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A Penny Saved is a lot more than you think...

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  • A Penny Saved is a lot more than you think...

    Apparently our American Penny costs a little more than its worth.

    http://articles.news.aol.com/busines...00010000000001

    According to the article, the cost of making one cent is actually 1.4 cents!!!!!!!! How can this be a good thing!?


  • #2
    Re: A Penny Saved is a lot more than you think...

    Very interesting article. One thing about pennies needed for making change...there's bank has a new program that when you use the check/debit they'll "keep the change" (rounding up to the next dollar), putting it in a savings account, and matching it up to I think $250.

    Also, if you have one cent on the first day of the month, and double the amount each day, you'll be a millionaire by the end of the month.

    --Barry
    God, grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference.

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    • #3
      Re: A Penny Saved is a lot more than you think...

      I don't get why this is just becoming news. The threshold between the penny and its costs has been extremely close for some time. It just needs to be phased out. The things are annoying and don't really buy much. Of couse, I also use dollar coins.

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      • #4
        Re: A Penny Saved is a lot more than you think...

        Who is surprised that it costs the gummint 1.4 cents to make a cent. They pay $600 for hammers!
        "Yesterday, a man walked up to me and said, 'Isn't it a shame that Walt Disney couldn't be here to see this?' and I said, "He did see this, that's why it's here."
        -Art Linkletter July 17, 2005-


        When you wish upon a star your dreams come true.

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        • #5
          Re: A Penny Saved is a lot more than you think...

          there's bank has a new program that when you use the check/debit they'll "keep the change" (rounding up to the next dollar),
          That is how we keep our check register; we always have a "cushion" in there. I think it is up to several hundred dollars now.

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          • #6
            Re: A Penny Saved is a lot more than you think...

            Yep, I agree...Do away with pennies.

            They literally "cost more than they're worth"!

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            • #7
              Re: A Penny Saved is a lot more than you think...

              I lived in Australia soon after they phased out pennies there. It was insanely easy and convenient. I say get rid of them.
              St. Elizabeth, Patron Saint of Themed parks. Protect us from break downs, long lines, and used gum. Amen.

              "Dance like it hurts, love like you need money, and work when people are watching" - Dogbert




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              • #8
                Re: A Penny Saved is a lot more than you think...

                Originally posted by Radiobarry
                ...
                Also, if you have one cent on the first day of the month, and double the amount each day, you'll be a millionaire by the end of the month.

                --Barry
                Actually, you would have $5,368,709.10... assuming it is a 30 day month. If it has 31, you would have twice that.

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