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Author Topic: SHOULD WE KEEP THE PENNY  (Read 124 times)
Ondre
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July 30, 2018, 02:05:14 PM
 #21

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?

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.

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July 30, 2018, 08:35:49 PM
 #22

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?

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.
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July 30, 2018, 08:41:17 PM
 #23

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.
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. 

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July 31, 2018, 04:52:21 AM
 #24

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.

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July 31, 2018, 05:10:29 AM
 #25

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.

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July 31, 2018, 05:28:37 AM
 #26

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.

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July 31, 2018, 11:05:56 AM
 #27

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.
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.

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Cole_Sanders
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July 31, 2018, 01:08:56 PM
 #28

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.

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. 
tailwate07
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August 02, 2018, 09:59:35 AM
 #29

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.


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.

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