Comments on: Is It Finally Time to Get Rid of the Penny? http://lenpenzo.com/blog/id575-is-it-finally-time-to-get-rid-of-the-penny.html The offbeat personal finance blog for responsible people. Thu, 16 Feb 2012 20:41:50 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: Mark Zaranski http://lenpenzo.com/blog/id575-is-it-finally-time-to-get-rid-of-the-penny.html#comment-262 Mark Zaranski Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=575#comment-262 I tried giving up pennies in grad school (like for Lent). Now I just don't believe in them anymore. That seems to work better. I tried giving up pennies in grad school (like for Lent).

Now I just don’t believe in them anymore. That seems to work better.

]]> By: Red Sox Fan http://lenpenzo.com/blog/id575-is-it-finally-time-to-get-rid-of-the-penny.html#comment-263 Red Sox Fan Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=575#comment-263 I don't mind pennies at all. They kind of work like a forced savings account for me. Every year I take the pennies in my penny jar that I got in change, take it to Coin Star and end up with between $50 and $100 in my pocket. I don’t mind pennies at all. They kind of work like a forced savings account for me. Every year I take the pennies in my penny jar that I got in change, take it to Coin Star and end up with between $50 and $100 in my pocket.

]]> By: Len Penzo http://lenpenzo.com/blog/id575-is-it-finally-time-to-get-rid-of-the-penny.html#comment-264 Len Penzo Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=575#comment-264 @Mark: I love it! Why didn't I think of that when I was a kid? Instead of giving up soda and candy, I could have told my parents that I was giving up pennies. So does that mean you now throw all your pennies in the change cup when you get your change? @Red: Wow. That is a lot of pennies to collect in a year! What the heck do you do to collect so many pennies at one time? I never thought folks could really save enough of them to make it worth the hassle of storing them, but it looks like I was wrong! @Mark: I love it! Why didn’t I think of that when I was a kid? Instead of giving up soda and candy, I could have told my parents that I was giving up pennies. So does that mean you now throw all your pennies in the change cup when you get your change?

@Red: Wow. That is a lot of pennies to collect in a year! What the heck do you do to collect so many pennies at one time? I never thought folks could really save enough of them to make it worth the hassle of storing them, but it looks like I was wrong!

]]> By: Jeff S. http://lenpenzo.com/blog/id575-is-it-finally-time-to-get-rid-of-the-penny.html#comment-265 Jeff S. Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=575#comment-265 Another great article, Len! You're quickly becoming my new favorite PF blogger. For what it's worth, I say the penny should have been ditched long ago. But nobody ever listens to me. Another great article, Len! You’re quickly becoming my new favorite PF blogger.

For what it’s worth, I say the penny should have been ditched long ago. But nobody ever listens to me.

]]> By: Len Penzo http://lenpenzo.com/blog/id575-is-it-finally-time-to-get-rid-of-the-penny.html#comment-266 Len Penzo Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=575#comment-266 Thanks, Jeff. I think I'm blushing. Your check is in the mail. ;-) And don't feel bad. Nobody ever listens to me either. Len Thanks, Jeff. I think I’m blushing. Your check is in the mail. ;-)

And don’t feel bad. Nobody ever listens to me either.

Len

]]> By: U.S. Common Sense http://lenpenzo.com/blog/id575-is-it-finally-time-to-get-rid-of-the-penny.html#comment-267 U.S. Common Sense Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=575#comment-267 I like pennies, but then again I like all coins. Unfortunately, I hoard my coins rather than putting them back into circulation. I don't know why, but it is just something I do. I remember back when I was young where you could drop a penny into the gumball machine, or two pennies into the candy machine and walk away with a nice little treat. Today, if the machine takes a quarter for the same gumball or candy, you are lucky. My how things have changed. As far as charities go, you might find this one interesting. A few months back, my nieces were having a fundraiser at schools using coins. Pennies were used as positive points while the other coins were used as negative points. Each class were competing against each other by trying to collect as many pennies as possible while sabotaging the other classes by dropping other coins into their collection bins. Knowing that I collect/sort all my coins, my nieces came over and asked if I could have all my pennies. I gave them almost $50 (placed into two containers so they could carry the weight) and they went home with big grins on their faces. So, the pennies still have some practical use. :) In the world we now live in where people use their credit and debit cards more than change, I don't think we would see a big change in the cost of goods if the Mint stopped producing pennies. That doesn't mean we take the pennies out of circulation, since I think there might be enough out there currently to meet the demands of the economy. On the other hand, companies could price their products accordingly so that the costs (including taxes) of the goods are divisibly by a nickel. I like pennies, but then again I like all coins. Unfortunately, I hoard my coins rather than putting them back into circulation. I don’t know why, but it is just something I do.

I remember back when I was young where you could drop a penny into the gumball machine, or two pennies into the candy machine and walk away with a nice little treat. Today, if the machine takes a quarter for the same gumball or candy, you are lucky. My how things have changed.

As far as charities go, you might find this one interesting. A few months back, my nieces were having a fundraiser at schools using coins. Pennies were used as positive points while the other coins were used as negative points. Each class were competing against each other by trying to collect as many pennies as possible while sabotaging the other classes by dropping other coins into their collection bins. Knowing that I collect/sort all my coins, my nieces came over and asked if I could have all my pennies. I gave them almost $50 (placed into two containers so they could carry the weight) and they went home with big grins on their faces. So, the pennies still have some practical use. :)

In the world we now live in where people use their credit and debit cards more than change, I don’t think we would see a big change in the cost of goods if the Mint stopped producing pennies. That doesn’t mean we take the pennies out of circulation, since I think there might be enough out there currently to meet the demands of the economy. On the other hand, companies could price their products accordingly so that the costs (including taxes) of the goods are divisibly by a nickel.

]]> By: Len Penzo http://lenpenzo.com/blog/id575-is-it-finally-time-to-get-rid-of-the-penny.html#comment-268 Len Penzo Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=575#comment-268 I try to get rid of my coins as fast as possible unless they are dated 1964 or earlier. I collect old coins too. And, wow... what a great idea for a fundraiser! I think I am going to propose that one to my kids' elementary school for next year. I'm 45 (insert your old-fogey joke here), and I remember being able to ride my bike to the Thrifty drug store so I could buy myself a single scoop ice cream cone for 5 pennies. Of course, my allowance was 25 cents a week. lol I try to get rid of my coins as fast as possible unless they are dated 1964 or earlier. I collect old coins too.

And, wow… what a great idea for a fundraiser! I think I am going to propose that one to my kids’ elementary school for next year.

I’m 45 (insert your old-fogey joke here), and I remember being able to ride my bike to the Thrifty drug store so I could buy myself a single scoop ice cream cone for 5 pennies. Of course, my allowance was 25 cents a week. lol

]]> By: Political Blog Weekly: 10 April 2009 | U.S. Common Sense http://lenpenzo.com/blog/id575-is-it-finally-time-to-get-rid-of-the-penny.html#comment-269 Political Blog Weekly: 10 April 2009 | U.S. Common Sense Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=575#comment-269 [...] "Is It Finally Time to Get Rid of the Penny?" Originally published:  7 April 2009 Submitted by:  U.S. Common Sense Summary:  Making the argument for ending the production of the U.S. penny. [...] [...] "Is It Finally Time to Get Rid of the Penny?" Originally published:  7 April 2009 Submitted by:  U.S. Common Sense Summary:  Making the argument for ending the production of the U.S. penny. [...]

]]> By: Money Hacks Carnival #60: The File Your Tax Return Edition http://lenpenzo.com/blog/id575-is-it-finally-time-to-get-rid-of-the-penny.html#comment-270 Money Hacks Carnival #60: The File Your Tax Return Edition Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=575#comment-270 [...] Penzo presents Is It Finally Time to Get Rid of the Penny? posted at Len Penzo . Com, saying, “In 1857 the US government finally got rid of the [...] [...] Penzo presents Is It Finally Time to Get Rid of the Penny? posted at Len Penzo . Com, saying, “In 1857 the US government finally got rid of the [...]

]]> By: U.S. Common Sense http://lenpenzo.com/blog/id575-is-it-finally-time-to-get-rid-of-the-penny.html#comment-271 U.S. Common Sense Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=575#comment-271 I think many of us have those "I remember when" stories that make us feel old. I use to walk down the street to buy a big piece of licorice for two pennies, and be content all day long. Of course, growing up next to a railroad track, there was always the temptation to lay the penny on the rails to see if the train would flatten it. :) I think many of us have those “I remember when” stories that make us feel old. I use to walk down the street to buy a big piece of licorice for two pennies, and be content all day long. Of course, growing up next to a railroad track, there was always the temptation to lay the penny on the rails to see if the train would flatten it. :)

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