No more pennies will be minted

[Doc7505]

does he have the power? won't they need to craft a bill that is passed by congress the way our system is supposed to work?

~~~~~~
It's called the Constitution... Maybe you should read it occasionally.

 

[Crepitus]

Yeah, but I don't think that's really all that big of a deal. Although I think that Trump should just stick to lowering inflation.

Put the increase of a few pennies in everything you buy for a whole year.

It will make a difference.

 

[egp320i]

~~~~~~
It's called the Constitution... Maybe you should read it occasionally.

not high on the list of light reading but......

The President of the United States does not have the unilateral power to stop the production of currency. Here's how the process works:

• Currency Creation: The creation of currency in the U.S. is primarily handled by the Federal Reserve System, which is independent of direct presidential control. The Federal Reserve decides on monetary policy, including how much currency should be in circulation based on economic conditions.
• Congress and the Treasury: While the U.S. Department of the Treasury is responsible for the physical production of currency (through the Bureau of Engraving and Printing for paper money and the U.S. Mint for coins), the authority to produce money stems from laws passed by Congress. The Treasury operates under the guidance of laws like the Coinage Act, which dictates the minting of coins, but it does so within the framework established by Congress and in coordination with the Federal Reserve.

that said it costs almost 14 cents to make the nickle, so we going to ditch that too now?

 

[Road Runner]

What are we going to throw into wishing wells now?

 

[JGalt]

What are we going to throw into wishing wells now?

Democrats. It's a age-old test of determining which ones are witches or warlocks.

If they float, they're definitely a witch or a warlock. Then you burn them at the stake.

Many wishes were fulfilled by way of this method.

 

[Road Runner]

Btw am I the only person who is young enough to remember riding the penny horse at Kmart? That's what I called it anyways since it only cost a penny to ride. I most definitely feel old now.

 

[Road Runner]

I think that the penny horse that I rode on was white but this is similar.

 

[Kruska]

MSN

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

It's Trump's fault - he didn't stop it during his first stint, neither did he stop corruption and the misuse of Congressional/Federal Budgets.
Wonder how many hundreds of US$ billions were misappropriated by him during his first stint - likely a US$ Trillion and more.

 

[g5000]

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

And you would see deflation worse than the Great Depression.

 

[g5000]

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

Nope.

 

[g5000]

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.

A few hundred dollars of today buys a high definition TV you could not buy at any price in 2013.

 

[g5000]

Are you a neo nazi or a leftist?

The reason I ask is that the hyper-inflation during the Weimar era helped propel the Nazis to power

Nope. Germany's hyperinflation ended a decade before the Nazis came to power.

What propelled the Nazis to power was war reparations.

 

[g5000]

It's time.

When benjamin franklin wrote "A penny saved is a penny earned"...The penny was worth around $2 in todays money.

A penny would get you a loaf of bread!

The average income back then, adjusted for inflation, was $400 a year.

A little over a dollar a day, in today's money.

Good times.

 

[g5000]

Would you bend over to pick up a penny?

Be honest.

Someone once calculated it would not be worth Bill Gates's time to pick up a one hundred dollar bill.

 

[g5000]

Oh, never mind their worth. Just keep printing out Benjamin Franklin anytime you're feeling short.

You would be amazed how many $100 bills are in circulation.

Most of them are overseas. People around the world in unstable countries hold onto the almighty dollar as their flight to safety.

And people whine about our currency in this topic. They are clueless.

 

[JGalt]

Btw am I the only person who is young enough to remember riding the penny horse at Kmart? That's what I called it anyways since it only cost a penny to ride. I most definitely feel old now.

Many a young girl had her hymen broken on those damned things. That's why there aren't many virgins these days.

 

[Missourian]

Someone once calculated it would not be worth Bill Gates's time to pick up a one hundred dollar bill.

I make a similar argument deeper in the thread.

 

[g5000]

~~~~~~
Funny I was just talking to my step daughter about how the costs have gone up.
I remember when a fresh loaf of Italian bread cost 10 cents in Brooklyn.
A 32 ounce bottle of Schneider's soda was 15 cents and you got 5 cent back if you brought the empty bottle back. That was in the late 1940's.

That was back when the average income was $1368 a year.

 

[Unkotare]

What are we going to throw into wishing wells now?

democrats?

 

[g5000]

Not at all.

Cash can't be traced. Electronic transactions can be traced.