No more pennies will be minted

[AveMarica]

MSN

President Donald Trump says he has directed the Treasury Department to stop minting new pennies, citing the cost of producing the one-cent coin.

This makes sense, we should have stopped minting pennies 20 years ago.

 

[Oddball]

Would be better if the currency was deflated back to the point that pennies were relevant again.

 

[Thunk]

This makes sense,

It actually makes no cents

 

[progressive hunter]

MSN

This makes sense, we should have stopped minting pennies 20 years ago.

takes pennies to make a dollar so te banks will win big time,,

 

[1srelluc]

The zinc pennies cost 3.20 cents to produce.

 

[Thunk]

If they want to make a coin that anybody will use it needs to have a denomination of $20 or higher.

 

[Oddball]

The zinc pennies cost 3.20 cents to produce.

Indicative of how worthless the currency overall has become.

 

[Oddball]

If they want to make a coin that anybody will use it needs to have a denomination of $20 or higher.

Return to pegging the USD to specie and a dollar will be worth around $25 at current prices.

https://www.coinflation.com/silver_coin_values.html

 

[shockedcanadian]

We did this a number if years ago in Canada.

 

[hondo 50]

We did this a number if years ago in Canada.

So what happened?

 

[1srelluc]

Indicative of how worthless the currency overall has become.

It has shit all to do with that.

When production costs outweigh the value of the product that's being produced then it's time to stop it.

A Quarter cost around 8.50 cents to produce.

A dime 4 cents.

The nickel should go next (in it's current form) too.....It costs 10 cents to make them.

 

[Dekster]

Coinstar stock gonna collapse now

 

[shockedcanadian]

So what happened?

We just use nickels as the lowest denomination. When given change as taxes can make the total value in the pennies the cashier just rounds up or down. Stores usually price their products in such a way that with taxes its a round number to a.0 or 5 as the final denominator.

 

[hondo 50]

We just use nickels as the.loeest denomination. when given change they round or down

do you mean they round down and give you less?

 

[petro]

Will that stop gas stations from still doing that stupid 9/10ths of a cent bullshit?

 

[Oddball]

It has shit all to do with that.

When production costs outweigh the value of the product that's being produced then it's time to stop it.

A Quarter cost around 8.50 cents to produce.

A dime 4 cents.

The nickel should go next (in it's current form) too.....It costs 10 cents to make them.

It has everything to do with it.

Copper (you know, a REAL penny) is sneaking up on 3¢ in value with today's currency.

The "dollar" of today buys what about 5¢ did in 1913.

 

[shockedcanadian]

do you mean they round down and give you less?

Sometimes yes. Orher times we get the benefit. I dont even pay attention much to be honest its so inconsequential an amount. You get used to it fairly quickly. Remember, we doont even have one or two dollar bills anymore either, we have looneys and tooneys. That took a bit longer to grow accustomed too

 

[MarathonMike]

Is there any product that can be purchased for a nickel? Stop making pennies and nickels. Ten cents sales tax begins at 1 dollar purchase price. Twenty cents at 2 dollars etc. No more need for pennies or nickels.

 

[hondo 50]

Looks to me like more movement to a cashless society. Another bad idea.

 

[CrusaderFrank]

Would be better if the currency was deflated back to the point that pennies were relevant again.

Make Pennies Valuable Again!