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"Goodbye penny?" Topic

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Tacitus20 Apr 2016 7:52 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).grin

Patrick R20 Apr 2016 8:49 a.m. PST
Tacitus20 Apr 2016 8:55 a.m. PST

Thank you! That was awesome.

Gattamalata20 Apr 2016 9:18 a.m. PST

So how will one give and receive correct change, since prices are oddly listed?

Toronto4820 Apr 2016 10:03 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 joker20 Apr 2016 10:51 a.m. PST

Come back zinc!

kallman20 Apr 2016 12:31 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.

RavenscraftCybernetics20 Apr 2016 1:51 p.m. PST

The penny in the U.S. was created to spur the sales of newspapers.
We really dont need them anymore.

zoneofcontrol20 Apr 2016 6:50 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 Supporting Member of TMP21 Apr 2016 5:52 a.m. PST

How about shrinking the size of the penny?

nazrat21 Apr 2016 8:59 a.m. PST

It's best it goes the way of the dodo. We have absolutely no need for pennies!

gladue21 Apr 2016 3:41 p.m. PST

Get rid of the penny, nickel, and dime. Quarters are sufficient.

boy wundyr x21 Apr 2016 3:46 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…

Tyler32622 Apr 2016 2:45 p.m. PST

Keep your pennies . One day they may be worth a lot as they will no longer be made. LOL!

Bowman24 Apr 2016 6:32 p.m. PST

Is this a bad time to mention that a US nickel costs 8 cents to manufacture?

Bunkermeister Supporting Member of TMP25 Apr 2016 12:23 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 Ace29 Apr 2016 7:04 a.m. PST

Bases for 20mm miniatures?
I put all of my "revolting women and children" OG peasants on pennies. :)

Heedless Horseman04 Aug 2021 6:08 p.m. PST

UK 1p pennies, (and 2ps), changed / debased from Copper to copper plated steel quite a while back… when it was realised that the Copper was worth more than the coin.

Weighed different… esp. in bulk, so all sorts of problems… but only 'pennies'. lol.

The 'newer' coins will adhere to magnetic strip…

Old Wolfman07 Aug 2021 8:20 a.m. PST

I usually save mine and with the nickels and dimes,wrapped,take them to my local bank and change 'em for folding or use a CoinStar kiosk at my grocery and get a slip to use to buy food and stuff.

Heedless Horseman10 Aug 2021 7:09 a.m. PST

If banking, please sort and bag up first! Having worked 'on a counter' I can still remember the 'Happily Expectant' faces on a Couple with kids who presented two BIG 'sweet jars' of mixed 'shrapnel' one busy afternoon.. I was able to pass back to my Boss…who was 'good' that way! lol.
Now, there are machines!

On another occasion, someone brought in a 'very old' Savings bank 'tin'. Cannot have held much… unless sovereigns! It needed a 'Post Office' Key to open… we did have one, somewhere… we were 'that sort' of office… nothing 'thrown out'! But sadly, could not find it. Regret that.

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