Money A new penny, but why?

**007** · 09-23-2008, 04:46 AM

A new penny, but why?

It makes more, ahem, sense to do away with the ubiquitous copper coin than to redesign it.
September 23, 2008

In honor of the upcoming bicentennial of Abraham Lincoln's birth, the U.S. Mint is giving the 100-year-old Lincoln penny a new look. The front will continue to show his profile, but the Lincoln Memorial on the back will be replaced by images that are intended to evoke different aspects of his life, such as a log cabin and young Abe sitting on a log, reading. This is expected to create a big buzz in the coin-collecting world, but in truth, the only makeover the penny needs is a disappearing act.

The shiny copper veneer of pennies made after 1983 hides a heart of zinc, and even so, depending on the value of the metals involved, the cent sometimes costs more than a cent to make. Lincoln, a self-taught man born to poverty, knew the value of a penny back when it had real value, and most likely he would have found its continued existence wasteful and downright silly.

Except as a coin to rummage around for in your pocket or purse -- hoping to come up with the right change lest the cashier dump more pennies on you -- the cent has outlived its usefulness. Phasing it out would require simply that we round amounts off to the nearest nickel, which might sound frightening to those who watch their pennies. No doubt there were similar fears when the United States stopped coining the half-cent in 1857. Even back then, the copper was worth more than the coin itself.

U.S. military bases in Europe eliminated pennies during the 1980s to save the cost of shipping them. The move produced some complaints -- for a few months. Thereafter, the poor penny went unmourned. Yet federal legislation to abandon it has repeatedly been defeated.

For a nation that prides itself on its boldness and innovative spirit, the U.S. can be remarkably hidebound. We'll happily add kilometer readings to our cars' speedometers, but we cling to the pounds, quarts and miles of the so-called English system of measurement. A 2006 poll found that two-thirds of Americans wanted to keep the penny. (The poll was conducted by Coinstar, a company that makes coin-counting machines.)

Think of the penny as an old habit that doesn't work for us anymore. Collect them, admire them as a relic of our past, but like the tradition-defying Americans of Abe Lincoln's era, let's phase out a coin that has no purchasing power left, except perhaps for a wish in a fountain.

http://www.latimes.com/news/opinion/...,6621478.story

Personally, I think we should completely do away with the worthless piece of copper.

**Skip Towne** · 09-23-2008, 05:20 AM

I'd prefer to round up or down to the nearest quarter. I hate having a pocket full of change and a lot of time is wasted while clerks count out change.

Over-Head · 09-23-2008, 05:25 AM

Quote:

Originally Posted by Skip Towne

I'd prefer to round up or down to the nearest quarter. I hate having a pocket full of change and a lot of time is wasted while clerks count out change.

Try being forced to use a $1 coin!
It's not hard to reach into a coin tray/pocket/dish/ashtray and have $10 in change

**Skip Towne** · 09-23-2008, 06:06 AM

Quote:

Originally Posted by Over-Head

Try being forced to use a $1 coin!
It's not hard to reach into a coin tray/pocket/dish/ashtray and have $10 in change

Those didn't go over very well at all.

'Hamas' Jenkins · 09-23-2008, 06:24 AM

I personally think the penny is a good idea, even if it is made out of ****ing tin. If you don't have it, every business will tax your ass another nickel at a time.

**Bwana** · 09-23-2008, 07:26 AM

Awww, this explains the 700 Billion dollars.

Frazod · 09-23-2008, 08:42 AM

The penny is horseshit. I assume some very well connected people make money off its continued issue, because it makes no sense whatever to have the goddamn things in an age when you can't even use them buy a gumball.

And speaking of the dollar coin, I'll never understand why it hasn't caught on. I get them from the bank occasionally - very convenient, and so much easier than dealing with a handful of change.

L.A. Chieffan · 09-23-2008, 08:44 AM

Can we get euro pennies

chief husker · 09-23-2008, 08:44 AM

Why? Collectors. The US government is bolstered with every coin taken out of circulation by collectors. The amount of money held by collectors and not in the normal currency flow is staggering. Billions of dollars. It is like a company buying back it's stock.

**007** · 09-24-2008, 04:57 AM

Quote:

Originally Posted by 'Hamas' Jenkins

I personally think the penny is a good idea, even if it is made out of ****ing tin. If you don't have it, every business will tax your ass another nickel at a time.

Hell, I always put the extra pennies in the bowl on the checkout counters anyway so I already don't get it back. Hell, they can have the extra 1-4 cents as far as I am concerned.

**luv** · 09-24-2008, 06:41 AM

Quote:

Originally Posted by chief husker

Why? Collectors. The US government is bolstered with every coin taken out of circulation by collectors. The amount of money held by collectors and not in the normal currency flow is staggering. Billions of dollars. It is like a company buying back it's stock.

But just think of how much more a collectible penny would be worth if they stopped making them.

'Hamas' Jenkins · 09-24-2008, 06:44 AM

Quote:

Originally Posted by Guru

Hell, I always put the extra pennies in the bowl on the checkout counters anyway so I already don't get it back. Hell, they can have the extra 1-4 cents as far as I am concerned.

It's not the personal change, I ****ing hate change, but I never use cash. Imagine if every purchase you made was rounded up 3 cents. That's the kind of stupid "Superman 3" shit that adds up after a while.

**TinyEvel** · 09-24-2008, 07:29 AM

Guru, I'm glad they're minting a new penny for you to pinch.

StcChief · 09-24-2008, 07:38 AM

the issue is still the wierd add on sales tax rates city/county etc charge that cause price to leave penny needed.... Price your product, include your tax,state etc... to give at wholde .05 increment and no problem... until then....pennies needed.

**Fire Me Boy!** · 09-24-2008, 07:40 AM

I've never understood if it's more expensive to make a penny than the penny is worth, why not change the material and keep the penny?

09-23-2008, 04:46 AM
007 Shaken. Not stirred. Join Date: Sep 2002 Location: London Casino cash: $12230126 VARSITY	A new penny, but why? A new penny, but why? It makes more, ahem, sense to do away with the ubiquitous copper coin than to redesign it. September 23, 2008 In honor of the upcoming bicentennial of Abraham Lincoln's birth, the U.S. Mint is giving the 100-year-old Lincoln penny a new look. The front will continue to show his profile, but the Lincoln Memorial on the back will be replaced by images that are intended to evoke different aspects of his life, such as a log cabin and young Abe sitting on a log, reading. This is expected to create a big buzz in the coin-collecting world, but in truth, the only makeover the penny needs is a disappearing act. The shiny copper veneer of pennies made after 1983 hides a heart of zinc, and even so, depending on the value of the metals involved, the cent sometimes costs more than a cent to make. Lincoln, a self-taught man born to poverty, knew the value of a penny back when it had real value, and most likely he would have found its continued existence wasteful and downright silly. Except as a coin to rummage around for in your pocket or purse -- hoping to come up with the right change lest the cashier dump more pennies on you -- the cent has outlived its usefulness. Phasing it out would require simply that we round amounts off to the nearest nickel, which might sound frightening to those who watch their pennies. No doubt there were similar fears when the United States stopped coining the half-cent in 1857. Even back then, the copper was worth more than the coin itself. U.S. military bases in Europe eliminated pennies during the 1980s to save the cost of shipping them. The move produced some complaints -- for a few months. Thereafter, the poor penny went unmourned. Yet federal legislation to abandon it has repeatedly been defeated. For a nation that prides itself on its boldness and innovative spirit, the U.S. can be remarkably hidebound. We'll happily add kilometer readings to our cars' speedometers, but we cling to the pounds, quarts and miles of the so-called English system of measurement. A 2006 poll found that two-thirds of Americans wanted to keep the penny. (The poll was conducted by Coinstar, a company that makes coin-counting machines.) Think of the penny as an old habit that doesn't work for us anymore. Collect them, admire them as a relic of our past, but like the tradition-defying Americans of Abe Lincoln's era, let's phase out a coin that has no purchasing power left, except perhaps for a wish in a fountain. http://www.latimes.com/news/opinion/...,6621478.story Personally, I think we should completely do away with the worthless piece of copper.
Posts: 65,733

09-23-2008, 05:20 AM	#2
Skip Towne Supporter Join Date: Apr 2001 Location: T-Town Casino cash: $10004900	I'd prefer to round up or down to the nearest quarter. I hate having a pocket full of change and a lot of time is wasted while clerks count out change.
Posts: 69,689

09-23-2008, 06:24 AM	#5
'Hamas' Jenkins Now you've pissed me off! Join Date: Jan 2006 Casino cash: $7279572	I personally think the penny is a good idea, even if it is made out of ****ing tin. If you don't have it, every business will tax your ass another nickel at a time. __________________ "When the Know-Nothings get control, it will read 'all men are created equal, except negroes, and foreigners, and Catholics.' When it comes to this I should prefer emigrating to some country where they make no pretense of loving liberty – to Russia, for instance, where despotism can be taken pure, and without the base alloy of hypocrisy.”--Abraham Lincoln
Posts: 75,077

09-23-2008, 07:26 AM	#6
Bwana It's Five O'Clock Somewhere Join Date: Aug 2000 Location: Billings, Montana Casino cash: $2136053647	Awww, this explains the 700 Billion dollars. __________________ Adventure is dangerous....but monotony can kill you.
Posts: 70,473

09-23-2008, 08:42 AM	#7
Frazod Did you hear what I said? Join Date: Aug 2000 Casino cash: $-556615	The penny is horseshit. I assume some very well connected people make money off its continued issue, because it makes no sense whatever to have the goddamn things in an age when you can't even use them buy a gumball. And speaking of the dollar coin, I'll never understand why it hasn't caught on. I get them from the bank occasionally - very convenient, and so much easier than dealing with a handful of change.
Posts: 121,708

09-23-2008, 08:44 AM	#8
L.A. Chieffan PLAY GOOD FOOTBALL Join Date: Aug 2006 Location: American Gardens Building Casino cash: $2728654	Can we get euro pennies
Posts: 17,400

09-23-2008, 08:44 AM	#9
chief husker Safe As Kittens Join Date: Jan 2002 Location: Huskerland Casino cash: $9985960	Why? Collectors. The US government is bolstered with every coin taken out of circulation by collectors. The amount of money held by collectors and not in the normal currency flow is staggering. Billions of dollars. It is like a company buying back it's stock.
Posts: 1,608

09-24-2008, 07:29 AM	#13
TinyEvel Just a li'l Evel Join Date: Sep 2005 Location: Bald. Goatee. Jorts. Casino cash: $2399601	Guru, I'm glad they're minting a new penny for you to pinch.
Posts: 12,313

09-24-2008, 07:38 AM	#14
StcChief Playing for #1 Draft Pick Join Date: Oct 2003 Location: Just West of Lambs land Casino cash: $10004900	the issue is still the wierd add on sales tax rates city/county etc charge that cause price to leave penny needed.... Price your product, include your tax,state etc... to give at wholde .05 increment and no problem... until then....pennies needed. __________________ sig test for this screwy schema
Posts: 25,901

09-24-2008, 07:40 AM	#15
Fire Me Boy! Cast Iron Jedi Join Date: Nov 2004 Casino cash: $9999900 VARSITY	I've never understood if it's more expensive to make a penny than the penny is worth, why not change the material and keep the penny?
Posts: 35,253