There are enough in circulation that nobody will miss the lack of printing for decades
The penny died pretty quick in Canada, I would argue and say it’ll be gone within 3 years, tenders will just round up/down the total and no longer hand them out.
I work at a bank, and people are trying to buy all of our pennies as collectors and leave none for the people who are actually going to use them. it’s a clusterfuck lmao
It reminds me of a popular misconception about Earth and our atmosphere and climate.
A lot of the people who advocate for the environment believe that reduction in trees will jeopardize our oxygen and that we’ll run out of breathable air at some point.
The problem is actually that trees capture and hold carbon, the danger to the environment is almost strictly just the release of excess carbon.
If we lost every last tree and phytoplankton bloom in the world, we would still have enough breathable oxygen to last potentially thousands or hundreds of thousands of years, with some estimates depending on a lot of complex factors, saying that some level of of population density could stay alive for millions of years.
(Edited figures)
Some of you dummies think I’m saying climate change isn’t a concern. You needa learn to read.
That seems off
Where are you getting this millions of years number? Seems really unrealistic considering millions of humans live at altitude and have barely enough oxygen in the air as it is
I rechecked, I will revise it, there are some huge variables and nobody can really agree. It would likely be anywhere between thousands to hundreds of thousands of years, but I have seen some people confidently state that if we’re not running industry and most sea life dies rapidly that it could potentially be millions of years but the carbon/oxygen cycle is wildly complicated so it’s still a pretty hard idea to calculate.
This exchange talks a lot about how different variables can wildly swing the results. https://biology.stackexchange.com/questions/46125/how-long-could-earths-oxygen-supply-last-if-no-new-oxygen-were-produced
One of the only things the Trump admin is doing that I actually agree with and have since I was a child. Fuck coins in general but getting rid of the most dead weight coin of them all is a step in the right direction.
I agree getting rid of the penny is a good thing, but it’s really bad that this is setting a precedent to give the president a lot more power
It’s also a really poor implementation considering the government has given no guidance on how businesses must handle it
What’s going to be funny is eventually, when people have less of these, the penny will literally no longer hold it’s actual value and somebody will pay millions to get some pile of “antique” currency. What a fecking mad world we live in.
Abolishing the USD cent comes way too late.
Was abolishing the half penny in 1857 a good idea? If so, then abolishing the quarter would be a good idea today. It has about as much buying power as the half penny did in 1857.
So I don’t know the term for it, maybe it’s just propaganda, but a quarter feels like it has value.
The penny however doesn’t have that feeling. Vending machines often say “No Pennies” and toll booths say “No Pennies”, even though the Penny exists everyone sorta already agreed the Penny wasn’t worth the hassle.
I think you could probably convince people the same is true for the nickel. Although eliminating just the nickel is tricky since you’d keep the dime and quarter and that divides weirdly. So you should also remove the dime but that now really starts to feel like it had value.
But the quarter. That would be a hard sell. You’re basically eliminating all coins at that point. Unless you plan on making the half dollar wayyy more popular.
Should just have dimes.
$1.1 $1.2 $1.3
There’s no reason to break our currency into thousandths. Hardly a reason to break it into hundredths.
Could keep quarters to keep hundredths
Transactions already need a nickel to do 5 cents. So requiring a quarter to do 5 cents isn’t crazy.
Say you have to pay $1.05
Dollar and 3 dimes, quarter in change.
$1.15
Dollar and a quarter, dime in change.
But I think just dimes are needed
Just dimes would probably work logically, but it would feel too weird. If you’re going just dimes, you probably just want to go all in and say no coins.
50 cent piece would be the way to go. Should then also really push $1 coins, and add in a $2 and $5 coin, although I don’t know if Americans would realistically use them. Coins are much more durable than paper currency though, which would save a lot of money long term
I mean the dollar coin never caught on. I know we still printed the dollar bill, so maybe you could force it by halting the dollar bill. But overall I don’t think new coins are the answer.
Based on one source, Cash is only ~20% of transactions. Maybe it will always be 20% or maybe it will be smaller and smaller as time goes on.
I think you’re better off eliminating current coins.
When we got rid of the half penny it was worth more than what dimes are worth now. Quarters are the only useful coin. We should be rounding all transactions to the nearest quarter.
Logically I completely agree. I just don’t think you could convince the US as a whole that’s the way to go.
Paper dollars make no sense either.
I feel like we should be normalizing $1, $2, and $5 coins at this point. I know $1 coins exist, but nobody uses them. If I drop a $1 coin in a tip jar, people say sarcastically “thanks, that 25 cents will go a long way” because they think it’s a quarter.
Canada has $1 and $2 coins, but it’s all irrelevant as 99% of transactions are digital tap cards.
Canada was a decade ahead of the US when it came to implementing tap. It’ll take the US a long while to get to the same level of universal acceptance, starting from so far behind
Yeah, but honestly getting rid of coins is an admission that inflation is high relative to 40-50 years ago. When pretty much every government wants to keep that fact out of the public consciousness. Especially the current US government who wants to both claim we don’t have inflation at all, and are the ones getting rid of the penny.
I’ve been saying we should drop the penny for almost 2 decades, but I still kind of look at getting rid of the penny as a sign of our current government’s abysmal handling of inflation.
Bought something the other day and would have 4 cents in change. Kid behind the counter asked if I wanted my pennies and I was just like “Why? They’re phasing them out.”
So NYC sales tax being 8.875. My $1 purchase is no longer $1.08, but $1.10. Good deal
This could end up costing you hundreds of cents!
That won’t be just you paying hundreds of cents extra… but tens of thousands - possibly millions and then it adds up!
MILLIONS OF CENTS
This is why it would’ve been better to do this legally because there’s going to be 10,000 corporations and banks trying to superman 3 everyone’s rounding errors (eg rounding up for customers and down for taxes). This is going to create a lot of really stupid embezzlement scandals and lawsuits. Not to mention you can still pay in pennies with a credit card.
Well I guess it’s time to start making ass nickels.
That final penny struck is going to sell for a shit ton of money.
I’ll buy it for two pennies. That’s 100% profit for the seller.
i wouldn’t be so sure about this. i still have plenty of pennies and plenty of stamps to put on those pennies.
How will we request thoughts? Will we be left with only prayers? Noooo!
Venmo for your thoughts?
When Trumpflation kicks in they’ll need to stop minting more denominations too.
Welcome to the 21st century America. Canada ditched its penny over a decade ago.
Japan wants a word with you.
Does their economy reflect value for lower denominations? Here in the west, a penny is practically useless. Costs are through the roof. If it still has a value, it is worth keeping around.
I do think a penny is pretty useless. I will charge far more than two pennies for my two cents 🙃
They still have the 1¥, they can speak up when they don’t have a coin for 0.65c. Like they do a lot right with money, I love how large of denominations are coins, going up to the equivalent of 3.25USD, but still the 1¥ coin…
Tbf 1y coin is made out of aluminum, not copper. They float.
We would call them yennies. Its probably time to get rid of them, but I’ll be sad.
The 10000 yen note is obviously a yenjamin.
I’ll believe it when I stop seeing pennies.
Just close your eyes.
They’re still there, rotating in my mind.
CGP Grey must be doing the crab dance
John Green, too.
I knew i was forgetting someone who asked Obama about the penny, couldn’t remember who
well, he also asked for the death of nickels and dimes, so maybe not yet
Given the reason for finally stopping, the penny will be around a long time still, since the ones in circulation aren’t used nearly as much as before credit and debit cards.
