Current Events > C/D: Pennies are essentially worthless

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slk_23
12/13/18 12:22:01 AM
#1:


Are pennies pretty much useless? - Results (27 votes)
Pennies basically have no value
55.56% (15 votes)
15
Pennies actually have some value
44.44% (12 votes)
12
I was just thinking about how much I hate pennies. They're of so little value that I sometimes choose not to take them simply because the cleanliness of my hands is worth more to me than the monetary value of the coins. Seriously, I could collect thousands of those things and that's still not enough money to fill up my car's gas tank. I have never had a situation in my life where pennies came in handy. Even as a kid when I had no job and inflation wasn't as bad, I thought pennies were dumb. Does anybody do anything with them, or is it just so you have something tangible to represent the lowest amount of money?
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Rikiaz
12/13/18 12:25:05 AM
#2:


A penny has basically no value.
Pennies can add up.

Also there has to be something to represent the lowest amount of currency (being $0.01for USD) otherwise what would you do if someone spent $9.53 and paid with $10.00?
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Mareen
12/13/18 12:25:41 AM
#3:


I mean, I can't even remember the last time I seriously used pennies for anything so C.
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foxhound101
12/13/18 12:31:26 AM
#4:


I use a credit card for 99% of my purchases so cash and coins are rarely needed. If I do get cash and if there is a tip jar or something I'll put the coins in that. Pennies themselves are not needed for anything ever.
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AlephZero
12/13/18 12:32:09 AM
#5:


I throw away my pennies. They are garbage.
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RiderofHogs
12/13/18 12:33:59 AM
#6:


I don't know, I have a few pennies worth over $10.
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SiO4
12/13/18 12:37:46 AM
#7:


I use them. Love using cash and giving exact change.
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DevsBro
12/13/18 12:39:04 AM
#8:


If you find 150 or so you can get a candy bar so that's kinda cool.

But I don't really use cash enough to gain 150 amymore.
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ASithLord7
12/13/18 12:44:35 AM
#9:


The hassle of carrying pennies outweighs their value.
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shnangyboos
12/13/18 12:46:51 AM
#10:


They're really useful for giving exact change to keep yourself from getting more pennies.
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UnholyMudcrab
12/13/18 12:49:49 AM
#11:


It costs more to make pennies than the pennies themselves are worth. I have no idea why we still use them given that information.
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PiOverlord
12/13/18 12:50:46 AM
#12:


shnangyboos posted...
They're really useful for giving exact change to keep yourself from getting more pennies.

Hell yeah brother. Death to all pennies!
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Hulkasaurusrex
12/13/18 12:53:06 AM
#13:


In canada we got rid of them completely it made sense because it cost more to make them than they were worth. Our stores round now as well to multiples of 5.
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NES4EVER
12/13/18 12:55:22 AM
#14:


Rikiaz posted...
A penny has basically no value.
Pennies can add up.

Also there has to be something to represent the lowest amount of currency (being $0.01for USD) otherwise what would you do if someone spent $9.53 and paid with $10.00?


In Canada and other places they round down if .02 and up if .03. so if it were 9.53 the cashier would give you 0.45 change.
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Rikiaz
12/13/18 12:56:58 AM
#15:


NES4EVER posted...
Rikiaz posted...
A penny has basically no value.
Pennies can add up.

Also there has to be something to represent the lowest amount of currency (being $0.01for USD) otherwise what would you do if someone spent $9.53 and paid with $10.00?


In Canada and other places they round down if .02 and up if .03. so if it were 9.53 the cashier would give you 0.45 change.

Then either the person or the place giving change are losing money. It'd be better to just give pennies back.
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Kineth
12/13/18 12:57:53 AM
#16:


Rikiaz posted...
A penny has basically no value.
Pennies can add up.

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WilliamPorygon
12/13/18 12:59:05 AM
#17:


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Hulkasaurusrex
12/13/18 1:00:36 AM
#18:


Rikiaz posted...
NES4EVER posted...
Rikiaz posted...
A penny has basically no value.
Pennies can add up.

Also there has to be something to represent the lowest amount of currency (being $0.01for USD) otherwise what would you do if someone spent $9.53 and paid with $10.00?


In Canada and other places they round down if .02 and up if .03. so if it were 9.53 the cashier would give you 0.45 change.

Then either the person or the place giving change are losing money. It'd be better to just give pennies back.


Only when you pay with cash, debit/credit still use pennies.
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NES4EVER
12/13/18 1:01:39 AM
#19:


Rikiaz posted...
NES4EVER posted...
Rikiaz posted...
A penny has basically no value.
Pennies can add up.

Also there has to be something to represent the lowest amount of currency (being $0.01for USD) otherwise what would you do if someone spent $9.53 and paid with $10.00?


In Canada and other places they round down if .02 and up if .03. so if it were 9.53 the cashier would give you 0.45 change.

Then either the person or the place giving change are losing money. It'd be better to just give pennies back.


Really?

Would you feel short changed if you spent $49.87 on something with a $50 bill and you received 10 cents change?

Even though all non cash transactions are calculated to the cent
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Rikiaz
12/13/18 1:01:52 AM
#20:


Hulkasaurusrex posted...
Rikiaz posted...
NES4EVER posted...
Rikiaz posted...
A penny has basically no value.
Pennies can add up.

Also there has to be something to represent the lowest amount of currency (being $0.01for USD) otherwise what would you do if someone spent $9.53 and paid with $10.00?


In Canada and other places they round down if .02 and up if .03. so if it were 9.53 the cashier would give you 0.45 change.

Then either the person or the place giving change are losing money. It'd be better to just give pennies back.


Only when you pay with cash, debit/credit still use pennies.

Well pennies don't exist when you are using electronic payment so we are only talking about using cash here.
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Rikiaz
12/13/18 1:03:50 AM
#21:


NES4EVER posted...
Rikiaz posted...
NES4EVER posted...
Rikiaz posted...
A penny has basically no value.
Pennies can add up.

Also there has to be something to represent the lowest amount of currency (being $0.01for USD) otherwise what would you do if someone spent $9.53 and paid with $10.00?


In Canada and other places they round down if .02 and up if .03. so if it were 9.53 the cashier would give you 0.45 change.

Then either the person or the place giving change are losing money. It'd be better to just give pennies back.


Really?

Would you feel short changed if you spent $49.87 on something with a $50 bill and you received 10 cents change?

Even though all non cash transactions are calculated to the cent

I would ask for the 3 pennies they owe me. Like I said in my first post, they add up.
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Hulkasaurusrex
12/13/18 1:08:50 AM
#22:


It really is not a big deal cause it kind of evens itself out and now my change cup is not full of pennies. I for one don't miss them at all.
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UnholyMudcrab
12/13/18 1:09:27 AM
#23:


Rikiaz posted...
I would ask for the 3 pennies they owe me. Like I said in my first post, they add up.

No, they really don't. The handful of pennies you get as change every week at the grocery store will never make a noticeable difference in your life.

When I was in kindergarten, we collected pennies and exchanged them for a reward every time we got to 100. That is the only time pennies have ever really mattered in my life.
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MagnusX
12/13/18 1:10:30 AM
#24:


I'm Canadian. Pennies cost more to make than they were worth and I'm glad they're gone.

I work retail and I don't think a single person complained about it when we switched. It generally seems most people prefer it this way.
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MagnusX
12/13/18 1:12:47 AM
#25:


Rikiaz posted...
NES4EVER posted...
Rikiaz posted...
NES4EVER posted...
Rikiaz posted...
A penny has basically no value.
Pennies can add up.

Also there has to be something to represent the lowest amount of currency (being $0.01for USD) otherwise what would you do if someone spent $9.53 and paid with $10.00?


In Canada and other places they round down if .02 and up if .03. so if it were 9.53 the cashier would give you 0.45 change.

Then either the person or the place giving change are losing money. It'd be better to just give pennies back.


Really?

Would you feel short changed if you spent $49.87 on something with a $50 bill and you received 10 cents change?

Even though all non cash transactions are calculated to the cent

I would ask for the 3 pennies they owe me. Like I said in my first post, they add up.

Legally they don't owe you shit. The law is to round to the nearest 5, whether that's up or down. Also, there are no more pennies to even give back so your request for 3 cash is impossible.
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Ryo_the_Inferno
12/13/18 1:53:27 AM
#26:


Fun fact: Pennies are literally lost money. They cost more to produce than they're worth.
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gguirao
12/13/18 2:54:05 AM
#27:


UnholyMudcrab posted...
It costs more to make pennies than the pennies themselves are worth. I have no idea why we still use them given that information.

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008Zulu
12/13/18 3:02:44 AM
#28:


We stopped using 1 cent/pennys here in Australia decades ago. It just wasn't worth to keep them in circulation.
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Hulkasaurusrex
12/13/18 3:24:46 AM
#29:


Our government saved about 11 million a year by phasing them out. I wonder what it would be in america.
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Rika_Furude
12/13/18 3:26:05 AM
#30:


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Aressar
12/13/18 3:39:11 AM
#31:


It probably depends on the local culture. In the Netherlands, where I live, almost everyone except a few elderly hated pennies ( or rather, cents) so much, our society has actually phased them out completely since the '80s.

Cents made a brief reappearance when we switched our currency from guilders to euros in 2002, but everyone was like "lol no, fuck that", and in less than five years, the cent had fully disappeared again. No store accepts them these days.
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LovingPacifist
12/13/18 3:46:18 AM
#32:


I won't take pennies as change. I make the clerk separate them from the rest of my change. A lot of the time they refuse, and just forcibly give me my pennies back, which I take them, separate them, and then throw them back at the clerk. They don't ever make the same mistake twice.
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Guerrilla Soldier
12/13/18 3:50:50 AM
#33:


there was an episode of the west wing about this
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gmanthebest
12/13/18 3:59:48 AM
#34:


Rikiaz posted...
A penny has basically no value.
Pennies can add up.

Also there has to be something to represent the lowest amount of currency (being $0.01for USD) otherwise what would you do if someone spent $9.53 and paid with $10.00?

Round to the nearest nickel and use that. Glad we got rid of pennies. Though that does make them even more useful for tipping bad seevice.
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DevsBro
12/13/18 7:55:45 AM
#35:


UnholyMudcrab posted...
It costs more to make pennies than the pennies themselves are worth. I have no idea why we still use them given that information.

I never understood what makes this a problem tbh.
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NotWhiteNinja
12/13/18 7:58:20 AM
#36:


Most, if not all, denominations of currency cost more to produce than they're actually worth. This is okay because they're generally used far more than once.

But honestly, imagine still using cash unless you're buying or selling drugs lol in 2018.
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AlisLandale
12/13/18 8:01:42 AM
#37:


Rikiaz posted...
A penny has basically no value.
Pennies can add up.

Also there has to be something to represent the lowest amount of currency (being $0.01for USD) otherwise what would you do if someone spent $9.53 and paid with $10.00?


If they got rid of pennies, prices would just adjust accordingly.

Also, whole cents arent the lowest denomination in America. Pay close attention to the price next time you go to a gas station >_>
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DevsBro
12/13/18 8:01:56 AM
#38:


MagnusX posted...
Rikiaz posted...
NES4EVER posted...
Rikiaz posted...
NES4EVER posted...
Rikiaz posted...
A penny has basically no value.
Pennies can add up.

Also there has to be something to represent the lowest amount of currency (being $0.01for USD) otherwise what would you do if someone spent $9.53 and paid with $10.00?


In Canada and other places they round down if .02 and up if .03. so if it were 9.53 the cashier would give you 0.45 change.

Then either the person or the place giving change are losing money. It'd be better to just give pennies back.


Really?

Would you feel short changed if you spent $49.87 on something with a $50 bill and you received 10 cents change?

Even though all non cash transactions are calculated to the cent

I would ask for the 3 pennies they owe me. Like I said in my first post, they add up.

Legally they don't owe you shit. The law is to round to the nearest 5, whether that's up or down. Also, there are no more pennies to even give back so your request for 3 cash is impossible.

The nearest 5c would be 15c but ok
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Kombucha
12/13/18 8:03:19 AM
#39:


I imagine coinstar would go bankrupt and shut down entirely if pennies were phased out. On the rare occasion that Im using cash I personally donate all the pennies I get in change so I dont have to bother with them.
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DevsBro
12/13/18 8:04:12 AM
#40:


AlisLandale posted...
Rikiaz posted...
A penny has basically no value.
Pennies can add up.

Also there has to be something to represent the lowest amount of currency (being $0.01for USD) otherwise what would you do if someone spent $9.53 and paid with $10.00?


If they got rid of pennies, prices would just adjust accordingly.

Also, whole cents arent the lowest denomination in America. Pay close attention to the price next time you go to a gas station >_>

Nonsense. Pay attention to your receipt. The extra 9 jusr says you pay 9c more for every ten gallons.
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#41
Post #41 was unavailable or deleted.
Anarchy_Juiblex
12/13/18 8:32:35 AM
#42:


Pennies are less than worthless.

They actually hurt the economy.

https://www.youtube.com/watch?v=y5UT04p5f7U" data-time="

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Hulkasaurusrex
12/13/18 8:51:06 AM
#43:


Damn sounds like america asleep at the wheel here.
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Anarchy_Juiblex
12/13/18 8:57:02 AM
#44:


DevsBro posted...
I never understood what makes this a problem tbh.


It's not a deal breaker but it's bad optics. Theoretically the life of a penny should mean it's value in facilitating transactions should mean it's worth well more than 1 cent to the economy in lifetime contributions.

That said, if it's worth less than it costs to make because of the material value (pre-82 pennies) then it's more valuable to the holder to recycle than use as currency.
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monkmith
12/13/18 9:06:43 AM
#45:


i've got about $50 in rolled pennies just sitting by the door waiting for me to build up the interest to take them to the bank. they've been there for a year.
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AlisLandale
12/13/18 12:55:57 PM
#46:


DevsBro posted...
AlisLandale posted...
Rikiaz posted...
A penny has basically no value.
Pennies can add up.

Also there has to be something to represent the lowest amount of currency (being $0.01for USD) otherwise what would you do if someone spent $9.53 and paid with $10.00?


If they got rid of pennies, prices would just adjust accordingly.

Also, whole cents arent the lowest denomination in America. Pay close attention to the price next time you go to a gas station >_>

Nonsense. Pay attention to your receipt. The extra 9 jusr says you pay 9c more for every ten gallons.


That is how fractions work yes <_<
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Lost_All_Senses
12/13/18 12:59:12 PM
#47:


They're not worthless. They pay for themselves when you whip them at stop signs and trashcans. They don't pay for your medicals when you accidentally hit someone and they cave your face in tho. Learned that the hard way
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clearaflagrantj
12/13/18 1:00:26 PM
#48:


Pennies are great, I put them up my ass regularly, there is a high chance all of you have handled pennies that I have placed in my asshole
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VectorChaos
12/13/18 1:02:24 PM
#49:


Pennies are great. I've been sticking $30 worth of pennies up my ass every day for the last 11 years.

You've all handled my ass pennies.
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B0xxY2J__0s_HBK
12/13/18 1:04:58 PM
#50:


Pennies do have value. I like to throw them at people when im driving if they do something like cut me off.
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