14 Comments

  • The zinc industry lobbies very hard to keep the penny in production.

  • I like pennies. I use them to assert my dominance in any situation.

  • Can’t they just stop production for like 3 years and see if need/ value/ demand catches up?

  • For years I’ve felt that the US should get rid of the penny, and get rid of the 1 dollar bill. The penny can just be moved to rounding (where a study has shone that consumers are likely to get a fraction more back on average, for those worried about “losing money”).

    The dollar bill should be replaced with equal parts dollar coins and two dollar bills. Because the big argument against dollar coins is carrying a bunch around, but if we had two dollar bills instead, you would only ever need to get a single dollar coin at most in change. (and yes I know the dollar coins cost more to make than dollar bills).

    Also by doing all that we wouldnt have to change cash registers at all…same amount of coins and bills as before.

    EDIT: changed an accidental “bill” to “coin”

  • Every time this argument is brought up I say “what about $100 bills.. think it cost $100 to make those?? pretty sure it balances out”

  • Fuck pennies.

  • New Zealand discontinued the 1 cent coin in 1987. Smallest coin as of 2017 is 10 cents (approx US 7.5 cents equivalent).

  • This is a meaningless fact. A penny is worth 1 cent *every time it’s used*.

    It costs 1.67 cents to make it. I get it brand new and it’s worth a 1 cent. I use it and I get 1 cent worth of merchandise. Guess what? It’s STILL worth one cent. Use it one more time and you’ve more than covered the cost of the penny and it’s got decades of value in each and every transaction left in it.

    A penny could easily be used a million times in its lifetime. That’s ten thousand dollars in value total. Seems like a good deal to me.

  • Thanks for your two cents!

  • Because pennies are single use items and this calculation is as wonky as all other economic calculations…

    ..or in other words your apple smartphone has a material worth of not even $100, even adjusted for production and transport it barely scratches $200. So what a waste if you payed $700.

  • Another thing Canada is way ahead of the US on.

  • There is talk of making pennies out of steel. That would reduce production cost under 1 cent.

  • And the US congress whines about medical costs.

  • The real loss comes from all the time spent dealing with it.

    But we can’t eliminate the penny because of all the people that don’t understand rounding, or have any clue about how it will work. The people that will undoubtedly be in this thread whining about ridiculous bullshit shortly.

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