Skip to comments.Do Pennies make SENSE?
Posted on 02/13/2009 7:48:07 AM PST by lakeprincess
The minting of 4 new Lincoln cents has got the anti-penny crowd in an uproar - complete with civil disobedience calling for the end of penny use. They're vexed at the "zinc lobby."
(Excerpt) Read more at washingtontimes.com ...
The zinc barrons have a deathgrip on us all.
The crazies need something to get uproarious about.
Yes i use mine to pee with
Considering they will be worth about 1/1,000,000th of a current value dollar soon, nope.
All your gasoline, grocery, general retail,etc. taxes rounded up to the nearest nickel? A %6 tax would become ten.
They do not.
Perhaps for sales tax increases they do.
The time wasted counting these out is silly.
People won’t even pick them up off the ground.
Caution strong language, but funny!....
I love the artwork of the new coins though but..
Honor Lincoln some other way!
I pick them off the ground, too.
“Do Pennies make SENSE?”
No, but neither do dollars/$$$$$ make sense—else why would “h” be shoveling them by the trillions down his gubmint blackhole?
me too never pass one up i may be a bit superstitious
“A %6 tax would become ten.”
Actually, it only would if you purchase something for a dollar. As far as purchase greater that $1, it would never be more than 4 cents per purchase.
For example, if you bought something for $52.46, with 6% sales tax it would come to $55.61. Without a penny you would have to round (up I assume) to $55.65. The effective tax rate on that purchase is 6.08%, not 10%.
Yes. They are quite useful to purchase Swedish Fish.
I used to.
Me too......depending on surface conditions.....
They sure work great in my fuse box!
I’ll say it again, “Get rid of the filthy dollar bill! Dollar coins only!” Dollar bills become germ ridden and wear out in no time. We keep paying over and over, to print new ones. I get coins at the bank, and use them all the time. Also ask for coinage as change from merchants.
We lose several billion dollars every year because we keep making pennies from what I recall.
They also contaminate the soil and poison anything that ingests them (dogs, kids, geese, etc...)
The top row here is post 1965 Quarters, then dimes, then 1959-82 Lincoln Memorial cents. The pennies around the key are zincs, along with a few nickels and lawnmower clipped coins. The bottom demonstrates the resilience of real money, wheat cents to the 20's and silver dimes as old as 1917-S (S being the mark for San Francisco's mint). This is from a single hunt in December. Save the coppers, cull them from circulation and enforce Greshams Law!
GET BIG ZINC OUT OF GOVERNMENT!
Cough ... ahem, where did that come from?
Paper money is more convenient. It’s lighter, flexible, and smaller. I won’t have anything to do with dolalr coins. There’s good reasons why they fail where ever introduced unless the government also removes the paper equivalents. Paper money is superior for the users (that’s us), and the government is supposed to serve us.
Have you ever lived in Canada? Carrying around Loonies and Toonies is a workout....
I think they make cents. (couldn’t resist!)
Actually, the last coin we got rid of was the 20 cent piece (1878). Before that it was the half dime (1873)...
Never ever miss a bandwagon. You can always jump off and walk nonchalantly away when the other folks on it start looking nutty.
Actually, up until the runup in copper a couple years back, the treasury made about 50 million a year in sovereignage on pennies. It’s probably back to positive with base metals being down...
I’m not against paper money. Only dollar bills. So ya gotta carry for Quarter-sized coins. Big deal!
“It costs the US government 4.2 cents to produce a U.S. bill. US currency bills are printed by the Bureau of Engraving and Printing (BEP). The BEP prints about 16,650,000 one dollar bills each day. Most of these are used to replace worn, older bills (which are shredded). According to the US Treasury, there are billions of one dollar bills in circulation.
LIFE SPAN: The average dollar bill has a life span of about 18-22 months.”
Thank you for saving me the time of explaining that!
Never get rid of one dollar bills. Do you realize how inconvienent it would be at the gentlemans club?
Last time a got a SquawBuck for change, I handed it back and requested paper.
We need them so when you go places that have those machines that for 1.00 will smash a penny so you can remember where you went.
Hmmm. I’ve heard and read its a losing proposition no matter what the cost for base metals are, of a couple of billion per year.
I don’t have a link, just recall what I’ve read.
I don't care how much it costs the government to print the money. It's one of the only things they spend money on that's actually part of their Constitutional mandate. The cost of making 1 dollar bills is negligible on the books, less than half of pretty much any of the unconstitutional projects. If you want to save government money dump welfare, leave my ones alone.
16,650,000 X 4.2cents = $ 699,300 a day! If using 365 days a year, that’s $255,244,500 per year, for something that gets shredded after 18 months.
(Did I do the math right? I’m rotten at math!)
You just have to put the coins in the slot! What’s complicated about that?
During World War II the U.S. government needed copper for the production of ammunition, so for one year (1943) the Lincoln penny was actually produced with steel instead of copper.
There are still a bunch of these in circulation, but it's hard to find any of them with their original shiny luster because the steel corrodes very easily over time.
This year’s Medicare budget is 12.9 BILLION dollars. Or a little over 50 times that much. And it’s 100% unconstitutional.
I completely agree! But, I like to save wherever possible, and shredding money is incredibly wasteful. You never have to carry more than 4 dollar coins anyway. The next increment is the $5 bill in your wallet. 4 coins don’t make my pants sag.
All the Lincoln haters here on FR would probably like to get rid of the penny.
As saving money goes though this is nothing. Medicare is more this year than we’ve spent printing 1s since Ike was president.
YOU might never carry more than $4 in singles, I do. 1s are more useful than 5s, a lot of vending machines don’t do 5s. Dollars coins stink. They’re heavy, they’re inflexible, coins in general don’t sort easily. Paper money is better for everybody except the government, and they work for us.
Additionally, they'll be a de-facto sub money in accellerated inflation as their value will rise rapidly. Just look to the scarcity of coinage circulating at "face" value in Zimbabwe for an example...
The best arguement for keeping the penny is that apparently that dim bulb Katie Couric thinks it's a good idea to ditch it, that's a counter trend signal if there ever was one...
“It is long past time to dump the penny”
It’s long past time to declare KarlInOhio a useless eater!
We’d probably be able to round down too... I don’t see it happening politically otherwise, this would be a tax that hurts the poor more than the rich!
I guess we have to agree to disagree. You’ve made your points, I’ve made mine. You like the convenience, I dislike the waste. Gotta go do my daily stuff at the water company. Got a Hipshot to install this pm. Later!:)
This may be good time to revalue the currency, 1 for 10. A dime would buy what a dollar did. COPPER Would be 20-30 cents/lb. and you cold make several hundred of them out of a pound.