free hot take: don't get rid of the penny, just multiply the face value of every coin by 10 (and swap the dime and nickel) - ThreadSky

ryanlcooper.com • 11 days ago

free hot take: don't get rid of the penny, just multiply the face value of every coin by 10 (and swap the dime and nickel)

Reposted from Joe Weisenthal

This is incredible from @tracyalloway.bsky.social on how the government could lose even more money by discontinuing the penny if it results in a "flight to nickels" www.bloomberg.com/news/newslet...

Comments

sakibk.bsky.social•11 days ago

Why are you trying to bring back coinage?

ryanlcooper.com•11 days ago

real problem with American coinage is they're all almost worthless. when's the last time you bought something that cost 25 cents

bronxriverdigital.com•11 days ago

Ten minutes of parking is about all I ever use coins for.

nattiecat.bsky.social•11 days ago

The bodega on the corner will sell me a single jolly rancher for a quarter.

adambonin.bsky.social•11 days ago

hugetinymistake.bsky.social•11 days ago

dear god, i used to play this all the time at my dad's bowling center

ryanlcooper.com•11 days ago

25 cents in 1950 adjusted for inflation is $3.38. we at least need a 5-dollar coin and imo a 10-dollar too

devinnn.bsky.social•11 days ago

all of the weed places here—famously dealing mostly in cash—round to the nearest dollar. let's do pennies for a buck, nickles for a fiver, and quarters become tens? cash can be $20 and up (and maybe a random like, $40 bill as a replacement for novelty $2 bills)

ericano.bsky.social•11 days ago

are the dollar coins just non-existent now? (I'm remembering from years ago now) 1 and 2 euro coins here in France are about the only thing people keep track of... almost no prices will end in less than .05 or .10

tujungadude.bsky.social•11 days ago

[canadian] [laughs in loonies and twonies]

anthropic42.bsky.social•11 days ago

Before 1933 the US had circulating gold coins denominated at $2.50, $5, $10, and $20. I like to imagine a woman in a fur coat dropping a stack of them on the counter at Tiffany and Co in 1928.

timbeckel.bsky.social•11 days ago

Making it rain has never been cheaper

dmondom.bsky.social•11 days ago

Gotta build a coin-based economy like in the John Wick movies

aspectcontext.com•11 days ago

Eliminate the $1 bill (6 year lifetime) for the $1 coin (30 year lifetime). Yes it costs more to product a $1 coin, but they also last 5x longer.

Canada's done this right for a good while now.

aspectcontext.com•11 days ago

And as much as I love a good $2 bill, they're largely novelty at this point while the 50-cent coin is hardly ever seen outside of mint and proof sets from the U.S. Mint.

ernekid.bsky.social•11 days ago

I like it in old movies in scenes set in diners they just pay for their coffee by just leaving some coins on the counter. You can’t do that today

thegreatawk.bsky.social•11 days ago

Carrying a jangling purse like a medieval turnip farmer going to the market

kja.bsky.social•11 days ago

Every trip to NL reminds me of how annoying coins are. No one takes credit cards, so it's cash if you're not in their stupid banking system. Trying to get rid of five pounds of coins on coffee and sandwiches at the airport on every trip.

furmarkhill.bsky.social•11 days ago

Parking meters and laundromat

furmarkhill.bsky.social•11 days ago

And the bus!

plumicorns.bsky.social•11 days ago

Aldi cart return becomes high stakes under this proposal

misterfungi.bsky.social•11 days ago

I’ve even said for years that if you’re gonna carry paper money, $10s and $50s are the way to go. Everything is $5-10 or $40. Pay with a $50 and throw the coins in the trash.

hilvadvising.bsky.social•11 days ago

My guy, I don't even carry cash.

mrslower.bsky.social•11 days ago

I buy a fair amount from vending machines and used a commercial laundry for a while last year so I hoard quarters. I haven't seen a vending machine in years that accepted anything smaller than a quarter.

bigstape.bsky.social•11 days ago

I spent 3 weeks in Australia and used absolutely no cash

katcc.bsky.social•11 days ago

Are Americans actually using coins to pay for things any more? Serious question

ryanlcooper.com•11 days ago

they largely aren't! because it's incredibly inconvenient!

chemotaxis.bsky.social•11 days ago

6 minutes of dryer time at a laundromat

pamelapandemica.bsky.social•11 days ago

Laundry machines, parking meters and Aldi carts.

lauraclawson.bsky.social•11 days ago

12 minutes of street parking

jetpack-hulahoop.bsky.social•11 days ago

that isn't an "adopt the metric system" level change but close enough that people would still go insane

metoomatters.bsky.social•11 days ago

I think Lincoln is not a favorite of this administration especially the racist leader.

harryfinch.bsky.social•11 days ago

If it costs 4 cents to produce a penny and they need more pennies, why not buy back existing ones from the public at 2 cents apiece.

ges2745.bsky.social•11 days ago

What about the value in copper that's in those pennies. That has to account for something.

pyrholidon.bsky.social•11 days ago

There’s almost no copper in them because of how the value of copper to make a penny is more than the penny is worth.

ges2745.bsky.social•11 days ago

I think that's what I'm saying, the government takes them all back and then uses the copper to offset the cost of eliminating them. Copper still has value. We did it in Canada a bunch of years back. Worked out up here.

pyrholidon.bsky.social•11 days ago

We don’t like to do things that make sense in this country.

ges2745.bsky.social•11 days ago

Fair enough

donrobbie.bsky.social•11 days ago

Even dumber hot take, once the dollar crashes, make the penny the new one dollar coin and go up from there

followmal.bsky.social•11 days ago

📌

tarnado.bsky.social•11 days ago

hey! bingo! I also really want that to happen!

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