here's a solution ban pennies

Wow, I did not know that pennies cost more to make than they are worth. And where do you get rid of pennies these days? Banks don't want them.

"And where do you get rid of pennies these days? Banks don't want them."

They're legal tender. Banks HAVE to take them.

This bank gives change.
http://www.nbc.com/saturday-night-live/video/first-citywide-change-bank/229045/

but the real issue is legit, The penny and nickel are non-economic currency.

"The penny and nickel are non-economic currency."

How so?

listen to the clip.

http://www.youtube.com/watch?feature=player_embedded&v=y5UT04p5f7U

The clip proves nothing. Pennies are still legal tender.

it proves you are douchebag Matt. But every post you write here does that.

Banning pennies will save America. thanks Riversider.

"The clip proves nothing. Pennies are still legal tender."

No one says they are not, dummy. But it cost more than one cent to make each penny, and 99% of pennys never get used.

>and 99% of pennys never get used.

Jason, your retard helmet is on too tight again.

Jason, care to tell us where you got that 99% figure (as if I don't already have a good idea).

Humor us.

BTW, the plural of "penny" is "pennies."

Here's a link to help you out, NYCMatt:

http://en.wikipedia.org/wiki/Hyperbole

I don't know if its 99% or 90%, but most articles on the topic point out that of the something like $140B in pennies in circulation in the US, the vast majority are used once or twice, and then never again. Just as with the dollar coins.

I suspect if you did a brain x-ray of jason, you'd find some of the pennies he shoved up his nose.

http://www.youtube.com/watch?v=kM6sGqKO-vE

Ban panties
won't save America but will provide the proper distraction as to not notice the boat is sinking.

>will provide the proper distraction as to not notice the boat is sinking

give America more credit than you give to Riversider, MidtownerVirginEast, and Jason

Ill take all the pennies and nickels you want to get rid of.

Why is this on this board? Is someone going to pay for their million dollar apartment in pennies?

This was covered on West Wing... Illinois wants to make sure the penny sticks around...

If we can't figure out how to save money on pennies, how are we going to tackle entitlements?

as soon as we get people like you to stop complaining and nit picking , we can get to work.

All hail columbiacounty who has the solution to all our problems.

so...you think we should focus resources on the penny problem?

"If we can't figure out how to save money on pennies, how are we going to tackle entitlements?"

Pay out all Social Security payments in pennies. Problem solved.

Socialist, you and columbiacounty should hash out all of the details. Bring in Riversider if you two need extra help.

Obama administration this week asked Congress for permission to change the mix of metal that goes to make pennies and nickels, an expensive recipe that has remained unchanged for more than 30 years.

To be precise, it cost 2.4 cents to make one penny in 2011 and about 11.2 cents for each nickel.

Given the number of coins that the mint produces -- 4.3 billion pennies and 914 million nickels last year alone, those costs add up pretty quickly: a little more than $100 million for each coin.

But even though Treasury has been studying new metals since 2010, it has yet to come up with a workable mix that would definitely be cheaper, and it has no details yet as to what metals should be used or how much it would save to do so.

Even if a cheaper metal can be used, it might not take the cost of a penny down to less than a penny.

Just the administrative cost of minting 4.3 billion pennies costs almost a half-cent per coin by itself, leaving precious little room to make a penny for less than a cent, no matter the raw material used.

The raw material cost of the metals used in a current penny is only about 0.6 cents per coin, according to prices quoted on the London Metal Exchange, and a breakdown of a penny's composition from the mint. The mint paid 1.1 cents on average for the metal used in a penny in 2011, but that is the cost of ready-to-stamp blanks from the supplier, not raw material traded on commodity markets.

http://finance.yahoo.com/news/obama-wants-cheaper-pennies-nickels-101600840.html?l=1

I would imagine that the Federal Reserve could save $ by manufacturing the coins in China. Also, they can circumvent environmental laws by moving the mint offshore. Why pollute your own country when you can use child labor and destroy the other guy's environment.

The Fed makes it up on printing dollar bills, especially hundreds. Bills cost
only a few cents to print, but can be sold or exchanged for a lot more than that.

$ bills are printed in Taiwan

> I would imagine that the Federal Reserve could save $ by manufacturing the coins in China

Def not.Shipping that weight would cost 5 cents.

Of course we could just pay the chinese factories with pennies and save the back and forth

Bring your pennies to Woodstock.

"Ramble at the Ryman" Grammy Award winner for Americana.

www.LevonHelm.com

columbiacounty
about 7 weeks ago
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as soon as we get people like you to stop complaining and nit picking , we can get to work.

What an idiot.

So Canadians prove they are smarter than Americans
-----------------------------------------------------

http://www.bloomberg.com/news/2012-03-29/canada-eliminates-penny-that-costs-penny-and-a-half-to-make.html

Canada will withdraw the penny from circulation this year, saving taxpayers about C$11 million ($11 million) annually and forcing retailers to round prices to the nearest nickel, the government announced in its budget today.

>and forcing retailers

How does forcing retailers make Canada smarter?

Australia has been doing this as long as I can remember.
Transactions (credit card) are still calculated and paid to the .01, but if using coin, the amount paid is rounded up or down.

I remember merchants pricing many items at .97 or .47 to always round up the coin. I rarely saw items priced .02 or .82

This works for the merchant as much as it works for the government or the customer.

I hope the US does this too. But the "Lincoln" hardliners will scream.

It's simple. Keep the penny but still make the transaction round up or down to the nickel. See how many "Lincoln" hardliners want to carry around pennies in multiples of 5.

How about keep the penny and come up with a New $1,$5 $10 that gets exchanged against the old in a 1/5 ratio. Then we can again go back to buying onions for $0.20 a pound, a dozned eggs for $0.25 and we can buy NYC condos without worrying about the mansion tax.

How about we get rid of sales taxes and stop this insane practice of pricing things 5 cents or 1 cent under the dollar ($19.99, 19.95, etc.). This way if something costs $20, I'll know my $20 will ALWAYS be enough.

Or rather, Matt, do what most other rich country do, and require the final price - including all fees and taxes, be the published price. In Europe, and some Canadian provinces, you pay $20 for something listed as $20. But your receipt shows exactly how much sales or VAT tax was as % of that $20.

The Obama administration pushed this for I think it was airline tickets, and the airlines freaked out about it.

Bottom line: Having a unit of currency that exceeds the cost of making it is dumb.

Canada Wins the Race to Eliminate the Terrible Penny

Canada has bested America in at least one thing today, ridding itself of what The New Yorker called "horrid and useless" bits of currency, the penny. Our northern neighbors will pull the coinage out of circulation at the end of this year, reports Bloomberg's Jacqueline Thorpe. We were sold on this idea long ago, when Sam Seaborn, Rob Lowe's dreamy character on The West Wing, took up the cause.

The move will be much appreciated in Canada, we presume, where they already have very full change purses from those Loonies and Toonies. Plus, it will save the country money. In Canada, it costs the government 1.6 cents to produce one penny. In our behind-the-times country, by the way, it takes 2.4 cents to make every penny. Come on, America.

http://www.theatlanticwire.com/global/2012/03/canada-wins-race-eliminate-terrible-penny/50530/

columbiacounty
about 16 months ago
Posts: 11899
Member since: Jan 2009
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>as soon as we get people like you to stop complaining and nit picking , we can get to work.

C0C0, how is your progress at work? Or are you still blaming others?