason they called it a wash.
The prices on shelves don’t change when you drop the penny.
Final cost is just rounded to the nearest 5 cent at checkout if you pay in cash.
Yes. Yes. No. Just penny needs to die.
