For more Last Look, watch GPS, Sundays at 10 a.m. and 1 p.m. ET on CNN
Canada’s penny has gone the way of its dollar bill. There are logical reasons for the decision, not least the expense. Many other nations have already gotten rid of their penny equivalents: Australia, Brazil, Finland, Israel, the Netherlands, New Zealand, Norway, Sweden, Switzerland, to name just a few.
Is it time to do the same in the United States?
Pennies are literally terrible. More expensive than they are worth, inefficient, completely useless in nearly every coin based exchange, why do we still have these tiny discs of suck? Ditch 'em.
Anything to reduce the budget. The is more of a nuisance now. However, expect vendors to round up, not down.
In lean manufacturing, inventory is a form of waste. Pennies are taking massive inventory space.
These one-penny or one-cent coins are an evidence for inflation. Back in the old days a penny or a cent was worth a lot. One could get a decent meal for 20 cents in a diner a century ago. It takes time for people to get used to new currencies. It's a very emotional issue, as they are afraid of being ripped off.
I've been to the states a couple times. And every single time I get tired of your "money system". 1 cent is worthless, I kept throwing them in the garbage. The same thing goes for your bills. One dollar is not that much money and you end up with a big stack of money that also is pretty worthless.
New system proposal:
COINS: 25 cent, 50 cent, 1 $, 5 $
BILLS: 10 $, 20 $, 50 $, 100 $
I know you guys haw a law that say you cant "round up" the price in a store or something. But hey, it equals out after a few times. You could allways use your debet/credit card to pay the exact amount.
Hi, we have just officially rid are selves of the penny, but they are still be used by a few business's. Especially the gas stations, when you go over by a penny or two they still want it. Pretty funny though, because I'll go over the ten dollar mark by two and they will only get the ten out of me no more then the ten. Finally I can start getting back at the oil companies, lol.
It is time for a complete rework of the US coinage system. I lived in Italy when the exchange rate was 1600 Lira to the dollar. The Italian merchants seldom used anything less than a 50 Lira coin, even though they existed. The smaller coins were so small and light weight no one wanted them. The merchants would give "penny candy" as small change. The problem with the penny is that you can't buy a piece of "penny candy" with it. If we keep the penny it should be downsized along with the nickel. The vending machine people can adapt. They had no problem adding dollar bill equipment when they raised their prices.
ok, your state tax is 4 percent. have your state change it to 5 percent, because you have nothing smaller? or have your retailer modify the price on kazillion products, just so you can make it come out right? my state tax is 6 percent and I dont think the state is going to take a one cent loss, when they can go to 10 percent and gain 4 cents a dollar... Lets get rid of the half dollar. it costs a lot more than a cent, to make, store, distribute, etc. when was the last time you got one in circulation? I occasionally order a box from my local Federal Reserve bank and spend them just for reaction. No they are at face value, no retail markup. best reaction is drive thru windows. kids haven't seen them and arent sure what they are or the value...
The Global Public Square is where you can make sense of the world every day with insights and explanations from CNN's Fareed Zakaria, leading journalists at CNN, and other international thinkers. Join GPS editor Jason Miks and get informed about global issues, exposed to unique stories, and engaged with diverse and original perspectives.
Every week we bring you in-depth interviews with world leaders, newsmakers and analysts who break down the world's toughest problems.
CNN U.S.: Sundays 10 a.m. & 1 p.m ET | CNN International: Find local times
Buy the GPS mug | Books| Transcripts | Audio
Connect on Facebook | Twitter | GPS@cnn.com
Buy past episodes on iTunes! | Download the audio podcast
Check out all of Fareed's Washington Post columns here:
Obama as a foreign policy president?
Why Snowden should stand trial in U.S.
Hillary Clinton's truly hard choice
China's trapped transition
Obama should rethink Syria strategy
Enter your email address to follow this blog and receive notifications of new posts by email.
RSS - Posts
Get every new post delivered to your Inbox.
Join 4,853 other followers