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by Chris Sun Aug 05, 2012 10:17 am
Do you think the US government should bring back the $500 bill?
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RedBedroom
Nystyle709
Marc™
Shale
Impact
Alan Smithee
Chris
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Should $500 bills still be in circulation?
Chris- Chamber Admin.
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Do you think the US government should bring back the $500 bill?
Alan Smithee- ...is a 20G Chamber DIETY.
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I'm good with Messrs. Franklin and Grant. But I usually only hang out with Washington, Lincoln, Hamilton and Jackson.
Impact- …is a Power Member.
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Personally I wouldn't want to carry around a bill that large. I can believe that that's probably why they aren't manufactured anymore. I can deal with losing a $50, but a $500 may make me take a bottle of pills.
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Impact wrote:Personally I wouldn't want to carry around a bill that large. I can believe that that's probably why they aren't manufactured anymore. I can deal with losing a $50, but a $500 may make me take a bottle of pills.
Besides, can you imagine trying to cash it at most places?
Shale- ...is a Chamber Royal.
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I've never even seen one of those, but hang on to the plates. With inflation, eventually that will be the $50 equivalent.
I can remember just the last decade, I would go to the grocery store with debit card, pay for the groceries and get back $20 for pocket change. Now, the things I bought for $20 in the store routinely cost me $35 and I get back $50, which lasts as long as the twenty used to.
I can remember just the last decade, I would go to the grocery store with debit card, pay for the groceries and get back $20 for pocket change. Now, the things I bought for $20 in the store routinely cost me $35 and I get back $50, which lasts as long as the twenty used to.
Marc™- …is a Chamber DEITY.
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Don't see the point in having them in regular circulation. Carrying that much money around is a hazard. Just use your checkbook.
Nystyle709- ...is a 20G Chamber DIETY.
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Nope. Not necessary.
RedBedroom- …is a Chamber DEITY.
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I don't see a need for it.
Tony Marino- …is a Global Moderator.
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I can't see any need for it.
captainbryce- …is a Power Member.
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Screw that, I'd rather them phase out the useless "penny" instead. What is the purpose of a ONE cent coin? Nothing costs one cent anymore and denominations down to one cent only exist because the penny exists. So let's get rid of it! While we're at it, let's follow the sterling example and get rid of the dollar bill while we're at it. The only incentive for keeping that around is sentimental value (face of George Washington).
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captainbryce wrote:Screw that, I'd rather them phase out the useless "penny" instead. What is the purpose of a ONE cent coin? Nothing costs one cent anymore and denominations down to one cent only exist because the penny exists. So let's get rid of it! While we're at it, let's follow the sterling example and get rid of the dollar bill while we're at it. The only incentive for keeping that around is sentimental value (face of George Washington).
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captainbryce wrote:Screw that, I'd rather them phase out the useless "penny" instead. What is the purpose of a ONE cent coin? Nothing costs one cent anymore and denominations down to one cent only exist because the penny exists. So let's get rid of it! While we're at it, let's follow the sterling example and get rid of the dollar bill while we're at it. The only incentive for keeping that around is sentimental value (face of George Washington).
No.
Cheaps- ...is a 20G Chamber DIETY.
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No, I see no point in a $500 bill.
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Why?Nystyle709 wrote:
No.
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captainbryce wrote:Why?
Because I don't see pennies as "useless." The problem with most people is that they don't value spare change. When I was a kid, my father started a piggy bank for us. We had two 5 gallon water jugs behind the TV. One for silver coins and one for pennies. Every night he and my mother would dump all the loose change into the jugs. And sometimes they would put dollars or a $5 bill in the silver jug. Guess how much money we had we they both got filled up? Over $2,500. And it didn't that that long to fill up either. When those got filled up, we would start it again. Do you know how handy that money came in when I would raid it (sometimes) to buy those quarter waters, ice cream sandwiches and arcade games and pool games and those fruit roll ups at lunch? Regardless of how nominal the penny is, it IS currency and it DOES add up. And by getting rid of it, it would just be another way for merchants to nickel and dime their customers with the price because they would have to either round the price up or down. And you know damn well they won't be rounding down. The penny makes prices flexible, therefore keeping prices competitive. You know people want whatever cheaper. If you went to buy gas and you saw a station that sold gas for $3.51/gal and the one across the street sold gas for $3.47/gal....which one would you go to? Better yet, if you knew a station that sold it for $3.40/gal, you'd prob. go out of your way to get to that one. And the transition process to discontinue pennies isn't going to be free or hassle-free. So why bother? Pennies ain't hurting nobody. I like the fact I could walk down the street, find a hundred pennies on the ground, and then go into a store and buy a newspaper or something for a dollar. That's free money. Leave it alone. And get rid of a dollar bill too?! LOL. I won't even get into that one.
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Exactly! You think they're going to round down to the next lowest nickle?
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They WOULD if the penny was phased out. And that's the point I was making. The penny serves no practical purpose in the grand scheme of things. What's the point of charging 99 cents verses a dollar other than as a mind trick? You notice you never see anything priced at $1.01. Pennies have to be made, exchanged, redeemed and replaced. All of that costs money (tax dollars)! In the case of higher denominations of cash, it ultimately makes sense because that money is made up during consumer purchases. But in the case of the penny, it's just a wasteful process. As I said before, NOTHING costs a penny. It only exists to create "off" denominations of cash.Alan Smithee wrote:Exactly! You think they're going to round down to the next lowest nickle?
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When I was a kid we had plastic 'mills' of various colors that represented fractions of a penny. (thousandths of a dollar).
Of course a dollar was actually worth something back then. Pack of Pall Mall cigarettes was a dime. (I know this 'cause mom sent me to the corner store to buy her smokes when I was under 10 - and they sold them to me).
Of course a dollar was actually worth something back then. Pack of Pall Mall cigarettes was a dime. (I know this 'cause mom sent me to the corner store to buy her smokes when I was under 10 - and they sold them to me).
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Sorry, I'm not buying it. Sales tax is 7% where I live so a $0.99 sale will ring up as $1.06. Even if that would be rounded down to $1.05, I have no doubt that amounts of $3.86 would be rounded up to $3.90. Experience has just made me too cynical to think otherwise. Same with self-serve gas. They didn't lower the price of gas you pump yourself. They raised the price of full serve.
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captainbryce wrote:They WOULD if the penny was phased out.
No it would not.
And that's the point I was making. The penny serves no practical purpose in the grand scheme of things. What's the point of charging 99 cents verses a dollar other than as a mind trick?
That 99 cents is still LESS than a dollar. Like I said before, people don't value change. It's still the fact of the matter, 99 cents is less than a dollar. I can take that one cent and save it. Whether or not it would be insignificant to save it is my problem but because you think it's not worth it doesn't mean it isn't. If I wanted to, I could save that one cent a hundred times and get an extra dollar. Two hundred times and get an extra two dollars.
You notice you never see anything priced at $1.01.
No, it might not be priced at that anymore, but you are forgetting about a certain thing called taxes. After taxes are calculated, an item can very well come up to $1.01. Or $20.14. Or $54.68. Or $77.19. Pennies allow me to pay for my item with exact change, if I have it. Why should I have to break a dollar just because a penny is insignificant or "useless" to you?
Pennies have to be made, exchanged, redeemed and replaced.
So do nickles, dimes, quarters, dollars, fives, tens, twenties, etc. Nothing costs a nickel, dime or hardly a quarter anymore either. So why pick on the pennies?
All of that costs money (tax dollars)!
Cost money produce a lot of things.
In the case of higher denominations of cash, it ultimately makes sense because that money is made up during consumer purchases.
You are spending more money when you don't have to. That will never make sense.
But in the case of the penny, it's just a wasteful process. As I said before, NOTHING costs a penny. It only exists to create "off" denominations of cash.
LOL. I can think of a lot more wasteful things than producing a penny. And there are places that still sell "penny candy". And there is a such thing as "penny stocks". And even if the currency exits to create off denominations of cash, then so be it. It's not a problem. Money is use for purchasing things and the lowest denomination shouldn't be phased out because it's an inconvenience for some people.
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Yes they would, you know why? Because they'd have no choice!Nystyle709 wrote:They WOULD if the penny was phased out.
No it would not.
With all due respect, you're still missing my point. It's not about saving a cent here and a cent there. Sure, if you think there is value in that (and YOU actually make the effort to do that), by all means do so. I'm not knocking that. My point is, that in itself doesn't justify the existence of the one cent denomination. The government doesn't produce one cent coins with the intent that one out of ten people save each one in their piggy bank. If the penny wasn't in circulation, people would just be saving nickles and dimes in their piggy banks instead.Nystyle709 wrote:That 99 cents is still LESS than a dollar. Like I said before, people don't value change. It's still the fact of the matter, 99 cents is less than a dollar. I can take that one cent and save it. Whether or not it would be insignificant to save it is my problem but because you think it's not worth it doesn't mean it isn't. If I wanted to, I could save that one cent a hundred times and get an extra dollar. Two hundred times and get an extra two dollars.
Again, if you actually follow my logic, there would be no denominations below 5 cents possible (TAXES OR OTHERWISE). In other words, lack of pennies wouldn't be an issue if you could only ever get charged $1.00, or $20.15, or $54.70, or $77.20. You'd still have to come up with at least 5 pennies in order to pay ANYTHING. That's where the nickle comes in!Nystyle709 wrote:No, it might not be priced at that anymore, but you are forgetting about a certain thing called taxes. After taxes are calculated, an item can very well come up to $1.01. Or $20.14. Or $54.68. Or $77.19. Pennies allow me to pay for my item with exact change, if I have it. Why should I have to break a dollar just because a penny is insignificant or "useless" to you?
BECAUSE A) logically you can't phase out EVERY denomination of money out there and B) out of all of the other denominations of currency you mentioned, PENNIES are the least useful, the least valuable and the most numerous! The fact that all of those other denominations need to be produced is exactly my justification for no longer producing the penny.Nystyle709 wrote:Pennies have to be made, exchanged, redeemed and replaced.
So do nickles, dimes, quarters, dollars, fives, tens, twenties, etc. Nothing costs a nickel, dime or hardly a quarter anymore either. So why pick on the pennies?
But you WOULD have to, therefore it WOULD make sense, because it would be necessary. And it would be better for the economy as a result.Nystyle709 wrote:
In the case of higher denominations of cash, it ultimately makes sense because that money is made up during consumer purchases.
You are spending more money when you don't have to. That will never make sense.
I think it should. So we can agree to disagree on that point.Nystyle709 wrote:
LOL. I can think of a lot more wasteful things than producing a penny. And there are places that still sell "penny candy". And there is a such thing as "penny stocks". And even if the currency exits to create off denominations of cash, then so be it. It's not a problem. Money is use for purchasing things and the lowest denomination shouldn't be phased out because it's an inconvenience for some people.
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We do not have sales tax where I live so I have a jar full of pennies. Recently I saw on TV where a guy who lives in my town collects pennies minted before a certain date because they can be valuable. I am trying to find him.
As far as the $500 bill goes. If I ever got my hands on one, I'll let you know. The only place I would ever see one would be in my dreams.
As far as the $500 bill goes. If I ever got my hands on one, I'll let you know. The only place I would ever see one would be in my dreams.
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captainbryce wrote:Yes they would, you know why? Because they'd have no choice!
Why MAKE them have no choice? You still haven't given me a good enough reason.
With all due respect, you're still missing my point
It's not about saving a cent here and a cent there. Sure, if you think there is value in that (and YOU actually make the effort to do that), by all means do so. I'm not knocking that. My point is, that in itself doesn't justify the existence of the one cent denomination. The government doesn't produce one cent coins with the intent that one out of ten people save each one in their piggy bank. If the penny wasn't in circulation, people would just be saving nickles and dimes in their piggy banks instead.
But every denomination is built on the one cent. If a nickel is worth five CENTS, it's silly to all of a sudden make it so that the nickel can't be broken down.
Again, if you actually follow my logic, there would be no denominations below 5 cents possible (TAXES OR OTHERWISE). In other words, lack of pennies wouldn't be an issue if you could only ever get charged $1.00, or $20.15, or $54.70, or $77.20. You'd still have to come up with at least 5 pennies in order to pay ANYTHING. That's where the nickle comes in!
BECAUSE A) logically you can't phase out EVERY denomination of money out there and B) out of all of the other denominations of currency you mentioned, PENNIES are the least useful, the least valuable and the most numerous! The fact that all of those other denominations need to be produced is exactly my justification for no longer producing the penny.
But you WOULD have to, therefore it WOULD make sense, because it would be necessary. And it would be better for the economy as a result.
I think it should.
So we can agree to disagree on that point.
Let's. In the meantime, I'm glad I can still use my pennies.
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Cap'n, we don't agree on this issue but I respect your opinion very much.
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