The US penny: Should it be scrapped?

[Evil Eye]

Canada has stopped producing the penny coin, deeming it a waste of money. The move has re-ignited a long-running debate in the US over the future of its single cent, and the question is sometimes raised in the UK too. So is it time to ditch the penny?

Full article: http://www.bbc.co.uk/news/magazine-18586854





We did the same thing Canada did to our €0.01 and €0.02 coins a few years ago.

 

[Jazzy]

Depends on if people are willing to forego their penny. Here I have to pay 8% tax on items that I purchase.



If I bought an item for $3.25 then the 8% tax would bring it to $3.51. Is the person willing to tell me to only pay them $3.50?



There's a saying: Every penny counts.

 

[Evil Eye]

Is the person willing to tell me to only pay them $3.50?

Probably, proper rounding would partially compensate for any losses.

If they lose a penny on $3.51, they'll make a penny on $3.54. Clever customers could abuse this, but that'd be rather time consuming... Besides, if they do round up to $3.55 you should just use a card to pay the actual amount

 

[DrLeftover]

I believe the saying is penny wise, pound foolish.



It seems to define modern governmental wisdom perfectly.

[font=arial,helvetica][size=-1]$3,200,000 for peer-reviewed bone marrow failure disease research. This funding is redundant, since there is $23.4 million for research on bone marrow disease in the FY 2012 Labor/HHS appropriations bill.” [/size]

http://www.cagw.org/reports/pig-book/2012/

 

[Jazzy]

~Or~ We could say: A penny earned, is a penny saved.

 

[DrLeftover]

~Or~ We could say: A penny earned, is a penny saved.

Since when has the government ever saved saved a penny without ending up spending more later?

 

[Jazzy]

We can't stop making the penny! What would then happen to penny loafers?

 

[Doc 1878]

in america it costs more than 1 cent to make 1 cent, so they probbaly should scrap it.

 

[Jazzy]

Pennies sure paid off for this man!

 

[Evil Eye]

Pennies sure paid off for this man!

It would've paid off sooner if he'd sold the raw metal