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Wednesday, December 12, 2007

Pro-Penny or Anti-Penny?

There was a post on the Freakonomics blog today that got me thinking about the anti-penny/pro-penny debate. To be honest...I'm not sure where I stand on it quite yet. Let's look at it.

Anti-Penny
  • From what I understand, it costs 1.4 cents to mint a penny. So it costs more money to make money than that money is worth. That seems inefficient.


  • No one likes carrying pennies around.


  • Even collecting large numbers of them doesn't really make sense, because even if you take the time to collect 1000 pennies (which I imagine would take some time), you could only cash it in for $10. Not that getting $10 is a bad thing.


  • Some people are really bad at math and it's hard for them to make change or count out correct values that aren't rounded to the nearest 5 cents or 10 cents. True...they are probably stupid...but still.

Pro-Penny:
  • It's not that big of a deal to put your pennies in a jar and take the jar in to the bank every once in a while.


  • It makes for more precise pricing


  • Why not discontinue the nickel or the dime too?


  • What would we put in penny loafers? More importantly...who still wears penny loafers?


  • What would we call penny stocks? Really really inexpensive stocks? 1/5 of a nickel stocks? It just doesn't flow


What are your thoughts? Pro or Anti Penny?!?



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Labels: money, Social Issues



Posted by Adam Wilson :: 12:32 PM :: 1 comments

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