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Eliminating the penny
The Federal Reserve is thinking of retiring the penny
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IgorBird122
10-15-13 08:00 PM
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10-30-13 09:25 AM
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Eliminating the penny

 

10-17-13 05:26 PM
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I honestly don't see much of a problem if pennies were gone. But we will have some useless coins around this way but its not a huge issue. I'm not sure if I will see much of a difference if that happens in my area in my opinion... 
I honestly don't see much of a problem if pennies were gone. But we will have some useless coins around this way but its not a huge issue. I'm not sure if I will see much of a difference if that happens in my area in my opinion... 

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10-17-13 07:49 PM
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I wish theyd do that here.
Companys always do like 1.99 so they can say its under 2 pounds!!!!
I want to smack them upside the head.
The result is every time ypu buy stuff you end up getting 1 or 2 p's.
And you rarely ever use them, seriously. Most people either chuck it, throw it to the first charity they see, or save them all up then have them exchanged for bigger change. Which generaly has a 5% charge.
The royal mail does it free but since our government has ignored the will of the majority and privatised it im certain they will now start charging us too.

I tend to avoid this problem now, because whenever i go shopping i go to the self service, pour all my change in, then let it work it out and give me however much back. No additional charge.
It tends to annoy people if theirs a que though =p
I wish theyd do that here.
Companys always do like 1.99 so they can say its under 2 pounds!!!!
I want to smack them upside the head.
The result is every time ypu buy stuff you end up getting 1 or 2 p's.
And you rarely ever use them, seriously. Most people either chuck it, throw it to the first charity they see, or save them all up then have them exchanged for bigger change. Which generaly has a 5% charge.
The royal mail does it free but since our government has ignored the will of the majority and privatised it im certain they will now start charging us too.

I tend to avoid this problem now, because whenever i go shopping i go to the self service, pour all my change in, then let it work it out and give me however much back. No additional charge.
It tends to annoy people if theirs a que though =p

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10-17-13 07:52 PM
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thenumberone : You know, for 20 years of my whole life, I always wonder why they go for "0.99" rather it being "1.00" instead, personally, I think it'll make sense to have it go to 1.00 rather than 0.99
thenumberone : You know, for 20 years of my whole life, I always wonder why they go for "0.99" rather it being "1.00" instead, personally, I think it'll make sense to have it go to 1.00 rather than 0.99

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10-19-13 01:55 PM
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I don't think it would be a very bad thing. I know that I don't use pennies much, and I'm certain that most people don't use them much either. I usually just put my pennies down somewhere out of the way and never touch them again.
I don't think it would be a very bad thing. I know that I don't use pennies much, and I'm certain that most people don't use them much either. I usually just put my pennies down somewhere out of the way and never touch them again.

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10-21-13 11:44 AM
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IgorBird122 : Yes, you think eliminating the penny would rid us of that annoyance... but it won't. Things will still cost an amount down to the penny, with or without tax. You would still see 2.76, or 1.99, and that is what you'll pay in paying with a card or cheque. But if pay cash, they will round up or down to the nearest nickel.
IgorBird122 : Yes, you think eliminating the penny would rid us of that annoyance... but it won't. Things will still cost an amount down to the penny, with or without tax. You would still see 2.76, or 1.99, and that is what you'll pay in paying with a card or cheque. But if pay cash, they will round up or down to the nearest nickel.

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10-21-13 04:16 PM
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Light Knight :
Its unlikely they would bother with 2 prices for everything if its in a shop. Theyd need 2 prices because they dont know if you will pay by card or not.
If you do pay by card and they charge you 1.99 its not such a nuisance because you arent carrying all the pennys around. I wouldnt mind pennys if they were all in my bank.
Light Knight :
Its unlikely they would bother with 2 prices for everything if its in a shop. Theyd need 2 prices because they dont know if you will pay by card or not.
If you do pay by card and they charge you 1.99 its not such a nuisance because you arent carrying all the pennys around. I wouldnt mind pennys if they were all in my bank.

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10-21-13 07:11 PM
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thenumberone : They wouldn't have two prices. How they do it Canada now is the cashier will give you your total, if you pay with a card you pay that exactly. If you pay cash the register (or the cashier him/herself in some places) will round up or down to the nearest 5 cents and give you change accordingly. It seem like it's hard, but it's quite automatic.
thenumberone : They wouldn't have two prices. How they do it Canada now is the cashier will give you your total, if you pay with a card you pay that exactly. If you pay cash the register (or the cashier him/herself in some places) will round up or down to the nearest 5 cents and give you change accordingly. It seem like it's hard, but it's quite automatic.

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10-21-13 07:17 PM
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IgorBird122: First off, there has been a study that showed people psychologically are more likely to buy something if an item is priced a penny off of a dollar. The study was done about 2 years ago and it showed that people are about 3 times as likely to buy something that costs .99 or even 1.01 than something that costs just $1. I don't really know why.

Also, I do agree though, that it is a good idea to eliminate the pennies because it is the only piece of currency that costs more to make than the actual piece, (1.9 cents per penny)

IgorBird122: First off, there has been a study that showed people psychologically are more likely to buy something if an item is priced a penny off of a dollar. The study was done about 2 years ago and it showed that people are about 3 times as likely to buy something that costs .99 or even 1.01 than something that costs just $1. I don't really know why.

Also, I do agree though, that it is a good idea to eliminate the pennies because it is the only piece of currency that costs more to make than the actual piece, (1.9 cents per penny)



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10-22-13 03:26 PM
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Well, we just got rid of ours this year here in Canada, it's not much different.

You don't even notice that it's gone.

Light Knight has mentioned how it works, and it works pretty good, I just kinda wished they'd change the prices to remove those "19.99" type prices and round them up such as that.

I can only hope something like that is implemented.

Well, we just got rid of ours this year here in Canada, it's not much different.

You don't even notice that it's gone.

Light Knight has mentioned how it works, and it works pretty good, I just kinda wished they'd change the prices to remove those "19.99" type prices and round them up such as that.

I can only hope something like that is implemented.



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10-30-13 09:25 AM
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Like many people have said in Canada we've taken them away and I'm sorry if I'm repeating what someone said but it has really been easier. Sure something that would have cost .03 cents you're loosing 2 cents since they round it up but there's no real loss unless those two cents really mean a lot.

It's also easier because the cost of making a penny is more than a penny is worth. Which means the country is saving money in these times of need. I think (though I might be wrong) they were even talking of taking away the Nickel and save more money that way. Though like I said I'm not 100% sure on the subject.

Also as previously stated in these times with credit cards carrying money and change around with you seems like a bother more than anything where as just having a small card in your wallet without getting back change is both time consuming and easier to manage. I'm not sure if anyone has ever had this happen where change falls out of your pockets and you search your pockets and find that you've lost a Tooney (2$) or a Looney (1$) somewhere.
Like many people have said in Canada we've taken them away and I'm sorry if I'm repeating what someone said but it has really been easier. Sure something that would have cost .03 cents you're loosing 2 cents since they round it up but there's no real loss unless those two cents really mean a lot.

It's also easier because the cost of making a penny is more than a penny is worth. Which means the country is saving money in these times of need. I think (though I might be wrong) they were even talking of taking away the Nickel and save more money that way. Though like I said I'm not 100% sure on the subject.

Also as previously stated in these times with credit cards carrying money and change around with you seems like a bother more than anything where as just having a small card in your wallet without getting back change is both time consuming and easier to manage. I'm not sure if anyone has ever had this happen where change falls out of your pockets and you search your pockets and find that you've lost a Tooney (2$) or a Looney (1$) somewhere.


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(edited by tenshi3842 on 10-30-13 09:28 AM)    

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