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The price of my penny collection will increase in value and become a keepsake memory for some.
Hell, a dollar is worth three pennies since 1913?
Anyone see a connection?
Unless the dollar is backed by a base that is not fiat, this trend will continue until the dollar attains its full intrinsic value; either that of paper or electrons. Take your pick.
The actual value of the copper in the penny was 2.3 cents, the value in relation to the 1913 dollar was $0.003. and pennies today are worthless zinc. They have even stolen the copper from the monetary system like they did with silver.
As long as enforceable guidelines on “rounding” are promulgated and ENFORCED. If not then merchants WILL rip off customers by rounding in whatever direction serves THEM best.
LOL you mean they have NOT BEEN Ripping Us Off all this time.
THEY were ONLY Limited by the existence of the Penny?
Wow, what an interesting world you live in, sir.
In the real world of commence you and I look at ALL the sellers of Gasoline (as an example). It’s Regular Gasoline wherever you buy it.
We select for price or convenience or a little of both. Or at least I do.
The Penny is just a unit of fiat currency. Gasoline @ 2.99 a gallon or 3 dollars a gallon means a full tank on my SUV is almost a MASSIVE 20 Penny Change.
If the penny is gone then the gas stations will compete with 2.95 vs 3 dollars.
HOW pray tell are the Silver and Gold Folks going to “Make Penny Change”? Cut bits off their coins and carry scales for gram weight purchases?
Crazies in Ukraine are trying HARD to create a dirty bomb experience to share with the world in a “if we’re going down SO ARE YOU” and many places in the world are aflame with war.
And you’re worried that loss of the penny is a PROBLEM.
IF you can explain your grave concerns better here, I’ll apologize if I’m overreacting.
It’s the beginning of that cashless society y’all don’t want
Well, maybe. But if it isn’t, then I don’t really have an issue with killing off the penny. It is self evidently a stupid waste.
The issue of a cashless society IS a real concern.
An extra nail in the coffin of privacy and freedom.
But in the history of money, the creation and destruction of coinage has been ongoing well before Judas got his 30 silver coins for betraying Jesus to the Jews.
They should remain in use, even if no new production is in effect. I remember when the plastic tax coins were in use. I think Mom has some in her collection. Since the penny is not minted, eliminate that totally stupid “9/10” cent on the fuel prices.
Cashless society is against my religion.
Nickels will go next. The latest data i could find said it costs 11.54c to make each nickel.
For reference, dimes cost 5.65c, and quarters cost $0.0895 each.
Just make nickels from the same materials as quarters.
Just get rid of Nickels. A dime is worth less than a penny from 30 years ago.
Yup
The problem is that the Federal Reserve has destroyed the purchasing power of the dollar. FIX THAT and the penny problems go away. Don’t fix that and we will be burning dollars to stay warm because that will all they will be good for.
ah ha! the real problem identified. Do away with the FED control and bring the money back under the people’s control with timely and frequent audits to keep things straight,