Hold on to those pennies that you have!!! If this ends up holding up it will be the end of the penny and will thus lead to them becoming collectors items!
pull down to refresh
33 sats \ 0 replies \ @Jon_Hodl 10 Feb
This doesn’t make cents.
reply
0 sats \ 1 reply \ @Aries 10 Feb
I hardly use paper money these days. With the convenience of tap pay on my phone, I don’t even need to pull out a credit card.
However, the nickel should also be eliminated.
“In FY 2023, the U.S. Mint’s toll to make, administer and distribute the 1-cent coin increased to 3.07 cents from 2.72 cents (12.9%) and the unit cost for the 5-cent coin rose to 11.54 cents from 10.41 cents (10.9%).”
https://www.coinnews.net/2024/02/09/penny-costs-3-07-cents-to-make-in-2023-nickel-costs-11-54-cents-us-mint-realizes-249m-in-seigniorage/#:~:text=Cos%20to%20Make%20Pennies%20and,from%2010.41%20cents%20(10.9%25).
reply
33 sats \ 0 replies \ @Cje95 OP 10 Feb
So pennys hit 3.7 cents per one. When you break that down over the number produced it trounces the nickle. No other country has gotten rid of their nickle from what I can find while many have gotten rid of their Pennys.
It’s going to take time to change the financial system this much and the last thing you want to do is throw all US businesses into a turbulent event. One thing at a time. Penny then you can come on or in regard to nickle change it’s composition
reply
0 sats \ 2 replies \ @Undisciplined 10 Feb
Why not nickels too?
reply
0 sats \ 1 reply \ @Cje95 OP 10 Feb
That would likely be too big of a shake up. Other countries that have gotten ride of their Pennie’s like Australia rounded up or down to the 5 cent mark. That’s a heck of a lot easier for businesses to have to tackle a 10 cent jump
reply
0 sats \ 0 replies \ @Undisciplined 10 Feb
It's the same exact idea. Nickels cost around 10 cents each to mint, so they're a pure waste financially.
reply