“Death to Pennies”: Hear, Hear!

It pleases me to no longer be the only guy complaining about the penny.

This anti-penny rant was quite good.

But this one is even better:

Seriously, it is a great little video — sharply produced, smartly written, and devastatingly well-argued. The man behind it, C.G.P. Grey, can be found here; he looks like an interesting fellow.

(HT: Tom)

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  1. AJ says:

    After watching the video I am convinced it is time to nuke the penny. However, I found the comment about penny pinchers to be rather insulting. If I’ve got exact change handy that includes pennies, I will hand over the 1-4 pennies. Where you see time wasting is cashiers who don’t know basic change counting skills. In fact, if every cashier knew how to count change up to the amount received lines would go considerably faster. (No, everyone paying with a card will not help much. Have you noticed how long the typical card takes to process? Cash is faster with a skilled cashier.)

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  2. Tim says:

    We need a video to abolish the paper $1 note.

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  3. Ian M says:

    Hidden due to low comment rating. Click here to see.

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  4. Mike B says:

    Hidden due to low comment rating. Click here to see.

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    • Clancy says:

      I don’t think you know what Hyperinflation is. If every vendor decided to round up instead of rounding fairly, that would be an average price rise of 2 cents. If we assume a mean transaction of $20 and 50% of purchases made with cash (made up off the top of my head, if you have better numbers let me know) that’s a one-time 0.05% rise in prices. I don’t know anyone who is paid wages in cash that is paid some odd amount and demands exact change to the penny so I don’t see a corresponding increase in wages or any continuing mechanism that would lead to a wage-price spiral necessary for hyperinflation.

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      • Mike B says:

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      • Adriel says:

        Why stop at the penny? Remove the nickel as well and you’ve simply chopped a decimal point off the currency system.

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    • J.Weingart says:

      Stores would not be able to rig prices to take advantage of rounding to the nearest nickel, unless you only purchased one item. For example, if every item (with tax) intentionally ended in 3 cents so it would round up to 5, purchasing two items would total with a number ending in 6, which would round down.

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  5. Clancy says:

    What signals to me that people will be willing to give up the penny is that we’ve developed a successful work-around in the Take-a-Penny-Leave-a-Penny tray. If you need pennies for exact change, you pay them from the tray, if you receive pennies as change, you put them in the tray so you don’t have to take them. From the customer’s perspective, prices get rounded to the nearest 5 cents and they never have to carry pennies around. As if the penny never existed.

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  6. Marge says:

    If we got rid of the penny, cash registers would have space for the one dollar coin. Win win.

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    • Mike B says:

      What dollar coin? Are you referring to that Universal Parking and Transit Token the department of transportation has been trying to get people to use?

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    • Mike MacDonald says:

      Ever try to tuck a dollar coin into a garter belt? Lose lose. Besides, the only reason the government wants to replace the paper dollar is that dollar coins can collect ten years worth of bacteria, snot, and other human ooze while a paper dollar can only collect a year or two’s worth.

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  7. bsod says:

    if they get rid of penny’s will they have to round peoples paychecks to 5 cents a week?

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    • Jamie Kennedy says:

      The system we have here in Australia, as mentioned in the video, is that all *cash* transactions are rounded to the nearest 5 cents. Anything else – credit card payments, electronic transfers, bank interest, you name it – is still worked to the single cent. I suppose there are people who at the supermarket (or anywhere else) pay by cash if they will gain a cent or two, but use credit card or EFTPOS if they won’t. I don’t bother – it’s not worth it. You gain sometimes and win others, on average it all comes out even, plus you don’t have to lug around extra coins you got in change. We’ve had it for a while now; not sure exactly, but it would be 15 years at least, and I don’t hear anyone complaining. Just my nothing (it was going to be .02 but I rounded to the nearest .05).

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  8. TM says:

    Please send all unwanted pennies to the following address (and any other legal tender you may be tired of)…..

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    • Mike Hunter says:

      Sure! But you have to pay the shipping and compensate me for the time I spend collecting and sending my pennies to you. The amount I work for per hour at my job is more then the minimum wage.

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