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The US Mint lost $69M making pennies last year

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Re: The US Mint lost $69M making pennies last year

#51

Post by JoeAltmaier »

iamcasen wrote: post #34

Am I the only one who views pennies like an extreme annoyance? I would rather throw pennies in the trash than have them. They are literally THAT worthless. They take up far more space and weight than they offer in value. It seems like such a massive waste to continue using valuable metals to create something so worthless. Honestly, I think quarters should be the only coin we have.

I've moved beyond that. I discard all change, ruthlessly. If there's somebody nearby who wants them, I give them the whole handful of change. Otherwise it all goes in the trash on the way out of the store.

Used to wear holes in my pants pockets, get stuck in dryer etc. Cost more than it was worth, in wear and tear, and in emotional energy to manage it.

You can't imagine the freedom you feel when you discard your first handful of change! Just toss it and walk away!

Re: The US Mint lost $69M making pennies last year

#52

Post by athenot »

wolco wrote: post #35
refurb wrote: post #10

Earlier quoted context omitted.

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.

I think we rushed away the penny too quickly. Glad they stopped at 2 dollars the 50 dollar coin just doesn't seem right.

FWIW, the Euro is coins from €0.01 to €2, then paper from €5 to €500. I find dollar bills even more annoying than pennies.

Re: The US Mint lost $69M making pennies last year

#53

Post by mikestew »

nostromo wrote: post #30
mikestew wrote: post #26

Earlier quoted context omitted.

You're basically saying that all consumers should pay more with every purchase so that the mint can make I basically said what I said. I want all consumers to pay more so I don't have to have pennies rattling around everywhere, which I eventually accumulate to the point that it's worth going to bank to get rid of them. Pennies: the busy-work of finance.

So do what most people do: don't pay with cash. Asking everyone to pay more so you're not inconvenienced with change, even though you're asking for it by using cash, is quite self-centered. If you don't like pennies, then just give them away as soon as they're handed to you.

So do what most people do: don't pay with cash.

You mean tack on 2-3% processing fees on every transaction?

is quite self-centered.

* ahem * . All I'm asking is $0.04/transaction at most, regardless of transaction size. But because you don't want to use cash, you'd like much more than four cents tacked on?

Re: The US Mint lost $69M making pennies last year

#57

Post by 781 »

murukesh_s wrote: post #16

Wondering if someone is collecting them and extracting the metals out and selling for a profit?

So Europeans were sending 2 euro coins for recycling to China. The kind with two metals, white metal in the center surrounded by a yellow metal ring. To destroy them first, they just punched out the center inner white metal. Enterprising Chinese recyclers, instead of melting the metals, were putting them back together :)

http://www.spiegel.de/international/germany/precious-metal-s...

Re: The US Mint lost $69M making pennies last year

#58

Post by Ensorceled »

ztjio wrote: post #38
Ensorceled wrote: post #4

Canada 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.

The greatest thing about this comment (besides being a fact and a very valid point) is that it comes second after a bunch of apparent Americans fighting over why the penny can’t or shouldn’t be removed as though nobody knows what it would really be like. We Americans are so stupid.

I have American friends and co-workers and I continue to be amazed that smart people can’t look across the border and say “Oh, that works” and copy.

Canadians can be almost as blind, the recent battle to legalize marijuana was a good example, I can’t count the number of times I said “that’s not what happened in the US”

Health care is particularly bizarre. I’ve had Americans tell me about Canadians dying in droves in Emergency Rooms while standing on the shore of the St. Lawrence. I felt like screaming “Canada is right there, you can see the flags!” How could they know so little about us when they shop and go to the theatre in Montreal?

Re: The US Mint lost $69M making pennies last year

#59

Post by tetromino_ »

JoeAltmaier wrote: post #51
iamcasen wrote: post #34

Am I the only one who views pennies like an extreme annoyance? I would rather throw pennies in the trash than have them. They are literally THAT worthless. They take up far more space and weight than they offer in value. It seems like such a massive waste to continue using valuable metals to create something so worthless. Honestly, I think quarters should be the only coin we have.

I've moved beyond that. I discard all change, ruthlessly. If there's somebody nearby who wants them, I give them the whole handful of change. Otherwise it all goes in the trash on the way out of the store. Used to wear holes in my pants pockets, get stuck in dryer etc. Cost more than it was worth, in wear and tear, and in emotional energy to manage it. You can't imagine the freedom you feel when you discard your firs…

That only works if you're lucky enough to not regularly need a pocket full of coins to e.g. use the washers in the next-door laundromat.

Re: The US Mint lost $69M making pennies last year

#60

Post by mattnewton »

athenot wrote: post #52
wolco wrote: post #35

Earlier quoted context omitted.

I think we rushed away the penny too quickly. Glad they stopped at 2 dollars the 50 dollar coin just doesn't seem right.

FWIW, the Euro is coins from €0.01 to €2, then paper from €5 to €500. I find dollar bills even more annoying than pennies.

Dollar bills take up almost no space, and are easier to handle than coins. Aside from durability, why would you switch?
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