Are we done with the pennies yet?

[Sponger15SB]

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i don't want to have to start carrying around a purse

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ITS EUROPEAN

[jstnrgrs]

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bills > coins

i don't want to have to start carrying around a purse

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If you can fit a wallet in your pocket, then you can fit coins. If the coins are minted in approprate denominations, then there is no need to carry more than 16 coins (%19.95) on my alternate system. That is not to many, and it is the absolute maximum you would ever need. Of course the fact that coins are cheaper is the primary reason that I favor coins.

[WLVRYN]

I'm pretty sure I remember reading somewhere that the goverment actually makes money by printing pennies since the cost to make the penny is less than a penny (if that makes sense, and I think it applies to other coinage as well), so it would not be in their best interest to stop producing them.

[Unabridged]

retail stores need to stop being dickfaces, making something priced 19.99 is no different than 20.00, you are not fooling anyone.
they need to include tax in the price and round to the nearest dollar (or quarter). just like the movie theatres, sports venues, and amusement parks.
BAM. no more nickels, dimes, or pennies

[Sully]

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I'm pretty sure I remember reading somewhere that the goverment actually makes money by printing pennies since the cost to make the penny is less than a penny (if that makes sense, and I think it applies to other coinage as well), so it would not be in their best interest to stop producing them.

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While I know you were honestly trying to be helpful, this logic fails. It has to do with inflation. Otherwise, the US Government could just print up a coin for $8,077,403,291,917,87, cash it in Europe, and solve the national debt.

Of course, then every dollar in our pockets would be worth about $.22, and pennies would really be worthless.

Anyhow, now that I'm done overreacting...

[censored] pennies!

Did you really do the math to see how much an 8 trillion dollar coin would devalue the dollar?

[tonypaladino]

[ QUOTE ]
I'm pretty sure I remember reading somewhere that the goverment actually makes money by printing pennies since the cost to make the penny is less than a penny (if that makes sense, and I think it applies to other coinage as well), so it would not be in their best interest to stop producing them.

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That doesn't make any sense. The cost of printing most, if not all, currencies are less than the face value.

[WLVRYN]

[ QUOTE ]
[ QUOTE ]
I'm pretty sure I remember reading somewhere that the goverment actually makes money by printing pennies since the cost to make the penny is less than a penny (if that makes sense, and I think it applies to other coinage as well), so it would not be in their best interest to stop producing them.

[/ QUOTE ]

While I know you were honestly trying to be helpful, this logic fails. It has to do with inflation. Otherwise, the US Government could just print up a coin for $8,077,403,291,917,87, cash it in Europe, and solve the national debt.

Of course, then every dollar in our pockets would be worth about $.22, and pennies would really be worthless.

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Clearly I'm not an economist, but if something cost me less to produce than I could sell it for, I'm pretty sure I'd be churning them out as fast as possible. I realize that if I churn out way too many somethings, my somethings will be worth less, but if there is current demand, then I'm going to keep producing them.

Here's a link I found on google. Somewhat dated, but its what I was referring to. http://www.pennies.org/profit.html

Quote from the site for those that dont want to click:

The importance of preserving the penny goes well beyond high public acceptance and historical significance. The penny makes a profit for the government. It only costs .7 cents to make; consequently, the U.S. Mint receives a .3 cent bonus on each penny produced. This "seignorage" reduces funds the government must borrow to finance the deficit. In the last 15 years, these profits from the penny have earned the Treasury over $500 million.

[tonypaladino]

That still doesn't make any sence. How much does it cost to print a $100 bill? The government can't just print money and spend it as if it's a profit, that would lead to terrible inflation.

[Dr. Strangelove]

I would guess pennies don't really circulate much, and there is a lot of loss from people throwing them away and keeping them in jars, hence, actual inflation is not commensurate with the volume of pennies minted. So it's a double [censored] you to all of us from the government. We have to put up with the things, and the government gets to buy [censored] from us using pennies that we largely won't recirculate.