No more pennies will be minted

[Crepitus]

No it isn’t. Inflation has already made the penny worthless.

This is gonna add to inflation.

 

[Ms. Turquoise]

Another piece of wasteful spending ended. Subsidizing production of the penny was stupid. This was long past due.

If the govt stops making pennies, the retailers are going to have a hard time making change for people. How do you give change for something that costs $2.93 without using pennies?
Not everyone pays for stuff with credit cards. Is he doing this to ease us into digital currency?
P.S. I watched the Super Bowl game and I never once saw the camera focus on Trump.

 

[Ms. Turquoise]

Do you thunk this will make the penny collectable?

I got a bucket of 'em

I'm going to hang onto the pennies I currently have. Maybe they will become collector's items.

 

[MarathonMike]

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

Ummm no. Just eliminating worthless coins and cutting Federal costs.

 

[Missourian]

If the govt stops making pennies, the retailers are going to have a hard time making change for people. How do you give change for something that costs $2.93 without using pennies?
Not everyone pays for stuff with credit cards. Is he doing this to ease us into digital currency?
P.S. I watched the Super Bowl game and I never once saw the camera focus on Trump.

There is a study in this that looks at rounding that concluded rounding benefits consumers slightly...and when I say slightly, I mean 1/40th of a cent. That's effectively a wash.

Link will be here when I find it.

 

[d0gbreath]

I have pennies, but now my plastic straw collection is in jeopardy.

 

[Ms. Turquoise]

There is a study in this that looks at rounding that concluded rounding benefits consumers slightly...and when I say slightly, I mean 1/40th of a cent. That's effectively a wash.

Link will be here when I find it.

I'd like to see the link. Thank you.

 

[Ms. Turquoise]

Would you bend over to pick up a penny?

Be honest.

I always pick them up. Would you bend over to pick up a $100.00 dollar bill?

 

[BlackSand]

I have pennies, but now my plastic straw collection is in jeopardy.

.

I'll trade you a Rubbermaid tub to put in for a $2 bill ...

.​

 

[ozro]

Canada stopped making pennies years ago, yet even here in Arizona I still occasionally get one in change. I don't think it really makes a difference if more are made, we probably won't run out of pennies for years

 

[d0gbreath]

.

I'll trade you a Rubbermaid tub to put in for a $2 bill ...

.​

Thanks for the offer, but the two dollar bills in my collection might be worth something some day. Right now they're at $2.00 each,

 

[Concerned American]

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

All indicators have been pointing at that for some time now. First with credit cards and then forty years ago or so the debit system was introduced as a first foray into cashless. Now I would surmise that fully 50% of all transactions are done with plastic---higher with younger folks. It is destined to happen although I will be kicking and screaming the whole way. Cash is king.

 

[22lcidw]

the constitution is clear on who coins money,,

The treasury does coin and print money. It takes its orders from the Federal Reserve.

 

[Thunk]

I'm going to hang onto the pennies I currently have. Maybe they will become collector's items.

If they ever become worth $10 per penny...I'll be a quadzillionaire

 

[Missourian]

I always pick them up. Would you bend over to pick up a $100.00 dollar bill?

Yes. But, that is a function of effort versus reward.

Is a penny worthy of the same effort as a quarter.

I'd say that's subjective.

For me, it is not. I've already got more pennies than I want. The addition or subtraction of one penny for me is not worth the effort.

If I were starving or destitute, my opinion might change substantially.

Along those same lines...I could take my free time and go out to the garage and build a picnic table or a set of Adirondack chairs and MAKE a hundred dollars. But I won't...because my free time is worth more to me than $25 an hour.

I'm not saying there is anything wrong with picking up a single penny. But when I make that calculation, the answer is it's not worth the effort.

It's like asking would you got to a different store for one percent off of a price?

You'll save a penny per dollar...but the effort isn't worth the reward.

 

[Nobody911]

Another piece of wasteful spending ended. Subsidizing production of the penny was stupid. This was long past due.

Trump forgot the nickel? He's too old now? Whatever. lol.

In addition to the penny, the nickel also costs more to produce than its face value[1]. As of last year, it cost 10.4 cents to make a nickel[1].

sources:
[1] Coins Cost More to Make Than They're Worth — and the U.S. Mint Is Looking for Solutions
[2] https://stanfordeconreview.com/wp-content/uploads/2017/01/moore-penny.pdf
[3] How Much Does It Cost to Produce Current Circulating U.S. Coins? - APMEX
[4] Penny debate in the United States - Wikipedia
[6] Is There a Term for Coinage That Costs More to Produce Than it is Worth? - APMEX
[7] What's a Penny (or a Nickel) Really Worth? - Federal Reserve Bank of Chicago
[8] 10 Coins Worth More Than Face Value You Can Find in Change

Eliminating the penny could have several potential economic impacts:

* Impact on Consumers: Some studies suggest rounding prices to the nearest nickel could cause consumers to pay more over time, disproportionately affecting lower-income individuals[3]. A 2001 study warned of a "rounding tax" if merchants routinely round up prices to the nearest five-cent level[2]. However, other experts argue that consumers would end up in the same financial place due to equal amounts of rounding up and down[2].

* Inflation: Evidence from other countries suggests that removing low denomination coins has little inflationary effect[6]. A 2023 study found that rounding prices to the nearest nickel would not have significant inflationary consequences[2].

* Cash Transactions: Eliminating the penny could make cash transactions smoother and quicker[2].

* Impact on Businesses: Businesses may face costs to retrofit machines that rely on pennies[1].

* Impact on Government: The government could save money by not producing pennies, as the cost to produce them exceeds their face value[2]. However, one study suggests that removing the penny could raise government outlays[7].

* Impact on Specific Industries/States: States that rely on penny production, such as Tennessee (which is rich in zinc), could see adverse effects on their economies[1].

* Environmental Impact: Eliminating the penny could reduce energy consumption and pollution associated with the extraction and processing of zinc and copper[3].

sources:
[1] https://www.cbsd.org/cms/lib/PA01916442/Centricity/Domain/3025/Penny Paragraphs Lang A Day 18-19.pdf
[2] https://www.morningstar.com/news/ma...itching-the-penny-may-not-cost-americans-much
[3] Should the United States Eliminate the Penny?
[4] Does it make sense to get rid of the penny?
[5] The problem with abolishing coins
[6] Opposing change? The price impact of removing the penny
[7] https://www.jstor.org/stable/40326060
[8] America Must Free Itself from the Tyranny of the Penny

 

[MarathonMike]

Or you go back to money of substance....Inflation then becomes something talked about by school kids in history books.

Do you mean go back on the Gold Standard?

 

[MarathonMike]

This is why everyone makes fun of Canada

That and Dudley Do-Right.

 

[ViewFromAbove]

Canada stopped making pennies years ago, yet even here in Arizona I still occasionally get one in change. I don't think it really makes a difference if more are made, we probably won't run out of pennies for years

Even if we run out of pennies, so what? Much of our transactions are cash-less. We should also get rid of nickels!

And most of all, let's get advertisers to stop doing $.99 or upcoming $.95 "sales". It's ridiculous to see an advert for $99.99. I can't believe that sells more than $100. I am much more likely to buy the latter.

 

[egp320i]

,

it isnt always about you

never stated that it was

billions of penny's out there, they could simply not mint as much

federal reserve need to calculate if they need to add any into circulation

over a million penny's are sitting in coffee cans to add to the amount