If I had a penny…

What’s new on the s-list? Pennies. Not people who are named “Penny.” I have too many good memories about The Muppet Babies cartoon that used to play on Nickelodeon. I’m talking about the 1.4 cent piece of crap we Americans call currency. I say “1.4” because that is how much it cost to produce, $0.014 where it is only worth $0.01. There is absolutely no use for this coin. We could easily get rid of the penny, which would thus render it a collectors’ item and raise its value. All business transactions would be either rounded up or rounded down to the closest denominator of .05 and life would not change at all. Sure, honest Abe’s face would no longer be produced on a coin but if people really liked looking at Abraham Lincoln we would do more with his metallic photo than cast him into wishing wells and well wishes for needy bums. Besides that we still have the $5 bill. Argentina has no one cent piece. Granted their economy isn’t much to write home about but the lack of a one cent piece is not the cause of their fiduciary woes. The happiness that we will gain from not having a one-cent piece far outweighs the benefits of actually having one. Besides, is Abraham Lincoln that much of a looker in the first place? Seriously?

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4 responses to this post.

  1. Posted by Johnny on June 12, 2008 at 11:30 am

    Agreed. The penny is ridiculous. Also, I’m pretty certain that it costs more than 5 cents to make a nickel, around 7 cents. I’ve read a pretty decent solution to the problem outside of abolishing the penny that was in a Chicago Fed letter (http://www.chicagofed.org/publications/fedletter/cflfebruary2007_235a.pdf).
    Make the penny worth 5 cents. That way, we abolish the penny and solve the nickel problem. Sounds like a decent solution. The only downside I can think of would be vending machines and other machines that count nickels.

    Reply

  2. Posted by rileye on June 12, 2008 at 11:40 am

    Not a bad observation. Don’t get me started on vending machines, they’ve been stealing our money for too long.

    Reply

  3. Posted by The Worm on June 12, 2008 at 1:28 pm

    Good thought, but we would have to come up with an entire list of worthless sayings like:”a quarter for your thoughts” “Nickels from Heaven” “A dime saved is a dime earned”
    Dwight: Question if we wore Quarter Loafers would that make us heavier in the loafers or still light in the loafers?

    Reply

  4. Posted by rileye on June 12, 2008 at 2:11 pm

    Touchee, worm, touchee

    Reply

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