The joy of being penniless

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jbuck919
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The joy of being penniless

Post by jbuck919 » Thu Jul 05, 2007 1:14 pm

AAFES (Army/Air Force Exchange Services) does not deal with pennies, so everything was blissfully rounded while I was in Germany. Why do we still have pennies, anyway? Sales tax would work out even with the rounding up or down to the nearest nickel, and companies could still advertise something as being $99.99 instead of $100, just as gas companies advertise their product in fractions of cents when no such denomination exists.

You would think that when they devised the Euro they would forgo any denomination less than a five-cent piece, but there are in fact one- and two-cent Euro pieces, and German pricing (which does not involve sales tax) is even screwier than US, with a per-item shelf price of Euro 2.47 being considered perfectly normal.

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Teresa B
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Post by Teresa B » Thu Jul 05, 2007 4:01 pm

Alas, I guess the last vestige of use for pennies is to decorate loafers. And come to think of it, I haven't seen that style in...

Teresa
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Agnes Selby
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pennies.

Post by Agnes Selby » Thu Jul 05, 2007 5:36 pm

Teresa B wrote:Alas, I guess the last vestige of use for pennies is to decorate loafers. And come to think of it, I haven't seen that style in...

Teresa
-------------

We still put pennies in our Christmas puddings. Our puds are worth their weight in brass.

Agnes.
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Barry
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Post by Barry » Thu Jul 05, 2007 5:43 pm

I actually agree with John on this one. It's been a bit of a pet issue with me since I visited the Netherlands, where they didn't have anything smaller than a five-cent coin (this was pre-Euro).

Of course the practical issue is that a lot of sales taxes would have to be adjusted.
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jbuck919
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Post by jbuck919 » Thu Jul 05, 2007 9:27 pm

Barry Z wrote:I actually agree with John on this one. It's been a bit of a pet issue with me since I visited the Netherlands, where they didn't have anything smaller than a five-cent coin (this was pre-Euro).

Of course the practical issue is that a lot of sales taxes would have to be adjusted.
Not at all. Rounding at checkout would cause the state neither to gain nor lose. Modern cash registers, all of which are some form of computer, will deal with this automatically.

I have not "checked my facts," :) but if I am not mistaken, we are already at or close to the point where it costs more than a penny to produce a penny. This is not to mention the millions of dollars that are more or less permanently out of circulation because of neglected pennies.

There's nothing remarkable about it. All one has to do is hit the right keys at the right time and the instrument plays itself.
-- Johann Sebastian Bach

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Re: The joy of being penniless

Post by Corlyss_D » Fri Jul 06, 2007 2:49 am

jbuck919 wrote: Why do we still have pennies, anyway?
To annoy the hell out of us. Taxes are not enough. They have to visit pennies upon us as well. Probably a conspiracy with the copper mine owners too.
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jbuck919
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Re: The joy of being penniless

Post by jbuck919 » Fri Jul 06, 2007 4:28 am

Corlyss_D wrote:
jbuck919 wrote: Why do we still have pennies, anyway?
To annoy the hell out of us. Taxes are not enough. They have to visit pennies upon us as well. Probably a conspiracy with the copper mine owners too.
Around here, which I imagine means elsewhere as well, there have been several thefts of copper because its market value is now so high.

There's nothing remarkable about it. All one has to do is hit the right keys at the right time and the instrument plays itself.
-- Johann Sebastian Bach

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Post by karlhenning » Fri Jul 06, 2007 8:11 am

I think the trend is actually towards reviving the ha'penny.
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jbuck919
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Post by jbuck919 » Fri Jul 06, 2007 8:17 am

karlhenning wrote:I think the trend is actually towards reviving the ha'penny.
Only in the inflationary sense, Karl. :)

There's nothing remarkable about it. All one has to do is hit the right keys at the right time and the instrument plays itself.
-- Johann Sebastian Bach

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Post by living_stradivarius » Fri Jul 06, 2007 8:47 am

The federal government earns $2 billion/year in revenue from collecting wishing well pennies. Ok, I made that number up, but it's a possibility.
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Re: The joy of being penniless

Post by Haydnseek » Fri Jul 06, 2007 8:47 am

Corlyss_D wrote:
jbuck919 wrote: Why do we still have pennies, anyway?
To annoy the hell out of us. Taxes are not enough. They have to visit pennies upon us as well. Probably a conspiracy with the copper mine owners too.
The penny is composed almost 98% of zinc. The nickel is made mainly of copper however. I think the last congressman who tried to get rid of the penny was from a copper producing state. Of course he was only thinking of the national interest :roll:

Yes, they should get rid of the penny but I think they are afraid the public will not like it.

By the way, I think they should return to the beatiful designs of the past featuring buffalos and that Liberty babe. No goddamned politicians should appear on coins or currency!!!
"The law isn't justice. It's a very imperfect mechanism. If you press exactly the right buttons and are also lucky, justice may show up in the answer. A mechanism is all the law was ever intended to be." - Raymond Chandler

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Re: The joy of being penniless

Post by karlhenning » Fri Jul 06, 2007 8:54 am

Haydnseek wrote:By the way, I think they should return to the beatiful designs of the past featuring buffalos and that Liberty babe. No goddamned politicians should appear on coins or currency!!!
Or, maybe it will be found easy to phase out the penny, if the penny bears the likeness of the current Vice President . . . ?

Separately . . . so who thinks the dollar coin will ever "take"?
Karl Henning, PhD
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jbuck919
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Post by jbuck919 » Fri Jul 06, 2007 9:02 am

A buffalo nickel with an Indian obverse would also be a political statement. BTW the Indian who posed for the last version of that was still alive to appear on To Tell the Truth in the 60s (or was it I've Got a Secret?).

There's nothing remarkable about it. All one has to do is hit the right keys at the right time and the instrument plays itself.
-- Johann Sebastian Bach

jbuck919
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Re: The joy of being penniless

Post by jbuck919 » Fri Jul 06, 2007 9:07 am

karlhenning wrote:
Haydnseek wrote:By the way, I think they should return to the beatiful designs of the past featuring buffalos and that Liberty babe. No goddamned politicians should appear on coins or currency!!!
Or, maybe it will be found easy to phase out the penny, if the penny bears the likeness of the current Vice President . . . ?

Separately . . . so who thinks the dollar coin will ever "take"?
The dollar coin will probably not go away because it is easier for change machines, as at the car wash for instance.

There is, of course, no Euro bill. There are only Euro and two Euro coins. For years, Europeans have complained that US currency is hard to deal with because the bills are all the same size and color, but after two years there, trying quickly to distinguish the coin denominations (the one Euro and two Euro are virtually identical, as are the one cent and two cent, the ten cent and twenty cent, etc.) was still a problem for me.

There's nothing remarkable about it. All one has to do is hit the right keys at the right time and the instrument plays itself.
-- Johann Sebastian Bach

piston
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Post by piston » Fri Jul 06, 2007 9:07 am

Separately . . . so who thinks the dollar coin will ever "take"?
What is it now in Australia? I do recall a $5 coin in 1993, along with a big fifty cent coin and smaller one and two (?) dollar coins. The five-dollar coin is/was surpringly small but thicker than all the others. I see now, on the net, that the five-dollar coin was a commemorative piece. Is it still much in circulation?
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Re: The joy of being penniless

Post by karlhenning » Fri Jul 06, 2007 9:41 am

jbuck919 wrote:There is, of course, no Euro bill.
I know; nor is there a one-pound note anymore. And the US singles do get ratty (speaking strictly of legal tender, you understand).

Must be something about US psychology which doesn't play according to Euro/Anglo form . . . but if anything, I think that when a vending machine unloads 18 dollar-coins at you when you use a $20-bill to buy a stamp, it engenders resentment in the consumer.

I mean, now you've got this mound of metal, and you didn't think to bring a canvas sack with you, now, did you?
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Post by Chalkperson » Sat Jul 07, 2007 4:54 pm

The answer John is very simple it exists so that an item sold for $99.99 can be advertised as selling for less than $100 and for this reason it will probably be around for quite some time...

I am sending this post from an airport in Florida and thus is the first post sent from my I-phone

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Post by Teresa B » Sat Jul 07, 2007 5:37 pm

Chalkperson wrote:The answer John is very simple it exists so that an item sold for $99.99 can be advertised as selling for less than $100 and for this reason it will probably be around for quite some time...

I am sending this post from an airport in Florida and thus is the first post sent from my I-phone
...which you probably got for only $499.99!

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