How do you feel about pennies?
March 23, 2007 2:14am CST
And I mean the little copper disks that we take for granted. With inflation these days, they just don't matter so much. I was just counting my cash drawer at work and noticed that no one bothered to put any pennies in the drawer. It reminded me of my Military tour in Germany. The Military bases had done away with pennies. Any cash transation was just rounded either up or down. Stores didn't have pennies and refused to accept them. I wonder if the rest of the US will follow suit soon. Then how long do you think it will be before the nickle is of so little value that it's obsolete?...
• United States
23 Mar 07
I heard a long time ago that the US government wanted to do away with pennies. The total cost to make a single penny is just around a penny and has probably gone up since the data I have from 2004 because of the 2.5% of copper in the penny. "A penny saved is a penny earned..." Save a penny a day for a YEAR and you will have enough money to buy a gallon of gas in San Fransisco. Not much worth it. Save a penny for every day of your life and that is almost $24,000... sounds like a lot of money but inflation eats that all away. However on the flipside The American dollar is weak which means tacking on as much as an additional 4¢ to a purchase can be a lot (I don't want to pay that much more at the pump!). A lot of people are using credit/debit cards which should account for using less pennies. A penny can be used in circulation for an average of 16 years or longer. The average dollar bill lasts an average of 21 months (hence the reason many countries have gone to dollar coins). How long does a bill last before it wears out? $ 1 21 months $ 5 16 months $ 10 18 months $ 20 24 months $ 50 55 months $ 100 89 months There are some positives and negatives but I believe the penny is here to stay!
• United States
25 Mar 07
Interesting thought. Remember "Penny for your thought?" What next..."Nickle for your thought?" My husband is one who still puts all of his change in a big jar and saves it for a year and then takes it to the bank. It all adds up!
23 Mar 07
I read not to long ago that the penny is going to be worth more than its face value, because of the problem with copper. I personally do not believe that they penny will ever be obsolete. Maybe they will just use another metal to make it.
• United States
24 Mar 07
Pennies are already made with alloy metals, just as all our other coins. Though they were the last to switch over. Dimes and quarters haven't been pure silver since the 60's, so watch the dates on your spare change. you may have more than you think
• Murfreesboro, Tennessee
6 May 07
I like pennies! If I put them in my change jar, they add up quickly. And like another poster has said, I will pick them up off the ground, after other people discard them. A penny might not seem like a lot of money, but if everything were rouded up, it would seem to be a big deal quickly. Just thinking about all the money I spend on small purchases like pop and candy, and how those things would cost more... it would add up just as quick as the pennies in my jar do.
5 May 07
pennies dont mean much to many people but i keep my pennies in a box whenever i have some spare and they add up quite quickly i also play in a games place for 2 pence pieces here where you try and knock the pennies down by throwing in your 2p pieces sometimes you can win a lot and knock the prizes they have in the box aswell i think that i had £5.00 in my penny box and changed it at the bank a lot of shops just round up the amounts but if they received 100 payments a day of 1p and 2p then they would make £1 and £2 a day and £7 and £14 a week and £28 and £56 a month in dollars thats about $50 and nearly $100 a month so its a bit of a con and annoys me a bit why i should pay the extra pennies as im always paying £1.93 or £2.21 and the shops always count it - we all earn pennies here and they soon add up