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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

#171

Post by Symbiote »

notahacker wrote: post #122
macintux wrote: post #108

Earlier quoted context omitted.

Additionally, sales tax is sometimes not required, either because the product or the reason for purchase is exempt. Computers can deal with the latter, signage can't.

For bricks and mortar stores, if the majority of people due to pay the tax are capable of rounding up a posted price of $fee + tax, the minority eligible for tax exemptions are capable of rounding down a posted price of $fee - tax Might be a little different for online stores where tax can't be calculated until they know which of the many different local tax codes the sale is being made under, but as you've already n…

European online retailers that expect significant sales to both businesses and consumers (e.g. computer components) either show both prices with different fonts, or have a button somewhere to switch between with- and without-VAT prices.

Except for businesses, there isn't the situation as in the US, where the retailer is responsible for verifying that a customer is tax-exempt. People on the equivalents of food stamps pay the VAT; yes the money just goes in a circle back to the government, but it's probably easier accounting for everyone.

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

#172

Post by labster »

mindslight wrote: post #120
sndean wrote: post #72

Earlier quoted context omitted.

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."

If you need a single washer and have a nickel, pick up your drill.

In Japan, the 5¥ coins come pre-drilled for maximum convenience.

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

#173

Post by acdha »

ceejayoz wrote: post #82
acdha wrote: post #62

Earlier quoted context omitted.

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.

Stripe costs 2.9% + 30¢. Merchant accounts have long been below that, they were just a pain to get, and generally required hardware from the bank.

Merchant accounts weren’t that low until they started getting more competition.

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

#174

Post by avar »

swanson wrote: post #61

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 t…

    In  We Trust

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

#175

Post by jazoom »

parliament32 wrote: post #54

Here in Canada we got rid of the penny some years ago. If you're paying with cash, the total just gets rounded at the register. Honestly I don't miss it.

Australia got rid of 1c and 2c coins in 1991. No one missed them. I wish we'd do the same for 5c now. Not that I ever use cash anymore anyway.

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

#176

Post by thaumasiotes »

TylerE wrote: post #94
rbritton wrote: post #91

Earlier quoted context omitted.

Coins seem largely used anymore for tax. How common would any coin smaller than a quarter be without a percentage-based sales tax? Virtually every price is close to either the $.50 or the $.00 mark -- it's the tax that creates the need for more combinations of change.

Vending machines would be problematic. Most soda machines are charging $0.60 or $0.65 these days. Rounding to either $0.50 or $0.75 would be annoying. That said, I think it'd be totally reasonable to eliminate all coins other than the nickel and quarter. (If I really had my way, I'd also eliminate dollar bills (replacing with a dollar coin that doesn't suck, replace with some more valuable and small.... like dime-siz…

> Most soda machines are charging $0.60 or $0.65 these days. Rounding to either $0.50 or $0.75 would be annoying.

The soda machines I see charge $1.25. Where are you?

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

#177

Post by devin »

avar wrote: post #174
swanson wrote: post #61

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 t…

In We Trust

Minted in the year of the trial size Dove bar

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

#179

Post by iv597 »

snarf21 wrote: post #143
ortusdux wrote: post #11

When the half penny was decommissioned in 1857 it was worth the equivalent of 10-15 cents in today's dollars. It was decommissioned because inflation had made it nearly useless and the metal was worth more than the coin.

We should get rid of everything below the quarter. All we need are some rules for rounding up (or down). Then we could also drop the $1 dollar bill for a coin. A lot less confusion with only two main coins in circulation.

We've had $1 coins for a hot minute. You can almost only ever find them at the bank, post offices, and some other government places (the Sound Transit ticket kiosks here in Seattle spit them out, I found out last week), but they exist.

We also have/had a 50c coin, but it's huge and I believe out of circulation these days.

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

#180

Post by axaxs »

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…

Same. And maybe I'm(we're) out of touch, but some people act so shocked like I'm a crazy person or generous, I'm not sure which. Change is a hassle. It gets stuck in my keys, falls out everytime I change positions, etc etc. That said, I pay mostly by card these days so it's like like I'm giving away tons of change per year.
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