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The U.S. is following Canada's footsteps regarding the production of pennies and nickels. According to U.S. Treasury Secretary Tim Giethner, our U.S. Mint intends to remove the penny and nickel coins from circulation beginning early in January 2013.
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They pile up in drawers. They're taken or left on a whim at store counters. Vending machines and parking metres won't accept them. And last year they cost the U.S. Treasury $100 million more to produce than they're worth. Despite all this, the penny -- America's copper-plated 1-cent coin -- persists.
For decades .U.S lawmakers, journalists, and penny-jar owners have debated whether the coin's declining value justifies its continued production. All the while it gets less valuable with each passing year. Inflation has hit it from both sides: production and distribution costs have gone up while the actual utility of the coin goes down.
While the volume of cash transactions may be declining, the penny has never cost more to produce than it did in 2022, at 2.72 cents per 1-cent coin. Meanwhile, it is now worth just 80% of its value in 2017, the last time a major legislative effort to phase it out was introduced. ...
Art Carden - American Institute for Economic Research said:As more candidates throw their hats into the 2024 Presidential ring, I'd like to offer a proposal that should have immediate bipartisan support: stop minting pennies and nickels. The economic case is a slam dunk. It costs about 1.5-2 cents to make a penny and about 7-8 cents to make a nickel, subject to fluctuating copper, nickel, and zinc prices at a point in time. If we stop using two cents worth of resources to create something worth one cent, and seven cents worth of resources to make something worth five cents, ditching these coins offers a pretty handsome return.
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I would have to guess no becuase congress has been talking about this since 1982. All they've done is changed the composition of the cent. Plus, the US govenement doesnt belive in saving money. They sincerely don't care.Small Change: Let's Put Pennies and Nickels to Rest | The Daily Economy
"If we don’t have the vision and political will to do something as unambiguously beneficial as to stop minting pennies and nickels, then perhaps ' ...www.aier.org
Will momentum build for this?
I, for one, sure hope not.Will momentum build for this?
I, for one, sure hope not.
If the gov insists on controlling the money and then mismanages it, the gov should pay the price it takes ...
Absolutely not. It's a given that businesses would round prices up.I am probably in the minority on this issue, but for what's worth by doing away with both the penny and nickel what we are doing is increasing the cost of goods and services.
Exactly. If the gov is going to waste money either way, I would much prefer that the money be wasted doing the things our gov is supposed to be doing as opposed to wasting the money on more stuff the gov is not supposed to be doing.Any savings that the government will realize by doing away with these coins will be wasted away the government. Cost savings earned by the government will be lost almost immediately.
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Colorado Gov. Jared Polis (D) has a suggestion for President-elect Donald Trump’s new “Department of Government Efficiency,” a non-governmental agency that will be lead by billionaire Elon Musk and entrepreneur Vivek Ramaswamy.
He suggested this week that the U.S. should eliminate the penny from its currency and convert dollar bills into dollar coins, according to his post on social media platform X.
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Strip clubs will just start using Two $ bills instead. Inflation, ya know.^^^^^^
Creating a dollar coin would hasten a cashless society (no one will carry them around) and hurt strippers (where are ya gonna put them when they dance for you.)
Can we sell our copper pennies now?
There's an easy solution to this.LA Times
Banks and retailers are running out of pennies
The United States is running out of pennies.
President Donald Trump’s decision to stop producing the penny earlier this year is starting to have real implications for the nation’s commerce. Merchants in multiple regions of the country have run out of pennies and are unable to produce exact change. Meanwhile, banks are unable to order fresh pennies and are rationing pennies for their customers.
One convenience store chain, Sheetz, got so desperate for pennies that it briefly ran a promotion offering a free soda to customers who bring in 100 pennies. Another retailer says the lack of pennies will end up costing it millions this year, because of the need to round down to avoid lawsuits.
“It’s a chunk of change,” said Dylan Jeon, senior director of government relations with the National Retail Federation.
More:
https://www.msn.com/en-us/money/mar...g-out-of-pennies/ar-AA1PAixS?ocid=socialshare
If you're payin the stripper a buck, she ain't gonna be dancin for ya.Creating a dollar coin would hasten a cashless society (no one will carry them around) and hurt strippers (where are ya gonna put them when they dance for you.)
Don't expect sense to come out of Wally World operations.At Walmart I noticed a "rounding" line on my receipt. Asked what that was and was told that Walmart no longer gives pennies in change and it rounds up to the nearest 5 cents.
So next time I'm there, the total was $5.33
I put in .30 cents and a $5 bill and it says I still owe .03 cents. So I drop a nickel in expecting a nickel to fall back into the charge tray, and it gives me 5 pennies instead. lol
They need to do the rounding on the total price instead of the on the change given.
Heck, I will triple, and even quad bag, depending on what it is.Don't expect sense to come out of Wally World operations.
A few years ago, on another forum, a woman complained that the self-service checkout monitor was abusing her for double-bagging her groceries. Look, she said, I have heavy stuff in here. Milk, other heavy items. It'll break a single bag.
So, start another bag, says Monitor Karen.
What?...I'm supposed to half-fill two bags, then?
Sure, said the helpful employee.
And how is that different from me double-bagging one bag-load?
Uh...duh...
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