- Thread starter LAA
- Start date
LAA you need to remember that the "smart" people in Washington DC want rid of coins. They really would like to get rid of paper money too so they could "control" all of us by watching every dime we spend. So with that in mind do you really think that they are going to publish the true cost of coins???? Coins last for many more years than paper money so the up front cost is higher but the true long term cost is lower.
Also to total cost of maintaining the money is a very small percentage of the total cost of government. The big costs they will not even talk about. Social Security/Medicare is going to take larger and larger chunks of the Federal budget.
Also to total cost of maintaining the money is a very small percentage of the total cost of government. The big costs they will not even talk about. Social Security/Medicare is going to take larger and larger chunks of the Federal budget.
MarkB_MI
Well-known Member
- Location
- Motown USA
JD, I'm afraid you are mistaken that the government wants to eliminate coins. The Treasury has a billion dollars worth of dollar coins sitting in vaults. The government could save a huge amount of money if they could take the dollar bill out of circulation, as Canada has done.
As for the penny and nickel, they have been anachronisms for at least twenty years, kept alive only by retailers' insistence on pricing goods in cents.
As for the penny and nickel, they have been anachronisms for at least twenty years, kept alive only by retailers' insistence on pricing goods in cents.
MarkB_MI
Well-known Member
- Location
- Motown USA
Not true, Mike. If it was, we'd need a tenth of cent coin. And all vending machines would need to accept pennies. Sales taxes have always been rounded, going back to the days when a penny was worth a lot more than it is today.
Retailers started pricing items in odd cents when the cash register was introduced. Forcing cashiers to make change for every sale made it difficult for them to skim money from sales. Today it exists because people still think 9.99 is cheaper than ten bucks.
Retailers started pricing items in odd cents when the cash register was introduced. Forcing cashiers to make change for every sale made it difficult for them to skim money from sales. Today it exists because people still think 9.99 is cheaper than ten bucks.
Tell you what I do, I'm sure it's illegal. I wanted some copper washers for a project, and later athat sp[ring I needed some stainless washers. I priced them, got shoekced, but just drilled out a bunch of pennies for the copper ones, and drilled out nickels for the stainless ones. Worked great.
you are a little off on your figures.
Description, Denomination, Metal Value, Metal % of Denomination
1909-1982 Cent (95% copper) * $0.01 $0.0249330 249.33%
1946-2012 Nickel $0.05 $0.0564211 112.84%
1982-2012 Cent (97.5% zinc) * $0.01 $0.0053961 53.96%
1965-2012 Dime $0.10 $0.0211294 21.12%
1965-2012 Quarter $0.25 $0.0528256 21.13%
1971-2012 Half Dollar $0.50 $0.1056527 21.13%
1971-1978 Eisenhower Dollar $1.00 $0.2113064 21.13%
1979-1981, 1999 SBA Dollar $1.00 $0.0754656 7.54%
2000-2012 Sacagawea Dollar $1.00 $0.0648428 6.48%
2007-2012 Presidential Dollar $1.00 $0.0648428 6.48%
Description, Denomination, Metal Value, Metal % of Denomination
1909-1982 Cent (95% copper) * $0.01 $0.0249330 249.33%
1946-2012 Nickel $0.05 $0.0564211 112.84%
1982-2012 Cent (97.5% zinc) * $0.01 $0.0053961 53.96%
1965-2012 Dime $0.10 $0.0211294 21.12%
1965-2012 Quarter $0.25 $0.0528256 21.13%
1971-2012 Half Dollar $0.50 $0.1056527 21.13%
1971-1978 Eisenhower Dollar $1.00 $0.2113064 21.13%
1979-1981, 1999 SBA Dollar $1.00 $0.0754656 7.54%
2000-2012 Sacagawea Dollar $1.00 $0.0648428 6.48%
2007-2012 Presidential Dollar $1.00 $0.0648428 6.48%
Anonymous-0
Well-known Member
why don't they have China make the money ????
Briar Hill Brittanys
Well-known Member
- Location
- Near Jasper, MO
Wonder what the cost is to print those 100s and 50s. Maybe that's where the "profit" is. Mark
It costs more than a dollar to make a dollar bill too, a few years ago it was somewhere around $8 to make a $1 bill.
Think of how often coins and bills change hands and the dollar amounts of commerce that is made before a coin or a bill is worn out. It must be a minimum of hundreds of times for bills and thousands of times for coins. The average penny must last 50 years or more. Think of them as tools, not end products.
Think of how often coins and bills change hands and the dollar amounts of commerce that is made before a coin or a bill is worn out. It must be a minimum of hundreds of times for bills and thousands of times for coins. The average penny must last 50 years or more. Think of them as tools, not end products.
Even worse are the presidential coins being minted. No one was buying them ! Presses keep going. They were talking about having to build a special building to house them all and that was like billions of dollars. Finally they did stop the presses. ABC world news tonight had the story and the follow up story many many months later.
Guess what I should have said is, everybody is used to rounding to the nearest penny- but not sure if they would go for rounding to the nearest dime, which is what it would take to get rid of pennies and nickels.
It should all come out pretty even, in the end- as many items rounded upward as rounded down- except someone would immediately write a computer program to give optimum price point, such that after adding sales tax, would always round up, in the retailer's favor.
Example: An item that you would normally price at 60 cents: plus 8% sales tax, equals $.648; round it down to $.60, which customer pays, and store ends up eating all the sales tax. But increase price to $.61, plus 8% = $.6501; store rounds up to 70 cents, customer pays all the sales tax plus an extra 4.99 cents from rounding. Store would reprice everything so they made very nearly an extra nickel on each transaction. For small items, that would probably double the profit margin!
Don't think that would fly.
It should all come out pretty even, in the end- as many items rounded upward as rounded down- except someone would immediately write a computer program to give optimum price point, such that after adding sales tax, would always round up, in the retailer's favor.
Example: An item that you would normally price at 60 cents: plus 8% sales tax, equals $.648; round it down to $.60, which customer pays, and store ends up eating all the sales tax. But increase price to $.61, plus 8% = $.6501; store rounds up to 70 cents, customer pays all the sales tax plus an extra 4.99 cents from rounding. Store would reprice everything so they made very nearly an extra nickel on each transaction. For small items, that would probably double the profit margin!
Don't think that would fly.
I recently needed some washers for a project, and went to the hardware store. I asked the clerk for a box of 100 washers, which she went and found. At the register, she scanned them, and said, "$7.00, please."
I said, "What? That's pretty expensive for washers. Just keep them."
She asked me, "What are you gonna do if you need that many?"
I told her I was going to go to he bank, get a few rolls of nickels and drill holes in them!
I said, "What? That's pretty expensive for washers. Just keep them."
She asked me, "What are you gonna do if you need that many?"
I told her I was going to go to he bank, get a few rolls of nickels and drill holes in them!
elmersooner
Member
I have a bunch of pennies--wonder if I can sell them back to treasury for 2.4 cents apiece. I'd be willing to go down to 2 cents apiece if they drove a hard bargain.
Russ from MN
Well-known Member
- Location
- Bemidji MN
I think penneys should be eliminated, and nickels made smaller and cheaper. Nickels could be eliminated, but retailers would capitalize on it and we would all pay. Using more credit cards reduces the need for so much cash, but its still necessary, but I heard its going down.
While we are talking about making our nation more efficient, lets phase out Saturday mail delivery. It has been talked about for years, but they won't do it, Why? We could certainly live without it.
While we are talking about making our nation more efficient, lets phase out Saturday mail delivery. It has been talked about for years, but they won't do it, Why? We could certainly live without it.
The Dukester
Well-known Member
I'm sure they've considered it.
ive thought about selling them for copper.A few years ago when copper got so high,i went to the plumbing supply house and checked copper prices,If it had gone just maybe two or three cents higher,i could have bought new copper,took it straight to the salvage and made money!my bro and i were at a auction just a few days ago where they had several hands fulls of old coins mostly silver but some gold.since hes a banker he keeps up on current gold and silver prices.10x face value for silver as of a few days ago!
Anonymous-0
Well-known Member
A few years back, a local news reporter had probably a five minute speach on the news cast on how the fed. gov. should eliminate the penny and how foolish they were for not doing so , He also stated that it wasn't worth "HIS" time to return a container of pennys to the bank for counting and in return get cash???? . I wrote to him stating that I didn't believe the Gov. wouldn't likely act on his suggestion. but that HIS time may have been better used convincing everyone that has a 5 gallon carboy full of coins in their closet to cash them in and just maybe the gov wouldn't find the need to produce more coins . I believe there was a president that gave a speech once " ask not what your country can do for you , but.....
Tramway Guy
Well-known Member
When I was in Australia back in 1993, they had no penny, and the prices were always to the nearest 5 cents, where we would say $4.99, they would be $4.95. I don't remember how gas pumps were labeled, but they were all in litres anyway. I think it was also the nearest nickel.
I wouldn't mind eliminating the penny, and eliminating the dollar bill. The problem with the dollar bill is not that it really costs that much to produce, but rather that it simply does not last as long as a coin, necessitating a constant replacement program for bills that wear out. I say let's go for it and move on. We used to have 2-cent coins and 3-cent coins; I wonder if there was a big squawk when somebody made a decision to drop them...
I wouldn't mind eliminating the penny, and eliminating the dollar bill. The problem with the dollar bill is not that it really costs that much to produce, but rather that it simply does not last as long as a coin, necessitating a constant replacement program for bills that wear out. I say let's go for it and move on. We used to have 2-cent coins and 3-cent coins; I wonder if there was a big squawk when somebody made a decision to drop them...
MarkB_MI
Well-known Member
- Location
- Motown USA
Yep. Guaranteed if prices are rounded, business will set their prices so that rounding is always in their favor. They might already do it for a penny, they'll probably do it for a nickel and you can be absolutely certain they'll do it for a dime.
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