A good compromise would be if pennies were only produced for one month of each year and the cost could be greatly reduced because you could limit the production for that month.
With a monetary reset I could go for that. I'd love to see the value of money come back in line to at least 30 years ago. A dollar barely hold any value at this point let alone a quarter. A penny is completely worthless.
so i wonder then, when your total rings up for say, 10.02, do you just give them 10.05 and get no change if they don't have any pennies in the register? Or do we have enough in circulation already to cover what few cash transactions are going on these days? I literally have a massive bowl of pennies in my kitchen right now lol. my son plays with them.
I read that it'll be rounded up or down... my guess is that most places will round up. However if you pay with a credit card, pennies will still be there. So another step to encourage people to go cashless and let the banks get their % of every purchase.
I use cash as much as possible so I accumulate lots of change. At the end of every day I put it in one of those huge food service type pickle jars. After Thanksgiving I take it to my bank where they have a free coin star type changer. I typically have near 1000 dollars saved. I use it to buy my wifes Christmas present every year.
Well if the pennies were made of more valuable material perhaps they'd be worth what they're supposed to be. Like, say, full copper? Instead of zinc covered in thin copper? I'd actually hate to see pennies go.
We have more than enough in general public circulation. Hell, how many does the CoinCash company collect everyday? I agree with joys1daughter comment to mint only at a limited amount of time. And, yes, we haven't had a pure copper penny since the 80's I believe. It must cost more to have zinc coil sheets copper cladded than using just either alloy. Maybe President Trump needs to bring outside private sector people to help with making the stamping process more efficient?
I don't understand why anyone would cheer the end of the penny. I pointed out in an economics class in 2007 that getting rid of the penny would devalue the nickel and no amount of rounding is going to prevent that.
There are two real solutions: keep the existing pennies in circulation, and if more pennies are needed, switch to steel. Pennies are expensive because zinc is expensive. Pennies are only copper plated and the zinc inside is costly. The copper is expensive too, but pennies are mostly zinc.
There is a wonderful, fun and enlightening book that addresses this among other subjects. It is "Making Money" by Terry Pratchett. A great author; if you haven't read him do yourself a favor and start now. Future you will thank you.
Inflation is the rate of shrinkage of the buying power of the dollar. The Federal Reserve's goal is to get 2-3% shrinkage every year. So what costs $100 last year will cost about $103 this year. They achieve this by printing new dollars out of thin air, which is called counterfeiting if anyone besides the central bank does it.
To reduce inflation would be to bring that rate of shrinkage to zero. That means stopping the creation of dollars out of thin air. But the thing that now costs $103 this year will still cost $103 next year, and the year after, and so on so long as inflation is 0%.
To go backwards is called deflation. That's where the rate of inflation goes negative. So with a negative 3% rate of inflation (or a 3% rate of deflation), what cost $100 last year would cost $97 this year. You can keep doing this to get things to cost less and less in terms of dollars. But to achieve this you have to get someone to burn a lot dollars, and no one wants to do that, not even the government. If you have a sustained period of deflation, then the penny becomes relevant again.
Deflation also incentives people to hoard money. That's very harmful to the economy, because it reduces economic activity. So it leads to massive layoffs and a ton of other bad things.
Pennies are useless. We got rid of them in Canada years ago. But the taxes when you shop still ring up pennies. So what happens if you purchase is 2.63 then they take it to 2.65 but if it is 2.62 they take it to 2.60.
I personally was glad to see the pennies go. They are useless and do cost a lot to make.
"From 1865 to 1901, Lincoln's coffin was moved 17 times due to construction and fears for the safety of the president's remains. There was actually a plot in 1876 to steal the body and hold it for ransom. The coffin itself was opened on five separate occasions."
Oh...I hate to see this...
Why?
Because I love coins.
A good compromise would be if pennies were only produced for one month of each year and the cost could be greatly reduced because you could limit the production for that month.
MAKE PENNIES GREAT AGAIN! MPGA! 🪙
With a monetary reset I could go for that. I'd love to see the value of money come back in line to at least 30 years ago. A dollar barely hold any value at this point let alone a quarter. A penny is completely worthless.
I do too. I want exact change. You think they're gonna round up in favor of the consumer? Definitely not.
Yes, this. In effect, this will add four cents to the cost of small items.
😥 They're so cute. So sad to see this
so i wonder then, when your total rings up for say, 10.02, do you just give them 10.05 and get no change if they don't have any pennies in the register? Or do we have enough in circulation already to cover what few cash transactions are going on these days? I literally have a massive bowl of pennies in my kitchen right now lol. my son plays with them.
In other countries they just round it to the nearest 0.05. Sometimes you win, sometimes you lose.
I'd bet that 99% of the time, you lose.
I read that it'll be rounded up or down... my guess is that most places will round up. However if you pay with a credit card, pennies will still be there. So another step to encourage people to go cashless and let the banks get their % of every purchase.
I just cashed in two jars and made a truck payment with the total right there at the bank.
I use cash as much as possible so I accumulate lots of change. At the end of every day I put it in one of those huge food service type pickle jars. After Thanksgiving I take it to my bank where they have a free coin star type changer. I typically have near 1000 dollars saved. I use it to buy my wifes Christmas present every year.
Well if the pennies were made of more valuable material perhaps they'd be worth what they're supposed to be. Like, say, full copper? Instead of zinc covered in thin copper? I'd actually hate to see pennies go.
Hopefully we'll either devalue or revalue, and pennies too will be great again, even if dollars will always be greater.
Awwww. I love pennies 🙈
We have more than enough in general public circulation. Hell, how many does the CoinCash company collect everyday? I agree with joys1daughter comment to mint only at a limited amount of time. And, yes, we haven't had a pure copper penny since the 80's I believe. It must cost more to have zinc coil sheets copper cladded than using just either alloy. Maybe President Trump needs to bring outside private sector people to help with making the stamping process more efficient?
" we haven't had a pure copper penny since the 80's I believe."
1982:
https://coins.thefuntimesguide.com/copper-pennies/
https://truthsocial.com/@realDonaldTrump/113977224933701762
I don't understand why anyone would cheer the end of the penny. I pointed out in an economics class in 2007 that getting rid of the penny would devalue the nickel and no amount of rounding is going to prevent that.
There are two real solutions: keep the existing pennies in circulation, and if more pennies are needed, switch to steel. Pennies are expensive because zinc is expensive. Pennies are only copper plated and the zinc inside is costly. The copper is expensive too, but pennies are mostly zinc.
Wow. The world is changing. Maybe they could keep them, but make them worth 2 cents.
I've got a radical idea; Maybe fix the dollar so that pennies are valuable again?
There is a wonderful, fun and enlightening book that addresses this among other subjects. It is "Making Money" by Terry Pratchett. A great author; if you haven't read him do yourself a favor and start now. Future you will thank you.
Going Postal is one of my top 3.. Can't wait for That reform!
Get your gold suit out, and prepare for a mailslide!
Rampant inflation killed the penny. Trump is just being realistic.
So when he reduces inflation, will he "realistically" restore the peny?
You're thinking about this the wrong way.
Inflation is the rate of shrinkage of the buying power of the dollar. The Federal Reserve's goal is to get 2-3% shrinkage every year. So what costs $100 last year will cost about $103 this year. They achieve this by printing new dollars out of thin air, which is called counterfeiting if anyone besides the central bank does it.
To reduce inflation would be to bring that rate of shrinkage to zero. That means stopping the creation of dollars out of thin air. But the thing that now costs $103 this year will still cost $103 next year, and the year after, and so on so long as inflation is 0%.
To go backwards is called deflation. That's where the rate of inflation goes negative. So with a negative 3% rate of inflation (or a 3% rate of deflation), what cost $100 last year would cost $97 this year. You can keep doing this to get things to cost less and less in terms of dollars. But to achieve this you have to get someone to burn a lot dollars, and no one wants to do that, not even the government. If you have a sustained period of deflation, then the penny becomes relevant again.
Deflation also incentives people to hoard money. That's very harmful to the economy, because it reduces economic activity. So it leads to massive layoffs and a ton of other bad things.
Pennies are useless. We got rid of them in Canada years ago. But the taxes when you shop still ring up pennies. So what happens if you purchase is 2.63 then they take it to 2.65 but if it is 2.62 they take it to 2.60.
I personally was glad to see the pennies go. They are useless and do cost a lot to make.
I am sad to the part of the history going away
'ending' the penny...Lincoln is on the penny.
look at the cover of the famous George Magazine...Lincoln is gone🤔
https://archive.org/details/george-magazine-february-1997-survival-guide-to-the-future-bill-gates-interview
he's 'buried'...
which is interesting because to actually 'bury' Lincoln, they moved his body 17 times
https://www.ilsos.gov/departments/archives/teaching_packages/abraham_lincoln/doc35.html#
"From 1865 to 1901, Lincoln's coffin was moved 17 times due to construction and fears for the safety of the president's remains. There was actually a plot in 1876 to steal the body and hold it for ransom. The coffin itself was opened on five separate occasions."
So how will retailers give out change? Let me guess, they'll round up to the nearest nickel. Always rounding up.