Feb 14 - Obama suggests he’s open to getting rid of the penny

Obama suggests he’s open to getting rid of the penny

President Barack Obama says it may be time to get rid of the penny.
The copper 1-cent coin has long been criticized for being costlier to mint than it is worth. And with Americans using pennies less and less, some have questioned why the government hasn’t stopped producing them.
Asked whether the penny should be nixed during an online chat sponsored by Google, Obama bluntly admitted, “I don’t know.”
“It’s one of those things where I think people get attached emotionally to the way things have been,” the president said. “We remember our piggy banks and counting out all the pennies and then taking them and getting a dollar bill or a couple of dollars.”
Obama added that the penny is a “good metaphor” for the larger problems facing the federal government.
“This is not going to be a huge savings for government. But anytime we’re spending more money on something that people don’t actually use, that’s an example of something we should probably change,” Obama said. “One of the things that you see chronically in government is it’s very hard to get rid of things that don’t work so that we can then invest in the things that do.”
But, he acknowledged, getting rid of the penny is not one of his administration’s highest priorities.

Obama suggests heâ€™s open to getting rid of the penny | The Ticket - Yahoo! News

02-15-2013, 02:53 AM

first the penny..then the nickle..quarter dollar...

i save pennys and at the end of the year turn them into coin star [pic] mutha!!as take a percentage from that too though [pic]

02-15-2013, 04:19 AM

For reals. Ive been working on with of those 5 gallons empty water. All i got is pennies in em. its my babys piggy bank Obama.

02-15-2013, 05:24 AM

Originally Posted by SpacelyPockets

first the penny..then the nickle..quarter dollar...

i save pennys and at the end of the year turn them into coin star [pic] mutha!!as take a percentage from that too though [pic]

[pic]

Go to Walmart or the dollar store and get a pack off coin wrap and wrap that !! yourself and exchange it at a bank. !! coin star taking 8% of every dollar.

02-15-2013, 07:12 AM

why haven't new bills been added to the circulation yet? with new ppl?

like they did with adding states to quarters

02-15-2013, 08:05 AM

it's not his decision, leave it alone Obama. Your poor supporters still need the penny.

02-15-2013, 08:06 AM

Hold on to all your pennies pre 1982. Any penny made during and before 1982, is actually worth 2.2 cents because it has 95% copper. With inflation metals rise and copper is one of them. If the penny is cut out of our currency, we will be able to melt the penny for its copper vaule, which could be worth anywhere from 5-10x its value. It's a great way to invest your dough, esp with the big potential payout

02-15-2013, 08:07 AM

Originally Posted by Dontess

Hold on to all your pennies pre 1982. Any penny made during and before 1982, is actually worth 2.2 cents because it has 95% copper. With inflation metals rise and copper is one of them. If the penny is cut out of our currency, we will be able to melt the penny for its copper vaule, which could be worth anywhere from 5-10x its value. It's a great way to invest your dough, esp with the big potential payout

you da man 4 that [pic]

02-15-2013, 09:33 AM

Originally Posted by supervillain

[pic]

Go to Walmart or the dollar store and get a pack off coin wrap and wrap that !! yourself and exchange it at a bank. !! coin star taking 8% of every dollar.

This. I've been doin this for over a year now. I let all the other coins stack, but them quarters--that's $10 every few weeks.

02-15-2013, 09:34 AM

Originally Posted by Dontess

Hold on to all your pennies pre 1982. Any penny made during and before 1982, is actually worth 2.2 cents because it has 95% copper. With inflation metals rise and copper is one of them. If the penny is cut out of our currency, we will be able to melt the penny for its copper vaule, which could be worth anywhere from 5-10x its value. It's a great way to invest your dough, esp with the big potential payout

Same with pre 1964 quarters. I had like $20 in those quarters, went to the pawn shop and walked out with $500 cash.

02-15-2013, 10:02 AM

Originally Posted by Dontess

Hold on to all your pennies pre 1982. Any penny made during and before 1982, is actually worth 2.2 cents because it has 95% copper. With inflation metals rise and copper is one of them. If the penny is cut out of our currency, we will be able to melt the penny for its copper vaule, which could be worth anywhere from 5-10x its value. It's a great way to invest your dough, esp with the big potential payout

great idea to invest your dough? uhm its against federal law to scrap currency.

02-15-2013, 10:19 AM

OFF TOPIC
I kept bout $5 or more worth of change in my chevy and 1 sunday morning my moms went through my ride to get sum change for Sunday's paper. She found my 1/2 of FIE mid and flushed it. I only smoked 1 blunt out of it, everysince then I been like !! change [pic]

02-15-2013, 11:29 AM

Originally Posted by minimafiaaj

great idea to invest your dough? uhm its against federal law to scrap currency.

Yeah, until they get rid of the penny. Then you can melt away

02-15-2013, 11:34 AM

Originally Posted by Dontess

Yeah, until they get rid of the penny. Then you can melt away

Its still illegal, until they change that law, which i've heard nothing about. But my grandpa had this same idea in like 1984 lol hes got mad pennies around his farm just in buckets. all pre 1982.

02-15-2013, 11:39 AM

smart!!!

02-15-2013, 11:39 AM

Originally Posted by minimafiaaj

Its still illegal, until they change that law, which i've heard nothing about. But my grandpa had this same idea in like 1984 lol hes got mad pennies around his farm just in buckets. all pre 1982.

This article is about getting rid of the penny....which means they will change the law on scrapping. Your Grampa is a smart man and now it is likely, more than any other time, the US might actually get rid of the penny. Also, Canada has just scrapped their penny for the same reason the US should.

02-15-2013, 11:54 AM

02-15-2013, 01:35 PM

Washington is far too dysfunctional for this to happen anytime soon. They can't even make it through standard personnel changes without bickering like children. You think they'll be able to agree on this?

[pic]

Washington is like that one cousin that has a new plan to change careers and rule the world every 3 months, and has no job.

02-15-2013, 01:38 PM

penny cost a lot to make. More than its worth.

We should get rid of it, its stupid, i hate the .99 cent. 9.99 store tradition.
Always giving a nicca a fuking penny.

02-15-2013, 02:18 PM

Hey guys, I answered the question honestly ...

They just got rid of the penny in Canada, now if something costs 1.99 and you give them 2.00, they round up and you dont get change

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