Should the U.S. get rid of the Penny?

[long_time_DNC]

The Sacagawea coin isn't golden color enough in certain lighting (flourecesent, mercury vapor) to tell it from a dirty quarter, so it never caught on around here, and as you said, the Susan B. looks/feels way to close to a quarter, so it never caught on either.

They need to mint a dollar coin that's somewhere between the uber Eisenhauer and the .50 cent piece and eliminate the dollar bill.

 

[HCI]

If my next % pay raise bring me to $xx.04 and we phased out the penny. Who would lose out? Say the company I work for rounds it up to 5 cents... I would earn $20.80 more a year. But, if my raise was $xx.02 and they rounded it down I would stand to lose $41.60.
My company has over 6000 stores and most likely employes over 15 million people. Just imaging the money the could save if they strategicely round most raises down.

If they used the math rules 3 cents and above and 8 cents and above would raise up. My company rounds withholdings like this.

 

[Spatch]

I understand math rules. Lets just say that my company decided to round all raises down they are looking at saving hundreds of thousands of dollars a year. If not they are looking at paying out hundreds of thousands more. Odds would have it that it would be paying out more. How do you think the stock holders would feel about that.

By the way I have no clue what was running through my head (Beer) when I said we employ over 15 million people. It is more like 200,000. I guess I need to read my posts after typing them.

 

[HCI]

I understand math rules. Lets just say that my company decided to round all raises down they are looking at saving hundreds of thousands of dollars a year. If not they are looking at paying out hundreds of thousands more. Odds would have it that it would be paying out more. How do you think the stock holders would feel about that.

By the way I have no clue what was running through my head (Beer) when I said we employ over 15 million people. It is more like 200,000. I guess I need to read my posts after typing them.

You have a valid point but what about the legality of the company rounding down. I am sure IF this happens there would be some rules for them set up by the government hopefully.

 

[cablewithaview]

death to pennies !!!

next question, should we boost circulation of $2 bills and do away with the dollar?

 

[Spatch]

You have a valid point but what about the legality of the company rounding down. I am sure IF this happens there would be some rules for them set up by the government hopefully.

I don't think there would be anything illegal about it. When I do an employee review I set how much of a raise I wish to give them. We have caps on what we can give, and anything over a certain percent has to be approved by the human resource department. I rate them with percentage points and a meets expectation rating usually gets a 3 percent raise but I can up or lower it by a few cents if I wish. With out pennies I would definitely only round up for my better people and let them know so during the review.

 

[TNGTony]

I see a 16 votes to keep the pennies but only one person posted a reason. There is no need for rounding laws or regulations. How many of us ask for that .1 penny back when we buy a gallon of gas? Unless you are Andy Rooney doing a piece on 60 minutes, you know the price is rounded to the HIGHEST penny.

Well...make it the highest nickel

BTW, for those that are not familiar with the Sacagawea dollar coin,

It's slightly larger than a quarter, thicker, a little bit heavier, has a smooth edge and the ridge aong the side of the face is much deeper.. But if you aren't used to them and you don't pay attention, they will feel like a quarter.

 

[Stargazer]

They should get rid of the penny. To lose a few pennies here and there would not kill anyone plus you would gain a few here and there anyways so that would make up for itself anyhow. They should bring the one dollar coin into permanent circulation. Each time they do away with a coin they should bring another one out to replace it. When they do away with the nickel they should bring the five dollar coin out.

 

[riffjim4069]

I say keep the penny...I would hate to go through life being known as a "Pincher"....it sounds perverted.

 

[animalhouse]

We need to switch to an all electronic debit / credit system!

I agree. And that's the way I voted! :up

 

[sidekick]

The problem is, that no one would round-down. Everything would be artificially raised for the round-up to be standard; and frankly if the penny was gone there would be no rounding up or down for that matter. People balk at having a city levy a 1/4% tax raise on goods sold. Getting rid of the penny would merely be a way for us to have to pay more for absolutely everything without the need for a tax.

I don't think there would be anything illegal about it. When I do an employee review I set how much of a raise I wish to give them. We have caps on what we can give, and anything over a certain percent has to be approved by the human resource department. I rate them with percentage points and a meets expectation rating usually gets a 3 percent raise but I can up or lower it by a few cents if I wish. With out pennies I would definitely only round up for my better people and let them know so during the review.

 

[Spatch]

The problem is, that no one would round-down. Everything would be artificially raised for the round-up to be standard; and frankly if the penny was gone there would be no rounding up or down for that matter. People balk at having a city levy a 1/4% tax raise on goods sold. Getting rid of the penny would merely be a way for us to have to pay more for absolutely everything without the need for a tax.

There would still be rounding up and down if the penny went away. You would have to.

 

[Spatch]

Ok, Pa State sales tax is 6 %. Do you think the Goverment will only take 5 cents tax on a dollar. I can see it now the people buying twenty items at a dollar store asking for them to be rung seperately so they can save 20 cents.

 

[sidekick]

No, not really... If there was no penny there would be no need to round down as the price of every product would be artificially rounded up prior to the demise. Do you really think companies would round down? puhleeze! You must also believe in the tooth fairy. lol

There would still be rounding up and down if the penny went away. You would have to.

 

[Spatch]

If you read back a couple of post you would see that is what I said. Someone argued that it wouldn't be legal. I doubt there is any law in the books about rounding.

 

[long_time_DNC]

There's a rule-of thumb about rounding. If it's .5 or less (ex: 1.5, 2.5, 3.5, etc.) then you round down to the nearest whole number. If it's greater than .5, you round up to the nearest whole number.

Would the government (county, city, state, federal) adhere to that rule-of-thumb? I really don't think so. Everything would get rounded up to the nearest nickel in order to get more tax revenue in the coffers.

Keep the penny. At least it favors us taxpayers.

 

[dfergie]

There's a rule-of thumb about rounding. If it's .5 or less (ex: 1.5, 2.5, 3.5, etc.) then you round down to the nearest whole number. If it's greater than .5, you round up to the nearest whole number.

Would the government (county, city, state, federal) adhere to that rule-of-thumb? I really don't think so. Everything would get rounded up to the nearest nickel in order to get more tax revenue in the coffers.

Keep the penny. At least it favors us taxpayers.

My thoughts exactly...

 

[HCI]

again if they round up its 4 cents. 4 cents?

 

[Spatch]

again if they round up its 4 cents. 4 cents?

That's why I voted to keep the Penny

 

[long_time_DNC]

Same here. Gimme my pennies...