Minting coins.........
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Posting Guru
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Minting coins.........
There was a piece on tv a couple of days ago about the minting of coins. It costs you and me 2 cents to produce a penny. It costs you and me 10 cents to produce a nickle. The mint produces 80 million dollars in pennies each year. The powers that be want to do away with the penny, but are meeting heavy opposition.
One reason is if the penny is done away with, all prices will be rounded up, not down. Another reason is the oppisition from charities. Much of their income is derived from "penny drives."
jd
One reason is if the penny is done away with, all prices will be rounded up, not down. Another reason is the oppisition from charities. Much of their income is derived from "penny drives."
jd
Old, but not too old
Joined: Mar 2006
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From: Central Mississippi
Well, I say do away with the penny. The prices of things will never be reduced to where a penny will buy anything, and it would simplify my getting rid of them. I have some large jars of pennies now because there is little reason to carry them around. What a pain to count them and roll them up to take to the bank.
Logistics Pro
Joined: Nov 2004
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From: Southern MD
Well, I say do away with the penny. The prices of things will never be reduced to where a penny will buy anything, and it would simplify my getting rid of them. I have some large jars of pennies now because there is little reason to carry them around. What a pain to count them and roll them up to take to the bank.
I agree that pennies are a PITA, for carrying around, but, pennies do have a 'place'.
I put all of my pennies (and other coins) into a 'water cooler bottle' several years ago, then took that to the bank, when 2/3 full.
There was enough change in there to pay for a nice rifle.
Postmaster
Joined: Mar 2001
Posts: 4,968
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From: So Cal
Pennies are useful and not all that hard to carry around.
I always keep 3 or 4 pennies in my pocket or in my car ashtray. Whenever you buy something, take the pennies and anything that isn't 0 or 5 will use up your pennies. That way you don't get any more pennies in your change. I rarely have more than maybe 10 or 15 pennies in the ash tray since I use them up all the time.
Plus it confuses the heck out of cashiers when you hand them something like a dime a nickle and 3 pennies when the bill is $xx.68.(you get 50 cents change instead of a quarter, nickle and more pennies) A lot of them don't know how to make change in their heads and have to rely on the cash register to figure it out.
I like pennies because I am cheap and I don't want rounding up, even for a penny.
Jim Henderson
I always keep 3 or 4 pennies in my pocket or in my car ashtray. Whenever you buy something, take the pennies and anything that isn't 0 or 5 will use up your pennies. That way you don't get any more pennies in your change. I rarely have more than maybe 10 or 15 pennies in the ash tray since I use them up all the time.
Plus it confuses the heck out of cashiers when you hand them something like a dime a nickle and 3 pennies when the bill is $xx.68.(you get 50 cents change instead of a quarter, nickle and more pennies) A lot of them don't know how to make change in their heads and have to rely on the cash register to figure it out.
I like pennies because I am cheap and I don't want rounding up, even for a penny.
Jim Henderson
The Pacifier
Joined: Jan 2003
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From: Cloverdale, BC
I'm slowly starting to use up my pennies in my ashtray every time I get coffee at the drive thru. But I've got about a pint's worth (full mason jar) in my house.
Couple years ago, I had so much change in this other thing I got, I had to empty it out. Counted it, rolled it, took it to the bank, damn near $200 there. That's pennies, nickels, dimes and quarters, not all pennies.
Couple years ago, I had so much change in this other thing I got, I had to empty it out. Counted it, rolled it, took it to the bank, damn near $200 there. That's pennies, nickels, dimes and quarters, not all pennies.
Post Fiend
Joined: Mar 2004
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From: San Francisco, Ca.
I bring my loose change, especially pennies, to Coin Star.
I sure wish I had a press and a set of dies though.
I sure wish I had a press and a set of dies though.
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Posting Guru
Joined: Dec 2003
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From: SW Arizona
I still pick up pennies......and any nickels, quarters or any errant bills others may drop.
Eventually it does add up to nice bit of change.
Eventually it does add up to nice bit of change.
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Post Fiend
Joined: Mar 2004
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From: San Francisco, Ca.
I don't have to count, roll, then put my account number on each roll.
I do however see your point on doing your own coin rolling and saving that 8.9% fee.
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jd
Old, but not too old
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From: Central Mississippi
I will not pay the percentage but then again, I am hard headed. About my earlier post (#2). Do not get the impression pennies mean nothing to me. I pick up every penny I see, and I get quite a few. I work for money and will never walk by it just laying on the ground for free. It is kind of like getting paid to exercise when I bend down to pick it up. I just have all these pennies, about 3/4 of a 5 gallon water jug to be rolled up. I do roll and turn in all my other change, it is hundreds of dollars per year. Anyway, it will add up to a lot of money if you stash all your change you get, not just what you find.
Senior User
Joined: Sep 2006
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From: New Philadelphia, Ohio
Just think, if you pay sales tax at 6 or 7%, it would go to 10% (.10 for every $1 you spend)
Buy a car or truck & see if those pennies add up! $40000 tax of $4000 at 10%, 6% would be $2400
Doing away with pennies would cost you $1600!!!!
Buy a car or truck & see if those pennies add up! $40000 tax of $4000 at 10%, 6% would be $2400
Doing away with pennies would cost you $1600!!!!
Elder User
Joined: Oct 2006
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What the heck are you talking about? How do pennies suddenly become dollars? Pennies are the second digit after the period. 0000.0#
The Pacifier
Joined: Jan 2003
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From: Cloverdale, BC
Yeah, the percentage isn't supposed to change, just the dollar amount. Canada's been thinking about it, and if anything, we're supposed to be rounding to the nearest nickel. So 98 cents is a buck, or a $1.02 is a buck.