Current Events > Should the penny be eliminated?

(+) Yeah! (+)

https://www.procon.org/headlines/should-the-penny-stay-in-circulation-top-3-pros-and-cons/

No

Yes.

Fuck the penny.

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Get rid of them and round up to units of 5. I'd rather pay 2-4 cents more than need to deal with those things. Luckily the times I've used cash in the last year number less than 10.

The Penny's been gone in Canada for years now. No one misses it.

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But, theyre from heaven

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Coins below 20c should be eliminated immediately

coins below $1 should be eliminated within 2 years

coins should be eliminated within 5 years

i don't even use cash anymore so it doesn't matter much to me, but yes...Its a pointless coin and things should be rounded up.."But then you'll end up paying more all the time!", yes, and sometimes you'll end up paying less when its rounded down. it'll all even out.

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TheVipaGTS posted...

i don't even use cash anymore so it doesn't matter much to me, but yes

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I use my card for everything.
plus during the pandemic a lot of stores wouldnt give out change due to coin shortages, so we are being weened off of coins anyways.

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We need pennies to help hedge inflation

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3PiesAndAFork posted...

The Penny's been gone in Canada for years now. No one misses it.

This. We're close to a decade since the penny got discontinued, and I don't think anyone really noticed. Except for the fact that I now have like 100 pennies lying around that I can't actually use for anything.

If anything, the mill should return.

nemu posted...

Get rid of them and round up to units of 5. I'd rather pay 2-4 cents more than need to deal with those things. Luckily the times I've used cash in the last year number less than 10.

In canada it rounds up or down to the nearest 5 or 10 depending on the number. It's a wash, really.

All non cash transactions are still to the cent.

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ClunkerSlim posted...

Why? How many people will still be using cash in the next 20 years? Why bother to go through the trouble of removing it when society is already phasing it out?

I prefer using cash personally. It gives me a more physical limit on how much I would personally like to spend, whereas with a card I'm much more willing to spend a little bit extra on whatever.

I haven't used cash in like, a year+ thanks to covid, but I'm going to go back to it once things are less horrible.

Also technically no place is required to take payments via credit/debit or something like NFC. Cash is the only thing every business is 100% required to take if you're physically there.

Proto_Spark posted...

Cash is the only thing every business is 100% required to take if you're physically there.

[citation needed]

Bring back the $2 bill
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Wtf I love higher prices now

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pennies are so worthless that people will straight up leave them on the street. Free money that nobody wants.

Pennies are so worthless that some stores won't even accept them. Even most vending machines reject them outright.

pennies are so worthless that it costs almost 3 times as much to make one as it's actually worth. Its raw components are worth more than it, itself, is. we lose money on every penny pressed. and we make billions of the fuckers

We are straight up wasting billions of dollars ever year, pressing coins, at a loss, for people who don't want them, and which can barely even be used.

the only loss from killing the penny would be forcing babies and toddlers to find new snacks.

oh, and I guess the stupid assholes who roll in to buy shit/pay fines with wheelbarrows of "legal tender" will need to find a new assholing technique

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ClunkerSlim posted...

Why would a citation be needed for that?

Here, I did it for you:
https://www.usatoday.com/story/news/factcheck/2020/09/16/fact-check-cashless-businesses-banned-only-some-local-state-laws/3330804001/

DrizztLink posted...

Yes.

Fuck the penny.

nemu posted...

Get rid of them and round up to units of 5. I'd rather pay 2-4 cents more than need to deal with those things. Luckily the times I've used cash in the last year number less than 10.

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SK8T3R215 posted...

Wtf I love higher prices now

If one extra cent breaks the bank for you, then you have bigger problems.

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Questionmarktarius posted...

[citation needed]

https://www.credibly.com/incredibly/cash-business/

Not a super legit article, but its more general for why these exist.

When you pay with a credit card, the credit card company also gets a cut of not only when you pay off your card, but also at the point of purchase, so if your a small business who can't afford to lose a cut like this every time you make a transaction (or just don't want to lose a cut of every transaction), you can refuse to accept credit cards and only take cash. Same idea with a debit card/NFC. You have the ability to refuse credit/debit for your transaction, but if someone is giving you cash, you need to accept it, because that's proper US legal tender. You can't technically refuse cash IIRC.

This is fairly common with small businesses (though maybe less so with Covid going on)

SevenTenths posted...

Try paying your rent in cash

If you want to pay in cash, your landlord can't technically refuse it. It'll be annoying, and they'll probably make it moreso so you'll just send them. cheque or something, but they can't refuse it. Most places have easier methods of payment out of convenience, but it isn't required.

ClunkerSlim posted...

Why would a citation be needed for that?

Try paying your rent in cash

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SevenTenths posted...

Try paying your rent in cash

Reminds me of this scene (stop at 1:24 if you want)

https://youtu.be/HDmE0MEygVQ?t=65

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SevenTenths posted...

Try paying your rent in cash

My Grandfather (my moms dad) pays his house rent in cash EVERY month no problem. He goes to the bank, takes out what he needs & waits for the owner to come get it.

Proto_Spark posted...

Cash is the only thing every business is 100% required to take if you're physically there.

interestingly enough, during pandemic times (in particular, early pandemic) I've seen a few places that specifically don't take cash because it's a lot of actual physical stuff to pass around hand to hand

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Solar_Crimson posted...

If one extra cent breaks the bank for you, then you have bigger problems.

Every penny counts though, right?

Yes, because cryptocurrency is the future.

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I've already mentally discarded the penny. When I get them, I either put them in the take a penny, leave a penny, throw it in the tip jar with the rest of the change, or it sits in my cars ash tray for years until somebody eventually cleans it out.

I can't even recall the last time I took a penny and actually paid for something with it.

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Collect them, melt them down, and make them into a girlfriend for the Statue of Liberty

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Don't pennies and nickels get produced at a loss? Get rid of at least pennies, maybe nickels too.
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ClunkerSlim posted...

Yes, legally. But lets be real.

Places will charge you if your transaction is under a certain amount and you use card because of the prices Visa/MasterCard and whatnot charge them.
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SevenTenths posted...

Try paying your rent in cash

I'm required to pay rent in cash

Then again, my rent is less than $40

I've always considered $1=1 favor. As in I do you a favor, you give me a "favor ticket" as opposed to doing me a favor. I can now cash that favor in elsewhere for goods and services.

1/100 of a favor makes no sense to me. 5/100 doesnt either, but a lot more than 1/100

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Cocytus posted...

Every penny counts though, right?

not if they don't exist anymore :p

One of the pros from the article in the first post is kinda funny to me:

One study found that penny rounding in Canada costs grocery store customers an estimated 3.27 million Canadian dollars (2.5 million USD) annually. [9]

The way this is phrased and placed at the end of an argument about it raising costs for people makes it sound like some massive thing, but if you average it out... it's less than 10 cents per person over the entire year. I think paying 10 cents a year to never have to think about pennies ever again is a pretty good deal <_<

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So if you found a penny on the ground, you wouldn't pick it up?

Star_FAQs posted...

I'm required to pay rent in cash

Then again, my rent is less than $40

How do you swing that?

Cocytus posted...

How do you swing that?

Lives in a Hostile or a day by day I would assume.

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Cocytus posted...

So if you found a penny on the ground, you wouldn't pick it up?

If it's made before 1982, it's about three cents worth of copper.

Are you crazy? Think about all the people who worked hard to make those pennies!


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Cocytus posted...

So if you found a penny on the ground, you wouldn't pick it up?

most people don't, these days

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no, it's money. don't be lazy. save them

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Proto_Spark posted...

Not a super legit article, but its more general for why these exist.

Where does that say businesses must accept cash? In most states, that's simply not true.

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DarkBuster22904 posted...

pennies are so worthless that people will straight up leave them on the street. Free money that nobody wants.

Pennies are so worthless that some stores won't even accept them. Even most vending machines reject them outright.

pennies are so worthless that it costs almost 3 times as much to make one as it's actually worth. Its raw components are worth more than it, itself, is. we lose money on every penny pressed. and we make billions of the fuckers

We are straight up wasting billions of dollars ever year, pressing coins, at a loss, for people who don't want them, and which can barely even be used.

the only loss from killing the penny would be forcing babies and toddlers to find new snacks.

oh, and I guess the stupid assholes who roll in to buy shit/pay fines with wheelbarrows of "legal tender" will need to find a new assholing technique

All true. Get rid of the damn things. Cash has inflated so much since their inception that they're completely ridiculous.

DarkBuster22904 posted...

oh, and I guess the stupid assholes who roll in to buy shit/pay fines with wheelbarrows of "legal tender" will need to find a new assholing technique