Should we keep making more pennies?

[JonathanW]

I see absolutely NO reason for us to continue making or using pennies. I think the US Mint should stop making them immediately, and announce that in 3 years pennies would no longer have value as a currency (but could still as a collectable), and thus should be exchanged for larger denominations of US currency. I'm not sure we shouldn't do the same with nickels too, as a 2nd step, maybe stop making those the same day the pennies are no longer currency.

Since US dollars and coins were established, inflation has increased their value 25-fold, so $1 in 1800 is worth $25 now (maybe more). Meaning the lowest US currency denomination in 1800 (penny) is worth 25 cents now. That supports the concept of getting rid of the penny, nickel, and even dime. However, I think also getting rid of the dime that quick might be too big of a change (no pun intended) for some people.

It costs about 3 cents for the US Mint to produce a penny, about 10 cents to produce a nickel, and about 5 cents to produce a dime. More reasons to stop making pennies and nickels, it cost more to make them than they are worth.

Some would argue that getting rid of the penny would harm the poor. Well yes, prices would have to be rounded, often up as opposed to down. But rounded down would happen often. Why are prices often like $1.99, $2.99, $399? Because it gives the appearance that they are significantly less than $2, $3, $400. Many retailers would rather risk making a fraction less per purchase, to not scare away one person from making the purchase (due to the appearance of a higher price). So, I think you would see some items that were say $2.99 become $2.95 instead of $3.00. If only 20% were rounded down & the other 80% were rounded up, then the overall cost across all purchases would be approximately unchanged.

 

[BlueThruAndThru]

How about more dimes?

 

[Ron Mehico]

Sure, let’s get rid of them!

 

[hmt5000]

I see absolutely NO reason for us to continue making or using pennies. I think the US Mint should stop making them immediately, and announce that in 3 years pennies would no longer have value as a currency (but could still as a collectable), and thus should be exchanged for larger denominations of US currency. I'm not sure we shouldn't do the same with nickels too, as a 2nd step, maybe stop making those the same day the pennies are no longer currency.

Since US dollars and coins were established, inflation has increased their value 25-fold, so $1 in 1800 is worth $25 now (maybe more). Meaning the lowest US currency denomination in 1800 (penny) is worth 25 cents now. That supports the concept of getting rid of the penny, nickel, and even dime. However, I think also getting rid of the dime that quick might be too big of a change (no pun intended) for some people.

It costs about 3 cents for the US Mint to produce a penny, about 10 cents to produce a nickel, and about 5 cents to produce a dime. More reasons to stop making pennies and nickels, it cost more to make them than they are worth.

Some would argue that getting rid of the penny would harm the poor. Well yes, prices would have to be rounded, often up as opposed to down. But rounded down would happen often. Why are prices often like $1.99, $2.99, $399? Because it gives the appearance that they are significantly less than $2, $3, $400. Many retailers would rather risk making a fraction less per purchase, to not scare away one person from making the purchase (due to the appearance of a higher price). So, I think you would see some items that were say $2.99 become $2.95 instead of $3.00. If only 20% were rounded down & the other 80% were rounded up, then the overall cost across all purchases would be approximately unchanged.

So you are saying we make money on dimes but lose money on pennies and nickles... I like the way you think..

 

[gobigblue812]

What hilarious is when there's a penny shortage.

 

[entropy13]

Email DOGE execs Elon and Vivek about it. Copper is in high demand, much better uses for it than pennies. As mentioned, the U.S. Treasury usually makes money the currency it produces, which is called seigniorage, but it loses money on pennies and nickels. No reason to continue making them.

 

[WildcatFan1982]

I feel like pennies exist solely for spite at this point. Quarters and dimes I find useful on a small number of occasions. The only use for pennies at this point seems to be using them to pay large bills when you’re pissed about something.

Or when you want to get the upper hand on someone…

 

[WayneDougan]

The “getting rid of the penny because it would hurt the poor” nonsense reminds me of the “we can’t have voter ID because black people cant get IDs” crap. It’s insulting to poor people. They aren’t financially strapped because of a few cents here or there. Especially when unemployment is low and even the lowest paying jobs start at around $12 an hour.

 

[AustinTXCat]

I found roughly $20 worth of pennies annually. Less since homeless and illegal immigrant invasions. Meh.

 

[cole854]

 

[JonathanW]

I feel like pennies exist solely for spite at this point. Quarters and dimes I find useful on a small number of occasions. The only use for pennies at this point seems to be using them to pay large bills when you’re pissed about something.

Or when you want to get the upper hand on someone…

I want to make my last alimony payment in pennies. Just need 165,000 of them (lol).

 

[vhcat70]

Yes, we need more penises.

 

[JumperJack]

Anything reasonable to cut government spending, I’ll support.

 

[wildcatadam6]

Since US dollars and coins were established, inflation has increased their value 25-fold,

I know what you mean, but this is indubitably false.

 

[vhcat70]

Anything reasonable to cut government spending, I’ll support.

Ah, reasonable. Now there's the rub.

 

[august-west]

I see absolutely NO reason for us to continue making or using pennies. I think the US Mint should stop making them immediately, and announce that in 3 years pennies would no longer have value as a currency (but could still as a collectable), and thus should be exchanged for larger denominations of US currency. I'm not sure we shouldn't do the same with nickels too, as a 2nd step, maybe stop making those the same day the pennies are no longer currency.

Since US dollars and coins were established, inflation has increased their value 25-fold, so $1 in 1800 is worth $25 now (maybe more). Meaning the lowest US currency denomination in 1800 (penny) is worth 25 cents now. That supports the concept of getting rid of the penny, nickel, and even dime. However, I think also getting rid of the dime that quick might be too big of a change (no pun intended) for some people.

It costs about 3 cents for the US Mint to produce a penny, about 10 cents to produce a nickel, and about 5 cents to produce a dime. More reasons to stop making pennies and nickels, it cost more to make them than they are worth.

Some would argue that getting rid of the penny would harm the poor. Well yes, prices would have to be rounded, often up as opposed to down. But rounded down would happen often. Why are prices often like $1.99, $2.99, $399? Because it gives the appearance that they are significantly less than $2, $3, $400. Many retailers would rather risk making a fraction less per purchase, to not scare away one person from making the purchase (due to the appearance of a higher price). So, I think you would see some items that were say $2.99 become $2.95 instead of $3.00. If only 20% were rounded down & the other 80% were rounded up, then the overall cost across all purchases would be approximately unchanged.

 

[Spica Orbit]

I see absolutely NO reason for us to continue making or using pennies. I think the US Mint should stop making them immediately, and announce that in 3 years pennies would no longer have value as a currency (but could still as a collectable), and thus should be exchanged for larger denominations of US currency. I'm not sure we shouldn't do the same with nickels too, as a 2nd step, maybe stop making those the same day the pennies are no longer currency.

Since US dollars and coins were established, inflation has increased their value 25-fold, so $1 in 1800 is worth $25 now (maybe more). Meaning the lowest US currency denomination in 1800 (penny) is worth 25 cents now. That supports the concept of getting rid of the penny, nickel, and even dime. However, I think also getting rid of the dime that quick might be too big of a change (no pun intended) for some people.

It costs about 3 cents for the US Mint to produce a penny, about 10 cents to produce a nickel, and about 5 cents to produce a dime. More reasons to stop making pennies and nickels, it cost more to make them than they are worth.

Some would argue that getting rid of the penny would harm the poor. Well yes, prices would have to be rounded, often up as opposed to down. But rounded down would happen often. Why are prices often like $1.99, $2.99, $399? Because it gives the appearance that they are significantly less than $2, $3, $400. Many retailers would rather risk making a fraction less per purchase, to not scare away one person from making the purchase (due to the appearance of a higher price). So, I think you would see some items that were say $2.99 become $2.95 instead of $3.00. If only 20% were rounded down & the other 80% were rounded up, then the overall cost across all purchases would be approximately unchanged.

First world problem.

 

[Cold Stout Beer]

Email DOGE execs Elon and Vivek about it. Copper is in high demand, much better uses for it than pennies. As mentioned, the U.S. Treasury usually makes money the currency it produces, which is called seigniorage, but it loses money on pennies and nickels. No reason to continue making them.

Doge already mentioned the penny. They said it takes 3 cents to make 1 penny. Only in America would such waste occur.

 

[WayneDougan]

It’s amazing to me how much people flat out do not want to change. You can’t buy shit with a penny. The arguments for keeping it are extremely weak. “Oh, it will hurt poor people because businesses will just round up.” FFS, it would take like 25 transactions in a day all round up 4 cents to equal a dollar. They should get rid of everything but the quarter if we’re being honest with ourselves.

 

[JonathanW]

It’s amazing to me how much people flat out do not want to change. You can’t buy shit with a penny. The arguments for keeping it are extremely weak. “Oh, it will hurt poor people because businesses will just round up.” FFS, it would take like 25 transactions in a day all round up 4 cents to equal a dollar. They should get rid of everything but the quarter if we’re being honest with ourselves.

Actually, you may see a good number also round down. There is a reason goods are often priced $X.99, because that 1 cent isn't worth much compared to the visual increase $6 looks a good bit more to many people than $5.99. So businesses are willing to give up that 1 cent per purchase to increase the volume of purchases. And for that same reason, you will see some round down to $5.95 instead of round up to $6.
And if only 1/5 as many round down as round up, then it's a net wash (no increase).