03-15-2016, 12:27 AM
Buck wrote:
Drop the penny? YES!
$100 and $50 bill? Just plain dumb!
Pennies AND nickels! It is absurd to have such tiny denominations. The only reason that we have them is due to lobbying by metals producers, profiting at taxpayer expense. Do they hang on to such ridiculously worthless coins anywhere else in the world?
The penny has been the smallest denomination coin since 1857 (the date when the half-penny coin was dumped because it was too small a denomination to be useful) and the nickel has been the second smallest since 1866. Inflation since that time has been 2600%. In other words, the quarter is equivalent to the 1857 penny in value. If we kept to the lowest denomination value of 1857 we'd dump the dime too!