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Discussion in 'Too Hot for Swamp Gas' started by g8orbill, Jul 26, 2013.
Interesting. Wonder how much we are losing on the penny, nickel, and dime?
This is another interesting question. I believe that the way that I have seen it explained (unfortunately I can't remember the source right now) is that the penny and nickel both "lose money" in that their cost of production is higher than 1c and 5c, respectively. However, the treasury makes up this shortfall by printing quarters, which have much higher value of use than cost. Here are some more exact numbers from 2008:
However, this analysis leaves out the value of use that comes along with the penny and nickel - namely, the ability to distinguish small gradations of value. But does this ability really add any value to our lives, especially with inflation continually eroding the value of a cent and rising costs of metals. This video makes a very convincing argument that no it does not:
It also doesn't address the "coin jar" effect you highlighted with dollar coins. If people are willing to put dollar coins in a coin jar they will do so with lower denominations with even more frequency. That would further exacerbate those numbers.
As for the utility of pennies and nickels, I'd argue any possible benefit us far outweighed by the costs and nuisance. When people are willing to leave the change with the cashier or toss it on the ground it needs to go.
Definitely. We seem to have grounds to get rid of pennies and nickels, if not dimes. Personally, I hate pennies and have rid myself of them in all kinds of ways.
How does that work for you. You don't have any pennies so when you buy something that ends like $10.01 you get more change and pennies than you have had if you just kept a couple of pennies in your pocket. :grin:
I just accumulate them in a bottle.
Going forward all they have to do is round up or down to the nearest denomination. It will work itself out so that you're not actually paying incrementally more than before.
Exactly. I'm in a vicious cycle.
Why use cash at all? Printed money should go away and not just pennies. I should be able to email you money for something I buy at your garage sale.
Property Rights. The right to own, use, enjoy, mortgage, etc of real property is fading fast. The fat bloated government (from Fed to local, including coercive agencies) are eroding real property rights under the guise of "police power". The recent vote by the USSC upholding property rights was only a 5-4 vote. Only 5-4. Fifty or 100 yr ago it would have been 9-0 or at worst 8-1.
The day will come in America where the ownership of a home will be considered only for those who are "selected". All others may occupy under the permission of the Govt. The right to occupy and use will be subject to compliance. Most of the masses will simply be renters.
Tenants are easier to control than property owners. They become "serfs" to the king, the Govt.
Do you know why they want to rid printed money?
Printed money is harder to "find"....as in confiscate.
On-line money is easy to "tax", redistribute, control.