Economy Trump to discontinue production of US penny

[Scrody]

People itt overlooking the pettiness aspect of the penny. Got a court fee that was unjust? Here's your 50,000 pennies.

 

[Michaelangelo]

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.

Even the homeless will throw change back at you

 

[Crazy Source]

People itt overlooking the pettiness aspect of the penny. Got a court fee that was unjust? Here's your 50,000 pennies.

It's inflation. They will round up.

 

[ringking1982]

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.

It's a smart economic thing to do. Other countries did that years ago and saved billions. There is a reason brain dead democrats are gone.

 

[Hog-train]

It's because they price things at $9.99 and stuff like that to make it look like things are more of a bargain. So pennies are unavoidable.

 

[pinger]

In Australia we got rid of the 1 and 2c piece and it makes economic sense. Not a bad move here from Trump

 

[BreatheSherBro]

"Find a penny, pick it up. All day long, have good luck."

There will be no more good luck now.

 

[rearnakedchoke]

Canada got rid of the penny like ten years ago.

Feels like 20. But yeah, it’s the smart thing to do.

 

[WhitestKidU’Know]

Yes they will. Its called competition. Are you going to buy a can of Delmonte corn for 95 cents or Green Giant for $1.00?

What if those companies both decide to bump their prices up to 1.50 per can because their costs for everything have gone up across the board?

 

[HereticBD]

Ok weirdo, insert any two competing products of the same quality, are you buying the one more expensive, or the one 5 cents cheaper. If the former, stop complaining about getting rid of the useless penny.

You won't notice a difference in prices. You'll still see .99(or .95) everywhere. What you won't see is a flat dollar amount, like $10.00. They still tell you the actual cost down to the penny after taxes. They just round up or down at the till(2 cents and under round down, 3 cents and up round up). The only real difference you'll notice is that you won't have to deal with pennies when you're paying cash. It's not gonna be some brand new consumer experience or anything.

 

[fedorthegoat777]

No reason to cut the penny.
Use cash.
A completely digital economy leads to governmental control.

 

[IDGETKTFO]

What if those companies both decide to bump their prices up to 1.50 per can because their costs for everything have gone up across the board?

Then i will buy whatever brand is $1.45 or less.

 

[High Test With da Best]

I've supported this for a while. Get rid of the penny and the nickle. Why should we produce currency that costs more than face value to make?

I am not all for digital currencies, but money in a functioning economy should be worth more than the cost to mint them, it should be obvious to anyone with more than 2 living braincells. Now, there are several ways to achieve that, but minting pennies that cost 3.7 each is bad practice.

It makes zero cents (no pun intended) to mint something that costs more than it's worth. A penny costs 3 cents to make. If the nickel gets too expensive to mint, you just go with quarters. If quarters get too expensive, make it all paper.

Pennies made sense when you could literally buy stuff for a penny like candy and gum or to make change. Obama wanted to get rid of the penny and never got it done. I'm sure some people will find a way to TDS it though.

Could someone explain why this opinion is held? I've heard this argument for ages but never an explanation.

Note: coins can withstand being used 10's of thousands of times, maybe more

 

[GrantB13]

You're turning almost 4 cents into 1 for a penny and almost 14 into 5 for a nickle. Inflation has also made pennies practically worthless. Things could round (up I'd guarantee) to .10 and make it easier. I'd rather have the millions spent every year on other things than coins which are seeing a decrease in usage. Especially with digital currencies ever increasing popularity now is a good time to ditch the lowest forms of currency.

 

[oldshadow]

This has been a thing for a while. It ahouls have been sone already.

It's used by companies to make prices aound lower.

After all 49.99 is not actually 50.00. Yes they will round up most likely but when it cost more then it's worth then it's time to get rid of it on this case.

 

[Senzo Tanaka]

Could someone explain why this opinion is held? I've heard this argument for ages but never an explanation.

Note: coins can withstand being used 10's of thousands of times, maybe more

That's a decent argument but when we are in debt up to our eye balls, there's no reason to keep minting coins that cost more than they are worth. Especially when there is little to no use for them now. Not a lot of people use cash/coins anymore and if they do, nothing costs 1 cents. They are essentially obsolete and there isn't really any reason to keep making them. It would simply things if everything was rounded up 0.0 or 0.5.

 

[WhitestKidU’Know]

Then i will buy whatever brand is $1.45 or less.

You do realize that skipping over one inflated product to buy a slightly less inflated product has always been an option, even during the 4 years under the Biden administration? Why were you even crying about inflation for the last 5 years? Just buy the cheaper option. No big deal.

 

[IDGETKTFO]

You do realize that skipping over one inflated product to buy a slightly less inflated product has always been an option, even during the 4 years under the Biden administration? Why were you even crying about inflation for the last 5 years? Just buy the cheaper option. No big deal.

What the hell does inflation have to do with getting rid of the penny? Prices are going up regardless.

 

[WhitestKidU’Know]

What the hell does inflation have to do with getting rid of the penny? Prices are going up regardless.

Let’s take Apple for an example. Say Apple buys a part for the iPhone that costs 5.99. Now the penny disappears and that part costs 6.00. That one Penny doesn’t seems like much, but multiplied 1 million times over it’s quite a bit. Now that logic can be applied to every single part of Apples supply chain, and every part of the supply chains of the companies that Apple does business with. This can be said for any industry. Not just tech.

Do you not think this would lead to an inflation in prices?

 

[Big Nasty Edison]

Honestly if we lose more than it's worth it makes sense. The only caveat is I hope someone crunched the numbers to estimate if the total number of pennies in circulation can meet the demand. I'm sure no one did but we'll probably be fine lol