We no longer need penny and nickel for use because of inflation. Since inflation everything cost more than Penny or Nickel. Only thing is Penny and Nickel is for is coin collecting!
I wouldn’t have a problem with losing the penny. After all, they really aren’t good for anything. I never have them, and always get them in change. Who knows what I do with them - I surely don’t.
The nickel… not so sure. I suppose we could probably do without it but I wouldn’t abandon it just yet. I do occasionally use nickels in day to day life.
My problem in all honesty with removing the penny and the nickel from our system would be taxes. You buy something for $1.00 your city has a 8% tax. That would be $1.08 after tax. With no penny or nickels it would then be rounded to $1.10, it may not seem like much but it adds up profusely otherwise people would not have such a problem giving a 1/4 % tax raise.
The % increase would only be so high on inexpensive items. When you’re talking about a $100 or $1000 transaction, it’s negligible. Guess it depends on your shopping habits.
February 10th, 2008 at 11:46 am
We no longer need penny and nickel for use because of inflation. Since inflation everything cost more than Penny or Nickel. Only thing is Penny and Nickel is for is coin collecting!
February 11th, 2008 at 12:35 pm
I wouldn’t have a problem with losing the penny. After all, they really aren’t good for anything. I never have them, and always get them in change. Who knows what I do with them - I surely don’t.
The nickel… not so sure. I suppose we could probably do without it but I wouldn’t abandon it just yet. I do occasionally use nickels in day to day life.
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February 21st, 2008 at 7:27 pm
My problem in all honesty with removing the penny and the nickel from our system would be taxes. You buy something for $1.00 your city has a 8% tax. That would be $1.08 after tax. With no penny or nickels it would then be rounded to $1.10, it may not seem like much but it adds up profusely otherwise people would not have such a problem giving a 1/4 % tax raise.
February 21st, 2008 at 10:22 pm
The % increase would only be so high on inexpensive items. When you’re talking about a $100 or $1000 transaction, it’s negligible. Guess it depends on your shopping habits.