Save your pennies

[41Dude]

I forgot something.

I ALWAYS stoop to pick up pennies & other small change on the ground. I use a metal detector to find coins & other stuff.

But I will firmly state that I picked up a Penny once,, and it's been the best, most expensive,, but WELL WORTH it Penny I've ever found.
My wonderful better half,, Miss Penny!

Aaaaaarg. I should have seen that coming

 

[Watertender]

I forgot something.

I ALWAYS stoop to pick up pennies & other small change on the ground. I use a metal detector to find coins & other stuff.

But I will firmly state that I picked up a Penny once,, and it's been the best, most expensive,, but WELL WORTH it Penny I've ever found.
My wonderful better half,, Miss Penny!

I vote contender for the win!

 

[eveled]

Yes,, long, long ago,, we had 1/2 cent pieces,,, 2-cent pieces, 3-cent pieces. Goods that were to be sold cost a lot less back then. As the cost of goods surpassed the needs for those denominations,, they were discontinued

So that makes sense to you? But getting rid of the penny today is a conspiracy to take away our freedoms?

The half penny could buy more when it was discontinued than a penny can today.

The penny should have been discontinued years ago.

 

[Cofaler]

Way back in 1986, I received orders to Torrejon AB, Spain. Family and I got there and the first time we went to the commissary and base exhange, we found out that they rounded everything up or down to the nearest 5 cents. The USAF did not want to pay what it cost to ship the 1 cent coin (penny) in bulk to overseas facilities.

I agree that dropping the 1 cent coin isn't the first step towards a cashless society. I actually think it will happen with a stroke of a pen from whatever government is in power and by that time the indocrination of our future off spring will be complete.

I had forgotten that. I got to Germany in early '85 and pennies were forboten IIRC...

 

[Dan in MI]

Pennies are now made of zinc. Nickels are mostly copper.

If states with sales tax would standardize their rates at 5%, there really wouldn't be any need for pennies.

Nope.
$2.99 x3 (3 items) = 8.97
8.97 x .05 = .45
$8.47 + .45 = $9.42

 

[Cofaler]

I see folks referring to Germany & other Countries where they do not use pennies.

Let's switch items for a moment.

Those very same Countries do not have a Constitution.
Those countries are run by a totally different type of government.
Those Countries have severe restrictions on gun ownership.

So those who tout "other Countries" I have to ask. Do you want America to be just like other countries? What other freedoms are you willing to give up?

Yes,, long, long ago,, we had 1/2 cent pieces,,, 2-cent pieces, 3-cent pieces. Goods that were to be sold cost a lot less back then. As the cost of goods surpassed the needs for those denominations,, they were discontinued.

And while many may not see them or use them,, most often,, when I go into a bank,, the teller's have a coin tray,, and I see 1/2 dollar, & $1 coins there available to be received if requested.

We're talking about the system at the PX, or Post Exchange, where American servicemen can shop. The Germans had their Pfenig, their version of the one cent coin. It was a very tiny coin.

There would be no need for 'rounding' up or down for electronic transactions, only cash ones.

I read somewhere that the base metal of a nickel is worth about 11 cents.

I had a huge jar of coins we had been throwing change into for years. I went through the entire thing looking for silver, didn't find any. I took them to the bank about a year ago, cashed them in, and bought an 3" SP101.

 

[stonebuster]

When I was a kid working in my father's hardware store part time he paid me in silver dollars. Yup, people were still using them in late 50's & early 60's. Had quite a few by the time I was 16yrs old and started spending them taking my girlfriend to the drive-in movie every weekend. You should've seen the guy at the drive-in when I paid him in silver dollars & two dollar bills. I've still got twenty of them left.

 

[JackBull]

Remember the recipe for boiling frogs? I have no doubt that many people will be happy to go for a dip in that big pot of cool water.

So what is the next step for the government, I have a hard time following this logic.

 

[GunnyGene]

So what is the next step for the government, I have a hard time following this logic.

I don't know. I'm just another frog like you. All I know is the water seems a bit warmer than it was a while ago.

 

[Sam Summey]

One and two cent pieces were taken out of circulation in Australia maybe 20 years ago. We have 5 10 20 and fifty cent pieces. One and two dollar coins. Notes start at 5.
Cash is becoming less common but still has a strategic importance if there are internet outages and increasingly in these uncertain times the risk of cyber attacks on financial systems should never be ruled out.
Personally I think it is just crazy not to have some cash stored away for emergencies and I am doubtful we will ever lose it entirely.

Here in Western North Carolina after the devastation of hurricane Helene 95% power, internet, were knocked out by flooding etc. for at least a week or more. The only way to get water, food, fuel, or drugs was with cash. Cash is still KING!

 

[eveled]

Cash is still KING!

Until counterfeiters get so good we can't tell the difference. There are counterfeit silver coins now that you can't easily tell.

 

[vito]

When I was a kid in the late '40's and early '50's a penny could buy a wrapped piece of gum or some other candies. Inflation, which is inevitable in a growing market economy, has rendered the penny worthless. Eliminating the physical penny is sensible and not a big deal.

Some countries, when going through major inflation, end up issuing new currency as a means of reducing the number without changing the value of currency itself. Our country has never had to do that, but could do so easily. We could have a "New Dollar" with totally different looking bills and where one "New Dollar" would be the equivalent of ten old dollars. Everyone would have to turn in their old currency or lose the value totally with a date announced, after which the old money would no longer be "legal tender". All bank and investment accounts would be adjusted to the new value. No one would lose anything but monetary transactions would become a bit simpler. If we did this, then the "new penny" would be worth what a dime is now worth, and would be become a bit more meaningful again. I don't know that the American public would be able to handle this kind of change but it would make sense to do every century or so as a means of offsetting the effects of inflation. Of course all debts woud also have to be adjusted as well.

 

[black1970]

What's the problem? Now those high school graduates working at all the fast food joints will have no problem making change.

 

[GunnyGene]

When I was a kid in the late '40's and early '50's a penny could buy a wrapped piece of gum or some other candies. Inflation, which is inevitable in a growing market economy, has rendered the penny worthless. Eliminating the physical penny is sensible and not a big deal.

Some countries, when going through major inflation, end up issuing new currency as a means of reducing the number without changing the value of currency itself. Our country has never had to do that, but could do so easily. We could have a "New Dollar" with totally different looking bills and where one "New Dollar" would be the equivalent of ten old dollars. Everyone would have to turn in their old currency or lose the value totally with a date announced, after which the old money would no longer be "legal tender". All bank and investment accounts would be adjusted to the new value. No one would lose anything but monetary transactions would become a bit simpler. If we did this, then the "new penny" would be worth what a dime is now worth, and would be become a bit more meaningful again. I don't know that the American public would be able to handle this kind of change but it would make sense to do every century or so as a means of offsetting the effects of inflation. Of course all debts woud also have to be adjusted as well.

Sounds like the "scrip" (aka: MPC - Military payment certificate) we had to use, and got paid with in Vietnam. Had to trade it in for new scrip every couple of months. Intended to prevent the VC from using US currency mostly.

Vietnam War MPCs

Series 641 (August 31, 1965 - October 21, 1968) (J-J) 5 cents (22,848,000) 10 cents (23,520,000) 25 cents (12,096,000) 50 cents (...

militarypaycertificate.blogspot.com

 

[Killer Bee]

speaking of worthless paper money...

 

[Watertender]

speaking of worthless paper money...

I don't see any brown stripes on them.

 

[KurtC]

In the early 80's, the German pfenig was worth less than 1/3 of a US cent. They were pretty much gone from circulation.

However, it was tradition for German girls to purchase their wedding shoes with pfenigs, so that may have contributed to their scarcity.

 

[KIR]

Making a nickel our lowest denomination coin to mint costs more, percentage wise, then making a penny. While minting both are a loss, continuance of minting a penny is a better choice.

 

[Watertender]

In the early 80's, the German pfenig was worth less than 1/3 of a US cent. They were pretty much gone from circulation.

However, it was tradition for German girls to purchase their wedding shoes with pfenigs, so that may have contributed to their scarcity.

I thought they went to the farrier to get their shoes fitted!

 

[gollwoods]

Has anyone purchased goods and services with a small precious metal coin? I had a few gold coins at 1/10 ounce.

I have not directly. As an old coin collector I have benefited from the increase in value of PMs
However nothing will be more spectacular than the next 3 years.