Canada has now done away with its penny. Is now the time for us to follow suit? Pennies actually cost more than one cent to make and manufacture. Think about how easy it would be to do away with them. Let's say you go to a store and the price of something is 11 or 12 cents, it just rounds down to 10 cents. If it's 13 or 14 cents, it rounds up to 15 cents. That rounding makes us exactly even-steven over time.
I vote to get rid of the penny. How do you vote?
We just rolled and took to our local bank $30.00 worth of pennies. Talk about heavy and time consuming. It was a fun project for saving but I agree they are a pain and do cost more than they are worth.
ReplyDeleteApparently Sue they literally do cost more than they are worth. :)
DeleteI haven't given this much thought. The penny has never bothered me. I was thinking how would I make those smashed pennies in those machines for my daughter without them!
ReplyDeleteSmashed pennies!? Yet another use for them Debbie! :)
DeleteHey, you could all send ME all of your pennies! I'd love to roll them, and cash them in, after I check to see if there are any that are 'worth a LOT!!!
ReplyDeleteYou can have mine Linda but you will need to come to KC to get them. :)
DeleteGet a bucket and start saving. Next time I'm going that way, I'll let you know!
DeleteI'm with you!
ReplyDeleteThanks Gregg!
DeleteI don't care for the pennies. But I do have some thoughtful questions to consider about them. First, of what importance is the cost of the manufacturing of the penny in relation to it's value?? I don't think that the making of the penny is about the profits. Until you consider taxes.
ReplyDeleteIf you do away with the penny, then you round up on your taxes more. For example, if your tax comes out to $0.11 then you would round up to $0.15. The end result is more money collected by sales taxes and other taxes.
Would everyone be OK with paying more in taxes? I don't think this extra increase would effect much out of people's wallets.
Thanks for the feedback Oscar! It does cost more than a penny to make a penny. Doubtful that taxes would always be rounded up but who knows? The guy that I quoted felt that prices could be rounded both up and down.
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