The US Mint lost $69M making pennies last year
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Re: The US Mint lost $69M making pennies last year
#2The point of the mint is making money, not making money.
Re: The US Mint lost $69M making pennies last year
#3So get rid of them. At one point in my life, a long time ago, things could be purchased for a penny. That time has long passed. Now pennies are used just to make the math work out. Round everything up a nickel ($0.05) and call it a day.
Or look at it another way: inflation has made the nickel from my youth into today's penny.
Re: The US Mint lost $69M making pennies last year
#4Canada got rid of the penny 5 years ago and the paper $1 in the 80s. We also switched to metric in the 70s.
We’re not that dissimilar from the US but they seem to have an inability to make these kinds of systemic changes.
Re: The US Mint lost $69M making pennies last year
#5So get rid of them. At one point in my life, a long time ago, things could be purchased for a penny. That time has long passed. Now pennies are used just to make the math work out. Round everything up a nickel ($0.05) and call it a day. Or look at it another way: inflation has made the nickel from my youth into today's penny.
What can you buy at a shop with just a nickel? I don't think I've purchased any item at a shop for less than ten cents in my thirty years; and it's rare to see anything that costs less than a quarter.
Re: The US Mint lost $69M making pennies last year
#6Not even a rounding error.
Re: The US Mint lost $69M making pennies last year
#7The point of the mint is making money, not making money.
Yeah, the headline seems dumb. If the mint creates a $100 bill for $1.50, did they make $98.50? No.
The purpose of the mint is to maintain the US currency. It's a cost center, not a profit center.
Re: The US Mint lost $69M making pennies last year
#8Stop pushing this propaganda, we're not getting rid of pennies no matter how irritating your fucks are.
Re: The US Mint lost $69M making pennies last year
#9So get rid of them. At one point in my life, a long time ago, things could be purchased for a penny. That time has long passed. Now pennies are used just to make the math work out. Round everything up a nickel ($0.05) and call it a day. Or look at it another way: inflation has made the nickel from my youth into today's penny.
No.
Re: The US Mint lost $69M making pennies last year
#10Canada got rid of the penny 5 years ago and the paper $1 in the 80s. We also switched to metric in the 70s. We’re not that dissimilar from the US but they seem to have an inability to make these kinds of systemic changes.
Walking around with 2 lbs of loonies and toonies in your pocket sucks to be honest.
That said, I probably use cash a handful of times each year.
Getting rid of the penny was smart though.