Eliminate the Penny, and Nickel, and heck, even Dimes!!

[Amnorix]

I'm with TMQ on this.

Eliminate the Dime!

Every now and then someone launches a crusade against the penny, which clogs America's pockets, purses and cash-register drawers. One cent is a unit of currency so small as to be meaningless; the sole role of the penny is to cause needlessly complex prices such as $19.82. That shopkeepers leave bowls of pennies by checkout lines reveals the stark truth that the modern penny is of no value. The absurdity of the existence of the penny got worse in 2006, when rising copper prices meant the United States Mint spent 1.4 cents for every penny it produced. Since the Mint made nine billion pennies last year, United States taxpayers lost $36 million on penny production. Not only are pennies an annoying inconvenience – they are a net financial loser whose existence costs you money!

Tuesday Morning Quarterback would go further and eliminate not just the penny but the nickel and dime. The quarter is the smallest unit of currency that has significance in modern commerce. In inflation-adjusted terms, today's dime has about the same value as a penny in 1920 – and back then there were already people crusading to eliminate the penny! Pricing all goods in increments no smaller than 25 cents would simplify transactions and eliminate the need for Americans to carry coins that are, for all intent and purpose, worthless. Abolishing the penny, nickel and dime would eliminate the need for businesses and banks to process large amounts of coins with little net value. Eliminating this transaction cost would allow consumer prices to decline slightly, thus increasing national prosperity. Eliminate the nickel and dime! (Yes, sales-tax simplification would also be required.)

As part of my crusade, I no longer provide exact payment for utility bills or similar invoices that come to ridiculously specific amounts such as $206.84. I round up, and pay $207. This takes less time to write on the check, and makes me feel like a Rockefeller, since I am tipping a major corporation. Probably it forces a clerk on the other end to input that I have paid $207 instead of $206.84. For the labor time it takes her to enter these numbers, she will be paid a nickel.

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[007]

Originally Posted by MichaelH

Heck, why not go a step further and eliminate money all together. Pay with a debit card or any other device linked to an account. Of course this would mean some establishments would be forced to join the 21st century.

Eliminate the damn check book too. God I hate it when I get stuck behind check writers at the store. Everyone needs to get with the 21st century.

It is one thing to start writing the check while the cashier is still ringing up your sale but waiting until they give you the total before writing out the check is ridiculous.

[cdcox]

If everyone in the US would give me a penny, I'd be set. A penny is not an insignificant amount of money.

[88TG88]

bad idea. my neighbor has 3 huge buckets of pennies. he'll croak if the mint discontinues his "life's work"

[007]

Originally Posted by 88TG88

bad idea. my neighbor has 3 huge buckets of pennies. he'll croak if the mint discontinues his "life's work"

They will still want those pennies for recycling. They will pay him for them. He just has to give up his life's work and come up with something more meaningful.

[teedubya]

lets all get barcodes and microchip implants instead.

[007]

Originally Posted by Ari Chi3fs

lets all get barcodes and microchip implants instead.

Armageddon

[Rain Man]

We can't do this. I just got this cool automatic coin sorter for Christmas.

[Easy 6]

Originally Posted by Ari Chi3fs

lets all get barcodes and microchip implants instead.

Thats exactly how i was going to respond to MichaelH's comment.

We could always go to a shell based economy too.

[chiefsfan987]

Originally Posted by Guru

Eliminate the damn check book too. God I hate it when I get stuck behind check writers at the store. Everyone needs to get with the 21st century.

It is one thing to start writing the check while the cashier is still ringing up your sale but waiting until they give you the total before writing out the check is ridiculous.

Waiting for people who pay with debit or credit cards take just as long as waiting for people writing checks. I always pay with cash because its just more convenient for me, but waiting for people with cards piss me off just as much as the check writers.

[Bugeater]

Originally Posted by chiefsfan987

Waiting for people who pay with debit or credit cards take just as long as waiting for people writing checks. I always pay with cash because its just more convenient for me, but waiting for people with cards piss me off just as much as the check writers.

I used to be annoyed by that too, but those machines are pretty darn fast these days. I don't really think it takes that much more time than counting out change anymore.