What do you think of USA getting rid of the penny? Many other nations have done so already and consumers adjusted just fine?

[DrPepper12]

FYI:
It costs more than 3 cents to produce 1 penny.

2/3rds of pennies drop out of circulation into coin jars requiring the constant replacement of these coins that have "disappeared" leading to a spiral where more and more need to be mined every year.

A conservative estimate holds that there are 240 billion pennies lying around the United States.

One out of every two circulating coins minted in the United States has a face value of 1 cent.

$100 worth of pennies weighs about 55 pounds.)

A Federal Reserve survey found that Americans paid with cash just 18 percent of the time.

Because a portion of America’s children will, inevitably, swallow coins, by law all coins are required to be detectable by X-ray.

Coinstar machines have processed over one trillion coins of various denominations, worth about $67 billion dollars.

Coinstar is practically the sole medium by which pennies migrate around the USA.

Pennies occupy disproportionate space; at 50% of a jar, they contribute only about 6% of its value.

Theodore Roosevelt began replacing coins he considered "ugly, artistically of atrocious hideousness,” with designs he liked more. He put Lincoln on the penny because he felt like it & consulted no one about his decision.

The Secretary of the US Treasury could stop producing pennies today; no legislation is needed.

Canada eliminated its 1-cent coin in 2013 but ONLY its physical coin, not the mathematical concept of 1 cent. Payment by any kind of noncash transaction is STILL calculated exactly as it was before the penny was abolished.

The final digit of Canadian cash transactions is rounded to the nearest nickel: 1 and 2, nearest to 0 nickels, round down to 0; 3 and 4 round up to a nickel — 5; 6 and 7, also nearest to one nickel, round down — 5 again; 8 and 9, nearest to 10 cents, round up.

Get rid of the USA penny

Keep the USA penny

I don't care either way

I'm not in USA but the penny is just more USA stupidity

Updates

1 y

VERY mixed results on the penny controversy! 41% get rid of it, 33% keep it & 27% IDGAF. TY for illuminating that for me!!

[ohsheeT]

For business since it would be wise to discontinue it... But for me being selfish LOL I say keep making it because I collect pennies I collect coins and there are coins that are worth lots and lots of money..

But as business as I think a nickel even cost 10 cents or something like that to make I forget what it is but you know American American politicians they try to make us broke our country broke that way they can keep buying more money to become more broke and we fund this and that and this and that which nobody even knows what this and that is anymore. If you're a politician and you have friends that are contractors that make nuts and bolts you get them a job you get them hired to make nuts and bolts for America for 200 million for $20,000 worth in nuts and bolts it's a big scam the whole thing is

[Lliam]

Keep the penny.
Fuck rounding up or down.
The metal has actual value, unlike paper currency.
We should go back to silver in dimes, quarters, 50 cent pieces and dollar coins.
What the powers that be would like to do is eliminate cash transactions entirely and replace money with CBDC so that they can track every single purchase we make.

[DrPepper12]

CBDC?

[Lliam]

Central Bank Digital Currency.

[DrPepper12]

Cash will ALWAYS be an option. That's conspiracist nonsense.

[Lliam]

Does it ever occur to you that there is a lot that you're not aware of? Just because you never heard it on the news doesn't make it a "conspiracy theory".
Jeeeez, just google CBDC. Check out some of the WEF's goals on their own site.
Some countries are already adopting cashless society.

[DrPepper12]

I've heard about for most a decade. We won't be adopting it. As the reserve currency (until China & EU replace US) it would be the height of folly to do it.

[jorfan3]

I understand that manufacturing and keeping physical pennies is a nuisance, but that singular decimal in your bank account is literally the cornerstone of compound interest. I wouldn't want to get rid of the penny because that can be the difference in savings over several years. It does add up.

[DrPepper12]

We would still keep that. Only applies to cash transactions

[jorfan3]

That would interfere with cashing money then. You could never get the full amount out.

[purplepoppy]

Good idea. If everyone sends me their unwanted pennies I'll dispose of them for you.

[GoodGuyBreakingBad]

Keep the US Penny

[DrPepper12]

At 3 cents a pop?

[nolabels]

I consider myself a realist.
As such, I'm for eliminating all coinage.
It's all almost virtually worthless in today's economy, and it costs a fortune to mint it.
If things continue as they have, soon the one-dollar bill could go, too.

[Oncewildtwiceburned]

Global Politics is a lost cause. No cents in caring about outside your community and family, its so corrupt its useless to waste breathe speaking about.

[DrPepper12]

I wouldn't want all digital payments. I don't want my every purchase tracked.

[nolabels]

No, I wouldn't want strictly digital currency, either.

[AviatorTom]

I'm a coin collector and have a complete set (year and mint) of US pennies from 1870 to 2024. I'd like to see the penny continue, but I must admit it no longer makes economic sense. It would make sense to make 2026, the US's 250th birthday, the final year of the penny, and have the mint issue a special penny. Canada's final year of the penny had two variants, one magnetic and one not.

[Daniela1982]

They are as useless as a wart on a toad.

You talking about me again?

[lightbulb27]

I'd toss it. it goes to show how much we've abused our currency. put it in a museum next to the Roman Dinar... the wooden one.

This is what happens when you give free reign to make money out of thin air... typing on a keyboard.

given the cost of nickel... might get rid of that too.

[DrPepper12]

I don't get relationship between Penny and currency abuse. It's inconsequential to the Fed

[Daniela1982]

People don't even pick up pennies they see on the ground anymore. If you did you were called a scrounge.

[lightbulb27]

@Daniela1982 I do but it's a waste of time. I pickup cans and bottles, worth 10c
@DrPepper12 the penny is worthless because we keep printing money (on computer) to pay for things we don't need... wasting money. Waste="growth". The wast makes lots of money to flow, which goes into the hands of a few and trickles to others... resulting in gap between rich and poor.

[Anonymous]

Depends on how you look at it. I think it could be a good thing. But too the prices of things could be rounded up, which yes is a few extra cents but cents add up to dollars. Of course they could be rounded down. When I was in the military stationed overseas, they didn’t have pennies at the bases I was at. Supposedly the weight in pennies was way too expected to ship than the actual worth of all those pennies.

[katiesmuff]

Yes I wouldn't mind at all if the penny went away! I operate a restaurant/bar and 90+% of our business is with credit cards any more.

[DrPepper12]

EVERY business HATES IT

[Anonymous]

This is an inflation problem. Without the penny it would be impossible to pay for anything not in 5 cent intervoles, which then makes taxes with cash more difficult.

Revalue the U. S. Dollar and the penny becomes worthwhile again, to switch more to digital economy and keep the penny as a nitch backup.

[DrPepper12]

This would only apply to cash transactions. The penny would still exist digitally

[Opinion Owner]

Digitally we we don't need a penny we have fractions of tiny size

[DrPepper12]

For checks and loans I want my pennies! This only applies to cash.

[Caroline91]

I find pennies annoying. They take up so much space and there's nothing you can buy with a penny or two. My parents said they used to buy bubble gum and candy with pennies... I wish.

[shortster]

No, this is just another attempt to get us to go cashless so they can introduce a digital fed coin. Which they could then use to control our finances. Not letting us purchase certain things, having our money expire, outright taking money from our accounts.

[DrPepper12]

That's conspiracist nonsense.

[shortster]

And when it happens?

[DrPepper12]

It won't. It can't. It's already illegal.

[shortster]

Then why has the Fed been researching a USDC?

[dragoblack]

Getting rid of the penny only means the consumer will be charged more and taxed more. The government and business never round down

[DrPepper12]

The Canadian studies said it was a wash and inconsequential since 82% transactions were non cash

[dragoblack]

It is, but it is an integrated part of the financial system. For example, the nebraska tax on goods is 0.07 cents to the dollar. if the penny was gone, it would raise it to 0.10 cents to the dollar. That adds up quick, meaning goods & services would cost exponentially more, in a struggling economy. Making it integral to keep the penny, until usa society equalizes to where it is no longer necessary.

[serious_miss419]

We’ve had our penny gone since 2013.
We round up or down for the total cost. But til registers and price tags still display a penny value 😂 it’s a funny chat in a drive through paying w change. ✌️

[Sharkstealth]

I didn't know that was a thought but i dont use change much. Cash not very often eirher. I wouldn't care i guess because change just sits in a jar or a tin for years in my house. 30+ years for some.

[Inthelines]

If you are not from the USA this is none of your business.

[DrPepper12]

Why? They have valid opinions too.

[Snakeyes7]

The metal the penny uses is probably worth more than one cent in today's money. We should also keep the penny as a grim reminder that it was our own fault that it is as worthless as it is.

[douride2]

Canada dropped use of the penny in 2013. We seem to be doing fine with out it.

[jamesgoldman]

Would be good for the old boys waiting to melt buckets of profitable pre-1982s

[Pete671]

Get rid, here in UK many prices are rounded to 5p increments,,,

[beefcakebradybatson]

Canada got rid of the penny about ten years ago and few folk miss them.

[exitseven]

Keep the penny but get rid of inflation.

[Anonymous]

Pennies will always be here regardless

[DrPepper12]

Disagree. Canada: The penny was phased out in 2012.
Australia: The 1 and 2 cent coins were withdrawn in 1991.
New Zealand: The 1 and 2 cent coins were eliminated in 1990.
Brazil: The 1 centavo coin was discontinued in 2005.
Finland, Netherlands, and Sweden: These countries have also removed their lowest-denomination coins

[Opinion Owner]

No you misunderstood, I mean we have millions of pennies on the street that they’ll always be around even if it were discontinued. I don’t think it will ever not be acceptable currency when paying the last few cents on a check / giving exact change back.

[robocop666]

inflation as the USA and EU are printing more money and Saudi Arabia has ditched the dollar.

[DrPepper12]

But the penny question?

[mandyfire98]

I loathe pennies

[DrPepper12]

Same. I LOATHE coins and even singles.

[NathanDavis]

they gross me out... lol

[RedInnocent69]

Yeah, it’s sad, but it’ll be alright.