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

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#1 Posted by Jd1680a (5922 posts) -

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.

#2 Edited by Fightingfan (38011 posts) -

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

#3 Posted by deeliman (2391 posts) -

And what would be the point?

#4 Edited by thegerg (14862 posts) -

No. Why replace bills with coins?

#5 Posted by GoogleAndroid (147 posts) -

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.

#6 Posted by foxhound_fox (87754 posts) -

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.

#7 Edited by thegerg (14862 posts) -

If we're going to get rid of the penny, why keep the cent around? Wouldn't it just make more sense to just have the dollar break down into 10 cents (rather than 100) if we keep the dime (a coin worth 1/10th of a dollar) and ditch the penny?

#8 Posted by gbrading (8057 posts) -

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.

#9 Posted by thegerg (14862 posts) -

@gbrading said:

The 1 cent piece, definitely. It is monetarily worthless

That' simply incorrect.

#10 Posted by thegerg (14862 posts) -

@gbrading said:

te 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,

Being American I would find it weird to have $1 coins. It's pretty dumb to think that a group of people would or should make a decision about their money based on what someone outside of that group thinks.

#11 Edited by Jd1680a (5922 posts) -

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.

#12 Edited by deeliman (2391 posts) -

@thegerg said:

@gbrading said:

te 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,

Being American I would find it weird to have $1 coins. It's pretty dumb to think that a group of people would or should make a decision about their money based on what someone outside of that group thinks.

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

#13 Posted by thegerg (14862 posts) -

@deeliman said:

@thegerg said:

@gbrading said:

te 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,

Being American I would find it weird to have $1 coins. It's pretty dumb to think that a group of people would or should make a decision about their money based on what someone outside of that group thinks.

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

No one has said that there is.

#14 Posted by Fightingfan (38011 posts) -

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.

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

#15 Posted by chaplainDMK (6751 posts) -

I thought coinage was really expensive to make?

#16 Posted by deeliman (2391 posts) -

@thegerg said:

@deeliman said:

@thegerg said:

@gbrading said:

te 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,

Being American I would find it weird to have $1 coins. It's pretty dumb to think that a group of people would or should make a decision about their money based on what someone outside of that group thinks.

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

No one has said that there is.

You did.

#17 Posted by deeliman (2391 posts) -

@foxhound_fox said:

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.

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

Infinity money hack.

#18 Edited by Fightingfan (38011 posts) -

@gbrading said:

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.

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.

#19 Edited by thegerg (14862 posts) -

@deeliman said:

@thegerg said:

@deeliman said:

@thegerg said:

@gbrading said:

te 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,

Being American I would find it weird to have $1 coins. It's pretty dumb to think that a group of people would or should make a decision about their money based on what someone outside of that group thinks.

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

No one has said that there is.

You did.

No, I didn't.

#20 Edited by ArmoredCore55 (23823 posts) -

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

#21 Posted by deeliman (2391 posts) -

@thegerg said:

@deeliman said:

@thegerg said:

@deeliman said:

@thegerg said:

@gbrading said:

te 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,

Being American I would find it weird to have $1 coins. It's pretty dumb to think that a group of people would or should make a decision about their money based on what someone outside of that group thinks.

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

No one has said that there is.

You did.

No, I didn't.

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

#22 Edited by HoolaHoopMan (7745 posts) -

@foxhound_fox said:

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.

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

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

#23 Posted by thegerg (14862 posts) -

@deeliman said:

@thegerg said:

@deeliman said:

@thegerg said:

@deeliman said:

@thegerg said:

@gbrading said:

te 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,

Being American I would find it weird to have $1 coins. It's pretty dumb to think that a group of people would or should make a decision about their money based on what someone outside of that group thinks.

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

No one has said that there is.

You did.

No, I didn't.

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

Yes, and I didn't say that there's anything "wrong with implementing ideas that originated in other countries" as you alleged. Stop making false accusations, it's detrimental to the conversation.

The other poster said that the US should abandon paper $1 bills because he's British and he finds it weird. It's stupid to change US monetary policy because a foreigner finds it weird.

#24 Posted by foxhound_fox (87754 posts) -

@foxhound_fox said:

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.

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

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.

#25 Edited by -Renegade (8340 posts) -

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

#27 Edited by Ace6301 (21389 posts) -

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

#28 Edited by thegerg (14862 posts) -

@-Renegade: Because many people simply don't have the resources to make or accept digital payments.

#29 Edited by foxhound_fox (87754 posts) -

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

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.

#30 Edited by Fightingfan (38011 posts) -

@foxhound_fox said:

@Fightingfan said:

@foxhound_fox said:

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.

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

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.

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.

#31 Posted by Jd1680a (5922 posts) -

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

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

#32 Edited by 3eyedrazorback (16373 posts) -

@Jd1680a said:

@ArmoredCore55 said:

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

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

Wait, you wouldn't?

#33 Posted by leviathan91 (7763 posts) -

Get rid if the penny but keep everything else.

#34 Edited by thegerg (14862 posts) -

@foxhound_fox said:

@Fightingfan said:

@foxhound_fox said:

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.

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

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.

Yeah they're just painted copper prior to the late 80s I believe.

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

"Regardless you can triple your money if you melt pennies"

I doubt that.

#35 Edited by ArmoredCore55 (23823 posts) -

@Jd1680a said:

@ArmoredCore55 said:

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

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

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

#36 Posted by lensflare15 (6174 posts) -

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

#37 Posted by MacBoomStick (1948 posts) -

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.

#38 Posted by WhiteKnight77 (12018 posts) -

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.

#39 Edited by Makhaidos (1613 posts) -

What could possibly go wrong?

#40 Edited by lamprey263 (23202 posts) -

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.

#41 Posted by JDWolfie (1857 posts) -

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

#42 Edited by Shmiity (5042 posts) -

I'm all for getting rid of the penny.

#43 Edited by thegerg (14862 posts) -

@foxhound_fox said:

@Fightingfan said:

@foxhound_fox said:

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.

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

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.

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.

"but prior to the late 80s they're copper."

Prior to the late 80s what?

#44 Edited by TAMKFan (32730 posts) -

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

#45 Posted by Tqricardinho (340 posts) -

Only the nickel and the $1 dollar bill.

#46 Posted by DarkGamer007 (6024 posts) -

@thegerg said:

@gbrading said:

The 1 cent piece, definitely. It is monetarily worthless

That' simply incorrect.

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.

#47 Edited by thegerg (14862 posts) -

@thegerg said:

@gbrading said:

The 1 cent piece, definitely. It is monetarily worthless

That' simply incorrect.

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.

No, it holds monetary value. It is worth one cent. The claim that it is monetarily worthless is simply incorrect.

#48 Posted by roulettethedog (10959 posts) -

I try to do all my $$$ transactions with debt card or checks.