The Penny Debate

[JuleZ '02 HEEL]

We tackle a lot of controversial topics here at OOTB, and one of these days we will have solved all of the world's major problems.

One issue that pops up from time to time in the national media that I don't think we've really had a frank and open discussion about is the penny.

You know, that practically worthless coin that people walk right by on the street and leave in trays at checkout counters. The one that costs 1.7 cents for the government to mint.

Should we stop making them, once and for all? If so, how should we deal with the transactions that do still use them?

Oh, and just for good measure:

 

[heelz2345]

That's a better picture than the one I planned to use

 

[coolwaterunc]

I always just throw them away. Who uses coins anyway? If you do, get out of the 19th century and whip out the plastic.

 

[Hark_The_Sound_2010]

I voted keep it. But that's more meant as keep things in increments of 1 cent... as for the actual physical penny, we can scrap that thing.

I think it would make sense moving forward with the ever increasing electronic payments, and would encourage more people to move in that direction full time. If something at the store comes to $130.12, you can either slide your card and get charged $130.12, or pay in cash/coins, and owe $130.15.

 

[tarheel0910]

I'm going to predict that within the next 25 years paper money and coins will be all but extinct. Within the next 50 years cards will be gone as well and everyone will be using their phone to make payments.

 

[tarheel0910]

The only reason I (rarely) use cash now is so I can give the coins to my two little girls to put in their piggy bank. They are still young enough to think that's a lot of money.

 

[prlyles]

I'm going to predict that within the next 25 years paper money and coins will be all but extinct. Within the next 50 years cards will be gone as well and everyone will be using their phone to make payments.

The use of cards has made things a lot more expensive (2.5 to 4 %) for everyone.

 

[tarheel0910]

The use of cards has made things a lot more expensive (2.5 to 4 %) for everyone.

True, but there are two types of people in that category; the type that doesn't care and the type who doesn't know. That's why they have become the main way most people pay.

 

[prlyles]

True, but there are two types of people in that category; the type that doesn't care and the type who doesn't know. That's why they have become the main way most people pay.

That is true.

 

[TarHeelNation11]

I never have cash in my wallet. Cards all day babyyy

 

[Hark_The_Sound_2010]

The use of cards has made things a lot more expensive (2.5 to 4 %) for everyone.

If places gave a cash discount of more than the 2% cash back I earn by paying with my Citi Double Cash card (or more if in a category that I earn more than 2% on with other cards)... I would gladly pay cash. If they're going to charge me the same whether I pay with cash or credit, I'm better off by getting the 2% (or more) back that way.

 

[JuleZ '02 HEEL]

 

[tarheel0910]

If places gave a cash discount of more than the 2% cash back I earn by paying with my Citi Double Cash card (or more if in a category that I earn more than 2% on with other cards)... I would gladly pay cash. If they're going to charge me the same whether I pay with cash or credit, I'm better off by getting the 2% (or more) back that way.

 

[JuleZ '02 HEEL]

 

[HookUNC75]

If they got rid of the penny, what would happen to these?

 

[Grayhead]

Gave any thought to gas taxes and such. Do we really want them to hike it up in five cent intervals?

 

[JuleZ '02 HEEL]

Does anyone actually pay cash for gas? No need for 5-cent intervals for card transactions.

 

[bleeduncblue]

Does anyone actually pay cash for gas? No need for 5-cent intervals for card transactions.

I pay cash for 90% of the things I buy, despise plastic ... but I also own a vending business so that comes easy for me. But because I do own a vending business I would love to see pennies gone so that morons will quit jamming up my machines with them.

 

[Grayhead]

Does anyone actually pay cash for gas? No need for 5-cent intervals for card transactions.

I am talking about the state tax on gas. Didn't we have a 1/2 cent increase last election cycle?. The feds and NC would increase their taxes in 5cent intervals then

 

[gunslingerdick]

I pay cash for 90% of the things I buy, despise plastic ....

I like to use cash as well. I wouldn't say I 'despise" plastic, but I would prefer to use cash for several reasons. For starters, once I make payment in cash, I know that's the end of the transaction. I don't have to worry about anybody mucking it up at the bank or some criminal retailer trying to hold onto my number and charge me for something else. Cash is immediate, and when it's done, it's done. No watching the account, etc.

 

[bleeduncblue]

I like to use cash as well. I wouldn't say I 'despise" plastic, but I would prefer to use cash for several reasons. For starters, once I make payment in cash, I know that's the end of the transaction. I don't have to worry about anybody mucking it up at the bank or some criminal retailer trying to hold onto my number and charge me for something else. Cash is immediate, and when it's done, it's done. No watching the account, etc.

We've had 5 bank account hacks via our debit card ... hence the reason I despise plastic. We haven't owned a credit card in 15 years and never will again.

 

[JuleZ '02 HEEL]

 

[tarheel0910]

There is only one penny...