Gnome Sayin said:

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Now it's gonna cost 5x more to finish my floors with nickels

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I can't even recall the last time I used cash much less a penny. Lol. Maybe 10-15 years ago?

This idea has been floated for a long time. It's a waste of money and resources to make pennies. Most people pay most of the time with something digital anyways. Let's take it a step further and have stores start pricing things with tax included in 5 cent increments.

Rapier108 said:

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Great, expect prices to go up even more because every retailer will raise their prices up to either 5 or 10 cents.

And I don't think a president has the authority to stop the production of specific coins. Congress is who tells the mint what to produce and how much.

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There are stores I go to that already round up or down…this isn't anything new…Pennie's are worthless.

Recently our local Walmart ran out of change.

If you paid for something in cash, they would only charge the dollar amount of the price (i.e. $10 for $10.95 sale). Fountain drinks were free since they were less than one dollar.

Another executive overreach. It's already established that Congress has the sole constitutional authority to regulate coinage and currency.

Rapier108 said:

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Great, expect prices to go up even more because every retailer will raise their prices up to either 5 or 10 cents.

And I don't think a president has the authority to stop the production of specific coins. Congress is who tells the mint what to produce and how much.

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My goodness what a defeated response.

…I love it!

Insert (Cartman licking tears gif)

TA-OP said:

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Another executive overreach. It's already established that Congress has the sole constitutional authority to regulate coinage and currency.

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Great, then Congress should take the lead, why haven't they?

Rockdoc said:

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I've got probably 100 pounds of pennies in big jugs in the garage if anybody needs any.

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Dad left us with gin bottles full of pennies. I'll probably take a bunch to Walmart and pay for crap with them in the self-checkout line.

Pennies will exist until digital transactions get rid of them.

Price includes sales tax to the next nickel. Total your sales / 1.0825 (in Texas) calc the difference make ach deposit to the state. Essentially we are there already. Should be no need for Pennies. You Round up/down to the nearest dollar on your tax return. Heck nickles and dimes could go away too.

Pennies make great washers...

HTH

Brilliant move that should've been done a long time ago. Love that it came out why he was at the SB.

Rockdoc said:

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I've got probably 100 pounds of pennies in big jugs in the garage if anybody needs any.

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Please post pic of those big jugs.

TA-OP said:

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Another executive overreach. It's already established that Congress has the sole constitutional authority to regulate coinage and currency.

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So which is it?

- Congress is cool with losing $100M per year on the penny
- Congress doesn't know / care we are losing $100M per year on the penny

Like all things Trump does, the topic is now mainstream and Congress will be front and center having to admit failure and waste, or incompetence.

This is how an effective president effects change that actually helps the taxpayer.

Only the government can lose 50% of its cost of goods while making money.

Rapier108 said:

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Great, expect prices to go up even more because every retailer will raise their prices up to either 5 or 10 cents.

And I don't think a president has the authority to stop the production of specific coins. Congress is who tells the mint what to produce and how much.

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Nah, there will still be about 10 billion pennies in circulation from all the previous years.

Another common sense thing finally being done.

Heineken-Ashi said:

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TA-OP said:

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Another executive overreach. It's already established that Congress has the sole constitutional authority to regulate coinage and currency.

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So which is it?

- Congress is cool with losing $100M per year on the penny
- Congress doesn't know / care we are losing $100M per year on the penny

Like all things Trump does, the topic is now mainstream and Congress will be front and center having to admit failure and waste, or incompetence.

This is how an effective president effects change that actually helps the taxpayer.

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Congress doesn't have to do sh/t.

And the general public doesn't care one way of the other. It isn't exactly new information that the penny costs more to make than it is worth, and if the public gave a damn Congress would have acted a long time ago.

If this action by the president is in fact overstepping his authority then Congress should act to protect the separation of powers set forth in the constitution, regardless of whether it is a good idea or not.

The penny exists so that retailers can charge $9.99 for an item, thinking they will fool the consumer into thinkin that the item is about $9. If the penny goes then the retailer must charge $9.95 or just $10.00.

Also how can we apply an 8 cent tax on an item. It will have to be 5 cents (not going to happen) or 10 cents. I am sure local governments will be happy with the tax increase.

Gnome Sayin said:

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Now it's gonna cost 5x more to finish my floors with nickels

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Just give RocDoc a call ^^^^^

Rapier108 said:

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Great, expect prices to go up even more because every retailer will raise their prices up to either 5 or 10 cents.

And I don't think a president has the authority to stop the production of specific coins. Congress is who tells the mint what to produce and how much.

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He's not saying do away with pennies, just don't produce anymore.

Rapier108 said:

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Great, expect prices to go up even more because every retailer will raise their prices up to either 5 or 10 cents.

And I don't think a president has the authority to stop the production of specific coins. Congress is who tells the mint what to produce and how much.

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Are you a math genius? I'm sure not. But assuming your prediction is true, why would everything go up 5 or 10 cents?

Most items end in .99...are you saying a 9.99 item will go up to 10.04 or 10.09? If so, why would that solve anything?

Or are you freaking out your total cash transaction of 39.75 might go up to 39.80 or 39.85? Again, what does that solve.

I'm not following.

At worst, in la la land, your total cash transaction might round up 1-4 cents.

Rapier108 said:

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Great, expect prices to go up even more because every retailer will raise their prices up to either 5 or 10 cents.

And I don't think a president has the authority to stop the production of specific coins. Congress is who tells the mint what to produce and how much.

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the Australians eliminated the penny decades ago and the effect was negligible

doubledog said:

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The penny exists so that retailers can charge $9.99 for an item, thinking they will fool the consumer into thinkin that the item is about $9. If the penny goes then the retailer must charge $9.95 or just $10.00.

Also how can we apply an 8 cent tax on an item. It will have to be 5 cents (not going to happen) or 10 cents. I am sure local governments will be happy with the tax increase.

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At drive thru the other day after I paid with cash:

Do you want your change? (8 cents)

Would you have given me the food I ordered if I was 8 cents short?

Probably not.

Then yes, I would like my change.

4 said:

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Only in America would we be stupid enough to print money that is worth half of what it cost us to make it

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True, idiotic action by our govt and the Fed created this necessity. I wish he would acknowledge that it was the reckless spending and money printing that created this problem. Considering how much inflation has destroyed our currency, it would probably be best to just stop minting any coins altogether. Or better yet, let's return to sound money and our coins could be useful again.

By the logic of the "cost" to mint a penny we should stop minting all coins and only print $100 bills.

By far the best return on the cost.

The REAL answer as to whether or not we should mint the Penny isn't the cost of the coin, but it's utility and value to the monetary system. If it's determined that rounding cash transactions up or down is the best course of action then that denomination should be discontinued from circulation and use. If it is determined that there is utility in keeping the coin in use then it's cost should not be relevant to the conversation.

Again, if we're looking at the minting of a coin based on it's cost then we'd probably go back to the Susan B. Anthony $1 coins that were always mistaken for Quarters. The 50 cent pieces were so large they probably cost too much and the larger $1 coins too would be too expensive. So only print $100 bills and only mint $1 Susan B Anthony coins.

I'm pretty sure if I recall when I was in Singapore they only went in 5 cent increments. Their dollar is roughly in the same general value arena as the US dollar and it did make for less change and easier pricing math.

Gnome Sayin said:

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Now it's gonna cost 5x more to finish my floors with nickels

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I don't advocate using money on the floor, but I must say this is beautiful. You are skilled.

That's an interesting mosaic idea. Hopefully an epoxy seal will prevent tarnishing so the color gradients remain intact.

PA24 said:

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HoustonAg9999 said:

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PA24 said:

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Might as well get rid of all coins…just round up or down. Change is a hassle.

So…

A penny for your thoughts?

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Back to being a Trumper again?

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I voted for Trump because he was for Texas oil production. I have stated this many times. Really could care less about low hanging fruit such as getting rid of Pennies.

I am for anyone that helps Texas.

Texas first…..

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Sorry, but this is very selfish. Either secede or work for a common good.

I collect all the coins that I get over the months and put them in my car's cup holder and then go to a place that lets me use cash in their self service checkouts. I never go to a human cashier for this.

Good places to go are Walmart and Home Depot. I go during a low traffic time and pay with all the coins I have which takes some time but I get to get rid of them and get something in return.

I am cheap, so I never use paid services like those kiosks at grocery stores (Coinstar) that take a cut just to count my own money.

Need to make a trip today.

Kenneth_2003 said:

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By the logic of the "cost" to mint a penny we should stop minting all coins and only print $100 bills.

By far the best return on the cost.

The REAL answer as to whether or not we should mint the Penny isn't the cost of the coin, but it's utility and value to the monetary system. If it's determined that rounding cash transactions up or down is the best course of action then that denomination should be discontinued from circulation and use. If it is determined that there is utility in keeping the coin in use then it's cost should not be relevant to the conversation.

Again, if we're looking at the minting of a coin based on it's cost then we'd probably go back to the Susan B. Anthony $1 coins that were always mistaken for Quarters. The 50 cent pieces were so large they probably cost too much and the larger $1 coins too would be too expensive. So only print $100 bills and only mint $1 Susan B Anthony coins.

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It takes someone making $36,500 per year a fraction of a second to earn a penny.

How long does it take to make a penny?

There is no utility for it. There is little utility for a nickel and a dime. The only reason we have them is because they are the smallest units of account. Due to decades of inflation, their static value has become so depressed that the materials they consist of, process of making them, and process of distributing them into circulation FAR outweigh any utility they have.

We are now in a mostly cashless system. You can keep them as units of account, keep the ones in current circulation, and take a break from minting new ones, without disrupting the system. In the process, you save taxpayers millions.

But the real problem isn't the physical currency. It's a monetary system dependent on constant inflation.