Should the penny be eliminated?

[Four-eyed Vulpine]

So, the penny has been a part of American currency forever, but is now the time to eliminate it?  Currently, the price to make a penny is around 1.4 cents, and around 9 billion pennies were made in 2006--a $126 million cost for $90 million in pennies, equaling a $36 million or 40% loss.

[Mr. Krystal]

I'm going to say no because

A. If the penny is eleminated, the government and most businesses will round up to the next nickel, just like they are currently rounding up to the penny now. That means for every purchase, we will potentially be paying more than 4 cents extra PER PURCHASE. When digital cash comes along (think a debit card that's not traceable) that will eleminate the actual cost of creating money.

B. I have about $18 worth of pennies over here, and I don't want my $18 to suddenly be worth $0.

[Four-eyed Vulpine]

Yeah, but I never ever use them.  I guess their primary use to consumers is to save them up over time, so I guess they're not so bad.  It's good for a society who typically spends more than they save.

[Sideways]

I think they are a waste of space but i agree with dwight, prices will go up.

[Infinity]

Well its worth something at least, we should not throw away something that's worth something, as we never know what will the future will bring.

[Sol-Ratcht Saporro]

No. Simply because, I am a penny pincher. I've got maybe around 22-23 dollars worth just from saving up change.

[Taco-Man]

I'd have to say yes. They're so small and they make me take even more time to find correct change. Heck, most of the time I would just hand them a five, ten, or twenty dollar bill and get even more change instead of taking the time to search for stray pennies.

[TakeWalker]

I don't think it's possible to 'get rid of' currency. I mean, you can still use half-dollars and Susan B. Anthonies as legal tender. They don't make them, and a lot are probably in the hands of collectors (like me), but they're still money.

That having been said, we need to keep pennies in circulation, if only for the sake of those over 50. My parents, specifically, have just begun giving everyone exact change whenever they can. <.< Me, I like saving my change. I usually get 15 dollars twice a year out of it, deposited in my savings account. :D

[Four-eyed Vulpine]

Actually, I just hoard all my pennies.  If I actually deposited them in my account, they would turn into a more spendable form of money that I would likely withdraw and spend eventually.  So, yeah, keeping them stashed away in my bedroom somewhere is my penny-saving method.