Musk's DOGE Takes Aim at the Penny

[braalian]

I throw pennies in the trash

 

[Concerned American]

My ACE hardware store asked if I would round up the cost of my purchase, the pennies would then be given to charity. I guess it didn't work so well as they have abandoned it. It was bogus from the start as almost no one actually pays in cash. Credit cards aren't inconvenienced by numbers containing 'pennies'.

Do you use a CC for the purchase of half a dozen 1/4-20 x 1 round head screws?

 

[Woodznutz]

Do you use a CC for the purchase of half a dozen 1/4-20 x 1 round head screws?

I use my CC for every purchase no matter how small. That way I have a record of every purchase. Also, I almost always buy screws by the box of one hundred as I use lots of them on my job, and they are way cheaper that way. Also, even small purchases add up on my 'rewards'.

 

[Independent thinker]

MoneyWatch

Elon Musk's DOGE has a new target for cutting federal spending: the U.S. penny​

By Aimee Picchi
Billionaire Elon Musk's Department of Government Efficiency has a new target in its sights for trimming federal spending: the U.S. penny.
In Tuesday X post, Musk's DOGE wrote that the U.S. spends about 3 cents to mint each penny, which, of course, is only valued at 1 cent.

"The penny costs over 3 cents to make and cost U.S. taxpayers over $179 million in FY2023," DOGE wrote. "The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced."

In pointing out the penny's costliness, DOGE is taking aim at an issue that has sparked debate for years, although the price of manufacturing the cent has only grown over the past several years. In 2016, for instance, the U.S. was spending about 1.5 cents to mint each penny, or less than half of its current manufacturing cost.

Elon Musk's DOGE has a new target for cutting federal spending: the U.S. penny

Elon Musk's DOGE is taking aim at the U.S. penny, pointing out that it costs more to manufacture than it's worth.

www.cbsnews.com

My comment:

As a coin enthusiast, I have always taken note of news about the penny. They've been calling to eliminate the penny since at least the 1970's, citing costs. In 1982 the Treasury started minting pennies that were 95% zinc, instead of copper, later to increase to 97.5% zinc. I will say the new pennies are crap. Zinc deteriorates. Zinc pennies are often chipped, discolored, and rotted due to moisture. In my charity, I go through thousands of pennies a week. I have to throw out probably 25 pennies per thousand because they are unsuitable for merchants I sell them back to. You don't see that with the 95% copper pennies minted before that year. Copper holds up well. The melt value of copper pennies alone is about 2.8 cents apiece. If the penny goes away, it will likely become legal to melt coppers, since the purpose of the anti-melting law was to keep coins in circulation. We saw massive melting in 1965 after the Coinage Act in which the dime, quarter, and half dollar were no longer made of 90% silver. In 1970, they eliminated the 40% silver half. Within a few years, it became very difficult to find silver coins in change, although I got a silver dime just last week. I let out a yell whenever that happens.

Believe it or not, you can get 2 to 1 on the open market (Ebay) for pre-1982 copper pennies, even though they comprise 12% of pennies you find in change. Who would pay that? But people do. Wheat stalks are another matter. Minted from 1909-58, they'll bring up to five cents apiece. Probably 1 in 300 are wheat stalks from my experience.

I personally think the penny should go. Inflation has worn them down to nothing, and they're a pain in the ass to deal with. Canada stopped minting pennies in 2012. They have merchants round to the nearest five. Though they are still legal tender, pennies have become much scarcer there. It's one of the few things Canada does smarter than us. I have saved probably 40 peanut jars of coppers. Each jar holds 2000. Face value $800. I concocted a gizmo that separates out the copper specimens using magnets and a ramp made of angle aluminum. Wife thinks the whole thing is ridiculous. I'm hoping they'll be worth a lot once pennies are discontinued. I tell myself maybe they'll pay for college for the grandbabies some day. In reality, my kids will probably have to haul them out after I'm at the undertaker's, cussing me all the way.

It has always been stupid to pay more to make a penny than what a penny is worth. Hell, even if the cost is as same as the worth, it's not worth the effort. If I remember right, the nickel isn't far behind either. Maybe they should start making nickels out of copper.

 

[Concerned American]

It has always been stupid to pay more to make a penny than what a penny is worth. Hell, even if the cost is as same as the worth, it's not worth the effort. If I remember right, the nickel isn't far behind either. Maybe they should start making nickels out of copper.

Why not, they already make dollar coins out of copper---the golden dollar is mostly copper with a little manganese, nickel and zinc.

Sacagawea dollar - Wikipedia

en.wikipedia.org

 

[Admiral Rockwell Tory]

It has always been stupid to pay more to make a penny than what a penny is worth. Hell, even if the cost is as same as the worth, it's not worth the effort. If I remember right, the nickel isn't far behind either. Maybe they should start making nickels out of copper.

Then the nickels would cost more than 5 cents to make. Pennies are mostly zinc.

 

[Admiral Rockwell Tory]

Then the nickels would cost more than 5 cents to make. Pennies are mostly zinc. Nickels already contain copper.

 

[justoffal]

I wouldn’t miss them

They are great for wrist rockets though

 

[OhPleaseJustQuit]

They are great for wrist rockets though

.

Hmmmmmmmmmmmm................

I've got a wrist rocket and I just haven't had the impetus to get some practice with it. Great way to use the newer, worthless pennies. Thanks.


.

 

[justoffal]

.

Hmmmmmmmmmmmm................

I've got a wrist rocket and I just haven't had the impetus to get some practice with it. Great way to use the newer, worthless pennies. Thanks.


.

OH....they go like a summbitch lemme tell ya. May not go straight though....but if you manage to get it fly on the edge the damn thing will embed in Tree bark from a short distance. LOL

 

[Cellblock2429]

MoneyWatch

Elon Musk's DOGE has a new target for cutting federal spending: the U.S. penny​

By Aimee Picchi
Billionaire Elon Musk's Department of Government Efficiency has a new target in its sights for trimming federal spending: the U.S. penny.
In Tuesday X post, Musk's DOGE wrote that the U.S. spends about 3 cents to mint each penny, which, of course, is only valued at 1 cent.

"The penny costs over 3 cents to make and cost U.S. taxpayers over $179 million in FY2023," DOGE wrote. "The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced."

In pointing out the penny's costliness, DOGE is taking aim at an issue that has sparked debate for years, although the price of manufacturing the cent has only grown over the past several years. In 2016, for instance, the U.S. was spending about 1.5 cents to mint each penny, or less than half of its current manufacturing cost.

Elon Musk's DOGE has a new target for cutting federal spending: the U.S. penny

Elon Musk's DOGE is taking aim at the U.S. penny, pointing out that it costs more to manufacture than it's worth.

www.cbsnews.com

My comment:

As a coin enthusiast, I have always taken note of news about the penny. They've been calling to eliminate the penny since at least the 1970's, citing costs. In 1982 the Treasury started minting pennies that were 95% zinc, instead of copper, later to increase to 97.5% zinc. I will say the new pennies are crap. Zinc deteriorates. Zinc pennies are often chipped, discolored, and rotted due to moisture. In my charity, I go through thousands of pennies a week. I have to throw out probably 25 pennies per thousand because they are unsuitable for merchants I sell them back to. You don't see that with the 95% copper pennies minted before that year. Copper holds up well. The melt value of copper pennies alone is about 2.8 cents apiece. If the penny goes away, it will likely become legal to melt coppers, since the purpose of the anti-melting law was to keep coins in circulation. We saw massive melting in 1965 after the Coinage Act in which the dime, quarter, and half dollar were no longer made of 90% silver. In 1970, they eliminated the 40% silver half. Within a few years, it became very difficult to find silver coins in change, although I got a silver dime just last week. I let out a yell whenever that happens.

Believe it or not, you can get 2 to 1 on the open market (Ebay) for pre-1982 copper pennies, even though they comprise 12% of pennies you find in change. Who would pay that? But people do. Wheat stalks are another matter. Minted from 1909-58, they'll bring up to five cents apiece. Probably 1 in 300 are wheat stalks from my experience.

I personally think the penny should go. Inflation has worn them down to nothing, and they're a pain in the ass to deal with. Canada stopped minting pennies in 2012. They have merchants round to the nearest five. Though they are still legal tender, pennies have become much scarcer there. It's one of the few things Canada does smarter than us. I have saved probably 40 peanut jars of coppers. Each jar holds 2000. Face value $800. I concocted a gizmo that separates out the copper specimens using magnets and a ramp made of angle aluminum. Wife thinks the whole thing is ridiculous. I'm hoping they'll be worth a lot once pennies are discontinued. I tell myself maybe they'll pay for college for the grandbabies some day. In reality, my kids will probably have to haul them out after I'm at the undertaker's, cussing me all the way.

/—-/ When forced to use cash, Millennials toss their change in the garbage. It’s too yucky. Seriously, I’ve witnessed a kid buy something for $1.65 in cash, then toss the 35 cents in the garbage.

 

[rightwinger]

/—-/ When forced to use cash, Millennials toss their change in the garbage. It’s too yucky. Seriously, I’ve witnessed a kid bit something for $1.65 in cash, then toss the 35 cents in the garbage.

I still save my change and throw it in a bucket
I cash in at the end of the year an have $70-80 dollars
I buy a kids bicycle and donate to Toys for Tots

 

[JohnDB]

Currently, Musk and his team are just picking up the ultra low hanging fruit off a tree completely overloaded to the point the branches are breaking.

USAid, Federal Workers working another full time job, and etc are just bits of low hanging fruit.

The REAL PAIN is coming soon. And we are talking hundreds of billions of dollars per instance.

There's a possibility that once all is said and done.....income taxes can be reduced across the board to zero except for the top 1%. Who is going to complain about that?

If they cut 2 Trillion from the budget and balance it....it's OVER! We are talking about a real golden age that no one could beat with a stick.

 

[Fort Fun Indiana]

I still save my change and throw it in a bucket
I cash in at the end of the year an have $70-80 dollars
I buy a kids bicycle and donate to Toys for Tots

Instead of doing that, go to your bank or credit union and opt into the round up program. Every transaction on your debit card is rounded up to the nearest dollar, and the difference goes into your savings.

 

[OhPleaseJustQuit]

/—-/ When forced to use cash, Millennials toss their change in the garbage. It’s too yucky. Seriously, I’ve witnessed a kid bit something for $1.65 in cash, then toss the 35 cents in the garbage.

.

I save up all my change and will never stop!

Knights of Columbus runs a baby bottle fundraiser every year -- they put a big tote full of plastic baby bottles by the church entrance and everybody grabs one and fills it with the change from their coin jar, as well as some ones and other bills. Then the money gets counted up and donated to help mothers with babies.


.

 

[egp320i]

Why not, they already make dollar coins out of copper---the golden dollar is mostly copper with a little manganese, nickel and zinc.

Sacagawea dollar - Wikipedia

en.wikipedia.org

I have two of those coins but when is the last time you seen one? I doubt many places have them or want to
they are worth a buck, that's it, not even any collectors item

 

[Concerned American]

I have two of those coins but when is the last time you seen one? I doubt many places have them or want to
they are worth a buck, that's it, not even any collectors item

I believe there were three main reasons for the minting. One was to provide a coin that would fit in vending machines--about everything was over a buck at the time, they took the opportunity to make PR points with Sacajawea. After being in circulation for a bit Dubya came along and figured he could immortalize himself and daddy when he decreed that the POTUSs be featured on them. LOL, the best thing about that was they have to be dead before they can be put on them.

 

[Woodznutz]

It has always been stupid to pay more to make a penny than what a penny is worth. Hell, even if the cost is as same as the worth, it's not worth the effort. If I remember right, the nickel isn't far behind either. Maybe they should start making nickels out of copper.

Pennies are just part of overall money supply and are used to make change. They are not a commodity that is bought and sold.

 

[Woodznutz]

.

I save up all my change and will never stop!

Knights of Columbus runs a baby bottle fundraiser every year -- they put a big tote full of plastic baby bottles by the church entrance and everybody grabs one and fills it with the change from their coin jar, as well as some ones and other bills. Then the money gets counted up and donated to help mothers with babies.


.

I saved my change back when I used cash, but have saved very little in the past few years. My coin jar is a coffee can that has been sitting on my desk for years. Someday I'll take it to the bank and have it counted and exchanged for paper money. The can must weigh ten pounds.

 

[rightwinger]

I saved my change back when I used cash, but have saved very little in the past few years. My coin jar is a coffee can that has been sitting on my desk for years. Someday I'll take it to the bank and have it counted and exchanged for paper money. The can must weigh ten pounds.

View attachment 1077672

I have a bucket where my wife and I throw in our loose change.
At the end of the year, it has $70-$80 dollars in it.
I take it to a coin machine to cash out and buy a small bicycle that we donate to Toys for Tots