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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

#61

Post by swanson »

They should sell ads on the back of the penny.

"A Penny Save is a Penny Earned - Chase Bank"

A durable, historical, innovative new channel that also makes minting pennies profitable. Everyone loved collecting those state quarters they made a few years back.

Of course, if this is successful we can move upstream to other coins and eventually dollar bills. Alternatively, we could allow rich people to put their face on the penny instead of that old president guy on there now.

Just the media exposure alone to be the first company to sponsor the penny would probably yield a positive ROI.

And think about how jealous the CEO of McDonalds will be when forced to dispense Burger King branded coins from their automated robot cash registers.

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

#62

Post by acdha »

will_brown wrote: post #25
nostromo wrote: post #15

Earlier quoted context omitted.

No. Most purchases are not made with cash and fewer people are using cash every year. You're basically saying that all consumers should pay more with every purchase so that the mint can make https://www.frbsf.org/cash/files/figure-3-2015dcpc-share-of-...

It’s actually the people who use credit/debit cards to make purchases who raise the prices on all goods/services for people who pay cash. The average merchant pays 2.3-3.5% per swipe, as a result prices are increased across the board and passed on to consumers, no matter if they pay with card or cash.

Those costs have been driven down by Stripe and cash isn’t without its own costs. I used to favor cash myself but a couple of local businesses here recently started requesting credit cards because it’s cheaper than dealing with counterfeiting.

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

#63

Post by mikec3010 »

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…

> You can't imagine the freedom you feel when you discard your first handful of change!

I get this from gambling, actually. A $20 haircut or $30 dinner feels like nothing compared to blowing $2300 at a casino so I never complain about petty expenses. It annoys me to hear people in my life (who have healthy incomes) complain about the costs of things or talk about saving a few bucks at costco. It just doesn't matter.

But ironically I do keep my change!

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

#64

Post by rileymat2 »

will_brown wrote: post #25
nostromo wrote: post #15

Earlier quoted context omitted.

No. Most purchases are not made with cash and fewer people are using cash every year. You're basically saying that all consumers should pay more with every purchase so that the mint can make https://www.frbsf.org/cash/files/figure-3-2015dcpc-share-of-...

It’s actually the people who use credit/debit cards to make purchases who raise the prices on all goods/services for people who pay cash. The average merchant pays 2.3-3.5% per swipe, as a result prices are increased across the board and passed on to consumers, no matter if they pay with card or cash.

Is this true? Cash management has a definite cost, but it is just an assumed cost of doing business.

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

#65

Post by fnordsensei »

gcbw2 wrote: post #49
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.

don't put inflation in the same bag as metric system, please. Zimbabwe could have invented the metric system, but they still have billion zimbabuwe dollar notes. One thing has no relation to the other.

They are similar in that they are examples of systemic changes though, which seems to be the the author's point.

The argument is not about comparing dollars to meters.

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

#66

Post by ggg9990 »

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…

Jeez, at least throw it on the street to make someone’s day. Why the trash?

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

#67

Post by laken »

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…

As a numismatist, I cringe. But I also understand the frustration.

I actually enjoy getting coins. I always check them for key dates. For example, any quarter or dime 1964 or older has a decent amount of silver content, and can easily be flipped for a couple bucks each.

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

#68

Post by Broken_Hippo »

will_brown wrote: post #25
nostromo wrote: post #15

Earlier quoted context omitted.

No. Most purchases are not made with cash and fewer people are using cash every year. You're basically saying that all consumers should pay more with every purchase so that the mint can make https://www.frbsf.org/cash/files/figure-3-2015dcpc-share-of-...

It’s actually the people who use credit/debit cards to make purchases who raise the prices on all goods/services for people who pay cash. The average merchant pays 2.3-3.5% per swipe, as a result prices are increased across the board and passed on to consumers, no matter if they pay with card or cash.

You claim this, but cash has its own costs. Such as running the risk of getting robbed, wrong change (and the retailer losing out), a safe, the costs and time included in physically getting the cash to the bank - either by employees driving it or paying a service to do it. Having enough change on hand can be an issue.

Now, I don't know if all of this equals out to the same as the credit card fees, but it isn't like cash is cost-free.

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

#70

Post by tytytytytytytyt »

tetromino_ wrote: post #59
JoeAltmaier wrote: post #51

Earlier quoted context omitted.

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.

Cards that cost $3. :|
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