Getting rid of the penny? - Fantasy Baseball Cafe 2014 Fantasy Baseball Cafe
100% Deposit Bonus for Cafe Members!

Return to General Talk

Getting rid of the penny?

Moderator: Baseball Moderators

Getting rid of the penny?

Postby chadlincoln » Tue Jul 18, 2006 2:29 pm

http://money.cnn.com/2006/07/18/news/pe ... tm?cnn=yes

Kill-the-penny bill introduced

NEW YORK (CNNMoney.com) -- Representative Jim Kolbe wants to do away with the penny - and for a second time has introduced legislation that would effectively kill it.

The Currency Overhaul for an Industrious Nation (COIN) Act would force the rounding off of all cash transactions to the nearest 5 cents, making the penny coin useless for everyday transactions.

Citing spiraling zinc costs, Rep. Jim Kolbe continues his quest to eliminate the 1-cent piece.

The move is in part a reaction to the rising cost of zinc - the penny's main ingredient - which at current prices brings the cost of making the coin to 1.4 cents each.

Kolbe introduced similar legislation in 2001 when prices for metals weren't as high. The bill failed to pass or even to make it to a floor vote. Since then, however, zinc costs have nearly doubled.

"The penny has been a nuisance for years," said Kolbe (R-Arizona) at a press conference on Tuesday, "but now that the cost of a penny exceeds its value, the landscape of the debate has completely changed."

Over half of the U.S. Mint's coin production comes in the form of pennies. At current prices, the Mint would spend some $44 million producing pennies this year, nearly $14 million more than in 2005.

As with the 2001 bill, the new one calls for rounding down any cash transaction that ends in in 1,2,6 and 7 cents; totals ending in 3,4,8, or 9 cents would round up.

Chuck Todd, editor-in-chief of the political briefing publication, Hotline, thinks it's unlikely Kolbe's bill will have better luck this time. "The only time these coin bills are successful is when you create a collectible," Todd says.

The bill does, however, call for various commemorative currencies, including a dollar coin and a $2 bill.

A recent Gallup/USA Today also indicates a tough road ahead for the bill.

Fifty-five percent of respondents consider the penny useful compared to 43 percent who think it should be eliminated. More telling, 76 percent of respondents said they would pick up a penny if they saw it on the ground.

Kolbe's home state of Arizona is the largest copper producing state in the nation. Copper is the main material of the nickel which would benefit by becoming the lowest denomination of currency in circulation.
Other elements

Kolbe's bill also takes aim at Massachusetts-based Crane Paper, which has been the exclusive supplier of paper to the Bureau of Engraving since 1879. Crane has benefited from legislation requirements that effectively makes it the only possible supplier of the paper.

Kolbe's bill would simply require the paper to be "produced entirely within the United States," rather than the current requirements that it be produced domestically by a company 90-percent American owned. Kolbe, as a freetrader, opposes such protectionism.

COIN also provides for a study of less costly metals to replace zinc, copper and other materials used in American coins.

The bill also calls for organizational changes: Oversight of the U.S. Mint and the Bureau of Engraving and Printing would be transferred from the Department of the Treasury to the Federal Reserve Board. Kolbe's office maintains that since the Federal Reserve is in charge of the dollar, moving the currency under the Federal Reserve would remove a layer of bureaucracy.

Others don't see the wisdom in the proposed move. "Sure, you're taking bureaucracy away from the Treasury but you're adding it to the Federal Reserve," said Todd. "Where do you get the efficiency?"
7/26 - Cafe goes down:

General Error
SQL ERROR [ mysql4 ]
Table './cafe_forums/baseball_sessions' is marked as crashed and should be repaired [145]
An sql error occurred while fetching this page. Please contact an administrator if this problem persists.
chadlincoln
Hall of Fame Hero
Hall of Fame Hero

User avatar
Cafe WriterCafe RankerMock(ing) DrafterEagle EyeWeb Supporter
Posts: 10983
Joined: 20 Jan 2005
Home Cafe: Baseball
Location: Bleachers at Wrigley Field

Postby teddy ballgame » Tue Jul 18, 2006 2:34 pm

There was a thread about getting rid of the penny, but it's interesting it has become this serious. I don't use pennies but it would be weird if they didn't exist.
Image
teddy ballgame
Hall of Fame Hero
Hall of Fame Hero

User avatar
CafeholicCafe WriterCafe RankerGraphics ExpertMock(ing) DrafterEagle EyeWeb SupporterPick 3 Weekly WinnerLucky Ladders Weekly Winner
Posts: 11485
Joined: 7 Feb 2006
Home Cafe: Baseball
Location: Beantown

Postby Dan Lambskin » Tue Jul 18, 2006 2:38 pm

teddy ballgame wrote:There was a thread about getting rid of the penny, but it's interesting it has become this serious. I don't use pennies but it would be weird if they didn't exist.


looks like someone was way ahead of the curve ;-7
Image
Dan Lambskin
Hall of Fame Hero
Hall of Fame Hero

User avatar
CafeholicCafe RankerMock(ing) DrafterEagle EyeLucky Ladders ChampionPick 3 Weekly WinnerMatchup Meltdown SurvivorTrivia Time Trial Monthly Winner
Posts: 10225
Joined: 20 Mar 2005
Home Cafe: Baseball

Postby chadlincoln » Tue Jul 18, 2006 2:46 pm

Dan Lambskin wrote:
teddy ballgame wrote:There was a thread about getting rid of the penny, but it's interesting it has become this serious. I don't use pennies but it would be weird if they didn't exist.


looks like someone was way ahead of the curve ;-7
It did say in the article they tried to pass something like this a while back. Now that the price of zinc has doubled since then, it might go through.
7/26 - Cafe goes down:

General Error
SQL ERROR [ mysql4 ]
Table './cafe_forums/baseball_sessions' is marked as crashed and should be repaired [145]
An sql error occurred while fetching this page. Please contact an administrator if this problem persists.
chadlincoln
Hall of Fame Hero
Hall of Fame Hero

User avatar
Cafe WriterCafe RankerMock(ing) DrafterEagle EyeWeb Supporter
Posts: 10983
Joined: 20 Jan 2005
Home Cafe: Baseball
Location: Bleachers at Wrigley Field

Postby PlayingWithFire » Tue Jul 18, 2006 3:08 pm

There are better way to save tax payer money than stop making pennies right? I mean, pennies save us money with all the 1.98 prices.
Are you interested in joining a 28 teams dynasty league? If so, PM me.
PlayingWithFire
Hall of Fame Hero
Hall of Fame Hero

User avatar
Cafe WriterLucky Ladders Weekly Winner
Posts: 13262
Joined: 7 Apr 2005
Home Cafe: Baseball
Location: Manhattan, KS

Postby Tavish » Tue Jul 18, 2006 5:43 pm

Off-topic, but its hard to talk about pennies and not think of this.

Peter: "Alright, so when the sub routine compounds the interest, right, it uses all these extra decimal places that get rounded off. So we simplified the whole thing and we just-- we round 'em all down and drop the remainder into an account that we opened."
Joanna: "So, you're stealing."
Peter: "Uh, no. No, you don't understand. It's uh-- it's very complicated. It's uh-- it's aggregate, so I'm talking about fractions of a penny here. And, uh, over time they add up to a lot."
Joanna: "Oh, okay. So, you're gonna make a lot of money, right?"
Peter: "Yeah."
Joanna: "Right? That's not yours?"
Peter: "Uh, well, it becomes ours."
Joanna: "How is that not stealing?"
Peter: "I don't think, uh-- I don't think that I'm explaining this very well."
Joanna: "Okay."
Peter: "Um, the 7-Eleven, right?"
Joanna: "Mm-hmm."
Peter: "You'd take a penny from the tray."
Joanna: "From the crippled children?"
Peter: "No, that's the jar. I'm talking about the tray. The-- You know, the pennies f-for everybody."
Joanna: "Oh, for everybod-- Okay."
Peter: "Yeah, well, those are whole pennies."
Joanna: "Right."
Peter: "Alright? I'm just talking about fractions of a penny here. Okay? But we do it from a much bigger tray and we do it a couple of million times."
Peter: "So what's wrong with that?"
Joanna: "I don't know. It just seams wrong."
Peter: "It's not wrong. Initech is wrong. Initech is an evil corporation. Alright? Chotchkie's is wrong. Doesn't it bother you that you have to get up in the morning and you have to put on a bunch of pieces of flair?"
Joanna: "Yeah, but I'm not about to go in and start taking money from the register."
Peter: "Well, maybe you should. You know, the Nazis had pieces of flair that they made the Jews wear."
Joanna: "What?!"
Image

Bury me a Royal.
Tavish
Mod in Retirement
Mod in Retirement

User avatar
CafeholicFantasy ExpertCafe WriterCafe RankerMock(ing) DrafterEagle EyeCafe SpotterWeb Supporter
Posts: 11071
(Past Year: 25)
Joined: 3 May 2004
Home Cafe: Baseball

Postby acsguitar » Tue Jul 18, 2006 6:48 pm

God I hate pennies
I'm too lazy to make a sig at the moment
acsguitar
Hall of Fame Hero
Hall of Fame Hero

User avatar
Graphics Expert
Posts: 26722
Joined: 7 Apr 2004
Home Cafe: Baseball
Location: Back in General Talk WOOO!!!

Postby RyanK » Tue Jul 18, 2006 6:55 pm

acsguitar wrote:God I hate pennies


i agree
Image
RyanK
General Manager
General Manager

User avatar
Graphics Expert
Posts: 2839
Joined: 15 Aug 2004
Home Cafe: Baseball

Postby The Miner Part 2 » Tue Jul 18, 2006 7:14 pm

please dont take away pennies. then ill have to throw my candy when at the movies. and a piece of candy at the movies costs probably more than the actual worth of a penny.
Image
The Miner Part 2
General Manager
General Manager

User avatar
Mock(ing) Drafter
Posts: 3757
Joined: 16 Sep 2004
Home Cafe: Baseball
Location: Throwing rocks at The Cubby Bear.

Postby smoovethug » Tue Jul 18, 2006 7:22 pm

So then what happens to the lucky penny that you find heads-up? :-?
Image

Hal·la·day, n. 1. every fifth day in Philadelphia. 2. a day of rest for the bullpen. 3. innings eater. 4. doc. 5. ace.
smoovethug
Hall of Fame Hero
Hall of Fame Hero

User avatar
EditorCafeholicFantasy ExpertCafe WriterCafe RankerGraphics ExpertGolden Eagle EyeWeb SupporterLucky Ladders ChampionPick 3 Weekly WinnerTrivia Time Trial Monthly Winner
Posts: 8955
(Past Year: 23)
Joined: 6 Nov 2005
Home Cafe: Baseball
Location: Halladay Season

Next

Return to General Talk

Who is online

Users browsing this forum: unioreimi and 5 guests

Forums Articles & Tips Sleepers Rankings Leagues


  • Fantasy Baseball
  • Article Submissions
  • Privacy Statement
  • Site Survey 
  • Contact