|Tacitus||20 Apr 2016 8:52 a.m. PST|
"(Newser) – Now might not be the best time to invest in zinc. The US could be following in Canada's footsteps—and those of a host of other countries, per Quartz—in ridding itself of the pricey penny, according to a March 2015 memo sent to President Obama. In it, Treasury Secretary Jack Lew detailed his plan to suspend production of the penny and put Susan B. Anthony on the $10 USD bill, reports the Wall Street Journal (4/19/16). Lew eventually decided to get the public's opinion on which female historical figure should grace the new $10 USD bill, which has yet to be unveiled. Lew hasn't publicly confirmed the end of the penny, though he has said it's under consideration. "We've been looking at the penny for a long time, because obviously the value of a penny has gotten smaller and smaller as time has gone on," he said in November. "Even with low inflation, it continues to diminish." The penny, which is 97.5% zinc, cost 1.7 cents to produce in 2014. Lew's memo noted he would ask Congress to allow for the use of alternative metals in making other coins. A final verdict on currency changes "could come within days," reports the Journal".
I say, "AMEN"! Why are we losing money to support a coin that is pretty much useless? Penny candy? Good luck? Bases for 20mm miniatures? And don't say for collectors. People used to collect ivory and they got over that. Next in line is the dollar bill. Although I can understand and am willing to debate the possible injury to strippers should dollars be only available in coin form. Maybe I should have posted this as a rant (even if my tongue is in my cheek).
| Patrick R ||20 Apr 2016 9:49 a.m. PST|
|Tacitus||20 Apr 2016 9:55 a.m. PST|
Thank you! That was awesome.
|Gattamalata ||20 Apr 2016 10:18 a.m. PST|
So how will one give and receive correct change, since prices are oddly listed?
|Toronto48 ||20 Apr 2016 11:03 a.m. PST|
In Canada we round to the nearest nickle.
For example if something costs
1.01 or 1.02 you pay 1.00 ,
1.03 or 1.04 you pay 1.05
1.06 or 1.7 you pay 1.05
1.08 or 1.09 you pay 1.10 and so on
|Who asked this joker||20 Apr 2016 11:51 a.m. PST|
|kallman||20 Apr 2016 1:31 p.m. PST|
I hope, I hope, I hope we will break our slavery to the Zinc lobby and do away with the penny. It will save the Federal budget a tidy sum especially over the long term. As already mentioned the penny is a coinage that has long outlived its usefulness except for being used for bases for my 15 mm science fiction miniatures. I feel the same about he paper dollar. Expand the distribution of dollar coins and again you will save the Federal budget tons in said dollars. The cost of printing, destroying (taking worn dollars out of circulation) and other expenses related to printing and maintaining that particular bit of paper currency is well beyond the worth of said paper. Dollar coins will stay in circulation for many decades past the equivalent paper denomination which again adds to the long term cost savings.
You will also improve sale tax revenues long term as retailers and other vendors move to a non penny society. There is also evidence that it would do away with some of the government shenanigans with sales taxes having to round everything to the nearest nickle. Okay that last one may be wishful thinking.
|RavenscraftCybernetics ||20 Apr 2016 2:51 p.m. PST|
The penny in the U.S. was created to spur the sales of newspapers.
We really dont need them anymore.
|zoneofcontrol||20 Apr 2016 7:50 p.m. PST|
"The penny in the U.S. was created to spur the sales of newspapers.
We really dont need them anymore."
Newspapers -OR- Pennies? LOL!
|skedaddle ||21 Apr 2016 6:52 a.m. PST|
How about shrinking the size of the penny?
|nazrat||21 Apr 2016 9:59 a.m. PST|
It's best it goes the way of the dodo. We have absolutely no need for pennies!
|gladue||21 Apr 2016 4:41 p.m. PST|
Get rid of the penny, nickel, and dime. Quarters are sufficient.
|boy wundyr x ||21 Apr 2016 4:46 p.m. PST|
As a Canadian who bases on pennies, I recommend starting to hoard your pennies now!
I have a six-tiered collection, because some (but never all, even within a year's production) were ferromagnetic, so: good quality (important projects), medium quality (other projects), crappy quality/worn (last resort) ferromagnetic ones, and the same three grades for the regular ones.
But the supply will never grow again except for the odd one returning from trips to the US. Little do the border guards know what I'm doing with the change in my pocket…
|Tyler326||22 Apr 2016 3:45 p.m. PST|
Keep your pennies . One day they may be worth a lot as they will no longer be made. LOL!
| Bowman ||24 Apr 2016 7:32 p.m. PST|
Is this a bad time to mention that a US nickel costs 8 cents to manufacture?
|Bunkermeister ||25 Apr 2016 1:23 p.m. PST|
Revalue the money so the penny is worth a nickle and etc so that pennies and one dollar bills have value again.
Mike Bunkermeister Creek
Bunker Talk blog
|Great War Ace||29 Apr 2016 8:04 a.m. PST|
Bases for 20mm miniatures?
I put all of my "revolting women and children" OG peasants on pennies. :)