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The last-ever penny will be minted today in Philadelphia

cnn.com

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Re: The last-ever penny will be minted today in Philadelphia

#961

Post by jeremyjh »

randyrand wrote: post #947
jeremyjh wrote: post #732

Earlier quoted context omitted.

The article mentions several practical and legal issues, and your comment does not address any of them. Also, "whatever they do" currently is rounding to two decimal places - that doesn't help us here. I'm not saying the software changes required are challenging, but I'm sure there are lots of POS systems that are not properly maintained anymore that will cause issues for a lot of smaller merchants.

My comment is meant to be high level. If you want a specific solution: 1. use a POS that supports rounding to the nearest 5 cents 2. ignore laws written assuming the penny is in production. they obviously need to be updated. judges are not idiots.

Ah - the "trust me bro" defense. How does that protect you from the legal costs of malicious prosecution? Even if you win it will cost you.

Re: The last-ever penny will be minted today in Philadelphia

#962

Post by hollerith »

kgermino wrote: post #132
rayiner wrote: post #95

Earlier quoted context omitted.

[flagged]

It's primarily done for security and secondarily a benefit making it easier (for everyone!) to identify denomination by feel

What security benefit is unlocked by varying the size of the bills?

Re: The last-ever penny will be minted today in Philadelphia

#963

Post by testing22321 »

stevage wrote: post #945
testing22321 wrote: post #906

Earlier quoted context omitted.

Going to the US feels like going backwards in time in many ways. Banking, public transit, healthcare, education. A friend from Australia came to visit and after a day driving around New York State said “it feels half finished”

Yeah I had the weird experience in 2020 of using tap to pay at several places where the server had never seen it used before.

Haha, right. I was using tap to pay at the petrol pump in Botswana in 2016.

Re: The last-ever penny will be minted today in Philadelphia

#964

Post by golvok »

mbonnet wrote: post #959
nayuki wrote: post #20

We eliminated pennies in Canada in 2012 and the transition was a non-issue. The vast majority of retailers would round cash transactions to the nearest $0.05, but a few would round down to the nearest $0.05 in favor of the customer. https://en.wikipedia.org/wiki/Withdrawal_of_low-denomination... Canadian cash is better than American cash in several ways: No penny, durable polymer banknotes (instead of dirty wrinkly c…

Canadian banknotes being different physical dimensions from each other makes them distinguishable to the visually impaired too.

You may be thinking of Euro notes, but the Canadian ones do have a braille code on them.

Re: The last-ever penny will be minted today in Philadelphia

#966

Post by alright2565 »

jxramos wrote: post #831
alright2565 wrote: post #693

Earlier quoted context omitted.

Deflation is an economic disaster. The Great Depression, for example, was related to deflation.

I don’t know one way or another but what specifically are the pain points of deflation and how do those compare to the never ending inflation? I’ve lived under inflation all my life, it’s a slow creeping nearly sub threshold insidious process that erodes the value of money. Buy what is life like under deflation, is there pain but ultimate correction to a sane state? It feels like there is no correction to inflation.

In Japan it is known as The Lost Decades: https://en.wikipedia.org/wiki/Lost_Decades

There is no "sane state" that is eventually reached, it is always painful. For Japan, it took the financial innovation of negative interest rates to finally address it.

Re: The last-ever penny will be minted today in Philadelphia

#967

Post by [deleted] »

jeremyjh wrote: post #961
randyrand wrote: post #947

Earlier quoted context omitted.

My comment is meant to be high level. If you want a specific solution: 1. use a POS that supports rounding to the nearest 5 cents 2. ignore laws written assuming the penny is in production. they obviously need to be updated. judges are not idiots.

Ah - the "trust me bro" defense. How does that protect you from the legal costs of malicious prosecution? Even if you win it will cost you.

[deleted]

Re: The last-ever penny will be minted today in Philadelphia

#968

Post by [deleted] »

jeremyjh wrote: post #961
randyrand wrote: post #947

Earlier quoted context omitted.

My comment is meant to be high level. If you want a specific solution: 1. use a POS that supports rounding to the nearest 5 cents 2. ignore laws written assuming the penny is in production. they obviously need to be updated. judges are not idiots.

Ah - the "trust me bro" defense. How does that protect you from the legal costs of malicious prosecution? Even if you win it will cost you.

[deleted]

Re: The last-ever penny will be minted today in Philadelphia

#969

Post by randyrand »

jeremyjh wrote: post #961
randyrand wrote: post #947

Earlier quoted context omitted.

My comment is meant to be high level. If you want a specific solution: 1. use a POS that supports rounding to the nearest 5 cents 2. ignore laws written assuming the penny is in production. they obviously need to be updated. judges are not idiots.

Ah - the "trust me bro" defense. How does that protect you from the legal costs of malicious prosecution? Even if you win it will cost you.

No it's the "penny is no longer in production" defense.

Look, if you own a business do whatever you want.

Re: The last-ever penny will be minted today in Philadelphia

#970

Post by DerekL »

axiolite wrote: post #442
toast0 wrote: post #256

Earlier quoted context omitted.

Nickles are likely to go shortly after. You can do everything you can with nickles with dimes and quarters, nickles have worse economics than pennies, and have had their minting suppressed below the market needs for years. Once pennies leave circulation, the problems with nickles will become urgent and they'll quickly leave. Dimes are small and cheap to make though, so they'll probably stick around.

It's impractical to eliminate the nickel and penny, while keeping the quarter and dime. The most practical way forward is to keep only the dime, but people will be quite upset about the loss of the quarter.

Stop minting the nickel and start minting the half dime again (this time in base metal instead of silver).
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