Is It Time to Kill the Penny?

Post by SamBam » Tue, Jul 14, 2020, 7:44 PM UTC

dlivingston wrote: post #207

lolsal wrote: post #170

Earlier quoted context omitted.

> It costs more to mint them than they're worth. Isn't this largely irrelevant since the producer of pennies makes up for this when they print any other form of currency? > But the fact that this country can't even figure out how to stop making a coin that is worthless tells me that it is probably asking a little too much to expect that the federal government can competently manage anything as complex as healthcare o…

If we assume that it takes 2 seconds to pick up a penny, and you were to pick up pennies continuously, then you would be “earning” only $18 / hour.

Post by greenshackle2 » Tue, Jul 14, 2020, 7:47 PM UTC

gruez wrote: post #85

a2h wrote: post #48

Earlier quoted context omitted.

This is similar to how HFT firms make a profit. Except it's generally less than a penny but it's per share per transaction (trade). We can thank the Sub-Penny Pricing Rule of Regulation NMS for this feature. An order for 1000 shares of XYZ stock that is front-run for half a penny per share is $50 dollars profit. Rinse and repeat.

>We can thank the Sub-Penny Pricing Rule of Regulation NMS for this feature Are you sure? I did a quick search and came up with this >One of the rules in Regulation NMS is a new Sub-Penny Rule: “which establishes a uniform quoting increment of no less than one penny for quotations in NMS stocks equal to or greater than $1.00 per share to promote greater price transparency and consistency. . . . In particular, Rule 61…

Post by chrisseaton » Tue, Jul 14, 2020, 7:54 PM UTC

saagarjha wrote: post #217

chrisseaton wrote: post #144

Earlier quoted context omitted.

But they rip when wet. They also rip when dry! British, Canadian, Australian bank notes can't be ripped when wet or dry - they're polymer.

Thankfully, you can exchange them even if they're totally torn up as long as you have the pieces.

Post by Proziam » Tue, Jul 14, 2020, 7:59 PM UTC

ping_pong wrote: post #233

UI_at_80x24 wrote: post #5

Yes. Canada stopped producing pennies in the fall of 2012. [0] The sky didn't fall. There was no great debate, no public opinion polls and politicians swearing heartily about the demise of our great nation. (Ok that's probably not true. For too many politicians that's all they do.) There was resistance when Canada dropped the $1 bill in favour of a Loonie (a $1 coin with the image of a loon on it). People bitched abo…

The difference is that the Canadian Federal government is extremely powerful and the provinces have very little power. In the US, the States are very powerful and the Federal government is much weaker comparatively. For anything to be done collectively across the entire US, it requires cooperation from all states, otherwise one of them can screw everything up. That inherently means more talking, more coordination, mo…

Post by jdofaz » Tue, Jul 14, 2020, 8:01 PM UTC

frosted-flakes wrote: post #126

cmrdporcupine wrote: post #69

Earlier quoted context omitted.

I feel like we missed an opportunity to also drop the nickel and round everything to 10 cent intervals and just forget about the extra level of precision entirely. I imagine I will see this in my lifetime.

What about the 25 cent piece (the quarter)?