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Minting coins cost U.S. taxpayers $436 million last year. Is it time to pinch the penny for good? | http://bloom.bg/ZrlZ5b

(Photo: Stephen Hilger/Bloomberg)
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8 comments
 
Yes.  The penny is irrelevant, and while we're at it, let's drop the nickel too.  Round everything to the nearest dime and save the cost of minting both.
David H
 
So why not round everything to the nearest dollar, and not mint any coins.
 
I think the nickel is a good cutoff point.  Nobody buys anything for less than a dime, and even that's rare.  I suppose you would still need dimes for vending machines.
David H
 
+Davitt Potter exactly... I do understand dropping the penny, since it could easily be removed from transactions with minimal loss (short term thinking). Maybe we could get rid of the fuels $0.009 (i.e. $4.019) charges while we are at it.
David H
 
+Brent Alexander Nickels still have some relevance considering that it can be combined to create $0.10 or more for vending machines which typically have a $0.05 step to the prices.
 
David H  Fuel is the only reason that I can think for keeping the penny, since there is such a low profit margine for fuel at the pump giving up $0.04 means you lost money on that gallon of fuel. If the customer uses a Credit or Debit card and they only got a couple of gallons the store lost money on the whole sale because fees that the banks charge.

The $0.009 at gas stations is just a marketing trick. When most people read $4.019 they think $4.01 not $4.02, so as long as the penny is around I think that will stay.
 
Drop it.  I remember my first trip to England, courtesy of the US Air Force, in 1977 being surprised that pennies were not used on base.  Everything's rounded to the nearest $0.05.  And that's another reason: I cannot remember the last time a cent sign on a keyboard.
Dachi C
 
Or maybe use some other mineral? Make them out of plastic...?
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