Kill-the-penny bill on its way

Kill-the-penny bill on its way
http://money.cnn.com/2006/07/18/news/penny/index.htm

--
The brave may not live forever but the timid do not live at all

On Tue, 18 Jul 2006 10:05:17 -0400, "Jim Higgins"
wrote:

Kill-the-penny bill on its way
http://money.cnn.com/2006/07/18/news/penny/index.htm

At least the writer mentioned that Kolbe is from
a big copper producing state and increased use of the
nickel would require more copper.

Frankly, I think the man is doing nothing but try
to get attention, with the cost of operating the mint,
does he really worry about 14 million dollars more
or less, and does he really thing stopping production
of the cent will save all of the 14 million?

Any small glitch in the economy could cost the
government much more than that.

Poll results can be controlled by the wording of
the question asked and the venue or forum where it
is asked.
Chances are most people who will respond to
the CNN poll are computer professionals at work,
and they get paid 3 to 10 times what other Americans
make.

And none of them will consider the negatives
that would come from something as dumb as stopping
production of one or both of the most used denominations.

Joe Fischer

In article ,
Joe Fischer wrote:

At least the writer mentioned that Kolbe is from
a big copper producing state and increased use of the
nickel would require more copper.

It's a stretch to think that eliminating the penny will benefit Rep.
Kolbe or Arizona in any way. Can someone demonstrate that eliminating
the penny will increase the demand for nickels?

Frankly, I think the man is doing nothing but try
to get attention, with the cost of operating the mint,
does he really worry about 14 million dollars more
or less, and does he really thing stopping production
of the cent will save all of the 14 million?

The penny is no longer needed. You may have an emotional attachment to
it, but there is no need to calculate a purchase to such a small amount,
especially when the cost of producing a coin of that value costs more
than the value of the coin itself.

And none of them will consider the negatives
that would come from something as dumb as stopping
production of one or both of the most used denominations.

The penny is NOT USED! Can't you understand that? It is mostly left in
the "take-a-penny, leave-a-penny" bins at the counter, thrown away or
tossed into a big jar at home. The Mint has to make billions of them
every year for this reason. If pennies were actually used in commerce,
they would circulate and there would be no need to make so many.

Paul

--
Paul Anderson
OpenVMS Engineering
Hewlett-Packard Company

In article ,
"Jim Higgins" wrote:

Kill-the-penny bill on its way
http://money.cnn.com/2006/07/18/news/penny/index.htm

The bill number is HR 5818. The text is not yet available.

http://thomas.loc.gov/cgi-bin/bdquery/D?d109:43:./temp/~bdKJap::

Paul

--
Paul Anderson
OpenVMS Engineering
Hewlett-Packard Company

On Tue, 18 Jul 2006 12:09:24 -0400, Joe Fischer
wrote:

On Tue, 18 Jul 2006 10:05:17 -0400, "Jim Higgins"
wrote:

Kill-the-penny bill on its way
http://money.cnn.com/2006/07/18/news/penny/index.htm

At least the writer mentioned that Kolbe is from
a big copper producing state and increased use of the
nickel would require more copper.

Joe,

It's a common misconception that rounding would mean we would need
more nickels.

If you price things to the nearest cent, there are 100 possibilities
for the number of cents in the change. Of that 100, 40 of those
amounts :
$0.05 $0.06 $0.07 $0.08 $0.09
$0.15 $0.16 $0.17 $0.18 $0.19
$0.30 $0.31 $0.32 $0.33 $0.34
$0.40 $0.41 $0.42 $0.43 $0.44
$0.55 $0.56 $0.57 $0.58 $0.59
$0.65 $0.66 $0.67 $0.68 $0.69
$0.80 $0.81 $0.82 $0.83 $0.84
$0.90 $0.91 $0.92 $0.93 $0.94

would commonly involve you getting a nickel back. 40% of the time,
you should get a nickel back in change

If you round to the nearest nickel, there are 20 possibilities for
the number of cents that you would get back. Of those 20, 8 would
involve a nickel. That's still 40% of the transactions

Frankly, I think the man is doing nothing but try
to get attention, with the cost of operating the mint,
does he really worry about 14 million dollars more
or less, and does he really thing stopping production
of the cent will save all of the 14 million?

That's just the cost to the government. Everytime a cash register
is counted, the business has to pay somebody to count the damn things,
just so a customer can toss them out, leave them on the counter, or
dump them into a jar at home until they get enough accumulated that
they can convert them to "real" money.

Any small glitch in the economy could cost the
government much more than that.

Poll results can be controlled by the wording of
the question asked and the venue or forum where it
is asked.
Chances are most people who will respond to
the CNN poll are computer professionals at work,
and they get paid 3 to 10 times what other Americans
make.

And none of them will consider the negatives
that would come from something as dumb as stopping
production of one or both of the most used denominations.

You have a different definition of "most used" than I do. Any coin
whose main travels a

bank-store-jar at home-bank

isn't being "used". It's just being stored in different places.

take care,
Scott

On Tue, (Scott Stevenson) wrote:

It's a common misconception that rounding would mean we would need
more nickels.

That is what the article said, but I am pretty
sure the bill will NOT contain rounding legislation.

But chances are no pennies would mean using
more nickels, but only for having enough in the register.

That's just the cost to the government. Everytime a cash register
is counted, the business has to pay somebody to count the damn things,
just so a customer can toss them out, leave them on the counter, or
dump them into a jar at home until they get enough accumulated that
they can convert them to "real" money.

Well, it is the merchants who are requesting them,
else the FRB would not request any, and the mint would
stop striking cents when their on-site cent vaults are full.

You have a different definition of "most used" than I do. Any coin
whose main travels a

bank-store-jar at home-bank

isn't being "used". It's just being stored in different places.

The charter of the mint is simply to supply requested
coins for those involved in trade and commerce.

If it costs $14 million, that is not more than the
profit on cents over the last 20 years.

Also, the mint launched a study of possible changes
in metal content of the cent and all other denominations,
a couple of years ago.

I am feeling the mint and treasury officials resent
this small person from Arizona constantly interfering
in mint policy.

The cent is a small problem, considering the
possibility that the world may explode.

JoeFischer

The penny is no longer needed. You may have an emotional attachment to
it, but there is no need to calculate a purchase to such a small amount,
especially when the cost of producing a coin of that value costs more
than the value of the coin itself.

Debateable


The penny is NOT USED!
Not true. I use them all day every day. Stop by and I'll buy you a
hamburger and show you.
I'm not saying that we couldn't do without.
Can't you understand that? It is mostly left in
the "take-a-penny, leave-a-penny" bins at the counter,

Nope.

thrown away or
tossed into a big jar at home.

Couldn't say, I don't follow 'em home.

The Mint has to make billions of them
every year for this reason. If pennies were actually used in commerce,
they would circulate and there would be no need to make so many.

Paul

--
Paul Anderson
OpenVMS Engineering
Hewlett-Packard Company

mk
"who may be lacking cents"

http://thomas.loc.gov/cgi-bin/bdquery/z?d109:h.r.05818:

Add the colon at the end. Outlook Express drops the colon from links.....

--
"""Remove "zorch" from address (2 places) to reply.
http://www.sirius.com/


"Paul Anderson" wrote in message
news
In article ,
"Jim Higgins" wrote:

Kill-the-penny bill on its way
http://money.cnn.com/2006/07/18/news/penny/index.htm

The bill number is HR 5818. The text is not yet available.

http://thomas.loc.gov/cgi-bin/bdquery/D?d109:43:./temp/~bdKJap::

Paul

--
Paul Anderson
OpenVMS Engineering
Hewlett-Packard Company

Can we re-name this thread "Kill-the-Dollar Bill bill is on the way"?

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"""Remove "zorch" from address (2 places) to reply.
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"Fred Shecter" wrote in message
...
http://thomas.loc.gov/cgi-bin/bdquery/z?d109:h.r.05818:

Add the colon at the end. Outlook Express drops the colon from links.....

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"""Remove "zorch" from address (2 places) to reply.
http://www.sirius.com/


"Paul Anderson" wrote in message
news
In article ,
"Jim Higgins" wrote:

Kill-the-penny bill on its way
http://money.cnn.com/2006/07/18/news/penny/index.htm

The bill number is HR 5818. The text is not yet available.

http://thomas.loc.gov/cgi-bin/bdquery/D?d109:43:./temp/~bdKJap::

Paul

--
Paul Anderson
OpenVMS Engineering
Hewlett-Packard Company

Does anyone know why Kolbe dressed up this bill with side shows like
commemorative coins and bills, a jab at Crane Paper, Mint management
reforms, and studies? It seems wise at this point to go with a straight
shot to legalize rounding, and nothing else. With momentum growing to
retire the penny, the simple approach would stand a better chance of
passage.

--Dave

Jim Higgins wrote:

Kill-the-penny bill on its way
http://money.cnn.com/2006/07/18/news/penny/index.htm