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Your Take: Drop the Penny & Nickel?

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It currently costs more to make a penny and a nickel than they’re actually worth. So that begs, the question, should we really be expending resources arguing about how to reconstitute the coins (switching to cheaper metals) or should we just drop the coins all together?

What’s funny is that the fact that the coins are worth more for their metals than they are in stores isn’t even a big deal. There’s so much fiat money floating around that the Mint could always just print just a few more hundred dollar bills to compensate and the public would have no idea (other than inflation would tick a micro-fraction higher, but they play with that number anyway). The bigger issue is that we, as tax-payers, are paying for coins that many wouldn’t even pick up on the street!

What’s your take? Retire the penny and the nickel? Keep the little guys because we need something to stick in our piggy banks?

{ 33 comments, please add your thoughts now! }

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33 Responses to “Your Take: Drop the Penny & Nickel?”

  1. Jeff Whiting says:

    Drop both the Penny and the Nickel.

    They don’t buy anything anymore and they’re a waste of time and material.

    To those that believe merchant would always round up…our grandparents survived the 5 cent candy-bar when everyone knew they should have only charged 4.5 cents!

  2. Paul Roberts says:

    I think we should lose the penny and nickel. Then bring out a half dollar and dollar coin. The dime would stay the same. The half dollar would be about the size of a nickel and the dollar coin would be a little smaller than the quarter. A two dollar coin sounds fascinating and would help us in buying items from vending machines. If we do that dime will still be worth more than the penny was when i was young in the 60’s. It is costly and eventually we will be forced to deal with it anyway. As many of you stated, stores would have to be as fair as possible or we would take our business elsewhere. It would work out fine.

  3. Paul Roberts says:

    Another thought: Maybe we could just have a 5-dollar coin also and then Lincoln and Washington would still be represented on the one and five dollar coins. The key is the coins have to be smAll enough to make it easy to carry around in our pockets. The current size of the dollar coin is too big. It isn’t convenient to carry around.

  4. Paul Roberts says:

    another thought: having this new coinage will stall off what will eventually happen which is we will be going to electronic currency. Your card will go everywhere and then because of problems, you will have to have the Mark of the Beast(a number with 666 in it) in order to buy or sell anything!

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