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Should America phase out the use of the penny?


Tiffibunny
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I like pennies. I like them a lot. I'd hate to see them go. We have 28x billion to spend on New Orleans and billions in Iraq, so what is the whole big deal with the gov't saving a few bucks by not doing cents.

 

280,000,000,000 That's 280 billion. It's a lot..... They think they could save 2 million by stopping penny production. It makes me laugh.

 

280,000,000,000

000,002,000,000 big deal.

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For a long time I was under the impression that they were going to get rid of the penny. But obviously when 2005s came out I was sorely misstaken. Although I would agree that pennies are everywhere, they are sorta cool. I cant even remember the last time I just happened upon a wheatie....and metal detecting doesnt count. LOL! I used to find them all the time on the ground when I was younger, and of course I thought how ugly they were....HA! Now I wish I could find one. No one really ever wants to pay more then they have to for things and if its 99 cents you bet people will stand there and wait for their "change" I think pennies are just gonna be with us for a long long time.

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Not that this matters much in a US context, but Switzerland is about to do away with the 1 and 5 rappen/centime coins. The central bank and Swissmint have been suggesting that for a while, since with both denominations the production costs exceed the face value. The Department of Finance will do some more hearings until shortly before Christmas, but it is fairly safe to say that in CH the 10 rp/ct coin will soon be the smallest denomination.

 

Christian

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Not that this matters much in a US context, but Switzerland is about to do away with the 1 and 5 rappen/centime coins. The central bank and Swissmint have been suggesting that for a while, since with both denominations the production costs exceed the face value. The Department of Finance will do some more hearings until shortly before Christmas, but it is fairly safe to say that in CH the 10 rp/ct coin will soon be the smallest denomination.

 

Christian

 

I thought I read on the Swiss central bank website that you actually had to pay more than face for those coins and they were only good for tax payments. So they really circulate anyway? When I was in Geneva in 1995 I only encountered 10-cent coins in change.

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I thought I read on the Swiss central bank website that you actually had to pay more than face for those coins and they were only good for tax payments.  So they really circulate anyway?  When I was in Geneva in 1995 I only encountered 10-cent coins in change.

The 1 centime/rappen coin does not actually circulate. Currently it still is legal tender, but I have never seen one "in the wild". (I don't live in CH but go there from time to time.) As for what you pay for them, well, the central bank gives the rolls away at face value only if one provides good reasons why they are needed for payment purposes. In all other cases it charges about 5 rp/ct per piece.

 

The 5er can, from time to time, be found in circulation but is not terribly popular. So I do not think that many people will lament the piece being phased out ...

 

Christian

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