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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

#71

Post by elvirs »

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.

They are so not worth hurting my fingernails trying to scoop them up from my cup holder. I either put them into the little container some shops have next to cash register or I just throw them in the trash.

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

#72

Post by sndean »

tomjakubowski wrote: post #5
mikestew wrote: post #3

So 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.

There's a mom and pop hardware store around here (Washington DC) that has random washers, nuts, etc. that only cost a nickel each.

Not that I've ever gone in and tried to only buy a single washer. I'm guessing the old guy might just smile and say "it's free."

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

#73

Post by dharmab »

ggg9990 wrote: post #66
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…

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

You'd be fined for littering.

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

#74

Post by chapium »

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…

Im in a similar situation. I keep quarters since they are occasionally useful, but in general when lose change becomes an annoyance i chuck it in the closest baristas tip jar.

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

#75

Post by curun1r »

wolco wrote: post #33
eikenberry wrote: post #19

Earlier quoted context omitted.

I bet in general it would save money. Many things price ends in .99 to trick people into thinking it is cheaper. All those things would switch to .95 in order to preserve the trick.

You are forgetting sale tax which changes the final price (if there exists tax is your region)

Then if we could pass a law mandating that prices be displayed inclusive of sales tax, that'd be great. One of my favorite parts about going to Europe is being able to add up prices in my head and have it match up exactly with the final total. The US system is nonsensical and shouldn't be used to justify other nonsensical policies like the continued use of the penny.

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

#76

Post by minikites »

We still have the penny because Jardin Zinc Products (the manufacturer of penny blanks) lobbies the government and pays for astroturf campaigns to keep the penny.

http://www.post-gazette.com/business/businessnews/2007/08/15...

https://www.publicintegrity.org/2014/07/02/14959/saving-penn...

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

#77

Post by extralego »

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.

I wonder where these people live where they don’t experience homeless people begging for their change daily.

I have absolutely no question about what to do with my extra change.

This might top the list of most arrogant and out-of-touch HN comment threads I’ve seen.

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

#80

Post by curun1r »

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.

I thought they did away with the €500 bill because of its popularity with criminals and its relative non-use by normal people...
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