Thought’s get more expensive
Ever offered someone a “penny for your thoughts”? Well, Flexo at Consumerism commentary just pointed out that it cost the U.S. Treasury $0.015 to make a penny. Gives new meaning to the title of this site doesn’t it.
So, tell me. If the U.S. Treasury is losing $0.005 on each penny it makes, why are we still making pennies? I’d much rather get rid of them altogether. We used to have half-cents as well and 2-cent pieces. When was the last time you used a penny? I honestly do not remember the last time I used a penny. I received one as change about a month ago and it went straight into the change jar when i got home. Never to be seen again.
What are some solutions to this dilemma? If we eliminate the penny, what do we use for change if we need less than $0.05 cents? Do we stop pricing things at anything that could result in an off cent remainder? Round up? What about sales tax?
There are currently only two solutions that are feasible. Eliminate cash transactions all together, which won’t happen anytime soon. Or, we leave it as it is. There are too many logistical problems with getting rid of the penny. Perhaps a third solution would be changing the makeup of the coin? Something cheaper to produce. Tin? I’m not sure what is cheaper than the current zinc/copper.
Another question, would there be a quasi-rebellion if the new metal would cause the coin to change color? What do you think?
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John said,
Wrote on April 24, 2006 @ 8:07 pm
If they stopped creating the Penny…what would you call your blog?
thatedeguy said,
Wrote on April 24, 2006 @ 10:47 pm
Well… I think I would leave it, as the name really refers to the saying “A penny saved is a penny earned.” Of course, I’m sure you knew that, or had guessed it in any case.
That would certainly lend a little less credence to the saying though wouldn’t it.