Bitcoin Forum

Here is my opinion on this question:

DON'T KEEP THE PENNY, I don't think we should keep the penny because it cost more to make the penny than the penny is worth. The argument for that is that we will end up paying more as citizens because then everything will have to be rounded up, but I don't think that it will be a great difference. I also think since most people use credit cards, debit cards, and online tools to make purchases these days then it won't affect many people.

WHAT IS YOUR TAKE ON THIS?

Lots of reasons to keep the penny!! We should keep the penny! I believe this because...

1. Prices will increase
if we get rid of the penny, store owners, and merchants will have to round UP to the nickel, forcing the buyer to pay MORE! And trust me it all adds up.

2. Charities need pennies
where would penny charities be without pennies? The answer is: not where they are today, that is for sure! Just think, the pennies you find in jars, under the couch, and every where are now useless. You cant use them to donate!

3. Parents and allowances
my parents used to give me money in pennies when I was a young child. Pennies help children learn about money, counting ,and math.

Merchants have already got rid of the penny.Since now more and more of customers use credit cards instead of cash.And anyway with inflation rate rising more and more,someday pennies production will stop and they will no longer be used.
Your parents used to give you pennies because they were worth more than today.A children now already studies maths in school during his entire scholarship,penies won't add something.

I think that we should get rid of it. The argument with rounding the prices isn't viable because the penny has such a low value that rounding the prices wouldn't change anything. You wouldn't feel that and it would even look better on the tags. This trend of making everything cost if $1.99 and not $2 is dumb and should be stopped ASAP.

My country used to have a coins of 1 and 2, but for now it is really worth more money to make it than is worth itself, so they are manufacturing 5 and more worthy coins instead. It would be better than my country accept Bitcoin.

Don't keep pennies if you don't want to. As long as pennies will have value the I will still keep some and use some as a means of purchase and savings in real world. Though the emergence of cryptocurrency makes pennies less valuable, but it is still the foundation of every currency in the world. You cannot claim $1m if it lacks a penny.

You may be right, the cost to make penny is higher than it's value but remember you can use penny for a long time.  Maybe for hundreds year and it is collectible.

We should keep it, because business starts with a penny. We can't come up with something big if we are not going to start small.

Do you know inflation? Commodities are increasing fast because of inflation and not from keeping pennies. Before, one penny can buy 10 candies but today it can just buy one candy. The penny itself didn't change but the value of it decreases. And even government can't control inflation.


Guess what, some charities are open from whatever donations that we can offer. I mean they don't even bother what we can give as long as we give whole heatedly.


I don't know how old are you but we're now in new era of technology that everything is inour fingertips. And kids can learn without using pennies and even learn how to value money.


Actually the banks also advise the public that we shouldn't hoard pennies as it will affect the money circulation. So spend it and let it flow in the market.

Banning the penny would represent a step towards a cashless society. It supports the "war on cash" the "war on paper money".

Imagine what would happen if there was no penny. Cash couldn't be utilized to pay bills. It couldn't be used to purchase things in stores. This type of "ban the penny" movement could easily be an attempt to make cash dysfunctional to fabricate a "reason" why paper money should be banned as an inferior and obsolescent tool -- in comparison to electronic money.

India is currently experimenting with a cashless society. After their experiment fails tragically and their economy implodes I hope people look @ the bad example and realize paper money has many advantages which strengthen economies and create financial opportunities.

I agree with this. Pennies still have a value and with some value it is important. Without pennies there is no dollars or money.

That’s the point: the problem is inflation. Pennies are worthless now but as inflation keeps increasing, even a dollar or a pound will be worthless in the future.

If a coins’ value is too low, it has sense to get rid of it but in the future there will be another one you’ll have to get rid of.

Pennies should not be around because they doesn't add anything in the ecosystem. The things are very costly around the market and no a days we don't get to see any stuff which is worth a penny. So why we should waste our time in production of the same, why to bring it up in the market and have lots of metal junk. Thats how I think about it these days. This will also help monetising the other valued coins and more and more use of them will rise. Having one coin worth more vale than having dozens of coins with the same value is the proper way to get around it.

at this time the coin is often underestimated because of its relatively small value, but although any money still has value because it is often used returns in buying and selling transactions, despite having high production value, but the dime also tend to last long and also safe from water.

in a way i would agree, but so much would have to change and be adapted, its crazy to think about how much that one penny impacts. so i doubt something will change

It seems like many countries right now are increasing the values of their currency by making a greater volume bills and declining coins instead. So my country need to issue the bill with 1000 volume.

There's literally no reason to keep the penny! We've seen many, many other countries do it with NONE of the negative repercussions the penny lovers prophesied. Prices didn't go up. Charities didn't lose money.

1. They waste time! (we all hate that idiot who counts out their exact change at the grocery store)
2. They waste money! (it costs more to make them then they're worth. It is LITERALLY not worth the space in your pocket to be carrying around a penny.)
3. You can't even use them! (Try buying anything in all pennies. You'd have to carry around a small bag of pennies just to buy a pack of gum. Most newer vending machines don't even take them anymore! I have literally NEVER used a penny to buy something in my entire life.)

Should the community be fully digital? Is there no paper money? Indeed, we should underestimate the reliance on technology in everything.
Remember what happened when all Visa cards broke down several months ago Visa issues. [1]
Imagine some bad scenarios such as an earthquake or natural disaster, the Internet will stop, and a power failure will occur.
At that moment you will remember the importance of the PENNY :P.

This topic reminded me of an article from BBC. [2]

[1] Visa issues: Card problems across the UK and Europe as payment  (https://www.independent.co.uk/life-style/gadgets-and-tech/news/visa-card-payment-down-mastercard-not-working-broken-payment-shop-a8379381.html)
[2] The penny coin: Should we follow Ireland and phase it out? (https://www.bbc.co.uk/news/business-36226813)

Penny may not have value to many but for me, i keep it and earn it. Later on i may be able to buy something out of i earned. Something that helped me away from my budget. I have my credit card, debit cards and the crypto but i earn the penny. Later on if it doesn’t have any use anymore, probably i was able to buy something or exchanged them already.

I think you have a point though, basically we cannot start at a big money, we need to come up to a better idea and start from the bottom or from the basic, slowly and the paper money will come, and like my mother said without this penny there are no paper money.

It depends on how i may use it. If i use fiat i need it. Of course it is not needed in debit card or credit card. We use it in the market or grocery stores. I still use it but i don’t keep much of it.

Why would you need it? Do you really ask clerks for that penny? Most people say things like "don't bother looking, or keep the change" and don't even want their pennies. I certainly never carry low value coins even when I'm planning to use fiat. All I have at home are bills and coins are mainly used to unlock shopping carts or pay for parking. Long time ago there were payphones, but now even they are gone.

LOL, I disagree with all of the reasons you gave.  For one thing, I think it would take a hell of a long time for the rounding-up effect to get to a point where it would affect the average person.  I'd be willing to do it.  Plus Canada has already gotten rid of their penny, and I don't think it's thrown them into any sort of crisis.

The penny just isn't worth what it used to be, and charities can start taking nickels if that's what they asked for, and I'm sure they'd get them too.  Having the government mint a bunch of coins that never get used and which cost more to mint than their face value is absurd, and none of the reasons you gave justify it.

I've been saving pre-'82 pennies for some time now, just as a weird sort of hobby.  I'm sure you all know why, even if it's currently illegal to melt them.  They just don't make them like they used to. 

Yes, we should keep pennies or any other small coin.  As long as it's made from metal, it has long durability so the cost to produce even cheaper than paper money.  With that long durability penny comes with historical and art value.

Why would we get rid of it? I mean these pennies might not be of great value but don't you think that there will come a time that you will be needing it?

In my country every penny is being used, and I am taught to be thrifty as I can be and that also includes pennies. Old Citizens will just say this, without a penny, there will be no bigger money. I also buy some things that requires those pennies and if I don't really have a use of it, I put it in my wallet or just put it in on charity cans or boxes. If I can't use them maybe other people will.

big companies use pennies as way for their taxes like 9.99$ , i don't know the specifics about that,but if we are gonna talk from that prospective then we should start shifting our communities from paper currencies as well and fully usage of digital money . i know it's a huge step and may take years to achieve but it will change world's economy.

Changing to succeed, these coins are best kept, as memories. In fact, the cost of producing coin or money is too much raw material. If electronic technology is used, the value of life is increased. All transactions will be fast and convenient it will be difficult to apply immediately but I believe will gradually become familiar. Slowly adapt to them in all circumstances.

But don't you think that the coming and the expansion of cryptocurrency makes the penny more irrelevant. Let say in the next 10 years when crypto fully develops and overtake FIAT money. I know as of now value is still attached to a penny though reducing by the day, and production of pennies is very costly because its metallic. so by getting rid of it can result into saving money that can circulate in the global market. 

Saving of your money is the most essential thing to do as it helps you in utilizing that money at some useful place and that you can also use it at the time of need. However, if you gathered enough of the pennies, then it is better to take a step and that to go for investing of that money so that you can then be able to make some good earning because of the money which you have saved.