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The Steel "Penny"


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The penny is worthless, and countries like Australia, New Zealand, Finland, and others have proven that removing the smallest denomination coin (in some cases, more than one denomination), does not lead to financial collapse. Let's get over the obsession with the penny and be practical. As a collector, I'd hate to see it go, but there's nothing stopping the mint from making enough for mint sets only, and taking them out of circulation, albeit gradually.

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The penny is worthless, and countries like Australia, New Zealand, Finland, and others have proven that removing the smallest denomination coin (in some cases, more than one denomination), does not lead to financial collapse. Let's get over the obsession with the penny and be practical. As a collector, I'd hate to see it go, but there's nothing stopping the mint from making enough for mint sets only, and taking them out of circulation, albeit gradually.

 

 

France eliminated the centime sometime back in the 1970's, Italy eliminated the Lire coin back then also, they continued to mint them for collectors right up to the end of the pre-€uro currency. The USA should do the same. Really for all practical purposes the quarter is the lowest denomination coin that has purchasing power now, use in gumball machines, buy a packet of Ramen noodles. The rest of the coins exist for sales tax, and stupid 99¢ prices.

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well its way better for the US to dump the cent .... i mean is it really needed ? other than a waste of metal (even though i like cents :ninja:)...the 99c prices can be 95c ;) saves a good 4c's worth ;) an even if they remain 99c are people cheap to spend 1 extra cent? ...dont think so ..so its basicly usless how ever minting them in coin sets is a good idea for collectors who only collect cents

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..the 99c prices can be 95c ;) saves a good 4c's worth :ninja: an even if they remain 99c are people cheap to spend 1 extra cent? ...dont think so ..

 

 

The price of each item would not be rounded up or down. Only the total purchase after any taxes are figured in and only if your paying cash.

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The price of each item would not be rounded up or down. Only the total purchase after any taxes are figured in and only if your paying cash.

 

This is something most people fail to realize, and was the way we did it when I lived in Australia. Studies showed that you rounded down roughly 50% of the time and rounded up roughly 50% of the time. Electronic transactions, however, were always right down to the cent.

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thank god we dont have taxes here xD its annoying sorting through change.....

Don't you have a gas tax? :ninja: Besides, with VAT (if you had it) you could do what is done in many countries - display the price that the consumer pays, including all fees and taxes.

 

Christian

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yes tabbs that would be nice. US Companies could do it if they wanted to. Most movie theatres do it and many sporting venues but other than those not so much.

 

In the States it wouldn't allow companies to advertise "lower" prices.

 

One thing I have noticed here in Europe that is like the States in that regard is how plane tickets are priced without taxes first.

 

The US military and NATO did away with single denom "cent" coins a longtime ago, on overseas bases for example, and it works just fine. I support getting rid of it in the States, while keeping the US cent legal tender.

 

Ciao,

AWACS

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The US military and NATO did away with single denom "cent" coins a longtime ago, on overseas bases for example, and it works just fine. I support getting rid of it in the States, while keeping the US cent legal tender.

 

Ciao,

AWACS

 

The US military MPC's lowest denomination was the 5¢ note, same with the more recent AAFES pogs. Even the AAFES pogs seem to be a bit of a nuisance, being somewhat smallish fibre tokens. I have heard firsthand that they often get tossed out or accumulate and are not used.

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Don't you have a gas tax? :ninja: Besides, with VAT (if you had it) you could do what is done in many countries - display the price that the consumer pays, including all fees and taxes.

 

Christian

 

 

Actually some petrol companies have posted what the state, federal excise taxes are, attempting to justify the price. When petrol shot up a couple of years ago some states temporarily stopped the excise taxes, but they returned soon, just in time for more price increases in petrol. Frankly it is not high enough yet, maybe if it gets high enough people will cut out the unnecessary driving and cut petrol usage resulting in lower demand, and lower prices.

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Don't you have a gas tax? :ninja: Besides, with VAT (if you had it) you could do what is done in many countries - display the price that the consumer pays, including all fees and taxes.

 

Christian

 

 

The US military MPC's lowest denomination was the 5¢ note, same with the more recent AAFES pogs. Even the AAFES pogs seem to be a bit of a nuisance, being somewhat smallish fibre tokens. I have heard firsthand that they often get tossed out or accumulate and are not used.

 

For those that don't know-THe pogs are given used at deployed locations to save weight (though also can be used at any AAFES store, and some Dollar denom NATO NATEX-Canex stores). I meant at normal BXs and other vendor locations. Pogs are more useful now that they are able to be used anywhere.

 

The only place you will see US cents is at the post offices (APOs) where they have to sell things with cents. Everywhere else it is rounded up/down and works great. Of course there is no tax at most base and AAFES and NATEX stores.

 

Ciao,

AWACS

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Don't you have a gas tax? Besides, with VAT (if you had it) you could do what is done in many countries - display the price that the consumer pays, including all fees and taxes.

 

Christian

 

nope :ninja: the only tax we have is like 2% on income ..which doesnt affect the us much. and no tax is added on any thing we buy in the middle east, however the expats pay somewhere around 6% tax on income. There is a plan to introduce tax however but thats unlikely in the few coming years since people have been talking about this since the 90's and its all just romurs ..nothing official.

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For those that don't know-THe pogs are given used at deployed locations to save weight (though also can be used at any AAFES store, and some Dollar denom NATO NATEX-Canex stores). I meant at normal BXs and other vendor locations. Pogs are more useful now that they are able to be used anywhere.

 

The only place you will see US cents is at the post offices (APOs) where they have to sell things with cents. Everywhere else it is rounded up/down and works great. Of course there is no tax at most base and AAFES and NATEX stores.

 

Ciao,

AWACS

 

 

If anybody in the service has some newer ones that they would like to unload please PM me, I have some up to 2006 that came from one of our CP'ers that toured SW Asia in 2006, but I don't have any 2007 examples.

 

I hate to admit, when I was a military brat we played with MPC's like play money.

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The only place you will see US cents is at the post offices (APOs) where they have to sell things with cents. Everywhere else it is rounded up/down and works great.
During the Korean War, and probably for some time afterwards, MPC was used for 5¢ and up, but copper cents were also used in the PX, NCO and Officers Clubs, Service Club, and other important places. Even though they were worth ¥3.6 each, the black marketeers in Japan didn't want them - in fact they didn't want the fractional MPC either.
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One thing I have noticed here in Europe that is like the States in that regard is how plane tickets are priced without taxes first.

... which is not legal in the EU http://europa.eu/rapid/pressReleasesAction...amp;language=EN but apparently some airlines still do not comply. It has gotten much better though.

 

Christian

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