Australia and Canada got rid of their pennies and “rounding up” didn’t happen. The U.S. should have gotten rid of pennies 30 years ago. It’s now almost moot because so many transactions are cashless.
Merchants have been doing this for years already. Can't even remember the last time I got a penny in change. In my experience though, the merchants have been doing it in favor of the customer.
I’ve experienced the Rounding up when using a credit card. I usually always have change and use Pennies if I need to for cash purchases. It will be interesting o see what happens if this actually goes thru…
It's "worth" the face value times the number of transactions it facilitates. If a penny changes hands a hundred times, it's "worth" a dollar. Does a penny change hands at least 4 times before getting lost/hoarded? If so then it's "worth it" to make them. As long as you don't count time as money...
The other way to express that is that the "cost" of making a unit of currency is the actual cost of production divided by the number of times it's used in transactions. at 3.8¢ to make, once you've used a penny in more than 4 transactions then the "cost" is below face value.
If everyone were going to the bank and getting brand new pennies and melting them down for profit, then you'd have a strong argument for killing them off on a cost of production basis. Stick with "The time people waste handling them is worth more than a penny at minimum wage."
The value of US has been detached from its intrinsic value for decades. Coins are minted to facilitate trade and minted with materials that are expected to extend its use. A penny may cost 3.7 cents to mint, but it is capable of being reused thousands of times?
Which has nothing to do with whether they cost more to produce than their face value. The figure that would matter is the average # of times the coin is used times the face value. Comparing cost to face value alone is nonsense because, despite your claims, most coins are not only spent once.
I didn't claim that about "most coins." I said that the penny and nickel, both of which cost more than their face value, are used less and less in transactions because they're simply not necessary beyond getting change when using cash to pay for something. Those two factors combine.
This isn’t new information. We were talking about it costing more than five cents to make a nickel 30 years ago. And yet our society has not collapsed during that period as a result of how much it costs to make a penny or a nickel. This is all just part of the big distraction machine.
Doesn’t matter, they are a waste and the reason we keep them is due to lobbying. Biden started the work to eliminate this denomination. Trump is claiming credit with his EO.
Buy back all the pennies people have in jars and bags in their homes. Roll of 50 pennies gives you 60 cents. Cheaper than minting new and will put hundreds of thousands of pennies back in circulation.
The fact that it's worth less than the minting cost isn't really the problem with the penny. The biggest problem with is that everyone gets pennies in change, then no one spends them ever again, because everything costs $X.99, so everyone just rounds up and pays to the nearest whole dollar.
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Save a penny
#RESIST
The value of US has been detached from its intrinsic value for decades. Coins are minted to facilitate trade and minted with materials that are expected to extend its use. A penny may cost 3.7 cents to mint, but it is capable of being reused thousands of times?
Vote your best interests 2026!!
Trump just did an E.O to take credit.
More poor reporting from media.
I'm not against eliminating the penny, I'm against crappy logic.