They get caught in you vacuum cleaner. Pennies suck! They are nothing but an everyday nuisance that needs to go! They are worth more per pound as raw copper then they are as legal tender. Pennies may be legal tender but try unloading them to anyone including your own bank. Nobody wants them. Since the politicians won’t get rid of them, it’s time to melt them down. Businesses simply need to round off sales to the nearest nickel. In the long run it will save on labor costs.
Don't see it happening. On a small scale, rounding things off won't hurt, but in the big scheme of things, corporate America as well as all merchants will round off in their favor. The average joe will take the short end.
ReplyDeleteWhat if we just revalued our currency? Is that such a difficult operation? Redesign all currency and drop a zero. $100 in old currency would be worth $10 in new. A $25,000 car would now cost $2,500 in new currency. A salary of $50,000 would be $5,000 in new currency.
I remember reading of a European country (I think...) that had such hyper inflation they dropped six zero's off their currency.
Would that work in America?
They have abandoned them in Australia and New Zealand. What they do is add up your bill normally (items are still priced to the penny), then round the total up or down to the nearest nickel and you pay that. On average, you don't gain or lose anything that way, except you have no pennies in your pockets.
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