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They do know coins aren't single-use, right?
My coffee machine costs more than a Startbucks order, but that doesn't mean it's a bad investment.
I hate that he's the only person who could get away with this. I hate that he'd've campaigned heavily and successfully on the opposite of this if Biden or Obama had gotten rid of pennies. But I do appreciate no more pennies.
Hey donny dipshit, I'd be real triggered if you replaced the $1 and 5 with coins.
The idea of doing away with the penny misses the point.
The question is why does it cost three cents to produce a penny? Can we make a penny for less? I'm suspecting it could be done.We should try that first because the loss of that denomination will have repercussions.
Who do you think it will cost every time a purchase comes to $0.96? You, the consumer, will be expected to eat the difference; the business never will. This seems like an innocuous loss, but consider how much 337,000,000 of us will leave on the table over the course of a year.
Better to streamline production and reduce costs so everyone's math makes sense.
Other nations that did away with smaller denominations simply round to the nearest denomination of the smallest unit they have available (e.g. $0.05), so $0.96 would come out to $0.95. When using card, prices stay the same, since digital money is easily divisible into smaller amounts without needing to worry about issuance.
There's also the collective cost argument, which essentially means that since this cost to produce currency is a direct inflationary impact on the money we all hold, and is an expense by the government, which represents the populace, then if a penny costs $0.03 to make, if it takes you more than, say, 10 seconds to get pennies out to pay with them, your hourly wage is actually higher than the time you wasted just fiddling around with that penny.
Can we make a penny for less?
Probably, but what's the point even keeping the penny around if it's fundamentally useless to most transactions? Nobody can buy any individual item with a penny anymore, nobody pays for any items with a combination of just pennies since they're still too tiny to easily amount to a value that's worth your time to count (e.g. counting 25 pennies to buy a lollipop is extraordinarily tedious compared to just pulling out a single quarter, or two dimes and a nickle), and their primary purpose at this point is just to account for businesses pricing their goods at one penny under the nearest dollar amount to trick your brain into thinking it's cheaper. It's a fundamentally hostile currency to store, use, and receive change in.
No, that's not the point.
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this post was submitted on 10 Feb 2025
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