The Penny or one cent coin

[noodle one]

>  This morning I sat down to read the newspaper. I always read the viewpoint page because I like to read what other people are thinking. There in bold print ( THE PENNY HAS LASTED LONG PAST ITS PRIME) The penny has been around since 1793 and has out lived it's usefulness. He states that "It cost more than a penny to make a penny". He stated that most people don't want or use the coin anymore and throw them away or give them back at the store.  Well let me tell you that I am not to proud to stop and pick one up and if you want to throw them away, you can throw them my way and I will take all you want to give me. :-\  We may not see the pennies we spend every day ,but we sent a lot of them. He stated that (the treasury should halt production of the penny, thereby saving millions of taxpayers dollars). Yes it will save the government millions not to produce the penny, but it will cost us as individual tax payers a lot more. I live in Broome Co. and the sales tax here is (8%) eight percent and if they do away with the penny they will  need to round off the sales tax down to (5%) or up to (10%) which way do you think they will go. If they go the way. I am thinking . That $10,ooo car that used to cost you $800.oo  sales tax is going to cost $200.oo more with the penny gone. Think about how much you pay out in sales tax everyday and then add (2%) more and them tell me how much we would be saving. What do you think?

[Karpteach]

My school revolves around the penny for a two month period. We collect pennies for Penny Harvest, we collect close to a thousand dollars. We teach about poverty, job loss and dedication to helping others. So the penny has NOT lost its usefulness.

[wmig2]

Great points and like you said common sense tells which way they will round it not in favor of the taxpayer.

[Mr VJP]

Yes, the tax would round up if the penny were eliminated, but not to 10%, only to the next nickel.  A one dollar object would go from $1.08 to $1.10, but a $10,001 sale would only go from $10,801.08 to $10,801.10.  Any round number sale like $10,000 would still be the same $10,800.00.

It wouldn't be an increase to 10% sales tax on everything.  It would be 8% with a round up to the nearest nickel on the sales tax.  The government would make a little extra money on each sale, but the savings to the taxpayers would be much greater than the out of pocket cost.

The school could then start collecting nickels and make even more money.  I would like to see the penny taken out of circulation as well.  It is a perfect example of our government spending more money then we get in return.

[wooly]

Well if that doesn't give ya something to think about I don't know what does.

Just curious what my $0.02 would be worth when I reply to a topic like this if they eradicate the penny?

Does anyone know how many pennies it takes to equal a pound?

I haven't checked scrap prices lately but at one point a couple years ago, copper was going for $4 and some pennies/lb.   You could get rich at the scales if you emptied your piggy bank and sold it as #1.....even weighing the piggy bank included as #2 sure seems like it would have beat rolling all them suckers and you'd probably have broke even at the very least.

[wztirem]

Its illegal for any citizen to destroy money. More importantly, today's pennies have very little copper content.

[wooly]

Its illegal for any citizen to destroy money.

Good point....now would somebody like to remind our elected officials of that? ???

[wztirem]

Its illegal for any citizen to destroy money.

Good point....now would somebody like to remind our elected officials of that? ???

They just waste tax payer money.

[wooly]

Its illegal for any citizen to destroy money.

Good point....now would somebody like to remind our elected officials of that? ???

They just waste tax payer money.

Waste it....destroy it.....what's the difference? :

[fasteddie]

The old saaying "a penny saved is a penny earned" would go down the tubes !

[Mr VJP]

Its illegal for any citizen to destroy money.

Good point....now would somebody like to remind our elected officials of that? ???

They just waste tax payer money.

Waste it....destroy it.....what's the difference? :

Actually, they STEAL IT and say it was wasted!

>

[FULLDRAWXX75]

Well if that doesn't give ya something to think about I don't know what does.

Just curious what my $0.02 would be worth when I reply to a topic like this if they eradicate the penny?

Does anyone know how many pennies it takes to equal a pound?

I haven't checked scrap prices lately but at one point a couple years ago, copper was going for $4 and some pennies/lb.   You could get rich at the scales if you emptied your piggy bank and sold it as #1.....even weighing the piggy bank included as #2 sure seems like it would have beat rolling all them suckers and you'd probably have broke even at the very least.

Wooly,

Actually, your .02 would be .05 if they do away with the penny............................LOL.

To answer your question, pennies are worth a lot more as scrap metal, but as mentioned above...............it is illegal to distroy US minted coins.

FDXX75

[G-Man]

All they need to do is change the metal used to make pennys... obvious.. but it has to be voted on and our representatives are to busy trying to get reelected to do anything useful....... how would that be for a re-election campain an easy way to save the taxpayer millions!!