What if a penny was worth a nickel?
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"Painful elaboration of the obvious."
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39 comments:
The National Association of Convenience Stores and the Walgreens drugstore chain have estimated that handling pennies adds 2 to 2.5 seconds per cash transaction. Assume that the average citizen makes one such transaction every day, and so wastes (to be conservative) 730 seconds a year. The median worker earns just over $36,000 a year, or about 0.5 cents per second, so futzing with pennies costs him $3.65 annually.
Multiply that last figure by the number of Americans, and you find that getting rid of the penny would free up economic resources valued at about $1 billion a year. And I think they make your hands smell funny.
Hmm...mine don't make my hands smell funny. Maybe those stats are right, but how are you going to get rid of the penny? I mean, Abraham Lincoln is on the face of it! Abraham Lincoln! hmm..just a though..
Money ways are changing and pretty soon everyone in the world will have a credit or debit card. I say that we should just get rid of pennies and nickels, no one uses them anyway. The only time I despretly need a nickel is when I'm digging in my change bucket at home and all the quarters and dimes are gone.
Jordan L/5th
i agree that most people are using credit cards and bebit cards, but the people who dont have the means or ability to get a card because of the their credit. I also think it would cost too much money because they would round up or round down either way because it would cost the consumers and businesses too much.
Sam D. 5
let's say the US government decides to make the value of a penny 5 cents rather than 1 cent. i would just take all the money i have and convert it to pennies. therefore making myself worth 5 times than i was before....then i would have a huge party called the PENNY INFLATION-A-PALOOZA. then i would trademark the name with all the new money i have.
Justin Havins 5th
How does that have any relevance Havins?
"then i would have a huge party called the PENNY INFLATION-A-PALOOZA"
i think justin havens should be slaped in the face by snoop dogs pimp hand...just kidding i love you justin...
josh r
I would be thrilled for the penny to go away, it wastes so much time and i your stats conclude that we loose money from them; not good. Pennies equal annoying.
Jeremy Green 5th period
they waste less time than blogging does.
is it legal to melt down our pennies, sell them back to the government as a raw material, and make a profit? Just a thought. I wonder if anybody's doing it? Seriously, pennies waste vital pocket space. One of my pet peeves is when something costs $5.01 or $7.01, and all i have is bills; then i end up getting 99 cents of annoyance back. W/o pennies would definately b better off.
Ethan H. 5th
i dont like pennies. they should completly elimintated. the price of stuff should never come out to $3.51 ever again, it should come out to be multiples of five because thats just easier for everyone.
Rachel H. 5th
"How does that have any relevance Havins?"
To Burt on relevance:
Lets say that new evidence e is irrelevant to a proposition, p given old evidence q, if and only if p/q & e = p/q and relevant otherwise.
---------------------------------
"i think justin havens should be slaped"
To Josh in friendship:
I think you have know me long enough to know that you spell my last name with an "i" and not an "e".
Justin Havins 5th
Well now I am really happy that I've been saving all my pennies from every single one of my transactions. I'm gonna pour out my jar of pennies and count them up. I bet I'm sitting on $30.00 now! And people said I was crazy, well I may be crazy but at least I've got enought money in pennies for at least half a tank of gas.
Tyler C. (1) said this one above
i was watching on the history channel that all the states would make the penny obsilete if were not for illnois who wanted to keep it in use because of the historical significance it has to thier state. So we can thank illinois for keeping the penny around. just thought i might say that little information.
Logan F. 2nd
Pennies are a huge pain. I hate doing a transaction for a guest where i work just to spend 5 minutes counting them. if we are losing money then why should we keep them? they are more of a hassle than they are worth.
- Krystal Walsh (2nd period)
We should definently do away with pennies especially if we're losing money because of them. Everyone uses plastic now anyways.
Katie H(2)
PENNIES!!! Take them away, just imagine that it would be easier to pay for something easier, and getting rid of them would make everything to the nearest nickel.
Tiffany J. 1st
I wouldn't mind much if they did away with the pennies and yes Mr. McKay, I also think that they leave a funny smell on your hands after you handle them.
Kim I. 5th
i hate pennies.....infact when i am looking for change i see all of the millions in my wallet and it just makes me mad.....lets get rid of them!....nothing is worth under 5 cents anyways......i remember when i was little and u could put a penny in those tiny jellybean machines......those are gone too.....so we are left with nothing
GO AWAY PENNIES!
Sarah L.-5th
its pretty embarrassing when you think that the us government has been losing money by making pennies. i say we abolish the penny altogether and forget about converting it to five cents. sure some people in illinois will be mad but they really have no reason to be...it's not like lincoln will be forgotten if we don't continuously see his profile on a metal coin...
brittany p 1st
im all for no more pennies
Whitney A-5th
im all for no more pennies
Whitney A-5th
It's weird how something we hardly value (and with such a small value) can be losing our country so much money. It would be a really big move to just abolish it completely though. I'm more for changing the value, even though that would still be a pretty huge deal...but it looks like something definitely needs to be done.
Amy W. 5th
i like pennies. it makes me feel like i have a lot of money when they add up. then i go to the store n pay for something w all of them.
raelynn s. 5
I waste more than 730 seconds a year doing things less important things than trying to fetch pennies out of pocket.
Save the pennies!
Marcus Blackwell pd 5
Imagine the opportunity cost of abolishing pennies! Never again will you get to see the priceless look of dismay and horror on a carhop's face when you pay for your food in all pennies at Sonic and they take down your license plate number just so that you can't try to pull a fast one on them! Ahhh...good times. Thus, I say we keep the pennies around, even if it's just for good times' sake.
Not that I would mind seeing the penny completely abolished. They really are a waste of time, money, and space to our country. Perhaps we could make them out of a cheaper metal, if there is one. Still, I think it would be a rather large switch for our nation to completely switch to a system that runs on 5¢ intervals. Here in Lubbock, for example, our sales tax rate uses fractions of percents. So, with every transaction, unless the rates were changed (likely for the worse), we would certainly be doing a lot of rounding with our purchases, probably at the state's expense.
Michael K 2nd
If the pennies are costing our government so much money just to create an almost worthless endeavor we should just be rid of them...seriously, they're just a waste of space and you can't just go out and buy anything you want with a handful of pennies unless its a burdensome amount...however I do think that it would cost the government even more to completely abolish it, and more than likely cause an uproar of disapproval among certain groups of people.
Brittany M. 1st
Wouldn't things be easier if when you went to the store and bought a candy bar, the price would be and even dollar, or a rounded number, instead of like $1.03? Then you struggle finding that 3 cents so you can enjoy your candy bar, wasting valuable time. I think pennies should be terminated as well.
Marcie B. 1st
As much as i hate pennies they are still important in the gas market...i wouldnt want the price of gas to be rounded up 5 cents per gallon.
Matthew K. W. 5th
Word to marcus blackwell
a penny for your thoughts? if i got a penny for all my thoughts then bill gates would look like a hobo, any ways if a penny was worth a nickle than every one would be richer making no one richer so what would that accompolish?
Peter. G 5th
i only like pennies when i find one face up on the sidewalk. but otherwise i'm all for their ban. sarah hobson 1st.
If only we could just get rid of all the pennies in America and send them to poor countries, they would be set, If only.
JLewis 5
http://www.azcentral.com/news/articles/0210biz-teenwork0210.html
you cant get rid of penny's because then people wouldnt have as many good luck charms. When I'm having a rough day...I like finding that heads up penny...it changes everything
Cameron K.
5th
I think everyone should just start rounding all the amounts and stop being high maintenance. Like in monopoly, no one wants to bother with the dollar bills .. just round up or down and the game goes much faster and you have more room at your feet for your property. :]
Jera J. 5th
If pennies are no big deal, then how much do you notice the gas prices when they go up or down by a penny or two?
You wouldn't round up each price, just the total transaction. Gas could still be 1.99. If you bought 10 gallons the 11.99 would be rounded to 12.00. And if the price were 11.96 it would be rounded down to 11.95. They have done this on U.S. bases overseas for years. Some transactions you win a penny some you lose. In the long run it all evens out.
McKay
so the smart guy would just get 20.02 in gasoline everytime.
the moron would buy 19.98 every time.
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