Should small-value coins be discontinued?

In 1857, the US government discontinued the half cent coin. What coins should be discontinued today?

  • One cent (Penny).

    Votes: 8 42.1%
  • Penny AND five cent (Nickel).

    Votes: 3 15.8%
  • Penny, Nickel AND ten cent (Dime).

    Votes: 0 0.0%
  • Eliminate all coins - use credit card or e-payment systems.

    Votes: 2 10.5%
  • None, keep it the way it is.

    Votes: 6 31.6%

  • Total voters
    19
  • Poll closed .

Thread Starter

GopherT

Joined Nov 23, 2012
7,983
In 1857, the half cent coin was eliminated because it became more valuable than the face value. It was a copper coin about the size of a quarter.

With inflation, the buying power of that coin in 1857 was approximately equal to a twenty-five cent coin (quarter) today.


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#12

Joined Nov 30, 2010
18,076
If we don't have nickles and dimes, how is the government going to nickle and dime us to death?

But, seriously...the government already, "rounds" payments down to the next lower whole dollar amount, even if the difference is 99 cents. Do you want every grocery store and gas station rounding your costs UP to the next dollar?
 

Thread Starter

GopherT

Joined Nov 23, 2012
7,983
If we don't have nickles and dimes, how is the government going to nickle and dime us to death?

But, seriously...the government already, "rounds" payments down to the next lower whole dollar amount, even if the difference is 99 cents. Do you want every grocery store and gas station rounding your costs UP to the next dollar?
If I have 50 transactions per month, that is an average of $0.50/transaction or $25/month if we would eliminate the quarter and half dollar. If we only eliminate the dime and smaller, the average loss per transaction because of rounding up would be $0.125 so my loss will be $4 per month.
 

tcmtech

Joined Nov 4, 2013
2,808
If we give up the pennies what am I supposed to bribe my daughter with?

Do you have any idea how much work you can get out of a 7 year old for a dollar in pennies that dollar in cash quarters, dimes or nickels just won't touch? o_O

Cripes if we still had half cent coins that were as big as a quarter I could probably get a month's worth of work out of her for 200 big clanky half cent coins. :D
 

Thread Starter

GopherT

Joined Nov 23, 2012
7,983
If we give up the pennies what am I supposed to bribe my daughter with?

Do you have any idea how much work you can get out of a 7 year old for a dollar in pennies that dollar in cash quarters, dimes or nickels just won't touch? o_O

Cripes if we still had half cent coins that were as big as a quarter I could probably get a month's worth of work out of her for 200 big clanky half cent coins. :D
Just give her a steel fender washer. Oh, wait..
http://www.homedepot.com/p/Everbilt-1-8-in-x-1-in-Stainless-Steel-Fender-Washer-3-Piece-815841/204284499
 

strantor

Joined Oct 3, 2010
5,025
If we give up the pennies what am I supposed to bribe my daughter with?

Do you have any idea how much work you can get out of a 7 year old for a dollar in pennies that dollar in cash quarters, dimes or nickels just won't touch? o_O

Cripes if we still had half cent coins that were as big as a quarter I could probably get a month's worth of work out of her for 200 big clanky half cent coins. :D
Count yourself lucky that still works! I had to stop that game with my oldest when she was 5 or 6. She got too expensive, demanding several whole dollars for common chores, and more and more each time! From then on it was on a "because I said so" basis. That worked much better; no pointless haggling with an unreasonable miniature woman, no more illusion of choice. The 3 y/o was starting expect multiple dollar bounties for solid excrements toward the end of her potty training too. Good thing she graduated to unassisted toilet sitter before I went broke. Just in time to save the farm and remind me not to repeat my mistake.
 

Thread Starter

GopherT

Joined Nov 23, 2012
7,983
After the first two hours of voting, I can say that 3 out of 4 people from somewhere on earth think the US should eliminate the penny

.After the four two hours of voting, I can say that 6 out of 8 people from somewhere on earth think the US should eliminate the penny.
 
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tcmtech

Joined Nov 4, 2013
2,808
Count yourself lucky that still works! I had to stop that game with my oldest when she was 5 or 6. She got too expensive, demanding several whole dollars for common chores, and more and more each time!
Actually she's pretty good about helping out for the sake of helping out. If she does a load of my laundry washed and dried without me having to get after her or get her mother after her she gets $1 in any form she wants. :cool:
 
If I have 50 transactions per month, that is an average of $0.50/transaction or $25/month if we would eliminate the quarter and half dollar. If we only eliminate the dime and smaller, the average loss per transaction because of rounding up would be $0.125 so my loss will be $4 per month.
Interesting - 'round here prices are so structured as to return (on average) less than $0.20 change without regard to the number or variety of items purchased:( -- Although a staunch advocate of cash - Let's lose the penny! They're worthless, annoying, metallic litter! --- And I hate them! I hate them!! I hate them!!!:mad:

With profuse apologies to Monty Python:cool:
HP:D
 

#12

Joined Nov 30, 2010
18,076
If I have 50 transactions per month, my loss will be $4 per month.
Let's run the numbers.
Right now, the population of the U.S. is 322 million. http://www.census.gov/popclock/
If half those people handle money and they only perform half the number of transactions you suggested, the difference to the aggregate population will be $3.8 billion per year. If I don't have a cash activity business, I will not receive any of it.

Of course, I could go with the cashless society idea and register every cent of my activities with a plastic card.
Unfortunately, I have a strange aversion to rendering every cent of my financial behavior traceable.
 

DerStrom8

Joined Feb 20, 2011
2,373
If we get rid of the penny, what am I supposed to jam in the fusebox when I'm out of fuses??? :confused:
 
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