No more PENNIES ???

I recently learned that the Canadian government would like to or is considering eliminating the Canadian penny. By some estimates, it actually costs more to produce a 1 cent penny. This is all in the name of saving Federal expenses. In my mind, the effect of such a change would make our cost-of-goods be rounded up to the nearest five cent mark. For example, a Big Mac that costs $3.46 would instead cost $3.50. Should we still pay for our goods to the exact penny or something else? Therefore, my question is: Should the U. S. government ever consider eliminating the Lincoln penny; how do you feel about it? less

I recently learned that the Canadian government would like to or is considering eliminating the Canadian penny. By some estimates, it actually costs more to produce a 1 cent penny. This is all in the name of saving Federal expenses. In my mind, the effect of such a change would make our cost-of-goods be rounded up to the nearest five cent mark. For example, a Big Mac that costs $3.46 would instead cost $3.50. Should we still pay for our goods to the exact penny or something else? Therefore, my question is: Should the U. S. government ever consider eliminating the Lincoln penny; how do you feel about it? less

While I voted for KEEPING the penny, I do think that it would be a cost saving to the government. BUT, since our government doesn't have the discipline to curtail spending, whatever they save in one area they will only find another program to spend the money in another.

Moreover, those people who said that the cost of a product would be adjusted up or down to round the final cost to an even 5 cents, is only dreaming. It will only be rounded up! What business will be so generous to make it easy for the monetary process to work out easy for us? This is the same argument 'Petite Valentine' was trying to make earlier. The cost will only be placed upon the consumer and add up and up. But, my friends, I think the real problem is our out-of-control spending on the part of our federal government. It is driving up all costs to operate our government all across the bureaucracy, including the Post Office!!

In the final analysis, I think the penny will be gone in my lifetime! less

I feel like since most people do transactions electronically it would be a bad idea. Maybe only do it if they pay cash? It doesn't cost them anything to use pennies in cyberspace!

I feel like I would be an issue for sentimental reasons, but because of inflation I understand why it might be necessary some day, especially if you're not paying with a card.

PS- what else would we smush under railroad cars? less

I read somewhere though (and sorry, I can't remember where it was) that one way to fix this probably would be to have the prices adjusted so that anything that ends with $0.01 or $0.02 would be rounded down, and anything that ends with $0.03 or $0.04 would be rounded up. So that way, over the course of a day, the number of things rounded up would almost equal the number of things rounded down so you wouldn't be losing a lot of money. Or even have the total cost of your purchase being rounded up or down, so there's even less of a money loss there.

Admittedly, I don't know how feasible it would be to implement something like that. I think it would make much more sense to just stop minting new pennies, or at least mint far fewer ones, but don't take them out of circulation. That way as much money isn't being wasted in the minting process but there's no worries about having to adjust prices. less

I recently learned that the Canadian government would like to or is considering eliminating the Canadian penny. By some estimates, it actually costs more to produce a 1 cent penny. This is all in the name of saving Federal expenses. In my mind, the effect of such a change would make our cost-of-goods be rounded up to the nearest five cent mark. For example, a Big Mac that costs $3.46 would instead cost $3.50. Should we still pay for our goods to the exact penny or something else? Therefore, my question is: Should the U. S. government ever consider eliminating the Lincoln penny; how do you feel about it? less

I recently learned that the Canadian government would like to or is considering eliminating the Canadian penny. By some estimates, it actually costs more to produce a 1 cent penny. This is all in the name of saving Federal expenses. In my mind, the effect of such a change would make our cost-of-goods be rounded up to the nearest five cent mark. For example, a Big Mac that costs $3.46 would instead cost $3.50. Should we still pay for our goods to the exact penny or something else? Therefore, my question is: Should the U. S. government ever consider eliminating the Lincoln penny; how do you feel about it? less