So since Trump wants to get rid of the penny

[Jimmy McGill]

....citing that it costs 4 cents for 1 penny. I'm fine with that....but if my penny jar is full, are the feds going to give me 4 cents for every one of my pennies?


Otherwise it is an illegal taking....

 

[Hawkman98]

Are you manufacturing your pennies? I assume businesses will have to stop making things .99 cents to avoid refunding pennies for those using cash? So now everything will be rounded to a nickel.

 

[Menace Sockeyes]

This is the only good idea the Trump Administration has entertained, and it’s been brought up by administrations since at least Clinton.

 

[The Tradition]

Trump just doesn't like the "brown" coins....

 

[ISUBryce]

Australia got rid of its 1 cent piece a long time ago. We should have too.

 

[mnole03]

This is the only good idea the Trump Administration entertained, and it’s been brought up by administrations since at least Clinton.

It makes no cents.

I’ll see myself out.

 

[stanzithemanzi12]

....citing that it costs 4 cents for 1 penny. I'm fine with that....but if my penny jar is full, are the feds going to give me 4 cents for every one of my pennies?


Otherwise it is an illegal taking....

Last I checked, they are going to stop making pennies... they aren't going to take your pennies.

 

[Menace Sockeyes]

A side benefit of this is that many local option sales taxes will go up from 4 to 5 percent, or 7 percent to 10, etc. giving municipalities more money as this administration is about to azz fugg them raw.

 

[The Tradition]

Last I checked, they are going to stop making pennies... they aren't going to take your pennies.

A penny, specifically one minted before 1982, is worth more than its face value as scrap copper because it contains a high percentage of copper (around 95%), meaning its melt value can be significantly higher than one cent depending on the current copper price; however, melting down coins is illegal in the United States, so it's not recommended to do so.

 

[Moral]

Last I checked, they are going to stop making pennies... they aren't going to take your pennies.

Oh thank goodness. I didn't want the government in my house taking my pennies.

 

[The Tradition]

A side benefit of this is that many local option sales taxes will go up from 4 to 5 percent, or 7 to percent, etc. giving municipalities more money as this administration is about to azz fugg them raw.

You can still have percentages in the 0.01 range, you just round to the nearest 0.05.

 

[SA_Hawk]

A penny, specifically one minted before 1982, is worth more than its face value as scrap copper because it contains a high percentage of copper (around 95%), meaning its melt value can be significantly higher than one cent depending on the current copper price; however, melting down coins is illegal in the United States, so it's not recommended to do so.

That’s why you always hold onto a 1964 Kennedy half dollar with it’s silver content if you stumble upon one.

 

[Sharky1203]

Funny, I heard all the same stuff when they got rid of the $500 & $1000 dollar bills.

 

[Jimmy McGill]

When do they start taking my Monopoly money or Game of Life money?

 

[seminole97]

When do they start taking my Monopoly money or Game of Life money?

They started it in 1913.


People talking about the cost of this are missing the point. It would be easy for them further debase the metals required for those coins and make their production and distribution ‘profitable’. They’re already just tokens.
This is just a psychological surrender to the march of inflation.
Like adding zeroes to the bills.

My dad saved some of the different currencies they had in Europe when we were stationed there and got to travel. It included all the denominations and coins from East Germany.

Those coins in your hand felt like play money.
As a kid I was used to several Mark denomination coins used everywhere in West Germany, they had heft. But then you get a fistful these East German coins and it felt like the old pop off can tabs in your hand. Aluminum.

 

[3boysmom]

I have no problem getting rid of the penny. It needs to follow the established protocol, but there is no reason we shouldn't do it.

 

[ping72]

That’s why you always hold onto a 1964 Kennedy half dollar with it’s silver content if you stumble upon one.

It’s weird we arbitrarily chose gold & silver to hold trade value over other rocks or minerals.

If the shit really hits the fan, I hold zero faith that gold or silver will retain any value. If you really want to doomsday prep, I’d say bullets, food, and medicine will be much better trade currency than a random rock that’s only valuable if you have a good slingshot.

 

[Jimmy McGill]

I have no problem getting rid of the penny. It needs to follow the established protocol, but there is no reason we shouldn't do it.

 

[ISUBryce]

They started it in 1913.


People talking about the cost of this are missing the point. It would be easy for them further debase the metals required for those coins and make their production and distribution ‘profitable’. They’re already just tokens.
This is just a psychological surrender to the march of inflation.
Like adding zeroes to the bills.

My dad saved some of the different currencies they had in Europe when we were stationed there and got to travel. It included all the denominations and coins from East Germany.

Those coins in your hand felt like play money.
As a kid I was used to several Mark denomination coins used everywhere in West Germany, they had heft. But then you get a fistful these East German coins and it felt like the old pop off can tabs in your hand. Aluminum.

Again, many places have done this. It’s not nefarious. Australia hasn’t had a 1 cent coin since 1990.

If you want to count your pennies use a card.

 

[MichaelKeller99]

Seems pretty tame. Presidents use to just issue EO's in order to steal your money.

On April 5, 1933, FDR told Americans—in the form of Executive Order 6102—that they had less than a month to hand over their gold coins, bullion and gold certificates or face up to ten years in prison or a fine of $10,000, or both.

 

[seminole97]

It’s weird we arbitrarily chose gold & silver to hold trade value over other rocks or minerals.

It wasn't arbitrary.
It was driven through the market by their properties.
They're both elemental, so they're utterly divisible and still combinable, with no change in those properties.
They have high unit value and sufficient rarity to serve as a medium of exchange even in high value economies.

You want to carry $3000 worth of pig iron in your pocket, or across a border?

Governments (princes) got into the game because they realized they could 'clip' the coins, and thereby profit running the mints and using the law (taxes) to force the use and collection of their money. But they started with putting their imprint on the coins of the type already arrived at by the market (gold and silver, depending on scale of transaction).

If the shit really hits the fan, I hold zero faith that gold or silver will retain any value. If you really want to doomsday prep, I’d say bullets, food, and medicine will be much better trade currency than a random rock that’s only valuable if you have a good slingshot.

They always do insofar as no one has been in a Beyond Thunderdome scenario, where tomorrow is going to be essentially worse than yesterday, because nothing is being produced anymore, just everything cannabilized.

 

[noleclone2]

Trump is a true miracle worker, a God amongst men, for coming up with this idea nobody had ever thought about before. Amazing!

 

[DooBi]

A side benefit of this is that many local option sales taxes will go up from 4 to 5 percent, or 7 to percent, etc. giving municipalities more money as this administration is about to azz fugg them raw.

I dont think this would need to happen. You can still collect 3 percent. You only have to round up the last nickel, not every nickel.

 

[RileyHawk]

It wasn't arbitrary.
It was driven through the market by their properties.
They're both elemental, so they're utterly divisible and still combinable, with no change in those properties.
They have high unit value and sufficient rarity to serve as a medium of exchange even in high value economies.

You want to carry $3000 worth of pig iron in your pocket, or across a border?

Governments (princes) got into the game because they realized they could 'clip' the coins, and thereby profit running the mints and using the law (taxes) to force the use and collection of their money. But they started with putting their imprint on the coins of the type already arrived at by the market (gold and silver, depending on scale of transaction).



They always do insofar as no one has been in a Beyond Thunderdome scenario, where tomorrow is going to be essentially worse than yesterday, because nothing is being produced anymore, just everything cannabilized.

No. I would rather carry $3000 in copper pennies.

 

[gohawks50]

I have no problem with getting rid of the penny I'm just wondering why this wasn't done sooner if other Presidents were in favor of the move. Is it because they were going to go through the legislature instead of a Presidential order or was the idea just unpopular with citizens so they dropped it?

 

[Rifler]

....citing that it costs 4 cents for 1 penny. I'm fine with that....but if my penny jar is full, are the feds going to give me 4 cents for every one of my pennies?


Otherwise it is an illegal taking....

They said making, not taking,.... Keep your 4 cent pennies, nobody wants them.

 

[Hawk_4shur]

I have no problem with getting rid of the penny I'm just wondering why this wasn't done sooner if other Presidents were in favor of the move. Is it because they were going to go through the legislature instead of a Presidential order or was the idea just unpopular with citizens so they dropped it?

Yeah. Apparently Illinois pitches a fit every time this comes up (Lincoln is from Illinois). Dumb reason, but no one has wanted to fight to get rid of the penny.

Maybe Trump can get it done.

Then maybe Iowa can take a look at why we have 99 counties.

 

[BioHawk]

I don't like it because every company will round the price of everything up to the nearest 5 or 0 on the price, and then taxes will screw all of that up. It pretty much makes the most cost efficient way of buying things is to use a debit card.

 

[thewop]

....citing that it costs 4 cents for 1 penny. I'm fine with that....but if my penny jar is full, are the feds going to give me 4 cents for every one of my pennies?


Otherwise it is an illegal taking....

This is what I'm saying, and will scarcity make them more valuable than $.01? Should we start hoarding pennies?

 

[HawkeyeShawn]

I don't like it because every company will round the price of everything up to the nearest 5 or 0 on the price, and then taxes will screw all of that up. It pretty much makes the most cost efficient way of buying things is to use a debit card.

Rounding should happen after the sales tax is calculated. Unless you’re talking about tax free products.

 

[ICWestfan]

Yeah. Apparently Illinois pitches a fit every time this comes up (Lincoln is from Illinois). Dumb reason, but no one has wanted to fight to get rid of the penny.

Maybe Trump can get it done.

Then maybe Iowa can take a look at why we have 99 counties.

Simple answer is when they drew county lines they were on their 8th round of "99 bottles of beer on the wall".

 

[Doodads and Hoohah]

Oh thank goodness. I didn't want the government in my house taking my pennies.

Come and get 'em!!!

 

[BioHawk]

Rounding should happen after the sales tax is calculated. Unless you’re talking about tax free products.

Either way, we get screwed.

 

[Titanhawk2]

....citing that it costs 4 cents for 1 penny. I'm fine with that....but if my penny jar is full, are the feds going to give me 4 cents for every one of my pennies?


Otherwise it is an illegal taking....

No it's not. You give the bank an old silver dollar they will give you one crisp washington in return, not the $30 for the value of the silver

 

[Menace Sockeyes]

I dont think this would need to happen. You can still collect 3 percent. You only have to round up the last nickel, not every nickel.

Perhaps, but either way you're going to need to amend the tax and get voters to say yes.

 

[EvilMonkeyInTheCloset]

You mean everything will always be rounded to 5 and 10 cents?

I'm all for simplification if you can prove it won't turn a current clusterf*** into a watery sh** storm.

 

[jamesvanderwulf]

 

[DFSNOLE]

It's on Twitter so it has to be true, right?

 

[king_henry5]

I don't like it because every company will round the price of everything up to the nearest 5 or 0 on the price, and then taxes will screw all of that up. It pretty much makes the most cost efficient way of buying things is to use a debit card.

While I get what you’re saying, have you taken a look at inflation recently? I don’t think we should be worried about 5 cents on every product when it’s already been raised a couple of dollars.

 

[king_henry5]

I have no problem with getting rid of the penny I'm just wondering why this wasn't done sooner if other Presidents were in favor of the move. Is it because they were going to go through the legislature instead of a Presidential order or was the idea just unpopular with citizens so they dropped it?

Lazy presidents.