Do you think pennies should go away? Do you think they’re useless and a waste? I don’t want to see pennies go away. Things will be more expensive without pennies.
I think the demise of the penny is inevitable, because of the way the economy is headed with alternate forms of currency like the Bitcoin, and obviously using physical devices like credit cards and Google Wallet.
Although I consider myself a Democrat, I am indifferent on this matter.
I’d like to see it stick around. If every thing is on denominations of 5 cents, anything that comes up uneven (sales tax, APR on a bank account, any sort of percentage calculation) will inevitably be rounded in the bank or government’s favor. Thus, it may not be much, but after awhile everyone will be swindled out of quite a bit of cash.
We got rid of our penny about 3 years ago, and I can say I like it a lot better now. Nothing here has gone up in price, everything is basically the same, except there’s no penny. We just round up and round down our purchases.
On an off-topic note, Canadian pennies (and other Canadian currency in general) have been showing up around here very often lately. The reason I think of this being I got one in my change this morning from Menard’s. Kinda a pain since there’s no real good way to exchange or spend them, so they basically sit around worthless.
Uh, actually they are worthless, unless you’re a collector.
You might still be able to exchange a group of them for currency you can actually use. I’ve never exchanged any of mine, and really would prefer to keep them.
It’s worth noting that, as far as I know, the rounding only affects cash transactions and not those made by credit/debit, here in Canada. I’d assume the same would be the case in the US.
That’s good to know. I had assumed we would switch to 5 cent denominations on everything if we ditched the penny, so I guess the reasoning in my earlier post is moot :lol: .
I could definitely see that happening in the near future. Only problem with being cashless is if the computers and stuff happened to go down or crashed, you basically lose all your money.
Once we heard about the penny being removed, me and my dad went to the bank and bought boxes of pennies and started collecting them, trying to find rare ones along the way, which we did