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Should we get rid of the penny?

dylancatlow
Posts: 12,245
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3/3/2013 9:56:44 AM
Posted: 3 years ago
I say most definitely not. I understand the arguments for Pro e.g. they cost more than they're worth... but I think it's more of a complex issue than that. Companies wouldn't end almost all of their products in ".99" if it wasn't so good of a price To trade up a few hundred million dollars over the ENTIRE economy not being able to keep this is just insanity. If, in the end, people purchased a product even 1 percent less if it costs .95 cents instead of .99 (if the penny was abolished), it wouldn't be worth it. I think the penny (or more of the ability to end things in .99) is worth tens of billions of dollars to the economy.
dylancatlow
Posts: 12,245
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3/3/2013 10:02:59 AM
Posted: 3 years ago
Think of it this way: if the price of .95 cents or 1.00 were better than .99 cents, companies would already be setting their prices at that. To force companies to lose profits based on forcing them to have prices they don't want will be damaging to the economy.
johnnyboy54
Posts: 6,362
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3/3/2013 10:06:45 AM
Posted: 3 years ago
I don't think we should. It'm much more expensive to throw nickels at the homeless than pennies.
I didn't order assholes with my whiskey.
dylancatlow
Posts: 12,245
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3/3/2013 10:08:55 AM
Posted: 3 years ago
At 3/3/2013 10:06:45 AM, johnnyboy54 wrote:
I don't think we should. It'm much more expensive to throw nickels at the homeless than pennies.

lol
lewis20
Posts: 5,093
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3/3/2013 10:12:38 AM
Posted: 3 years ago
Ya that's wrong, companies might lose the 4 cents pricing at .95 vs .99, but that money doesn't disappear, it's still in the consumers pocket and they'll spend it on something else.
"If you are a racist I will attack you with the north"- Abraham Lincoln

"Do not wear clothing woven of two kinds of material" - Leviticus 19 19

"War is a racket" - Smedley Butler
muzebreak
Posts: 2,781
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3/3/2013 10:18:31 AM
Posted: 3 years ago
If it were removed, how would I pay for my penny whores?
"Every kid starts out as a natural-born scientist, and then we beat it out of them. A few trickle through the system with their wonder and enthusiasm for science intact." - Carl Sagan

This is the response of the defenders of Sparta to the Commander of the Roman Army: "If you are a god, you will not hurt those who have never injured you. If you are a man, advance - you will find men equal to yourself. And women.
dylancatlow
Posts: 12,245
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3/3/2013 10:18:50 AM
Posted: 3 years ago
At 3/3/2013 10:12:38 AM, lewis20 wrote:
Ya that's wrong, companies might lose the 4 cents pricing at .95 vs .99, but that money doesn't disappear, it's still in the consumers pocket and they'll spend it on something else.

It's not as simple as that.
dylancatlow
Posts: 12,245
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3/3/2013 10:24:40 AM
Posted: 3 years ago
At 3/3/2013 10:12:38 AM, lewis20 wrote:
Ya that's wrong, companies might lose the 4 cents pricing at .95 vs .99, but that money doesn't disappear, it's still in the consumers pocket and they'll spend it on something else.

Essentially, the same problems as abolishing the penny and forcing people to adopt .95 prices would the same problems (not the same degree) if we abolished everything up to the quarter, and forced people to adopt prices with 50 cent increments.
lewis20
Posts: 5,093
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3/3/2013 10:27:24 AM
Posted: 3 years ago
At 3/3/2013 10:18:50 AM, dylancatlow wrote:
At 3/3/2013 10:12:38 AM, lewis20 wrote:
Ya that's wrong, companies might lose the 4 cents pricing at .95 vs .99, but that money doesn't disappear, it's still in the consumers pocket and they'll spend it on something else.

It's not as simple as that.

It is, companies don't price at .99 because its at the margin, they price there because psychologically people think its cheap than to round up. If that were the case your argument would work the other way too, that the economy would somehow gain on price movement from .99 to 1
"If you are a racist I will attack you with the north"- Abraham Lincoln

"Do not wear clothing woven of two kinds of material" - Leviticus 19 19

"War is a racket" - Smedley Butler
dylancatlow
Posts: 12,245
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3/3/2013 10:30:14 AM
Posted: 3 years ago
At 3/3/2013 10:27:24 AM, lewis20 wrote:
At 3/3/2013 10:18:50 AM, dylancatlow wrote:
At 3/3/2013 10:12:38 AM, lewis20 wrote:
Ya that's wrong, companies might lose the 4 cents pricing at .95 vs .99, but that money doesn't disappear, it's still in the consumers pocket and they'll spend it on something else.

It's not as simple as that.

It is, companies don't price at .99 because its at the margin, they price there because psychologically people think its cheap than to round up. If that were the case your argument would work the other way too, that the economy would somehow gain on price movement from .99 to 1

If .99 is such a psychological 'trick,' (I'm not saying it's not) it must be more compelling to buyers than a lower price, or it's so compelling, that it's better price for companies to set than higher prices because more people buy it.
dylancatlow
Posts: 12,245
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3/3/2013 10:36:22 AM
Posted: 3 years ago
Also, I hate the 'evidence' that countries that abolished their penny equivalent saw no problems. The evidence used to conclude this is an ever changing number, and it's impossible to know "what would have been." I don't think anyone is claiming abolishing the penny would be disastrous, but really any negative percent change on consumption won't be worth the savings.
lewis20
Posts: 5,093
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3/3/2013 10:39:02 AM
Posted: 3 years ago
Your economics are way off. There will be no value lost in the economy when we abandon the penny. It will happen, just a matter of time.
"If you are a racist I will attack you with the north"- Abraham Lincoln

"Do not wear clothing woven of two kinds of material" - Leviticus 19 19

"War is a racket" - Smedley Butler
dylancatlow
Posts: 12,245
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3/3/2013 10:44:27 AM
Posted: 3 years ago
At 3/3/2013 10:39:02 AM, lewis20 wrote:
Your economics are way off. There will be no value lost in the economy when we abandon the penny. It will happen, just a matter of time.

If there will be no lost value (in this case meaning no change in purchases based on the abolishing the penny), then why do nearly all prices end in 99? Why would companies universally use a price if it weren't the best? I think getting rid of the penny is an absurd notion to save money, too. If abolishing the penny won't help the economy, it will hurt it. Anything that affects an entire economy (even .001%), will not be worth the millions to be saved.
Lordknukle
Posts: 12,788
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3/3/2013 10:46:35 AM
Posted: 3 years ago
Why wouldn't it go from .99 to 1.00?
"Easy is the descent to Avernus, for the door to the Underworld lies upon both day and night. But to retrace your steps and return to the breezes above- that's the task, that's the toil."
dylancatlow
Posts: 12,245
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3/3/2013 10:48:37 AM
Posted: 3 years ago
At 3/3/2013 10:46:35 AM, Lordknukle wrote:
Why wouldn't it go from .99 to 1.00?

1 dollar is an option, too. Think of it like this: none or very few products priced at .99 cents are actually worth that much. They are priced as such because of the psychological effect. Abolishing the penny would abolish this psychological effect that is probably worth 10-15 cents even.
sadolite
Posts: 8,838
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3/3/2013 3:02:46 PM
Posted: 3 years ago
I say yes, I collect them. $$$$$$$$$
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
lewis20
Posts: 5,093
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3/3/2013 4:02:18 PM
Posted: 3 years ago
At 3/3/2013 10:44:27 AM, dylancatlow wrote:
If there will be no lost value (in this case meaning no change in purchases based on the abolishing the penny), then why do nearly all prices end in 99?

They are completely unrelated, that's why.
"If you are a racist I will attack you with the north"- Abraham Lincoln

"Do not wear clothing woven of two kinds of material" - Leviticus 19 19

"War is a racket" - Smedley Butler
lewis20
Posts: 5,093
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3/3/2013 4:06:13 PM
Posted: 3 years ago
At 3/3/2013 10:44:27 AM, dylancatlow wrote:
Why would companies universally use a price if it weren't the best?

Companies do not, even in the slightest, universally use .99 in their pricing. There isn't a company that uses .99 the majority of the time.
"If you are a racist I will attack you with the north"- Abraham Lincoln

"Do not wear clothing woven of two kinds of material" - Leviticus 19 19

"War is a racket" - Smedley Butler
dylancatlow
Posts: 12,245
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3/3/2013 4:07:23 PM
Posted: 3 years ago
At 3/3/2013 4:06:13 PM, lewis20 wrote:
At 3/3/2013 10:44:27 AM, dylancatlow wrote:
Why would companies universally use a price if it weren't the best?

Companies do not, even in the slightest, universally use .99 in their pricing. There isn't a company that uses .99 the majority of the time.

I don't know what you're smoking. Items never end in ".00"
lewis20
Posts: 5,093
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3/3/2013 4:11:06 PM
Posted: 3 years ago
I'll debate it,
getting rid of the penny would not hurt the economy.
"If you are a racist I will attack you with the north"- Abraham Lincoln

"Do not wear clothing woven of two kinds of material" - Leviticus 19 19

"War is a racket" - Smedley Butler
lewis20
Posts: 5,093
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3/3/2013 4:15:18 PM
Posted: 3 years ago
At 3/3/2013 4:07:23 PM, dylancatlow wrote:
At 3/3/2013 4:06:13 PM, lewis20 wrote:
At 3/3/2013 10:44:27 AM, dylancatlow wrote:
Why would companies universally use a price if it weren't the best?

Companies do not, even in the slightest, universally use .99 in their pricing. There isn't a company that uses .99 the majority of the time.

I don't know what you're smoking. Items never end in ".00

http://krogercentral.mywebgrocer.com...
http://localad.walmart.com...
"If you are a racist I will attack you with the north"- Abraham Lincoln

"Do not wear clothing woven of two kinds of material" - Leviticus 19 19

"War is a racket" - Smedley Butler
sadolite
Posts: 8,838
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3/3/2013 5:22:48 PM
Posted: 3 years ago
At 3/3/2013 3:08:52 PM, dylancatlow wrote:
At 3/3/2013 3:02:46 PM, sadolite wrote:
I say yes, I collect them. $$$$$$$$$

Loser :P

Let see. Did I say anything to deserve this ? Let me scroll back up and see............ Nope. So that would mean you were just born an ahole and can't help but be a ahole for no apperent reason.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
dylancatlow
Posts: 12,245
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3/3/2013 8:30:23 PM
Posted: 3 years ago
At 3/3/2013 5:22:48 PM, sadolite wrote:
At 3/3/2013 3:08:52 PM, dylancatlow wrote:
At 3/3/2013 3:02:46 PM, sadolite wrote:
I say yes, I collect them. $$$$$$$$$

Loser :P

Let see. Did I say anything to deserve this ? Let me scroll back up and see............ Nope. So that would mean you were just born an ahole and can't help but be a ahole for no apperent reason.

I called you a loser for wanting pennies to be continued to be minted so you can sell your pennies after they are rare. I was kidding.
sadolite
Posts: 8,838
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3/4/2013 4:54:53 PM
Posted: 3 years ago
At 3/3/2013 8:30:23 PM, dylancatlow wrote:
At 3/3/2013 5:22:48 PM, sadolite wrote:
At 3/3/2013 3:08:52 PM, dylancatlow wrote:
At 3/3/2013 3:02:46 PM, sadolite wrote:
I say yes, I collect them. $$$$$$$$$

Loser :P

Let see. Did I say anything to deserve this ? Let me scroll back up and see............ Nope. So that would mean you were just born an ahole and can't help but be a ahole for no apperent reason.

I called you a loser for wanting pennies to be continued to be minted so you can sell your pennies after they are rare. I was kidding.

The OP says "Should we get rid of the penny" I replied "yes". The reason I replied "yes" is because the penny will climb in value the more rare it is if they are discontinued. Even common pennys will soar in value.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
sadolite
Posts: 8,838
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3/4/2013 5:54:08 PM
Posted: 3 years ago
Get rid of the dollar if anything. Coins last 30 times longer. And they have intrinsic value even if they are made of zinc. A copper penny is worth more than a paper dollar if you take away the dollars artificial value. We have billions of blanks just sitting unused and costing millions each year to store them. The dollar coin doesn't work because the paper dollar stays in circulation. Paper dollars have their advantages over the coin but when it comes to cost, if that is the end game, the dollar coin wins out.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%