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US Treasury to stop producing pennies next year

bbc.com

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Re: US Treasury to stop producing pennies next year

#21

Post by jolmg »

mystified5016 wrote: post #12

Honestly inflation is such that any denomination less than a full dollar is almost worthless. The only application of fractional currency in modern USA is in making every price end in 99 cents for stupid reasons. Everyone has been conditioned to mentally round up any price to the next dollar. There's nearly nothing you can buy today for less than a dollar. There's no point in any smaller denominations.

> There's nearly nothing you can buy today for less than a dollar.

Aren't most things in the fruits and veggies section under a dollar? What's a carrot or a lemon cost?

Looking at the weekly ad at Food4Less, tomatoes are 2lb/$3. I think that's like 50 cents each tomato. Onions are 89 cents/lb.

Re: US Treasury to stop producing pennies next year

#22

Post by kadoban »

jolmg wrote: post #21
mystified5016 wrote: post #12

Honestly inflation is such that any denomination less than a full dollar is almost worthless. The only application of fractional currency in modern USA is in making every price end in 99 cents for stupid reasons. Everyone has been conditioned to mentally round up any price to the next dollar. There's nearly nothing you can buy today for less than a dollar. There's no point in any smaller denominations.

> There's nearly nothing you can buy today for less than a dollar. Aren't most things in the fruits and veggies section under a dollar? What's a carrot or a lemon cost? Looking at the weekly ad at Food4Less, tomatoes are 2lb/$3. I think that's like 50 cents each tomato. Onions are 89 cents/lb.

Doesn't it only practically matter if you're only buying ~one of those things? Who goes to a grocery store and buys one tomato? Feel like that could just round up or round random and it wouldn't be the end of the world.

Re: US Treasury to stop producing pennies next year

#24

Post by theothertimcook »

perilunar wrote: post #7
globular-toast wrote: post #2

Australia stopped one and two cents coins decades ago. It's sad to have to live with a system where the numbers are just two or even five times larger than they should be, but I suppose worse things have happened.

I don’t think it’s sad. Just the reality of constant inflation. And the $1 and $2 notes were replaced with coins, which are much better. I’m hoping the 5c coins will go soon, and we’ll get an $5 coin.

There was $5 coins at one point

https://www.australian-coins.com/investing-in-coins/australi...

Re: US Treasury to stop producing pennies next year

#25

Post by perilunar »

theothertimcook wrote: post #24
perilunar wrote: post #7

Earlier quoted context omitted.

I don’t think it’s sad. Just the reality of constant inflation. And the $1 and $2 notes were replaced with coins, which are much better. I’m hoping the 5c coins will go soon, and we’ll get an $5 coin.

There was $5 coins at one point https://www.australian-coins.com/investing-in-coins/australi...

Nice. I like the triangular one, but not sure how practical it would be in general circulation.

Re: US Treasury to stop producing pennies next year

#26

Post by gus_massa »

joshstrange wrote: post #8

In high school, 17 years ago, I wrote a DBQ (document based question essay) for an AP test about why pennies were a huge waste to the economy. Both in cost to some, keep in circulation, and just dealing with for businesses/consumers. It’s past time we did away with the penny and honestly the nickel shouldn’t be too far behind. Really anything less than a quarter seems like more trouble than it’s worth at this point.…

Here in Argentina we unofficially deprecate the coins/bills when they are worth approximately US$0.03 [1]. Now US$1=AR$1100 and you can find in the wild AR$100 and some AR$50, but AR$20 are very rare, AR$10 almost imposible to find, and lower denomination are just museum pieces.

Theoretically you can go to the supermarket with a big bag with a thousand of AR$1 coins, and they must accept them but it would be very weird.

[1] It's a personal opinion, there are no official threshold, don't ask how I made an statistic.

Re: US Treasury to stop producing pennies next year

#27

Post by metalman »

a few things from experience with no pennys in Canada, 2¢ now rounds down to 0¢, along with your personal opinions, and if you want to make an impression on a date.....that is already going well, then keeping a vintage penny just in case you hit an awkward pause, may bring a smile.
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