Economy Trump to discontinue production of US penny

[cottagecheesefan]

They say a penny saved it a penny earned. But no more penny is a threat to democracy, IMO.

Trump tho wants to go full authoritarian autocrat and halt the production of pennies because they cost 3.7 cents to product 1. He has order his treasury, headed up by yet another nationalist billionaire to do just that.

Trump says he has directed US Treasury to stop minting new pennies, citing rising cost

President Donald Trump says he has directed the Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin.

apnews.com

The U.S. Mint reported losing $85.3 million in the 2024 fiscal year that ended in September on the nearly 3.2 billion pennies it produced. Every penny cost nearly $0.037 — up from $0.031 the year before.

 

[Fox by the Sea]

looking forward to hear how this is horrible and trump is hitler for doing it.

 

[ImCertainOfCirkunov]

Why not? I say get rid of the nickel and dime as well. Round everything up or down to $0.25.

Who even uses cash/coins anymore? Everything costs more than $1, payphones aren't a thing anymore, car washes now take card...I am struggling to think of any real use for a bunch of low denomination coins being minted.

The more I think about it, just get rid of all coins. The homeless panhandlers would take a hit, not sure anyone else would notice or care.

 

[Cajun]

looking forward to hear how this is horrible and trump is hitler for doing it.

I dont really like it at this time (cost of goods) but maybe because I don't know how long it will take to phase out the penny. The round up-round down will definitely be round up for retailers. That part I dont like. But I'm more meh on this.

 

[Fox by the Sea]

I dont really like it at this time (cost of goods) but maybe because I don't know how long it will take to phase out the penny. The round up-round down will definitely be round up for retailers. That part I dont like.

isn't the vast majority of trade done via credit cards anyway?
arguments about how society works really shouldn't get stuck in things like "but there's 5 people still using that technology so we should continue to spend money on it".

 

[cottagecheesefan]

looking forward to hear how this is horrible and trump is hitler for doing it.

Mayhaps you missed the part of my post where is clearly outlined how this autocracy manifesting

I picked up on it, this concept of “autocratic break through”, thanks to Maddow’s monologue this Monday. She very clearly explains how democracy has died and we are basically now in an autocracy

 

[Fox by the Sea]

Mayhaps you missed the part of my post where is clearly outlined how this autocracy manifesting

I picked up on it, this concept of “autocratic break through”, thanks to Maddow’s monologue this Monday. She very clearly explains how democracy has died and we are basically now in an autocracy

mate i can't listen to 8 minutes from that thing....
"democracy has died cause our guys didn't win" is such a low level effort i just can't listen to that shit...

 

[ColemanwastheGOAT]

Canada got rid of the penny like ten years ago.

 

[Otto!]

Good call. We stopped producing our penny in 2012.

Canada got rid of the penny like ten years ago.

yep. When something costs more to produce than its face value it’s time to get rid of it.

 

[cottagecheesefan]

Canada got rid of the penny like ten years ago.

Makes sense. Nickels are abound the same mark up, costing almost 20 cents to make. Dime and Quarter production still below their value.

As Trump aims to eliminate the penny, see how much it costs to produce a penny and a nickel

Data from the U.S. Treasury shows it costs nearly 4 cents to produce a single penny.

www.nbcnews.com

I get some concern that move like cutting the penny and/or nickel if they moved to that could be seen as moving toward a digital currency, but they can always just start production again if needed.

Crazy that they spending 85 million on pennies in just one year. So many in circulation too, I myself have 2 large jars jars full of them

 

[evergreenrider]

The march to a cashless society begins now. Hope no one values privacy.

 

[GreatSaintGuillotine]

Im good with this one

 

[ColemanwastheGOAT]

The march to a cashless society begins now. Hope no one values privacy.

It began a long time ago. This is a comparatively minor step in that direction

 

[evergreenrider]

It began a long time ago. This is a comparatively minor step in that direction

No, it started the day physical currency started being rolled back. But by all means Mr Coleman, cheer your team embracing bitcoin and deleting currency. It'll work out very well for all..

 

[ColemanwastheGOAT]

No, it started the day physical currency started being rolled back. But by all means Mr Coleman, cheer your team embracing bitcoin and deleting currency. It'll work out very well for all..

That's an idiotic take but I guess I should expect no less.

 

[Cajun]

Mayhaps you missed the part of my post where is clearly outlined how this autocracy manifesting

I picked up on it, this concept of “autocratic break through”, thanks to Maddow’s monologue this Monday. She very clearly explains how democracy has died and we are basically now in an autocracy

Can't stand that chick. Hard to even listen to her voice

 

[Cajun]

isn't the vast majority of trade done via credit cards anyway?
arguments about how society works really shouldn't get stuck in things like "but there's 5 people still using that technology so we should continue to spend money on it".

Yeah and I rarely use cash. But you still have to accommodate cash so they will round up. Again.. its not something I'm too excited or down over.

 

[Cajun]

No, it started the day physical currency started being rolled back. But by all means Mr Coleman, cheer your team embracing bitcoin and deleting currency. It'll work out very well for all..

Believe many countries are doing this. Its not a novel concept.

 

[cincymma79]

Mayhaps you missed the part of my post where is clearly outlined how this autocracy manifesting

I picked up on it, this concept of “autocratic break through”, thanks to Maddow’s monologue this Monday. She very clearly explains how democracy has died and we are basically now in an autocracy

One thing I trust is maddows knuckles

 

[HereticBD]

The march to a cashless society begins now. Hope no one values privacy.

They tried a big push with COVID. Didn't take. I think it inevitably happens, but not in our lifetimes.