RichardPrice
Topic Author
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US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 3:33 am

The US Mint has banned the melting down or bulk exporting of its metal based currency because the metals they are made up of are now worth more on the open market than the face value of the currency.

US pennies cost 1.73 cents to manufacture, and nickles cost 8.74 cents. Pre 1982 pennies are worth over 2 cents on the metal market.

You risk a $10,000 fine and up to 5 years in prison for violating the ban.

http://www.nytimes.com/2006/12/14/bu...html?_r=1&ref=business&oref=slogin
 
QXatFAT
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 3:40 am

This might have been mentioned on here before but I dont know remember when.

But anyways, IMO I think that pennies and nickles should leave the market and have all prices be round off to the nearest 10 cents. Lets say something right now costs $7.54 then the cost should be $7.50 but thats just my opinon. To me, it makes no sense to continue to manufacture these small coins when hardly anyone even cares about their pennies. You see them on the ground a lot and the first thing thrown into water.
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SlamClick
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 4:19 am

Quoting QXatFAT (Reply 1):
have all prices be round off to the nearest 10 cents.

Bad idea!
Do you think anyone would ever round DOWN?
Who would it hurt most? (hint: certainly not the rich)

Copper pennies have other metals in them as tagants. If you melt them down expect to be busted.

All denominations up to twenty dollars should be coins. Perhaps with chips in them.

That would leave only fifties (which could easily be discontinued) and hundreds in general circulation. The blind could then tell denominatons - paper is $100
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QXatFAT
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 4:25 am

Quoting SlamClick (Reply 2):
Do you think anyone would ever round DOWN?

Well it would be the same for when they round up. It is almost like it is becoming even. Some are rounded up and some are rounded down. So how does it favor just one side?

Quoting SlamClick (Reply 2):
All denominations up to twenty dollars should be coins.

Well I dont know if that would really be a good idea at all. You ready to carry around your coin purse now for everything? That is a lot of weight to be carryed around in ones pocket just so they can carry around some $1, $5, $10 coins including the .1, .5, .10, .25, .50 coins already in circut.
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JRadier
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 5:32 am

Quoting SlamClick (Reply 2):

All denominations up to twenty dollars should be coins.

I don't agree. I love the paper dollars when I'm in the US.
For once you have tasted flight you will walk the earth with your eyes turned skywards, for there you have been and ther
 
AsstChiefMark
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 6:16 am

Quoting SlamClick (Reply 2):
paper is $100

Nah..... Make them all coins.  Silly





Mark
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Pope
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 6:18 am

Quoting SlamClick (Reply 2):
All denominations up to twenty dollars should be coins. Perhaps with chips in them.

Are you crazy? Have you ever been to the UK? After 20 minutes I'm carrying around a pocketfull of pound and two pound coins that weigh 10 lbs.
Hypocrisy. It's the new black for liberals.
 
AsstChiefMark
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 6:21 am

Quoting Pope (Reply 6):
After 20 minutes I'm carrying around a pocketfull of pound and two pound coins that weigh 10 lbs.

Spend them as you go rather than pulling out a paper note for every transaction.

Mark
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Pope
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 7:10 am

Quoting AsstChiefMark (Reply 7):
Spend them as you go rather than pulling out a paper note for every transaction.

Shouldn't the same logic apply to the penny?
Hypocrisy. It's the new black for liberals.
 
ilikeyyc
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 7:35 am

I save my pennies and pick them up off the ground when I find one. I've probably got about 4 dollars worth in my car.

Zinc's melting point is 419 degrees C
Copper's melting point is 1084 degrees C
Nickle's melting point is 1455 degrees C

So its not like the average joe will go around melting pennies. Given the amount of energry needed to melt the metals, i would guess that the only way it would be profitable for someone is to do it is on a large scale.
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SlamClick
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 7:38 am

Quoting Pope (Reply 6):
Have you ever been to the UK?

Yes and I left £21 and change in the tray at the security checkpoint at LGW on my way home. So I'm re-thinking the whole coin idea.
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CastleIsland
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 7:53 am

I agree that pennies suck, but

Quoting QXatFAT (Reply 1):
Lets say something right now costs $7.54 then the cost should be $7.50 but thats just my opinon.

Now go calculate tax on that. Choose whatever tax rate you want (other than zero, nice try  Wink ), and now try to figure out how to pay for it. Sure you could round the tax to the nearest dime, but that would make most ledger sheets burst into flames. Not to mention the heads of cashiers.
"People don't do what they believe in, they just do what's most convenient, then they repent." - Dylan
 
JRadier
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 8:03 am

Quoting CastleIsland (Reply 11):
Now go calculate tax on that. Choose whatever tax rate you want (other than zero, nice try Wink ), and now try to figure out how to pay for it. Sure you could round the tax to the nearest dime, but that would make most ledger sheets burst into flames. Not to mention the heads of cashiers.

which is why we have tax included...
For once you have tasted flight you will walk the earth with your eyes turned skywards, for there you have been and ther
 
RichardPrice
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 8:05 am

Quoting CastleIsland (Reply 11):
Now go calculate tax on that. Choose whatever tax rate you want (other than zero, nice try Wink ), and now try to figure out how to pay for it. Sure you could round the tax to the nearest dime, but that would make most ledger sheets burst into flames. Not to mention the heads of cashiers.

Of course you could always switch to a saner method of doing your sales tax.

In the UK, its included in the sticker price, so the £17.99 you pay is really £15.31 plus 17.5% tax. Rounding that up to £18.00 would be trivial.
 
PPVRA
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 8:36 am

In other news, Coinstar's stocks collapse after news of the new lawtaking effect tomorrow. This followed by several quarters of unusual high profits  Smile



 Wink
"If goods do not cross borders, soldiers will" - Frederic Bastiat
 
PPVRA
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 8:45 am

Quoting JRadier (Reply 4):
I love the paper dollars when I'm in the US.

Me too!


-----

Why not make the penny a virtual-only denomination? Credit/debit cards, eletronic transactions, etc.

If the average Joe wants every single penny in retunr, let that guy carry around a card he can charge them to it. Or make an account at the store or bank.
"If goods do not cross borders, soldiers will" - Frederic Bastiat
 
aa757first
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 8:47 am

Quoting QXatFAT (Reply 1):

But anyways, IMO I think that pennies and nickles should leave the market and have all prices be round off to the nearest 10 cents. Lets say something right now costs $7.54 then the cost should be $7.50 but thats just my opinon. To me, it makes no sense to continue to manufacture these small coins when hardly anyone even cares about their pennies. You see them on the ground a lot and the first thing thrown into water.

Its estimated that eliminating the penny will cost Americans $60 million a year. I don't know what eliminating the dime would do.

Quoting RichardPrice (Reply 13):
Of course you could always switch to a saner method of doing your sales tax.

In the UK, its included in the sticker price, so the £17.99 you pay is really £15.31 plus 17.5% tax. Rounding that up to £18.00 would be trivial.

I don't see what's insane about just adding on our tax. It should be fairly easy to add on the tax on in your head.

17.5% tax rate is what is insane. The highest I know of is New York at 8.5%. Delaware has a 0% tax rate and Pennsylvania is 6%, with no tax on clothing (excluding furs) and no tax on unprepared foods.

AAndrew
 
AsstChiefMark
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 9:11 am

Quoting Aa757first (Reply 16):
17.5% tax rate is what is insane

It replaces other taxes.

Mark
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SpinalTap
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 9:18 am

New Zealand a few months ago phased out our 5c coin. We also use to have 1c and 2c coins but they were phased out exactly for this reason - they were worth less than their metal value and production cost. I think the 5c coin was removed as a cost saving procedure - fewer different coins would save on production costs - also you can't exactly buy anything with them. New Zealand has also reduced the size of all the 10c, 20c and 50c coins. They use to be huge and heavy.



The old coins have been sold to a company in South Korea to be melted down. The government is actually making money out of the process because the old coins are so much bigger and worth more than the new ones.

http://www.listener.co.nz/issue/3455/columnists/6623/coining_it.html
Some quoted from above link:

"The old 50-cent piece costs about 20 cents to make; its replacement will about cost about 3.5 cents." - the financial speak they have "seniorage"

There is actually a financial word for the difference in real and guaranteed value:
"The profit from the issuing of the undervalued currency is called "seigniorage". "

I guess this means the US penny has negative seigniorage  Smile

Quoting CastleIsland (Reply 11):
I agree that pennies suck, but

Quoting QXatFAT (Reply 1):
Lets say something right now costs $7.54 then the cost should be $7.50 but thats just my opinion.

Now go calculate tax on that. Choose whatever tax rate you want (other than zero, nice try ), and now try to figure out how to pay for it. Sure you could round the tax to the nearest dime, but that would make most ledger sheets burst into flames. Not to mention the heads of cashiers.

Thats one thing I think should be changed in the US - put all sales taxes in the price tag! NZ has a goods and services tax of 12.5% and this must be included in the price tag (when you purchase the amount of tax is displayed on the docket).

As to rounding, I was pleasantly surprised during recent Christmas shopping when something I bought was $7.55 and was rounded down to $7.50 when I payed in cash - I was always taught in school to round up "halfway" values  Smile
"I get what they call a stipend, a stipend is like money but its such as small amount they don't really call it money"
 
srbmod
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 9:22 am

If they got rid of the penny, what would become of all of those "Take A Penny, Leave A Penny" trays?

While the 1 Cent coin seems to be a bit anachronistic, just be glad we don't have all those other unusual small denominations in coins like we used to. Imagine if we still had half-cent, two-cent, three-cent, and twenty-cent coins.
 
AsstChiefMark
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 9:28 am

Quoting Srbmod (Reply 19):
Imagine if we still had half-cent, two-cent, three-cent, and twenty-cent coins

Don't forget half dimes.

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EWRCabincrew
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 9:36 am

I just "cashed" in 2000 pennies, amongst other coinage, today. I hate the penny. Get rid of it, round up or round down, like they do in Australia, and make do.

Wish the US would go to something like Hong Kong has, the Octopus card, which is unbelievably easy to use (unless you lose the card and then you are out the money, but then you are at fault for being careless - I digress).

Link here: http://www.octopuscards.com/consumer/en/index.jsp

Travelling as much as I do, I am exposed to many different ways currency is used and have many ideas on what to bring back here. Just wish more people here were open to the ideas.
You can't cure stupid
 
JRadier
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 9:37 am

Quoting Aa757first (Reply 16):
17.5% tax rate is what is insane

19% here  Wink
For once you have tasted flight you will walk the earth with your eyes turned skywards, for there you have been and ther
 
aa757first
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 9:53 am

Quoting AsstChiefMark (Reply 17):

It replaces other taxes.

Such as what other taxes?

Quoting SpinalTap (Reply 18):

Thats one thing I think should be changed in the US - put all sales taxes in the price tag! NZ has a goods and services tax of 12.5% and this must be included in the price tag (when you purchase the amount of tax is displayed on the docket).

Once again, I don't see the problem in not having it on at the beginning.

Quoting EWRCabincrew (Reply 21):
I just "cashed" in 2000 pennies, amongst other coinage, today. I hate the penny. Get rid of it, round up or round down, like they do in Australia, and make do.

So that's $200. Might not be that much to you, but some elderly relatives of mine that have lower incomes take the $40 or $50 they save up in pennies every year and use it to pay the heating bill.

Quoting EWRCabincrew (Reply 21):

Wish the US would go to something like Hong Kong has, the Octopus card, which is unbelievably easy to use (unless you lose the card and then you are out the money, but then you are at fault for being careless - I digress).

Link here: http://www.octopuscards.com/consumer/en/index.jsp

Travelling as much as I do, I am exposed to many different ways currency is used and have many ideas on what to bring back here. Just wish more people here were open to the ideas.

Never been to Hong Kong, but what makes this card different than a prepaid MasterCard or Visa?

http://www.metabankonline.com/Main.a...nance.ProductsServices.PrePaidGift

Quoting JRadier (Reply 22):

19% here

Ouch.

AAndrew
 
AsstChiefMark
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 10:04 am

Every country that has a VAT uses the money for different things. A VAT in the USA would/could be used to offset the school funding portion of property taxes. Rather than putting the screws to property owners alone, everyone would pay a fair share regardless if they're owners, renters, boarders, or moochers.

Mark

[Edited 2006-12-15 02:05:30]
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pacificjourney
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 10:24 am

Quoting Aa757first (Reply 23):
So that's $200. Might not be that much to you, but some elderly relatives of mine that have lower incomes take the $40 or $50 they save up in pennies every year and use it to pay the heating bill.

Your profile says you're a student, please nothing life saving ....

2000 x 1 cent = ............ somebody please ......
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Jpax
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 10:35 am

Quoting Pacificjourney (Reply 25):
2000 x 1 cent = ............ somebody please ......

2000 cents!  Big grin
 
aa757first
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 10:36 am

Quoting Pacificjourney (Reply 25):

Your profile says you're a student, please nothing life saving ....

2000 x 1 cent = ............ somebody please ......

 Wow!  banghead   laughing 

I cannot believe I typed that. Of course, 2,000 pennies are equals $20.

Don't worry, I'm only pre-med.  silly  Just kidding...

AAndrew
 
srbmod
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 11:05 am

Quoting AsstChiefMark (Reply 20):
Don't forget half dimes.

I left it off the list since the half dime was made redundant by the five cent piece (AKA the nickel).
 
SpinalTap
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 11:12 am

Quoting Aa757first (Reply 16):
Quoting RichardPrice (Reply 13):
Of course you could always switch to a saner method of doing your sales tax.

In the UK, its included in the sticker price, so the £17.99 you pay is really £15.31 plus 17.5% tax. Rounding that up to £18.00 would be trivial.


I don't see what's insane about just adding on our tax. It should be fairly easy to add on the tax on in your head.



Quoting Aa757first (Reply 23):
Quoting SpinalTap (Reply 18):

Thats one thing I think should be changed in the US - put all sales taxes in the price tag! NZ has a goods and services tax of 12.5% and this must be included in the price tag (when you purchase the amount of tax is displayed on the docket).

Once again, I don't see the problem in not having it on at the beginning.

Quoting EWRCabincrew (Reply 21):
I just "cashed" in 2000 pennies, amongst other coinage, today. I hate the penny. Get rid of it, round up or round down, like they do in Australia, and make do.

So that's $200. Might not be that much to you, but some elderly relatives of mine that have lower incomes take the $40 or $50 they save up in pennies every year and use it to pay the heating bill.



Quoting Aa757first (Reply 27):
Quoting Pacificjourney (Reply 25):

Your profile says you're a student, please nothing life saving ....

2000 x 1 cent = ............ somebody please ......




I cannot believe I typed that. Of course, 2,000 pennies are equals $20.

Don't worry, I'm only pre-med. Just kidding...

AAndrew

 rotfl  priceless (excuse the pun), so much for adding the tax in ones head  Wink

BTW do know the sales tax in every state?
"I get what they call a stipend, a stipend is like money but its such as small amount they don't really call it money"
 
EWRCabincrew
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 11:27 am

Quoting Aa757first (Reply 23):
Never been to Hong Kong, but what makes this card different than a prepaid MasterCard or Visa?

It is different in the aspects such as:

There is no 'credit' attached to it. You can't use it to guarantee a room at a hotel, per se, like a Visa.

You can put more money on it at any time. To any amount. Starting at HK150.00 (roughly $18.00).

It is used in vending machines, subway stations, trams, 7-11s, fast food outlets, the list goes on.

No credit check, credit history is run. No application to fill out. No need to go to a bank to get one.

No need to swipe the card in a machine. Just touch card to where it needs to be touched and amount needed is deducted from the card.

Some institutions offer a discount (i.e. MTR (Hong Kong's metro system)) to users of it.

I am not saying this is an end all, to end all. It is just simpler and easier to use than a Visa/Mastercard backed card. I am all about ease and I don't want to have to go to a banking establishment to obtain one.

Quoting Aa757first (Reply 27):
I cannot believe I typed that. Of course, 2,000 pennies are equals $20.

Don't worry, I'm only pre-med. Just kidding...

Too slow to rib you on that.  Wink
You can't cure stupid
 
aa757first
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 11:52 am

Quoting SpinalTap (Reply 29):
BTW do know the sales tax in every state?

No, I don't. It varies state to state.

Like I said, I think New York is the highest with 8.5%.
Delaware I know is the lowest, no sales tax at all.
Here in my state (Pennsylvania), 6% on everything except medication, unprepared food and most clothing.

The general rule seems to be 6%. From what I remember, Florida and New Jersey are both 6%.

Somethings, like parking, hotel rooms and car rentals have extra taxes.

http://en.wikipedia.org/wiki/Sales_taxes_in_the_United_States

Quoting EWRCabincrew (Reply 30):

Sounds actually a lot like one of those Visa/MasterCard gift cards.

There is no credit check on them, since credit isn't extended. I think I've seen them before at grocery stores, I know my AAA sells something like them. Most of them are reloadable (its usually like a $25 minimum to a $1,000 maximum).

The only thing that is different is that I've never seen them used at a vending machine or anything like that. But they can be used anywhere the backing company accepts credit cards. Just about everywhere accepts Visa and/or MasterCard.

It's possible that they have the non-swipe system. MasterCard has a PayPass system and Visa has a similar RFID system where the card is just held over a certain point and the transaction can then take place. I've seen a lot of gas stations starting to use them.

AAndrew
 
ilikeyyc
Posts: 1326
Joined: Tue Dec 09, 2003 8:09 am

RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 8:18 pm

Quoting Aa757first (Reply 31):
No, I don't. It varies state to state.

Like I said, I think New York is the highest with 8.5%.
Delaware I know is the lowest, no sales tax at all.
Here in my state (Pennsylvania), 6% on everything except medication, unprepared food and most clothing.

The general rule seems to be 6%. From what I remember, Florida and New Jersey are both 6%.

Not only does it vary from state to state, but it varries from county to county and city to city.

Chicago is actually the highest at 9%
http://www.heartland.org/Article.cfm?artId=16227
Montana also has no sales tax.
Fighting Absurdity with Absurdity!
 
N1120A
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 9:58 pm

Quoting Pope (Reply 8):
Shouldn't the same logic apply to the penny?

Sure, but it often presents itself as a problem as cash transactions happen less often, which then clutters pockets for linger.

Quoting Aa757first (Reply 16):
17.5% tax rate is what is insane. The highest I know of is New York at 8.5%. Delaware has a 0% tax rate and Pennsylvania is 6%, with no tax on clothing (excluding furs) and no tax on unprepared foods.

Meanwhile, property taxes are significantly lower, not to mention that the average Briton pays 1% less in combined income taxes and social security than the average American, despite having much better public transport and a good system of national health care.

Quoting Aa757first (Reply 16):
I don't see what's insane about just adding on our tax. It should be fairly easy to add on the tax on in your head.

Oh yeah, 7.25% is so easy to add. Or how about figuring out 8.375% in New York City?

Quoting Aa757first (Reply 23):
Such as what other taxes?

Such as the massive property taxes we have in the US, particularly in no sales tax states like NH.

Quoting AsstChiefMark (Reply 24):
Every country that has a VAT uses the money for different things. A VAT in the USA would/could be used to offset the school funding portion of property taxes. Rather than putting the screws to property owners alone, everyone would pay a fair share regardless if they're owners, renters, boarders, or moochers.

I think that sales taxes/VATs are regressive and specifically discriminate against the poor. While I think they are vital, I prefer a Massachussetts like approach where clothing items up to $175 in value per item are not taxed as well as not taxing food (something that bugs the hell out of me about living in New Orleans).

Quoting SpinalTap (Reply 29):
BTW do know the sales tax in every state?

There is a wikipedia page on it, though those are always of dubious quality.

Quoting Aa757first (Reply 31):
Like I said, I think New York is the highest with 8.5%.

New York City is 8.375%, with the .375% going to the MTA. Utica has a 9.5% tax, which is the max allowable by New York law (4% state + 5.5% city)

Quoting Aa757first (Reply 31):
Delaware I know is the lowest, no sales tax at all.

Several states have no sales tax, though they make up for it in different ways.

Quoting Aa757first (Reply 31):
The general rule seems to be 6%. From what I remember, Florida and New Jersey are both 6%.

Most state required sales and goods and services taxes base at 4-6%, however most states allow municipalities and counties to add to that and almost every one of them does.

Quoting Ilikeyyc (Reply 32):
Chicago is actually the highest at 9%

No it isn't. New Orleans charges 9.5% generally, including 4.5% for food, and up to 12% in the French Quarter. Utica, NY also charges 9.5%
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
SpinalTap
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RE: US Pennies Worth More As Metal Than Money

Fri Dec 15, 2006 9:59 pm

Quoting Aa757first (Reply 31):
Quoting SpinalTap (Reply 29):
BTW do know the sales tax in every state?

No, I don't. It varies state to state.

Like I said, I think New York is the highest with 8.5%.
Delaware I know is the lowest, no sales tax at all.
Here in my state (Pennsylvania), 6% on everything except medication, unprepared food and most clothing.

The general rule seems to be 6%. From what I remember, Florida and New Jersey are both 6%.

Somethings, like parking, hotel rooms and car rentals have extra taxes.

http://en.wikipedia.org/wiki/Sales_t...tates



Quoting Ilikeyyc (Reply 32):
Not only does it vary from state to state, but it varries from county to county and city to city.

Chicago is actually the highest at 9%
http://www.heartland.org/Article.cfm?artId=16227
Montana also has no sales tax.

Exactly my point, how are you suppose to calculate the sales tax if you don't know the rate? Wouldn't it be a lot more convienent to have sales tax inclusive price tags and display the amount of tax on the sales docket?
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ilikeyyc
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RE: US Pennies Worth More As Metal Than Money

Sat Dec 16, 2006 1:25 am

Quoting N1120A (Reply 33):
No it isn't. New Orleans charges 9.5% generally, including 4.5% for food, and up to 12% in the French Quarter. Utica, NY also charges 9.5%

Wow! I agree that some foods should not be taxed, but unnecessary items such as potato chips and twinkies should be taxed!

Quoting SpinalTap (Reply 34):
Exactly my point, how are you suppose to calculate the sales tax if you don't know the rate? Wouldn't it be a lot more convienent to have sales tax inclusive price tags and display the amount of tax on the sales docket?

I think by not displaying the tax inclusive price, it is easier for the retailers and the governments to get your money. I think it has a lot to do with the 99 cent psychology. $19.99 sounds cheap and, in my opinion, motivates people to buy more than $21.59 (which is 19.99 + 8% tax).
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EWRCabincrew
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RE: US Pennies Worth More As Metal Than Money

Sat Dec 16, 2006 1:40 am

Where are the Aussie's to fill us in on how they enjoy the rounding up/down since the 1 and 2 cent coins were taken out of circulation?
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emiratesa345
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RE: US Pennies Worth More As Metal Than Money

Sat Dec 16, 2006 1:47 am

Quoting SlamClick (Reply 2):

That would leave only fifties (which could easily be discontinued) and hundreds in general circulation. The blind could then tell denominatons - paper is $100

In Canada, all new circulation bills have brail in the upper right corner.

Mark
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Btriple7
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RE: US Pennies Worth More As Metal Than Money

Sun Dec 17, 2006 10:38 am

Quoting PPVRA (Reply 15):
Why not make the penny a virtual-only denomination? Credit/debit cards, eletronic transactions, etc.

If the average Joe wants every single penny in retunr, let that guy carry around a card he can charge them to it. Or make an account at the store or bank.

That makes absolutely no sense. There is no such thing as a "virtual-only denomination." By your definition ever value of money would be a "virtual-only denomination," from the 7 cents coin to the $37.48 coin. If the penny went virtual, it wouldn't be the penny anymore; it would just be a electronic cent floating around in the cosmos of the banks' computers.

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AirframeAS
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RE: US Pennies Worth More As Metal Than Money

Sun Dec 17, 2006 11:01 am

When I was in jr. high, I tried to melt a few pennies in our metal shop in the aluminum melter. It didnt work...didn't melt. oh SNAP!
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Cadet985
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RE: US Pennies Worth More As Metal Than Money

Sun Dec 17, 2006 12:33 pm

Quoting Aa757first (Reply 16):
Pennsylvania is 6%



Quoting Aa757first (Reply 31):
New Jersey are both 6%.

Philadelphia, PA is 7%, as is New Jersey - new tax law passed a couple of months ago.

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PPVRA
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RE: US Pennies Worth More As Metal Than Money

Sun Dec 17, 2006 12:42 pm

Quoting Btriple7 (Reply 38):
That makes absolutely no sense. There is no such thing as a "virtual-only denomination." By your definition ever value of money would be a "virtual-only denomination," from the 7 cents coin to the $37.48 coin. If the penny went virtual, it wouldn't be the penny anymore; it would just be a electronic cent floating around in the cosmos of the banks' computers.

Ok, fine. It wouldn't be a "penny" anymore. Just 0s and 1s. But so what? I think it's better than rouding up or down to 5 cents. Next you know we'll be talking about getting rid ot the nickel, then the dime, etc.

One could argue a future scenario that all coins maybe even bills would not exist; all transactions would be based on cards or other electronic means.
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L-188
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RE: US Pennies Worth More As Metal Than Money

Sun Dec 17, 2006 12:54 pm

One of the reason silver dollars are so rare now is that back in the late 70's when silver prices spiked, a lot of them got melted down.
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Dougloid
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RE: US Pennies Worth More As Metal Than Money

Sun Dec 17, 2006 1:56 pm

Well, I think it's about time we had something to make money off the government with...I mean, paper money isn't worth what it's printed on, the BoP&E makes a ton of money for Sam with paper dollars....so let's have pennies and plenty of them. People have been bitching about this for years and I'm an old git...

I mean, we DID have steel pennies in 1943 because copper was war material....and the copper clad zinc pennies are shit that decomposes after being underground for a couple years, where the coppers I dug up out of the lawn this summer were as good as when they were minted.

Any metal but those stinky wartime aluminum francs and marks my uncle Hal brought home from the war.



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AsstChiefMark
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RE: US Pennies Worth More As Metal Than Money

Sun Dec 17, 2006 2:06 pm

Quoting Dougloid (Reply 43):
I mean, we DID have steel pennies in 1943 because copper was war material

Mom says they sucked big time.



Mark

[Edited 2006-12-17 06:13:59]
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