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7 Answers
- MuttLv 77 years agoFavorite Answer
Have you ever know the US government to do anything that is cost effective and efficient?
- alcory11Lv 67 years ago
that has long been an issue for many people...lol. I don't have a good answer which would reflect anyone's view on it, but the fact is that we still mint pennies. the best reason I can give you is this...that prices and taxes on sales and so many other transactions at all level of the economy would be greatly altered if the penny were terminated. for example, if your state sales tax is 7%, then what would be required on the sale totaling one dollar? you can't charge 7 cents because there would be no pennies, and you know full well that you can't just say 'make it a nickel, then' because then you will have wrecked your sales tax revenue. so of course, they'd have you charged a dime on that dollar purchase, effectively making your sales tax 10%, which would then mean that you are being overtaxed.
- 7 years ago
so we can have a 1 cent denomination. Other wise our currency would only go down to a lowest denomination of 5 cents....
Furthermore whenever you have a system you cannot look at one aspect and say oh wow...that aspect is not worth the cost...its not right thinking. You have to look at the entire picture ..in this case the whole system and the role that the 1 cent denomination plays to make the system functional.
hope that helps
- Jeff DLv 77 years ago
It costs the government about two cents to make every penny.
Only the government can make money and still fail to turn a profit! :p
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