Should the penny, nickel, $1 and $5 bill end?

The lowest US domination would be ten cents, the one dollar and five dollar bill would be replaced by coins. The $200 and $500 bills would be introduced.

Before anyone say that they dont want to be carrying around 30 $1 coins in their pocket, all I could say is don't carry that many in your pocket. The government is the only source that makes money, so you could either throw them away or give them to someone if you don't want them.

All states would then have to decide how to deal with taxes. The most sense would be is round up or down to the nearest ten cents. So 1,2,3 and 4 cents would be lowered down and 5,6,7,8, and 9 would be raised up.

Just fine cheaper alloy metals instead? As for bills it's paper; not worth anything.

And what would be the point?

I would support getting rid of the penny, but not the others. Replacing 1 and 5 dollar bills with coins is a terrible idea. I don't like coins.

Best coin denominations:

0.05, 0.25, 1.00, 2.00

Best bill denominations:

5.00, 10.00, 20.00, 50.00, 100.00

Five dollar bills are especially important. Pennies are useless in today's economy.

The 1 cent piece, definitely. It is monetarily worthless and costs more to manufacture than it's physically worth. It actually devalues the economy.

More importantly the US should eliminate the $1 bill, and replace it with the coin. Being British I find it so weird to have to rifle through a stack of notes, all of which are green and the same size, to find the correct change. We abolished the £1 note in 1988. I see no reason why the US can't get rid of the $1 bill besides nostalgia.

The $1 bill has a lifetime of 4-7 years. It is very rare to find a dollar bill made in 1992, yet you could still find coins made in the 60s,70s and 80s. There are around 2 billion of dollar coins made right now that are in vaults. If they were released, there wouldn't be any need to make more for a few years.

The US government is too afraid to step some ones toes if they decide to get rid of some currency to reflect to today's economy. The dollar bill in 1900 was rarely used and the most common currency was the nickel, dime and quarter to buy every day items.

There's nothing wrong with implementing ideas that originated in other countries.

Just melt em for copper - they're worth like .03 in metal.

I thought coinage was really expensive to make?

You did.

Infinity money hack.

Yeah, but Britain sucks when it comes to monetary policies.

Everything is expensive, and the buying power of your dollar is horrendous in comparison to the USD.

I disagree with this idea. You can always trade 5 pennies for a nickel and 10 pennies for a dime at a bank.

You said it would be stupid to make a decision based on what someone outside the group thinks.

I believe they are made of zinc now. Only coated with copper.

Modern pennies contain very little copper. Canada dropped the penny because it was costing them more to make than it was worth. And destruction of legal tender is a felony, in both Canada and the US.

should just get rid of all forms of coinage and paper money and have everything digital. i see no need for it anymore.

The penny is the only thing worth dropping at the moment.

You should travel more rurally. Some places, especially small, family-owned businesses that service only the local population don't have the money to pay for digital transaction services. And those that can, often place an additional surcharge on top of the purchase to make up for the cost.

Paper money is still extremely important, especially in situations of private sales such as flea markets and third-party exchanges.

The penny should have been dropped a while ago. Keep $1 and $5 bills. Replacing them with coins would be more, not less, of a hassle.

Yeah they're just painted copper now, but prior to the late 80s they're copper.

Regardless you can triple your money if you melt pennies, though it's illegal.

Would you carry 10,000 pennies at your local bank to get a single $100 bill?

Wait, you wouldn't?

Get rid if the penny but keep everything else.

No. I could trade something like 3 quarters, 15 pennies, and a dime for a $1 bill.

Nah, just leave it how it is. I actually still use pennies on rare occasions.

If you get rid of the penny you also need to get rid of the nickel to completely get rid of the hundredths decimal place. Also, the quarter too.

Pennies became copper coated zinc in 1982. There isn't enough copper to warrant melting down just to recover it. It would cost you more in the long run to do so.

That said, every time the US Mint has tried to introduce dollar coins that people would use since no one wanted to use the Eisenhower dollar coins due to their large size, it has failed. From the Susan B. Anthony coin with the 10 sided raised edge to the Sacagawea golden colored coin to the Presidential dollar coins, no one has accepted them or wants them. One of the biggest complaints about them are that they are too close to the size of the quarter and that they cannot be used in most vending machines (at least when first released, but has changed some though there are plenty of older machines around that still will not take them). As seen in this thread, many people still do not like carrying change around.

And I strongly doubt that will change. Might as well put the idea to rest.

What could possibly go wrong?

If they go to coins they should go to a $1 and $2 coin to help cut down on $1 coins, while they're at it get rid of pennies, nickles and dimes, round all final transactions up the nearest quarter and tax the difference to fund NASA and projects with private space businesses. Right now that budget is less than half a penny of every tax dollar spent, such a system would x10+ that budgeting.

What about them strippers? Are they gonna shove coins up their ass?

I'm all for getting rid of the penny.

Honestly, I wouldn't get rid of any of them. Even the penny adds up.

Only the nickel and the $1 dollar bill.

Not really, you cannot walk into a store and purchase anything with a peny. You cannot purchase anything with multiple pennies, and would in fact need at least 50 pennies to purchase anything at any store, and nobody is going to carry 50 pennies with them. Some stores even deny payment with pennies unless it is a debt. The penny also costs more to manufacture than it is monetarily worth, making the claim that it is monetarily worthless accurate.