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Discussion and Debate
Discussion and Debate
Politics
American Politics
Should the US retire the penny ?
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<blockquote data-quote="trunks2k" data-source="post: 62201617" data-attributes="member: 24431"><p>Except that several other countries have abandoned their pennies, as has the US Armed Services (overseas), and we've already gotten rid of the half penny when it had more buying power than the dime does today, and there's been no negative effects that I am aware of.</p><p></p><p>Also, you are missing that per unit prices wouldn't be rounded, you would round the final, total, after tax price to the nearest nickle. Let's take the gas at $4.03 a gallon (ever notice that gas is often listed as $X.YZ99/gallon? same thing here), yes if you bought a single gallon, it would be $4.05. But you don't buy a single gallon a dozen times over; you by would buy 12 gallons. So lets say you buy 12 gallons of gas, you would still be paying $4.03 a gallon 12*4.03=$48.36. So you would pay $48.40. If you bought, say 11.54 gallons, it would be $46.5062, which would round to $46.50. Over time the round ups and round downs cancel each other out.</p><p></p><p>On top of that, pennies themselves are a drain on the economy. So we lose money just by the fact that pennies exist.</p></blockquote><p></p>
[QUOTE="trunks2k, post: 62201617, member: 24431"] Except that several other countries have abandoned their pennies, as has the US Armed Services (overseas), and we've already gotten rid of the half penny when it had more buying power than the dime does today, and there's been no negative effects that I am aware of. Also, you are missing that per unit prices wouldn't be rounded, you would round the final, total, after tax price to the nearest nickle. Let's take the gas at $4.03 a gallon (ever notice that gas is often listed as $X.YZ99/gallon? same thing here), yes if you bought a single gallon, it would be $4.05. But you don't buy a single gallon a dozen times over; you by would buy 12 gallons. So lets say you buy 12 gallons of gas, you would still be paying $4.03 a gallon 12*4.03=$48.36. So you would pay $48.40. If you bought, say 11.54 gallons, it would be $46.5062, which would round to $46.50. Over time the round ups and round downs cancel each other out. On top of that, pennies themselves are a drain on the economy. So we lose money just by the fact that pennies exist. [/QUOTE]
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Should the US retire the penny ?
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