Question:

Why is there pennies...

by Guest56380  |  earlier

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Why do they have pennies, if nobody will take just pennies when buying something? Nobody pays in just pennies!

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  1. You know when you have to pay tax on something, like lets say that the total of something you bought was $15.03 or something you could pay the .03 with pennies.  


  2. If you have pennies, you can prevent getting more pennies.  If your bill is

    5.01 and you have a 20 dollar bill, give the clerk the 20 and a penny to prevent a pocketful of change.

  3. Without pennies, then we will have a system in which prices and payments end in just 5 or 0. It does make things easy that way, but we live in a world that has taxes.

  4. In 2002, Congress did try to get rid of the penny, but was heavily lobbied by the American Copper Council, and Committee for the Preservation of the Works of Bing Crosby.

    The copper council pointed out that copper is a big industry in the US, and would be hurt by the reduction in demand.  

    Other concerns raised were that prices on inexpensive commodities would in effect be raised by a large percent.  Consider going to the $0.99 cent store and buying 20 items.  Currently, you will pay $19.80 plus tax.  However, without the penny, you will pay $20 plus tax..

    Finally, there was the concern that one of Bing Crosby's most famous works (Pennies from Heaven) would not be appreciated by the younger generation, who wouldn't know what pennies were.  It is surmised that this argument swayed several opinions in the Senate (average age = 62)


  5. Well you can save them up and when you have a lot take them to the bank and deposit them, or cash them out.

  6. We take them at our store if they're rolled.

  7. Without pennies, all transactions would have to be rounded (up) to the nearest nickle.  Then nickles would be eliminated.  Computers at banks can include fractions of pennies in calculations, rounding off the final answer (but retaining fractions of pennies until the next calculation).  Even gasoline is sold (etc.) for say $4.03 9/10.  What is a lucky penny worth, on a bad day?  

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