Comments on: Should We Make Cents?

Morley Safer On The Bizarre Economics Of Producing Money

[clavgr44]

I really liked the report on pennies. I have a question to ask, "If we don''t have the penny, how can we teach our children to count from pre-K thru elementary school and make change correctly ?" Just a thought. How can I send you an email longer than 1500 charcters? It is a story about a penny.

[ptcraven]

Seems to me there is a simple solution. If the penny cost $134M to make $80M in pennies and the nickel is similar, eliminate the nickel and change the penny to a 2 cent piece. Now each penny is twice the value and economical to produce, elimination of the nickel provides further savings, and 5 $.02 cent coins equal a dime.

[walt1944-2009]

The cost of making a penny is actually two cents, the cost of making a nickel is actually 10 cents. Using that premise, it would mean that the cost of printing a dollar bill is actually $2, even though that dollar bill maybe worthless!

This all sounds like George W. Bush "Ferengi economics" to me and it explains why everything is so expensive. The face value of the coin/bill is really undervalued as opposed to its cost, so it takes more coins/dollars to buy anything! And the Great Emperor Bush II argues that this isn''t inflation!!??

At any rate, it has been learned that when the Great Depression hits, the Great Emperor Bush II will get rid of the current monetary system and "privatize" it so that Wal-Mart will crank out its own currency, GM will print its own, the utility companies their own, etc, etc.

That way, the Great Emperor believes, there will be so much "funny money" floating around no one will have any idea of their net worth unless they own gold and platinum, like HE DOES!

SIG HEIL, BUSH!!!!

[ptcraven]

Seems to me there is a simple solution. If the penny cost $134M to make $80M in pennies and the nickel is similar, eliminate the nickel and change the penny to a 2 cent piece. Now each penny is twice the value and economical to produce, elimination of the nickel provides further savings, and 5 $.02 cent coins equal a dime.

[pollroller1]

Just remember, a penny saved is a penny earned.

[carvin586]

With all the "Sensible" people you had on your news piece I''m surprised not one them talked about depreciation in two years of circulation you get your money back.

[gilbertdj-2009]

Here''s my two cents on your story. If you want to understand this issue, think about the sales taxes charged by many states. Do you really think states are going to reduce taxes by 15% from current levels of six cents on the dollar to adjust to nickel currency? More likely they''ll raise the tax by 67% to make it a dime. Have your mathematician do a more simple equation and multiply that figure to sales tax revenues and then talk to us about what the cost of keeping the penny is all about.

[xcoppagex]

Military bases overseas don''t use pennies. They cost too much to ship over. We round up AND down. If your total is say $4.52 then you pay $4.50 when using cash, if it was $4.53, you would pay $4.55. Otherwise, check or debit/credit cards are exact amount. I like the system. I used to buy gas and try to stop 2 cents over for that little bit free. I eventually just used me debit card though for the convenience.

[ontheleft]

I get the sense that it doesn''t make sense to make cents.

Why doesn''''t the mint quit making pennies for a year at a time and skip a few years occasionally. We would all just use the ones we have in jars in the closet or on the dresser. THe mint could also make a limited amount of pennies and sell them for a hugh profit if they were released in limied quantities. how much could we save if we did this?
Posted by tom1cda

This is a good idea.... Let the marketing department (they are so in love with nines) buy back the pennies when we run short. Worth thinking about.

[j_flood]

1. Stop using pennies
2. Start using 1-dollar coins
3. Phase out 1-dollar notes
4. Live happily ever after...

[tom1cda]

Why doesn''t the mint quit making pennies for a year at a time and skip a few years occasionally. We would all just use the ones we have in jars in the closet or on the dresser. THe mint could also make a limited amount of pennies and sell them for a hugh profit if they were released in limied quantities. how much could we save if we did this?

[rexstraw]

We should start a movement to donate loose pennies back to the Treasury. Banks can be donating centers.

[dfraleyl]

the sales tax on a dollar here in reno, nv is seven cents. if they do away with the penny bet they raise the tax to ten cents even though five cents is closer. thats a heck of a tax increase

[s10holm]

The government should get rid of the 1/10 cent first before getting rid the penny. Yes 1/10 of cent. The 1/10 of a cent is used at every gas station in America.
$2.89 and 9/10.

[decarlo12-2009]

syrinxstar, hold your breath maybe that will help your hicups...

[syrinxstar]

Jeff Gore "devised an Einstein-ean equation of productivity"?? Really?? It''s basic dimensional analysis with some very weak assumptions thrown in and you swallow it hook-line-sinker. Unimpressive, 60 Minutes. You can do much better than this -- at least try to be rigorous in your reporting. Maybe we should put a price tag on the time the viewers wasted seeing this grand episode of self-indulgence.

[decarlo12-2009]

What you say gfmcvey is very true but most products are not priced in that manner. I think if everyone gives up just 1 useless text message per day, they can buy 10 items that was rounded up a penny. What ever happened to using the phone, guess one can''t do it in class? hee-hee

[syrinxstar]

Jeff Gore "devised an Einstein-ean equation of productivity"?? Really?? It''s basic dimensional analysis with some very weak assumptions thrown in and you swallow it hook-line-sinker. Unimpressive, 60 Minutes. You can do much better than this -- at least try to be rigorous in your reporting. Maybe we should put a price tag on the time the viewers wasted seeing this grand episode of self-indulgence.

[syrinxstar]

Jeff Gore "devised an Einstein-ean equation of productivity"?? Really?? It''s basic dimensional analysis with some very weak assumptions thrown in and you swallow it hook-line-sinker. Unimpressive, 60 Minutes. You can do much better than this -- at least try to be rigorous in your reporting. Maybe we should put a price tag on the time the viewers wasted seeing this grand episode of self-indulgence.