A penny for your thoughts.

Originally Posted by Crash Landon

Unfortunately, the gold standard, the basis upon which our currency is given trade value, is based entirely upon the power of 1%. Internationally, the price of gold does not always remain rounded off to the nearest nickel. It rises and falls by pennies each day. In a given year, its value may experience, for pure example, a $0.23 gain.

Crash, are you really suggesting that people trading on international currency and commodity markets ever pay by cash?

Just because you get rid of penny coins, doesn't mean you're abolishing the concept of a penny completely. Electronic transactions can still be enacted to the nearest penny, all you're doing is cutting down on the amount of crap change people have to cart about.

Official statistics show there are 10,360,000,000 1p pieces in circulation in the UK but I don't know a single person who ever uses them. Everyone I know chucks them in a pot when they get home then horde them basically forever. The only danger in abolishing the penny would be if everyone changed theirs up at once, putting another £103 million of currency back into circulation creating some inflationary pressure (Although cash increases in actuality have little impact on a national economy).

England's economy is tiny compared to the US's, imagine how much raw material is floating about useless in pots in people's houses.

If nobody uses the damn things, why keep 'em? I barely use cash anymore as it is, it's only a matter of time before hard currency as a whole is a thing of the past in my opinion.

How ya doing, buddy?