Comments on: Get rid of pennies? My $0.02 http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/ Sun, 14 Mar 2010 19:16:20 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: Llama Money http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/comment-page-1/#comment-5430 Llama Money Wed, 27 Feb 2008 18:18:48 +0000 http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/#comment-5430 Losing pennies wouldn't bother me much at all. Even if you make 100 purchases every month that are affected, to the tune of the maximum 4 cents each time, it won't add up to much. In this scenario, you would pay 100 x $0.04, or $4.00 more every month. That's $48 per year, and that's something I have a whole lot of trouble working myself up over. Losing pennies wouldn’t bother me much at all. Even if you make 100 purchases every month that are affected, to the tune of the maximum 4 cents each time, it won’t add up to much. In this scenario, you would pay 100 x $0.04, or $4.00 more every month. That’s $48 per year, and that’s something I have a whole lot of trouble working myself up over.

]]> By: Lisa http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/comment-page-1/#comment-5428 Lisa Wed, 27 Feb 2008 16:49:37 +0000 http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/#comment-5428 I save my pennies. Banks and many grocery stores are happy to exchange them for dollar bills! I've recently seen several nickels in the ubiquitous "penny" dishes at check-outs. Round up to the nearest dime, anyone?! I save my pennies. Banks and many grocery stores are happy to exchange them for dollar bills! I’ve recently seen several nickels in the ubiquitous “penny” dishes at check-outs. Round up to the nearest dime, anyone?!

]]> By: Bethany http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/comment-page-1/#comment-5413 Bethany Wed, 27 Feb 2008 04:30:15 +0000 http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/#comment-5413 I'm not sure how I feel either way -- it's obviously worked for other countries, so why not here? But then again, there could be increases in some prices. Pennies aren't made from copper anymore -- they're mostly zinc. (http://www.usmint.gov/about_the_mint/fun_facts/index.cfm?flash=yes&action=fun_facts2) That would make them extremely cheap to make, I think. Coins are cheaper than paper money to make, from what I understand -- a lot of countries have coins for the smaller dollar denominations and it works out well -- they last longer. I’m not sure how I feel either way — it’s obviously worked for other countries, so why not here? But then again, there could be increases in some prices.

Pennies aren’t made from copper anymore — they’re mostly zinc. (http://www.usmint.gov/about_the_mint/fun_facts/index.cfm?flash=yes&action=fun_facts2)
That would make them extremely cheap to make, I think.

Coins are cheaper than paper money to make, from what I understand — a lot of countries have coins for the smaller dollar denominations and it works out well — they last longer.

]]> By: Lauren http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/comment-page-1/#comment-5407 Lauren Tue, 26 Feb 2008 23:32:15 +0000 http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/#comment-5407 I would personally be in favour of no pennies in both the US and the UK. I have lived in both countries and am not a fan of them. I'd also love to see US sales tax incorporated into the prices. I know that may not always be possible (e.g. online) as you have state rather than federal taxes, but it should be possible in stores. I currently live in Australia. As Bec said, we no longer have pennies. They were phased out in the early 90s so I've spent about half my life without them now. I think the key thing is that only the total of your purchase is rounded rather than each item, and only if you're paying cash. It's also rounded to the nearest 5c, so a $34.77 bill would actually be rounded down to $34.75 not up to $34.80. If you pay by credit/debit card, you pay the unrounded amount so it's not even an issue for the majority of my transactions since I rarely pay cash now. There's some interesting statistics regarding the rounding process from a study at the University of Melbourne, hope you don't mind me linking to it: http://www.scc.ms.unimelb.edu.au/whatisstatistics/coins.html I would personally be in favour of no pennies in both the US and the UK. I have lived in both countries and am not a fan of them. I’d also love to see US sales tax incorporated into the prices. I know that may not always be possible (e.g. online) as you have state rather than federal taxes, but it should be possible in stores.

I currently live in Australia. As Bec said, we no longer have pennies. They were phased out in the early 90s so I’ve spent about half my life without them now. I think the key thing is that only the total of your purchase is rounded rather than each item, and only if you’re paying cash. It’s also rounded to the nearest 5c, so a $34.77 bill would actually be rounded down to $34.75 not up to $34.80. If you pay by credit/debit card, you pay the unrounded amount so it’s not even an issue for the majority of my transactions since I rarely pay cash now.

There’s some interesting statistics regarding the rounding process from a study at the University of Melbourne, hope you don’t mind me linking to it: http://www.scc.ms.unimelb.edu.au/whatisstatistics/coins.html

]]> By: Bec http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/comment-page-1/#comment-5405 Bec Tue, 26 Feb 2008 22:31:24 +0000 http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/#comment-5405 Wow, interesting topic! I'm Canadian orginially and we've got the same money as American's. I mean 1c, 5c, 10c, 25c, but we also have $1 and $2 coins. In 2002 I moved to Britain and they have believe it or not coins of 1pence, 2pence, 5pence, 10pence, 20pence, 50pence, 1pound, 2pound. The 2pence coins are about as big as a quarter! Now since 2006 I have lived in Australia and they DON'T have pennies!! They have 5cents, 10cents, 20cents, 50cents, $1, $2 coins. It's amazing, I didn't think it would work when I first moved here but it's so nice not having any pennies in your wallet! Both in Britain and Australia sales tax is included in the display price, so if it say's $1.50, that's what you pay! If the price is 0.99 they do round it up and you give them a dollar. If the price comes to say $1.47, you give them $1.45. Seems to work pretty well! Wow, interesting topic! I’m Canadian orginially and we’ve got the same money as American’s. I mean 1c, 5c, 10c, 25c, but we also have $1 and $2 coins.

In 2002 I moved to Britain and they have believe it or not coins of 1pence, 2pence, 5pence, 10pence, 20pence, 50pence, 1pound, 2pound.
The 2pence coins are about as big as a quarter!

Now since 2006 I have lived in Australia and they DON’T have pennies!!
They have 5cents, 10cents, 20cents, 50cents, $1, $2 coins.

It’s amazing, I didn’t think it would work when I first moved here but it’s so nice not having any pennies in your wallet!

Both in Britain and Australia sales tax is included in the display price, so if it say’s $1.50, that’s what you pay!

If the price is 0.99 they do round it up and you give them a dollar. If the price comes to say $1.47, you give them $1.45.

Seems to work pretty well!

]]> By: ashley @ twentysixcats http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/comment-page-1/#comment-5404 ashley @ twentysixcats Tue, 26 Feb 2008 22:25:58 +0000 http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/#comment-5404 I grew up in Peru, South America. We had a similar coin to the penny called the <i>centimo</i>. The country stopped using it, and most retailers were fair about rounding up or down. They also included sales tax (which was 18%) in with the prices on the shelves. So if the item said "50 centimos" then you could pay with a 50 centimo coin. I miss that! Things are so confusing here in the States. I feel like I never know what my total bill is going to be. I grew up in Peru, South America. We had a similar coin to the penny called the centimo. The country stopped using it, and most retailers were fair about rounding up or down. They also included sales tax (which was 18%) in with the prices on the shelves. So if the item said “50 centimos” then you could pay with a 50 centimo coin. I miss that! Things are so confusing here in the States. I feel like I never know what my total bill is going to be.

]]> By: jessica http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/comment-page-1/#comment-5403 jessica Tue, 26 Feb 2008 22:11:35 +0000 http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/#comment-5403 It's an interesting question. i have SO many pennies all over my van and on my dresser and in my wallet....i should put them all in a cup and take them to the bank and buy myself a .99 hot fudge sundae from McDonald's on the way home. Good. That is settled. It’s an interesting question. i have SO many pennies all over my van and on my dresser and in my wallet….i should put them all in a cup and take them to the bank and buy myself a .99 hot fudge sundae from McDonald’s on the way home. Good. That is settled.

]]> By: Michael Aulia http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/comment-page-1/#comment-5402 Michael Aulia Tue, 26 Feb 2008 22:06:50 +0000 http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/#comment-5402 I don't normally get rid of it, but not trying to save as much pennies as I can either I don’t normally get rid of it, but not trying to save as much pennies as I can either

]]> By: minnemom http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/comment-page-1/#comment-5396 minnemom Tue, 26 Feb 2008 20:33:17 +0000 http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/#comment-5396 This is an interesting way of looking at it. This is an interesting way of looking at it.

]]> By: Elizabeth http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/comment-page-1/#comment-5395 Elizabeth Tue, 26 Feb 2008 20:27:00 +0000 http://sensetosave.com/2008/02/26/get-rid-of-pennies-my-002/#comment-5395 I don't think we should get rid of the penny, but I feel like I'm part of a minority who still care about pennies. Can't count the number of times I've seen people drop pennies on the ground and not pick them up or even throw them away because they're "not worth carrying around"! I wonder what percentage of the nation's pennies are in circulation and what percentage are sitting in coffee cans in people's houses? I don’t think we should get rid of the penny, but I feel like I’m part of a minority who still care about pennies. Can’t count the number of times I’ve seen people drop pennies on the ground and not pick them up or even throw them away because they’re “not worth carrying around”! I wonder what percentage of the nation’s pennies are in circulation and what percentage are sitting in coffee cans in people’s houses?

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