Comments on: US Mint printing 4 new pennies – why?

By: Bill

Bill — Mon, 24 Oct 2011 14:43:29 +0000

New pennies? How much did the government pay to research the art work to be put on the pennies? How much was the artist (relative/friend/donor of a senator?) paid for each design? How much did it cost the mint to change the plates? How much money does America lose printing pennies in a manner that is based more on “new artistic expression” than on budget concerns? How much did they spend on a grant to research the public oppinion whether or not we would question their spending when it was to honor such a respectable president as Lincoln? How much did they spend on travel, committees, perdiums, to develop the PLAN? I can go on and on, you should too!

By: Trevor Hunt

Trevor Hunt — Wed, 04 Mar 2009 09:34:54 +0000

Yep downunder here in Australia we got rid of one & two cent coins over 15 years ago as well, we still have the 5 cent coin. Makes for a much lighter wallet without those pesky copper coins.

By: Charles

Charles — Tue, 03 Mar 2009 14:23:51 +0000

Pennies are pretty dumb, agreed. I hate how just about every item you buy is $4.99, or $1.49, or something that is supposed to make me feel like I’m spending less than I am. Or the ultimate aggrivation – gas that is $1.99 9/10 per gallon. Seriously? 9/10 of a cent? That has to be the dumbest universal practice out there.

By: Bob V

Bob V — Mon, 02 Mar 2009 21:43:30 +0000

I agree that the US mint needs to come up with a cheaper way of making up the penny.

I find it interesting that there are competing organizations on both sides of this issue….

http://www.pennies.org/

http://www.retirethepenny.org/

By: Sarah

Sarah — Mon, 02 Mar 2009 20:32:13 +0000

If we get rid of pennies, what am I going to give to my children and have them think they are rich?

It does seem extremely wasteful to be spending money on special pennies with the economy the way it is…..no matter how awesome Abe was! I think he would fully understand if we didn’t spend money we didn’t have to commemorate him!

By: stephen

stephen — Mon, 02 Mar 2009 16:22:50 +0000

It’s called sales tax my friend. Most states have it so it does not matter whether or not it’s legal to charge 1.99 or 2.00. The government needs it 6%. And that last little calculation will 4 out of 5 times require a penny.

By: Matt

Matt — Mon, 02 Mar 2009 15:24:42 +0000

Penelope, I don’t think they would round the price of every item you buy up individually, but once your bill is totaled for everything you bought it would round up or down to the nearest nickel.

And maybe they could only do that if you’re paying in cash? Pennies on credit cards and checks don’t cost the mint anything.

By: Sharon

Sharon — Mon, 02 Mar 2009 14:35:35 +0000

The only downside I see to eliminating the penny is the US Postal Service then gets to raise the cost of a stamp by a nickel every time. Talk about inflation!

By: Endowment Life Insurance Policy

Endowment Life Insurance Policy — Mon, 02 Mar 2009 14:33:04 +0000

they may look cool i will take them for collection of coins

By: Penelope Pince

Penelope Pince — Mon, 02 Mar 2009 11:13:19 +0000

I’m with Kacie. I put all my purchases on a credit card so small change doesn’t bother me. But every cent does add up. If the cost every item at every store was increased by 2 or 3 cents – a can of tuna, a package of ramen, a carton of milk, a cup of yogurt, etc. – it would quickly make a difference.

Think of every single item you buy for your daily life and how often you buy it. When I go to the grocery store (to shop for 2 people and 2 dogs who eat home cooked food) I probably buy at least 100-150 separate items at a time (it’s not unheard of for me to buy 50 packs of ramen in one trip).

3 more cents for 100 items is $3.00. In one year, that’s a significant difference. And that’s just food. If the hardware store, and Walmart (where I buy things like soap, shampoo, household things, etc.) did the same, we’d be spending a lot more.

And for the sake of sentiment and tradition, I just don’t like the idea of the penny being eliminated. Pennies are the original building blocks of our childhood financial education. Remember when it was really exciting to find a penny in the street?

And if you save all your pennies in a jar, they do add up.It’s not hard work to pick up loose change and toss it in a jar. I recently took a jar of small change to a Coinstar machine and got back $19.

Of course, I don’t like the idea of the penny costing more than its worth to make, so I hope they can find a cheaper way to do it.