The US penny now costs 3.7 cents to produce and costs Americans $200 million per fiscal year in losses. It has no utility and consumers wouldn’t pay more for anything because prices would be rounded up or down to the nearest 5 cents. If the government was really serious about saving taxpayers money they can start with obvious redundancies.
Nope. First of all, no business is going to round down.
Corporations charge every single cent on bills. Lots of cents adds up to serious money.
I like the fact that the metal in coins are worth more than the face value. That means that coins actually have intrinsic value. I wish they still contained silver.
I have lots of proof and mint sets and some collectable coins. I save undamaged change in an old, 5 gallon, glass, water bottle. Those coins are worth something.
Coins are attractive and I like the weight and the way they jingle.
I don't care about the cost to government in producing coins. At least it benefits consumers.
I think the goal of Elon and others is get rid of cash and implement digital currency. That way, every single transaction can be traced. No more yard sales or under the table transactions.
And if they go to digital currency, you can guarantee that they will charge every single cent.
I try to use cash as much as possible. Let the money circulate. I don't want the government or banks controlling what I spend, on what or where.
Most transactions are cashless anyway and the one cent still applies. So most consumers still technically use the penny. It’s a complete net loss to everyone that the penny is still in circulation. Remember the governments money is tax payers money.
You might be surprised re: that first sentence. After all, if every penny counts to corporations, why do you think they charge, say, $5.99 instead of $6 to begin with? Because they found the increased spending from the psychological trick to be higher than the price difference. And on the other hand, some stores have already eliminated the.99 pricing even with pennies still existing, whether it's to not deal with holding them or to advertise simpler pricing. So basically, some places would round down and others up, and it wouldn't be much of a net difference to consumers.
No, as my grandmother says a penny still spend. The same way a dollar does. And you get enough of them making accumulate to something and if you’re a coin collector, there’s a rare penny out there that you can sell.
That might have been true in Granny’s time but I think even she’d be horrified to learn it cost 3.7 cents to produce a penny. The $200 million just represents losses from production not to mention circulation costs of a coin that has absolutely no practical utility.
That’s understandable but also if you think about it, we still have them in circulation so if they have no value or nothing, then they would become rare and if they become rare that mean they would steal again hold value just like the Eisenhower dollar or the Susan B Anthony coin or that giant five cent nickel
I don't want to do away with the penny but I think that because it costs more to make than what it's worth the government will be doing away with the penny 😞
The discussion around ditching the penny is a rational one, considering the cost exceeds its face value. Economically, eliminating the penny could save money, reduce inefficiencies, and simplify transactions by rounding prices to the nearest nickel. Other countries have successfully phased out low-denomination coins without major impact. However, the decision also involves evaluating consumer and business perceptions, as well as addressing the historical and sentimental value attached to the penny. Balancing these factors requires comprehensive analysis and strategic planning.
The US Penny should still be legal tender, though since it is everywhere they should stop making more. 3.7 cents for every 1 cent is 100% a waste of money.
I’m all for government efficiency when it is ‘common sense’ like ending the war on terror would’ve saved us billions of dollars for decades of policing around the world & would’ve saved us billions if we didn’t try to establish Democracies in places that don’t want Western Values also not to mention if we didn’t pump funds into prison systems across the USA and focused on trying to help mental health / allow a path to redemption. The penny has got to go, now. Just common sense, kill the penny.
The pennies should have been gone years ago. I think we should go to a $1 coin also. The gold colored Sacagawea dollar coin was easy to spot, not confused with a quarter like the Susan B. Anthony dollar. Crank those puppies out like crazy! The UK did it with the Pound decades ago.
I think that rounding to the nearest 5 cents would not work. There are plenty of instances in banking and manufacturing where one or two cents is a significant amount. Our whole monetary system would have to be revamped.
yep. there was a trader who made bank on skimming the rounding error off of his rich clients. the transactions were too small to make a note of individually but altogether he ran a huge scam and embezzled millions. i think he was working with the third decimal though, not pennies. still
don’t know what you’re talking about. literally when you do your taxes you round to the nearest dollar. and that’s not a cash transaction.
you’re just saying that on credit card transactions, one is still paying by the penny. nothing to do with the trader or his investments or how he was rounding
If that happens I’m keeping mine. Maybe they’ll be worth a lot when I’m 60 or 70. Sell those things and catch a bag like a cat stealing chips from a convenience store. Strategic as hell
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