Perhaps encourage more use of coins by dropping the dollar bill and using a dollar coin. A dollar bill only lasts about 7 years anyway. Or maybe create a special event / day nationwide for people to turn in coins.
The obvious solution would be to make the penny worth one penny's worth of metal. And the nickel would be worth one nickel's worth. And so on. We could have a whole monetary system based on the value of some type of metal -- hey, wait a minute!
Fun fact: the largest amount of US coinage you can have without being able to make exact change for a dollar is $1.19
Perhaps including more details of Canada’s elimination of the penny would offer balanced reporting. Their penny was eliminated in 2012, giving 13 years of experience in its impact. According to reports, it had no impact on consumers and business owners and no losses in the production of their other coins. It’s worth a try to help cut US spending. There is nothing stopping us from reinstating it if studies show it’s not helping.
Loosing cost savings is silly at best, dishonest at worst.
Based on data from 2020-2022, The Mint should gain at least 8 Million in Revenue from nixing the Penny, on top of saving the $270 Million previously used to produce them.
This is primarily because of the uptick in usage Dimes and Quarters would see as a result.
In addition, fewer Nickels would need to be minted because production would only marginally increase as they are worth 5x of a Penny. The cost would also not be as impactful because it only cost 2.76x itself to produce whereas the penny cost 3.7x itself.
Currently, in cash transaction coins are used in the following dispersion to make change:
Penny 43%, Nickel 9%, Dime 17%, Quarter 32%
Without the Penny, this changes to:
Nickel 16%, Dime 29%, Quarter 55%
Ultimately it would cost about $21 Million for the increase in Nickels, while additional Revenues would be about $9 Million from Dimes and $20 Million from Quarters.
I wonder if a penny could be revalued or converted to be worth the same as a nickel. Therefore, there would not be losses because of the cost of production.
Perhaps encourage more use of coins by dropping the dollar bill and using a dollar coin. A dollar bill only lasts about 7 years anyway. Or maybe create a special event / day nationwide for people to turn in coins.
I've always been a big fan of the dollar coin! I'd support that move entirely.
The obvious solution would be to make the penny worth one penny's worth of metal. And the nickel would be worth one nickel's worth. And so on. We could have a whole monetary system based on the value of some type of metal -- hey, wait a minute!
Fun fact: the largest amount of US coinage you can have without being able to make exact change for a dollar is $1.19
Hey, wait a minute! That's a bad idea! ;)
Indeed. Not as bad of one as fiat, I don't think, but that's a low bar to clear.
Ok, so what if we only did dimes? Does a dime cost more to produce than it's worth?
Perhaps including more details of Canada’s elimination of the penny would offer balanced reporting. Their penny was eliminated in 2012, giving 13 years of experience in its impact. According to reports, it had no impact on consumers and business owners and no losses in the production of their other coins. It’s worth a try to help cut US spending. There is nothing stopping us from reinstating it if studies show it’s not helping.
Loosing cost savings is silly at best, dishonest at worst.
Based on data from 2020-2022, The Mint should gain at least 8 Million in Revenue from nixing the Penny, on top of saving the $270 Million previously used to produce them.
This is primarily because of the uptick in usage Dimes and Quarters would see as a result.
In addition, fewer Nickels would need to be minted because production would only marginally increase as they are worth 5x of a Penny. The cost would also not be as impactful because it only cost 2.76x itself to produce whereas the penny cost 3.7x itself.
Currently, in cash transaction coins are used in the following dispersion to make change:
Penny 43%, Nickel 9%, Dime 17%, Quarter 32%
Without the Penny, this changes to:
Nickel 16%, Dime 29%, Quarter 55%
Ultimately it would cost about $21 Million for the increase in Nickels, while additional Revenues would be about $9 Million from Dimes and $20 Million from Quarters.
onb ts hard twin
I wonder if a penny could be revalued or converted to be worth the same as a nickel. Therefore, there would not be losses because of the cost of production.