How would you feel if they phased out pennies ?

[WaterScoop]

Here is a very interesting article about cashless countries and the percentage of people that have ATM cards



Top Countries Using Digital Money For Cashless Transactions - WorldAtlas.com

 

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[Honest Samuel]

And to all, a good night.

 

[FreeBirdTim]

Don't phase them out, just stop making NINE BILLION of them every year! We have enough pennies in circulation to satisfy "demand" for another 100 years, so just stop making them!

By the way, the main reason they won't get rid of the penny is because of sales tax. My state charges 7% sales tax. If you phased out pennies, that sales tax would have to go down to 5% or up to 10%. Guess which one my state would pick, if they had to make a choice? You guessed it, they'd jack up the sales tax to 10%! No way would people be willing to pay 10% sales tax, so we're stuck with the penny for now.

 

[WaterScoop]

Approximately 7.5 billion pennies were taken out of circulation in 2014 by hoarding in jars.

SOURCE https://www.quora.com/How-many-pennies-are-lost-each-year-in-the-united-states

 

[Muddyhandz]

It's not as bad as you think. Pay with a $20 bill and get back a $10, a $5, a twoonie, a loonie, and a couple of quarters, a dime and a nickel.
The only one walking around with their pants falling down is the detectorist who just found a boatload of coins!
Honestly, I think there should be another poll with people's age added to it. No offense.
I wouldn't be surprised that those who still like pennies are from an older generation. Not all, but most.
Being in my mid 40's, I never saw the rewards of keeping pennies. I started detecting in 1987, the year $1 coins came out.
All through the 1990's I saw younger generations chucking handfuls of pennies everywhere because they're useless and a joke to them.
Still waiting for the $5 coin to come out!
Sometimes "change" is good.

 

[worldtalker]

Sometimes "change" is good.

Change..things get better or things get worse,nothing stays the same,and I surely do not see things getting better.

 

[Xraywolf]

Don't phase them out, just stop making NINE BILLION of them every year! We have enough pennies in circulation to satisfy "demand" for another 100 years, so just stop making them!

By the way, the main reason they won't get rid of the penny is because of sales tax. My state charges 7% sales tax. If you phased out pennies, that sales tax would have to go down to 5% or up to 10%. Guess which one my state would pick, if they had to make a choice? You guessed it, they'd jack up the sales tax to 10%! No way would people be willing to pay 10% sales tax, so we're stuck with the penny for now.

Hmm, wondering since when taxpayers pay what they are willing.
Yeah there'd be a ruckus, when the dust settles you would have no choice but to pony up - You'd get used to it, then people 20 years down the road will yearn for the days people only paid 10% when they are paying 20.

Point being, taxpayers feelings are not going to be taken into account but your point is valid. As mentioned earlier, some finances would have to be rounded to eliminate under 5 and between 6 and 10.

 

[Honest Samuel]

The voice of experience.

Dollar coins will catch on very nicely as long as you phase out the dollar bill at the same time. I'm all for it + doing the same for the $5 bill.
Tell me as a detectorist that you don't want to find $5 coins instead of quarters!

Never going to happen in the great United States, we do not want any coins in our pockets.

 

[Msbeepbeep]

If they get rid of the sales tax and make all pull tabs out of gold they can keep the zinc cents, coppers are mine.

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