Clem72
Well-Known Member
That's a new one for me, what does it mean? Heard of the hammer falling, and heard of turning up like a bad penny, but never the penny falling.
D.O.G.E
- Thread starter GURPS
- Start date
glhs837
Power with Control
Meaning that the penny ceases to exist. Eliminate it as a form of US currency.
U.S. Penny | Pros, Cons, Debate, Arguments, Currency, & History | Britannica
Should the U.S. penny stay in circulation?
The days of the penny are over. It costs more to administer them than they're worth.
When I was in Russia, I didn't really REALIZE they had a currency below the ruble. Lots of foreign currency is structured so that products cost a whole number of rubles, or lira or drachma and so forth. We're just used to the dollar being a larger valued currency and we still buy things in cents.Meaning that the penny ceases to exist. Eliminate it as a form of US currency.
U.S. Penny | Pros, Cons, Debate, Arguments, Currency, & History | Britannica
Should the U.S. penny stay in circulation?www.britannica.com
In Russia, they have kopecks - 100 of them to a ruble, which converts to about 4 cents in American currency. AND it mostly translates - something HERE that might cost you a dollar will cost about 25 rubles.
But they typically DON'T HAVE kopecks in the cash drawer. I mean, honestly, what on Earth do you think is worth 10 or 20 kopecks, which translates into less than a penny?
So what happens? They don't give them. They know that most Russians will just hand them back. If there's change from a 100 Ruble note - they'll give you paper or coin - but no kopecks (usually - I have a few I brought home).
We should do this with the penny. Just round stuff up or down. We ALREADY do that with charging tax.
Tech
Well-Known Member
Do the canadian way, how much pork will be added to the bill to enacted it?
Tried to research how much it cost to mint the penney. At least $100M per year.
I can probably bet that most pennies get wasted - lost - dropped - even THROWN OUT - no one carries around a fistful of pennies. I mean, when I was a kid, ten to twenty pennies bought a snack. NOW, you need more than a hundred. There's seriously no point.
Clem72
Well-Known Member
Ah, yeah. Been hearing that for years. I thought you used an expression "the penny may fall" that I had never heard before. I don't know why that would be something they are concerned with, but maybe they will get rid of the US mint entirely and decide we all need to use Trump approved Crypto Currency (j/k, but I'm sure some lefties believe it).Meaning that the penny ceases to exist. Eliminate it as a form of US currency.
U.S. Penny | Pros, Cons, Debate, Arguments, Currency, & History | Britannica
Should the U.S. penny stay in circulation?
Unfortunately they will never round down.
Tech
Well-Known Member
Follow the canadian method. At the end of the calculation, if paying cash round up on the 3s and 8s, down on 2 and 7. Card pays true amount.
Hijinx
Well-Known Member
Well certainly we carry pennies. We need them when a penny is needed, just as they give them to us when it is needed. Many places have a cup where yo can leave your pennies for the next person who needs one. Sure I carry pennies, just like nickels and dimes and quarters. They might do away with the 50 cent piece or the Dollar that few people carry but not the pennies. Plus they make great washers with a hole in them cheaper than a washer , and they don't rust., and you don't have to make a trip to ACE to get them.
Plus : think of the expense of changing all of the gas pumps in the nation who charge that 9/10ths. for gas
Plus : think of the expense of changing all of the gas pumps in the nation who charge that 9/10ths. for gas
Tech
Well-Known Member
Why change anything? It would only affect the transactions involving cash. Nobody paying cash goes "Give me 5 gallons on 8" It costs three time the amount to mint the pennies than their face value.
Hijinx
Well-Known Member
My guess is they will stay. It probably costs more than a dollar to print the dollar too.
It does.
Tech
Well-Known Member
Most likely why it was never redesigned. Remove the bill and replace with coin which is already minted.
Clem72
Well-Known Member
There's no particular reason for a coin or note to cost the same as it's denomination to produce, it's just a hedge against counterfeiting for it to cost the same or more.
Tech
Well-Known Member
That statement is the reason we need DOGE.
Clem72
Well-Known Member
If you think DOGE is going to replace fiat currency bullion then you are a special kind of dumb.
Grumpy
Well-Known Member
Off topic but related..
babylonbee.com
Salvation Army No Longer Accepting Bills Or Coins With White People On Them
ALEXANDRIA, VA—In an effort to root out racism, the Salvation Army announced they will no longer be accepting any donations in the form of bills or coins that have white people on them.
babylonbee.com
Tech
Well-Known Member
D.O.G.E. can only make suggestions to eliminate wasteful spending, congress needs to enacted it.
Your willingness to waste hundreds of million dollars to mint a coin that has so little impact on the consumer because it'll make harder to counterfeit. When was the last time you paid exact change?
Cut a few hundred million here, a few hundred million there, it may start to add up.