Announcement

Collapse
No announcement yet.

Time to retire the penny?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Time to retire the penny?

    I see pennies discarded in the streets and sidewalks, even in front of stores. Even kids don't pick them up anymore! Seems it's just not worth the effort.

    The half cent was discontinued in 1857, because it was too small. Inflation since 1914 is in excess of 2,000 percent (meaning a dollar back then could buy $2,000 of today's goods, allegedly).

    What is a penny worth to us today? More in metal content than purchasing power, yet the government keeps making them (at our expense).

    I have written to my senators and congressmen, even to the president. No one cares.

    I think it's either time to retire the penny (and even the nickel) or to revalue our currency at a rate at-least 10 to 1.

    So, let me get the pulse of HT. Here's a poll; you can make more than one choice. Your comments are most welcome.
    28
    Discontinue the penny!
    35.71%
    10
    Get rid of the nickel, too!
    7.14%
    2
    And dimes!
    0.00%
    0
    A $2 coin w/b handy.
    3.57%
    1
    Maybe even a $5 and/or a $10!
    3.57%
    1
    No, revalue our currency to counter inflation.
    3.57%
    1
    We need to start a petition drive.
    3.57%
    1
    Who cares? Ainokea!
    10.71%
    3
    I have a better idea; see my comments.
    32.14%
    9
    Last edited by Kaonohi; October 14, 2009, 07:17 PM.
    Be Yourself. Everyone Else Is Taken!
    ~ ~
    Kaʻonohiʻulaʻokahōkūmiomioʻehiku
    Spreading the virus of ALOHA.
    Oh Chu. If only you could have seen what I've seen, with your eyes.

  • #2
    Re: Time to retire the penny?

    Is the government going to get the difference everytime in a cash transaction when the amount is not exact?
    Last edited by Walkoff Balk; October 14, 2009, 07:44 PM.

    Comment


    • #3
      Re: Time to retire the penny?

      Make the penny out of material that is cheaper than what it is being used today.

      I was about to suggest doing away with the cents portion of our currency, so one only buys everything at the rounded dollar amount but that is going to be a problem with the sales tax.

      Comment


      • #4
        Re: Time to retire the penny?

        I have a friend who lives in Honolulu. She is currently working on a movie but still collects these little brown tube bags to put her pennies and small coins in, pops them back into the bank and they become dollars in her account. They mount up and help towards her air fare to England.

        Comment


        • #5
          Re: Time to retire the penny?

          As some HT'ers know, I'm a distance runner. I've participated in many different marathons (Boston, Chicago, and Honolulu among some of the major marathons) during my running "career". As such, in order to stay in decent enough running condition (enough to at least finish a marathon), I have to log minimally 50 miles a week of training. In doing so, I always see various coins scattered along the fringes of my running routes. When I go out for a run, I darned near always find something in terms of coinage and occasionally find an occasional dollar bill or two. On average, I find about 35 cents a run when I average out the lows and highs of the amounts of money I find per run; the lowest amount, of course, being nothing, the highest amount found to date in one run being $50.04. All told, on average, I find about $120 to $130 a year in loose change and currency. All of the money that I've found, through the last 15 years, has ended up in one pound coffee cans. At last check, I saw that I must have at least 20 coffee cans all loaded with found money...from pennies to $20 notes. Some cans even have the occasional piece of gold or silver jewelry that I've found. I have no clue what the aggragate total of all of this money is, but I'm guessing there must be at least $1500 in change and bills contained in the cans. I've done well with picking up coins during my runs. As such, I'd hate to see us drop the penny or, for that matter, the nickel...I'm sure my "take" per run would plummet with the elimination of these denominations of coins.

          As for what I'm ultimately going to do with all of these coins now is unclear to me. I had hoped to one day donate them all to the Hawaii Food Bank, but I've got so many now, it would be illogical to transport them to Hawaii, (the freight on them alone would greatly negate any donation value to the HFB) and no, I'm not going to redeem them at a Coinstar, with that 9% handling fee. I would somehow like the HFB to receive the full value of the money.

          Comment


          • #6
            Re: Time to retire the penny?

            My husband is one of those who will pick up pennies he finds in parking lots, etc. I tell him even the homeless don't pick up pennies, and besides, it's probably crawling with germs.

            I used to know someone (over 20 yrs ago) who saved pennies, thinking he could make millions selling them to collectors. At the time, he had at least five gallon jars full of them.

            There are some businesses (Mom & Pop types) that round out your purchase to the nearest dollar or half dollar. That annoys me. I want exact change back, even if its only a penny.
            Last edited by Sharilyn; October 15, 2009, 04:49 AM.

            Comment


            • #7
              Re: Time to retire the penny?

              We could go back to bartering for goods and services.

              Comment


              • #8
                Re: Time to retire the penny?

                I'd rather retire the Canadian pennies we keep getting on this side of the border.
                Beijing 8-08-08 to 8-24-08

                Tiananmen Square 4-15-89 to 6-04-89

                Comment


                • #9
                  Re: Time to retire the penny?

                  Originally posted by Surfingfarmboy View Post
                  As for what I'm ultimately going to do with all of these coins now is unclear to me. I had hoped to one day donate them all to the Hawaii Food Bank, but I've got so many now, it would be illogical to transport them to Hawaii, (the freight on them alone would greatly negate any donation value to the HFB) and no, I'm not going to redeem them at a Coinstar, with that 9% handling fee. I would somehow like the HFB to receive the full value of the money.
                  Deposit to your bank account and do an online donation to the Hawaii food bank. They accept online donations here.

                  Now you have a way

                  As for discontinuing the penny. I think not. As long as we have a GET or any form of sales tax, it would be impossible to obtain an accurate transaction without someone losing money.

                  Now since the cost of goods is more than it was back in the 70's I think we should bring back the $1,000 bill. Back in 1969 you could plunk down two of them and buy a Ford Maverick sedan. Now days $2,000 hardly qualifies for a downpayment on even the cheapest new auto!
                  Last edited by craigwatanabe; October 15, 2009, 09:40 AM.
                  Life is what you make of it...so please read the instructions carefully.

                  Comment


                  • #10
                    Re: Time to retire the penny?

                    Your math is a bit off - 2,000% increase means a dollar back then would buy the equivalent of $20 worth of goods or services today.
                    May I always be found beneath your contempt.

                    Comment


                    • #11
                      Re: Time to retire the penny?

                      Originally posted by salmoned View Post
                      Your math is a bit off - 2,000% increase means a dollar back then would buy the equivalent of $20 worth of goods or services today.
                      Perhaps. I used an online inflation calculator and didn't double-check. Anyone have a better figure?

                      I remember in the 50's my mom would feed a family of 6 for $20 a week, and we ate well. Now we spend about $350 a week (at the commissary, no less) for a family of 3.

                      I remember 10-cent payphones, now 50 cents, in the last 20 years.

                      Thanks for your observation.
                      Be Yourself. Everyone Else Is Taken!
                      ~ ~
                      Kaʻonohiʻulaʻokahōkūmiomioʻehiku
                      Spreading the virus of ALOHA.
                      Oh Chu. If only you could have seen what I've seen, with your eyes.

                      Comment


                      • #12
                        Re: Time to retire the penny?

                        Originally posted by craigwatanabe View Post
                        As for discontinuing the penny. I think not. As long as we have a GET or any form of sales tax, it would be impossible to obtain an accurate transaction without someone losing money.
                        Already we do rounding on our sales tax - to the nearest penny. 4.25% of $9.99 is, let's see: $0.424575, and they will probably round it UP!

                        With mostly programmable electronic cash registers these days it would be just as easy to round up or down to the nearest dime or nickel, without much economic impact.

                        Also, consider, even if we stopped requiring pennies for transactions, they still would be around for a long time, and could be used or saved.

                        I also found an interesting article.... A bill evidently has been introduced.

                        Did you know you are still being charged for goods calculated in 'mills?'
                        (A mill is 1/10 of a cent... haven't seen one of those lately, except at the gas pump.)

                        Speaking of gas, remember vehicles?
                        In 1969 I bought a Harley-Davidson Sportster for $2000 new. In 1971 I bought the Datsun (Nissan) 240-Z for $2000. Both are now over $20,000. Over 1000% inflation in less than 40 years.

                        I Googled some more and found an interesting article on Wikipedia, too.

                        Thanks, all, for your insightful input.

                        K.
                        Last edited by Kaonohi; October 15, 2009, 11:45 AM. Reason: another info site
                        Be Yourself. Everyone Else Is Taken!
                        ~ ~
                        Kaʻonohiʻulaʻokahōkūmiomioʻehiku
                        Spreading the virus of ALOHA.
                        Oh Chu. If only you could have seen what I've seen, with your eyes.

                        Comment


                        • #13
                          Re: Time to retire the penny?

                          Originally posted by craigwatanabe View Post
                          Deposit to your bank account and do an online donation to the Hawaii food bank. They accept online donations here.

                          Now you have a way

                          I'm aware of the HFB's online donation page...in fact, I have an online account with them! Your idea of depositing the coins into my bank account is for sure the only logical way of dealing with the huge number I've found...it's going to be a lot of wrapping though, as my bank will only accept rolled coins. They do not count them. I always thought it would be neat if Coinstar would accept coins, with the total value of the coins (no 9% surcharge) going to charity the giver of the coins designates. I mean, if Coinstar can offer gift cards to retailers with no 9% surcharge incurred, why not accept donations to charities as well? I understand Coinstar is in business to earn a profit, but still...that would be kind of neat.

                          Some of the coins I have found have made it to charities in Hawaii, albeit relatively few of the many I've found. What I usually do right before I return to Hawaii in late November for my annual trip home, is pack up (in coin wraps) about $50 worth of quarters I have found running, throw them in my carry-on luggage, and disburse them, with the charities I see collecting while out and about in Honolulu; usually the Salvation Army gets the bulk of them, and sometimes the HFB will get some if they are collecting with their fish nets before a UH game in Halawa.

                          Comment


                          • #14
                            Re: Time to retire the penny?

                            I say get rid of 'em! I try to save mine, but it's such a hassle having to roll them and only getting .50 per roll, it's almost not worth it. And they smell really bad. Worse than any of the other coins. Sometimes I even just *gasp* throw them away if I'm cleaning and there are a few lying around. I know, I know, I'm a horrible person for throwing away $.04. That could add up to $6.00 or something in 20 years . Don't scold me; I'm really not in the mood.

                            Originally posted by Kaonohi View Post
                            Already we do rounding on our sales tax - to the nearest penny. 4.25% of $9.99 is, let's see: $0.424575, and they will probably round it UP!

                            With mostly programmable electronic cash registers these days it would be just as easy to round up or down to the nearest dime or nickel, without much economic impact.

                            Also, consider, even if we stopped requiring pennies for transactions, they still would be around for a long time, and could be used or saved.
                            Very true! And I totally miss the sales tax there. We pay 8.25% here. I know it comes out in many other ways, but the only place I've ever been with higher tax is New Orleans with 9.something%.

                            Can't think of anything creative this time

                            Comment


                            • #15
                              Re: Time to retire the penny?

                              Anyone who doesn't like any of their awkwardly heavy change is welcome to send it to me, no questions asked.

                              Any denomination - I won't discriminate.

                              Thankew.

                              Comment

                              Working...
                              X