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I hear people saying it’s a good thing the penny is going away, because it cost more to mint than its value. But now it’s the penny, next it’s the nickel, then the dime… it’s proof the money is becoming worth less and less.
It’s a symptom of the disease of corruption as revealed by Isaiah.
Isaiah 1:21-22 “ How is the faithful city become an harlot! it was full of judgment; righteousness lodged in it; but now murderers. Thy silver is become dross, thy wine mixed with water:”
Once our coin was made of gold and silver. It had an intrinsic value.
Woe on us when the money becomes nothing but digital dross.
Here’s my two cents: This is long overdue! Each penny cost about 3.07 cents to manufacture, which far surpasses its face value. Ending this waste will save taxpayers $56 million.
Sadly, this doesn’t come close to the wasteful spending that continues to put “Mamdani smiles” on the faces of the lunatic socialist junkies, and it won’t bring them, or Congress for that matter, any “common sense!”
Since 1964 we’ve lost 2/3rds of the value of our money. Unlike gov’t employees, few in private sector get decent pensions/perks [consider how many paid holidays gov’t workers get now-almost another 2 weeks paid vacation] Politicians get unheard of retirement benefits after 2 terms…For 50 years we get a lot of broken promises from DC yet we’re over taxed, over regulated & privacy has vanished under these bastards.
Next should be the nickle, which costs almost 3 times as much as it’s worth! Honestly, it doesn’t take a financial wizard to see how wrong it is to be making money that’s costs more to make than it’s worth, essentially losing money every time you make it. Now, you could, conceivably, come up with another metal that’ll work; but my gut tells me that the 1 cent and 5 cent categories are non-starters, as they are just SO cheap, in this day and age, as to not really be possible. Plus, then there’s all of the coin operated machines that probably won’t be able to accept them any more…
As for rounding up and down, I think, in the end, prices will just change to reflect the new denominations, much as half cents were phased out long ago. Time marches on, and prices increase. One last thing – Though not directly related, how in the world do we still allow gas stations to post prices and charge us 9 tenths of a cent?!
The first step in implementing digital currency. (Remember Pelosi wanted this years ago so the govt can control your money easier) Start using cash ONLY. We the people can force the return of cash, including pennies. And if a retailer “rounds UP”, tell them to ROUND DOWN or walk away. We’ve become lazy in taking care of ourselves and just shrug our shoulders and put up with it. Time to stop being so complacent.
While I understand the financial side of this, I am also saddened that there again “IS NO PLAN” for implementation. This week I have twice been told that they have “no pennies”. So who benefits from that? Not the American people that’s certain. Why don’t we round down rather than up? I see this as a windfall for business, but who am I anyway when the government spends recklessly on other things. Yes, it is wise due to costs; No it is not right for the American people to continually lose at the checkout counter!!!!
Well, I see it as a step closer to a cashless society. First the penny then the nickel, then the dime, till we have no cash. I’m not crazy about that idea at all.
The reason why the penny is now “obsolete” and worthless is because of Congress refusing to audit the Federal Reserve and their insane policy of printing money till they say quit.
Reflects a problems with Government Spending. That Government governs best that governs least.
Almost always I pay with cash. Pennies are an integral part of that. Can’t they just make pennies out of cheaper materials?
My first experience with no pennies: I ate at Panera, paid with cash, they added “-0.04” to my bill: they ate the 4 cents, it didn’t cost me more.
Trust God, not the government, to lead us and guide us. He knows about all this– everything!
Whether it’s the penny or gold…whether it’s Trump or AOC leading this country…He knows where our hearts lie and what the trajectory is/will be for USA & all the world. Turn from evil &Fear (= believe, revere) God, and we needn’t fear these things of the earth. Only those who don’t believe God is Sovereign Lord will focus upon these and be afraid.
We came into this world with nothing, and, be assured, we leave the same way…with nothing. Except for our faith in Jesus Christ, we our doomed.
All US Currency is headed to ZERO if the politicians can’t get the debt under control! The penny is just the first casualty. Then the nickel, dime, quarter, half, dollar…..,POOF worthless……
Simple fix, STOP SPENDING MONEY that doesn’t exist!!!
The underlying reason for elimination of the penny is the ongoing devaluation of our US currency. How do we get our leadership to focus on bringing our debt under control?
The penny is the first coin to go. It is not the last. We are rapidly moving to a cashless society. Very sad to see the penny go away. Part of my childhood. Memories of penny candy store after school.
Not sure I’m following the “cost to make” logic. Sure it costs more than a cent to manufacture but it is involved in many transactions in its lifetime. Let’s say it is involved in just 100 transactions in its lifetime. That brings the cost of each transaction to roughly .00004 cents. I’m not a financial wizard but simple logic says .00004 is much cheaper than a one to four cent increase per transaction. The discussion here should be about the decline of the US dollar. Many of us can remember when we could go into a dime store and come out with a handful of candy for a penny.
The government may not have been able to produce a one cent coin more economically but I believe Elon Musk and his team could have! He would have found a solution without eliminating the penny. Give him a chance and when he succeeds, then reverse the elimination of production of the current one cent coin.
I think the banks should have a buy back of the penny and offer $.02 per penny.
There are something like billion pennies in circulation. You can use those until the wear out, which will take some time.
Oh the nostalgia, “A PENNY SAVED A PENNY EARNED”. Born in 1941. A penny sucker, a penny piece of candy, a two scope ice cream cone 3 pennies. finding a penny on the sidewalk, a treasure. “A PENNY FOR YOUR THOUGHTS”.
Since the penny is going away, it makes no sense to charge $X.99, just round it up to the next whole dollar. The problem comes when it comes to paying the State sales tax. For example, in Indiana, there is a 7% sales tax, and where I live there is an additional 1% restaurant/entertainment tax.
The most likely negative affect this will have is to hasten the adoption of CBDC, which gives government total control over our individual bank and retirement accounts. This means that cash would no longer be king.
I agree with eliminating the penny, BUT it is just another symptom of how bad fiscal policy, mostly caused by Democrats, causes inflation and steals money from those of us who save money for the future.
Mistake= I still think they have value. They could make them out of steel like they did in the 40’s. For those of us that still believe in CASH they are still worth making.
Be assured, no business will round down. One cent over will
be rounded up to the next dollar. GREED.
I heard that it cost around .14 cents to make a nickel,so should we keep making them? And then what about dimes, quarters, how about a cashless society? Is that where we’re being moved toward? I’m opposed!
Find another less expensive material to use for making pennies like steei
The very fact that this is even a discussion shows how much our currency has been devalued and how bad inflation is ever since we left the gold standard. It just shows how screwed we are as a country
That it costs 4 cents to mint a penny just shows you how bad the economy is. This isn’t something to be applauded. Remember when we went to the store to but penny candy? That penny candy now costs $2.
It is worse than rounding up. What was $1.95 will now be $2.05 as the nickle becomes the pittance coin. Whatever the cost, it is not worth the side effects of abandoning a coin with our best president’s portrait on it. There is so much government waste that should be stopped long before pretending the penny is worthless. This is a true slippery slope of stealing the value of our work and savings. The better path is to pay down the debt and strenghten our Dollar. If the Federal Reserve exists, its only job should be to maintain the value of the dollar and the 100 pennies it is equivilent to.
They could find another material to make it out of, that would cost less than one cent to produce. If they wanted to. But they don’t want to, so they make it political. They actually want all tangible coinage (money) eliminated and all our money to travel unseen at the speed of light. As an electronic blip in a computer somewhere, THEY CONTROL. There are more important problems (issues) that elected officials should be concerning themselves with. But their priorities are all screwed up! If you are not dealing with a $40 TRILLION debt burden and go broke, what will the one cent matter??
Here’s the new term “on the nickle.”
Creative pricing techniques will ensure final totals are either “on the nickle” or at the high end of the spread ensuring that retailers always come out on top by rounding up. Those round up pennies will add up big time. Eventually, the nickle will go the same way.
Dig into your piggy bank and stay armed with a few pennies in your pocket.
It may cost 4 cents to make a penny but they last for years as they flow through the system and in the end the cost is justifiable.
Anybody still find and pick up pennies from the ground for good luck?
It’s just the first step in dismantling the dollar, which is the goal of the United Nations, the liberal far left and the world anyway and they will succeed in doing it. So, in other words who cares because our thoughts do not matter and this past election proved it.
Cost of 4 cents over an 8 year penny average lifespan? There are probably over a million (worth $10,000) in jars, pots, drawers, piggy banks. “A Quarter saved is a Nickel earned” might be true, but it doesn’t have the same old ring to it.
Some retailers, especially some restaurants have already started rounding up.
Just the beginning of the US eliminating all currency. Before we know it we will all being using digital money and having all of our purchases tracked and monitored.
Each time a penny is spent it purchases 1cent of a product. If that same penny is spent 100 times it has purchased 1 dollar worth of product. That same penny having been spent 100,000 times has purchased $1000 worth of product. Tell me again how much the cost benefit ratio for a penny is please, because in my estimation it is worth exponentially more than 3.04 cents. Someone please convince me I’m wrong.
None of these choices match my opinion nor makes sense in the long run. Nickels cost us more than they are worth also. And I think many retailers will round down instead of up. I just hope we do not go to a purely digital commerce. I like cash.
If a penny cost so much more to make why is it not worth more when I spend it?
What happens to the veteran tradition without the penny?
When visiting a veteran’s memorial or gravestone, leave a penny.
If you were with the veteran in bootcamp, leave a nickel.
If you were serving with the veteran, leave a dime.
If you were there when the veteran died, leave a quarter.
By taking away the penny, you are taking away the respect and honor people give that veteran when they visit memorials or tributes like Boots on the Ground.
What is more important: saving a couple of cents or respecting a veteran who gave his/her life for our country?
I wish they’d continue to make a limited run each year.
IMHO, just 1 more thing to raise my cost of living. Unless it’s made law thar businesses have to round down, they’ll round up.
The Kroger affiliate in metro Denver, CO is already claiming that there is a penny shortage, and if you pay cash, give them exact change, or they will round up or down anyway. I find it hard to believe there’s a penny shortage, unless the Trump Administration is also asking businesses to collect all their pennies and return them to the Fed gov’t. I think they’re just trying to make money.
No problem. We have enough pennies in circulation. Since so many young folks insist on using plastic, there are more than enough pennies. If I have to, I will empty the jugs of coins collected from change to put them back into circulation for those who side with cash only purchases. Just don’t melt down the ones in circulation, keep on using them as always. Keep the cashiers accountable for the little things, and they will be more accountable for the bigger things. Broken windows in New York may seem like a waste of police time and money in investigations and courts, but as Rudy Giuliani found out that it saved the city from more serious crimes in the long run. Keep the pennies and pay cash as much as you can to curb the larger crime of a cashless commerce.
The first domino of our fiat currency has fallen. The day is rapidly approaching when the rest of the world no longer believes our currency is worth anything. Many nations are already calling for an alternate currency to back oil. I fear the collapse of our nation is much closer than we want to admit.
Doesn’t make cents
Has long as they are printing more money the nickel will be next.
Well, “rounding up” gives CommieMamdani new tax revenue to waste.
What I don’t like is there has been NO effort to think this through . . . how much does it cost to mint a nickel? A dime? A Quarter? A 50 cent piece? A dollar coin?
As a matter of fact, how much is it costing us to print our dollar bills? For sure we know our elected representatives who are doing NOTHING to a) have a budget and keep it or b) reduce the national debt – – – both of those facts mean they print dollars like they cost nothing – and that DOES cost us (the consumers and users of this monetary system – especially we who pay taxes) something. Every dollar that is worthless costs us some amount of money – probably more than the 3.07 cents of the pennies.
When it all blows up and we NEED pennies, and our inflation has deflated, we will want our pennies . . . but we as a nation will be penniless.
While stationed in Italy ’98-’02, the military exchange and commissary rounded up and down to nearest nickel since the cost of shipping pennies overseas was so expensive
Not what should have been done. Instead, quietly reduce the amount minted because we don’t need them as much any more, but to abruptly kill them will make people hoard them, exactly what should NOT be done. Encourage people to take them out of hiding and USE them. We probably already have enough made, as long as they are not taken out of circulation.