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Mharman says2017-01-05T14:36:19.4553003Z
Cat47: The penny allows for more precision in paying for goods. Say you bought something for $8.99. Taking the sales tax into account, in my state the total cost you would pay would be $9.6193. Since stores always round up to the nearest coin, you would pay for a total of $9.62. If the penny were eliminated, the nearest coin would be every five cents, making the total cost $9.70. With penny = $9.62, penny abolished = $9.70. That's $0.08 extra. Yes, the mint does lose money on the penny, but it is nothing to worry about. Let's say the mint made one of each type of money currently circulating in production for an example. MONEY --| COST -----| VALUE -| --------------|--------------|------------| Penny ----| $0.024 ---| $0.01 --| --------------|--------------|------------| Nickel -----| $0.112 --| $0.05 ---| --------------|--------------|------------| Dime ------| $0.039 --| $0.10 ---| --------------|--------------|------------| Quarter --| $0.09 ----| $0.25 ---| --------------|--------------|------------| $1 Bill -----| $0.049 --| $1 -------| --------------|--------------|------------| $2 Bill -----| $0.049 --| $2 -------| --------------|--------------|------------| $5 Bill -----| $0.109 --| $5 -------| --------------|--------------|------------| $10 Bill ---| $0.103 --| $10 -----| --------------|--------------|------------| $20 Bill ---| $0.105 --| $20 ------| --------------|--------------|------------| $50 Bill ---| $0.105 --| $50-------| --------------|--------------|------------| $100 Bill -| $0.123 ---| $100----|
Mharman says2017-01-05T15:05:01.0956229Z
The profit per unit of each type of money made: Penny: -$0.014 Nickel: -$0.062 Dime: +$0.061 Quarter: +$0.16 $1 Bill: +$0.951 $2 Bill: +$1.951 $5 Bill: +$4.891 $10 Bill: +$9.897 $20 Bill: +$19.895 $50 Bill: +$49.895 $100 Bill: +$99.877
Mharman says2017-01-05T15:13:22.1277003Z
As you can see, the U.S. Mint loses money on the penny and nickel, but makes enough money for everything else to overcome that for a massive profit. If the U.S. Mint made one of each in my scenario, they would make $187.342, a total profit of $187.35. The math has now been done.
Mharman says2017-01-05T17:36:28.0584247Z
Dang it! The website screwed up my graph!
NotBenShapiro says2017-01-12T09:07:10.0941133Z
The value of a penny is 1 one cent. The cost to create a penny is 1.67 cents. The only reason to keep it is to make sure that the economy does not experience a crash, however small, because of their disappearance. Except that wouldn't happen. Canada got rid of their penny and experienced economic growth as a result. Even if the United States did not experience economic gain from the discontinuation of pennies, it would save money because it would no longer be wasting money in order to make money. A penny saved is not a penny earned. Citations: http://www.Cbc.Ca/news/canada/canada-s-penny-withdrawal-all-you-need-to-know-1.1174547 http://coincollectingenterprises.Com/information/cost-to-make-a-penny
NotBenShapiro says2017-01-12T09:07:43.8525133Z
The value of a penny is 1 one cent. The cost to create a penny is 1.67 cents. The only reason to keep it is to make sure that the economy does not experience a crash, however small, because of their disappearance. Except that wouldn't happen. Canada got rid of their penny and experienced economic growth as a result. Even if the United States did not experience economic gain from the discontinuation of pennies, it would save money because it would no longer be wasting money in order to make money. A penny saved is not a penny earned. Citations: http://www.Cbc.Ca/news/canada/canada-s-penny-withdrawal-all-you-need-to-know-1.1174547 http://coincollectingenterprises.Com/information/cost-to-make-a-penny
NotBenShapiro says2017-01-12T09:15:38.7165133Z
Sorry about the double post! Mea culpa

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