Need a penny? Sorry, I’m fresh out…

By xerocube | July 18, 2006

It looks like legislation has entered Congress to do away with the beloved penny. It seems someone tried to do this in the past, 2001 to be exact, and failed. Here are a couple of links:

http://www.bangornews.com/news/templates/?a=136546http://money.cnn.com/2006/07/18/news/penny/index.htm?cnn=yes

Ok, so Rep Jim Kolbe of Arizona has introduced this bill that will effectively kill the penny. Now, I don’t rightly care about the penny itself… because I don’t like carrying them in my pockets when I do happen to use cash for a purchase. However, what I do mind it the whole idea of “rounding” all purchases, which is the main purpose of this bill, the Currency Overhaul for an Industrious Nation Act. The COIN Act… clever, eh?

So, by definition of this bill, all items with a price ending with 1 or 2 cents will be rounded down to 0. Those ending with 3 or 4 cents will be rounded up to 5 cents. Those ending with 6 or 7 cents will be rounded down to 5 cents. And, finally, those ending with 8 or 9 cents will be rounded up to 0 cents. Let’s list some pros and cons of this…

Pros:

Cons:

Anyway, just thought I would bring this to your attention. Keep an eye out for this. Perhaps we should all contact our representatives to stop this bill from passing. I, for one, would like to keep the penny around.

For those who hate the penny, I’ll gladly accept your pennies. Just email me and I’ll tell you where to send them. I need something to fill my “penny jar”.

Topics: Politics | 2 Comments »

2 Responses to “Need a penny? Sorry, I’m fresh out…”

Craig Butler Says:
July 19th, 2006 at 6:31 pm

This sounds like all those rounding rules that you had to test for the UBT!! How u like them apples?

xerocube Says:
July 20th, 2006 at 3:44 pm

Now you know why I’m so adamantly opposed to this garbage!!

Damn the UBT!

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