« Valerie Couch New Dean at Oklahoma City University |
| Communications from Appointments Committees »
HT: Alex Tabarrok.
Posted by Kim Krawiec at 05:55 PM in Economy and Markets, Funny Stuff | Permalink
TrackBack URL for this entry:http://www.typepad.com/services/trackback/6a00e54f871a9c8833015437cc871c970c
Listed below are links to weblogs that reference Die, Penny, Die!:
You can follow this conversation by subscribing to the comment feed for this post.
In the preface to Boomerang Michael Lewis recounts that Kyle Bass has stockpiled a vast amount of nickels because the melt value of the coin at the time exceeded 6 cents. All upside and no downside.
Bill Turnier |
December 04, 2011 at 09:34 AM
You're right, Bill! I had forgotten about that -- excellent book, by the way, even though I had already read most of it in the Vanity Fair pieces prior to publication.
Kim Krawiec |
December 04, 2011 at 10:02 AM
Down here in Peru they hae a 5 centimos piece, worth a little less than 2¢. They are phasing it out as a nuisance, and lots of stores no longer accept them.
Steve S |
December 06, 2011 at 08:36 AM
Kind of ironic that the greatest and most important President, in the history of the United States, is pictured on the lowly penny. I guess Obama should be pictured on the Billion Dollar bill.
December 06, 2011 at 08:48 AM
Here's one more reason to abandon the penny: it will open a spot in cash register drawers for a dollar coin. The dollar coin has failed to catch on in repeated attempts, partly because there's no place to put it in the cash register.
December 06, 2011 at 08:50 AM
I use to own a retail store in New Hampshire. The state has no sales tax. All prices were rounded to the nickle. Getting rid of the penny is long over due.
December 06, 2011 at 08:56 AM
Maybe a better strategy would be to make the penny (along with dollars for that matter) worth something again.
December 06, 2011 at 09:36 AM
We ought to eliminate the penny and dime and round to tenths, actually.
December 06, 2011 at 09:44 AM
There is something the web-surfer on the street can do. When the clerk makes change for you, politely refuse the pennies. Yes, you will probably lose a few cents in the transaction. If enough people do this, pressure will grow to abandon the penny. I usually refuse pennies as change for this reason.
William A. Taylor |
December 06, 2011 at 09:57 AM
Wow, it's a relief to hear that the penny is worthless. Now I don't have to feel guilty for emptying all those "have a penny, leave a penny; need a penny, take a penny" trays into my pockets.
But hey, if we get rid of the penny, how are disgruntled taxpayers going to register their disgust? "Area Man Pays Tax Bill Entirely in Nickles" just doesn't sound right.
Rich Anderson |
December 06, 2011 at 10:05 AM
The first time I went to Australia for a vacation, I found out they had no penny and that the dollar denomination was in coin only. They even had a two dollar coin.
Very sensible setup.
Blacque Jacques Shellacque |
December 06, 2011 at 10:15 AM
If you get rid of the penny, then the smallest increment in price will be 5 cents. That has a ripple effect beyond what you might expect.
Korla Pundit |
December 06, 2011 at 10:50 AM
In my opinion, the U.S. Dollar should be revalued so that a copper penny is worth slightly less than the metal it is made with. Also the dimes, quarters, Half-dollars and dollar coins should be made of Silver, or another valuable metal, in the same ratio of metal value to face value as the new penny.
Of course the U.S. would need to change the current method by which it operates, in other words, printing worthless paper whenever it is short of cash. This could substantially curtail inflation, which has whittled away at the worth of the dollar for most of the last century, and is why the price of silver is currently hovering around $32 an ounce.
December 06, 2011 at 11:20 AM
send me all your pennies made prior to 1982 :)
Ruth Rose |
December 06, 2011 at 11:27 AM
Wow! ! ! I stopped taking pennies in my change over ten years ago. Discovered it costs me about two and a third bucks a year to refuse the little critters. And it increases the small business owners profit line.
December 06, 2011 at 11:30 AM
"Oh, my god! They killed Penny!"
" You b*stards!"
Shannon Love |
December 06, 2011 at 12:49 PM
The perfect coin values would be one cent, two cents, four cents, and seven cents, ten cents, twenty cents, forty cents, and seventy cents. Folding money would also be in these denominations. This system allows for fewer coins and easier change making.
December 06, 2011 at 01:14 PM
Hey! There are still penny slot machines in Las Vegas!
December 06, 2011 at 01:45 PM
The Canadian Senate did a study last year on eliminating the penny (http://www.parl.gc.ca/Content/SEN/Committee/403/fina/rep/rep08dec10-e.htm). Their recommendation was for elimination for cash transactions with final price rounded to the nearest nickel.
The Observer |
December 06, 2011 at 05:29 PM
Link picked up the ")." at the end. Anyway, here's the direct link to the pdf. http://www.parl.gc.ca/Content/SEN/Committee/403/fina/rep/rep08dec10-e.pdf
The Observer |
December 06, 2011 at 05:32 PM
The comments to this entry are closed.