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Treasury unveils its plan to kill the penny
Posted on 5/22/25 at 7:45 pm
Posted on 5/22/25 at 7:45 pm
LINK
quote:
The US Treasury is phasing out production of the penny and will soon stop putting new one-cent coins into circulation, the department said in a statement Thursday.
The news of the decision was first reported by the Wall Street Journal Thursday.
A Treasury spokesperson said the government made its final order of penny blanks this month, and the United States Mint will continue to manufacture pennies only as long as an inventory of penny blanks exists. Consumers with pennies will still be able to use them for purchases. But without new pennies moving into circulation, businesses that complete cash transactions will have to start rounding up or down to the nearest nickel.
16
Posted on 5/22/25 at 7:46 pm to Major Dutch Schaefer
quote:
its plan to kill the penny
So brave
Posted on 5/22/25 at 7:47 pm to Major Dutch Schaefer
Might as well discontinue the nickel and dime while they’re at it.
Posted on 5/22/25 at 7:50 pm to Major Dutch Schaefer
quote:
Treasury unveils its plan to kill the penny
Poor Lincoln. Dude just keeps gettin' terminated.
Posted on 5/22/25 at 7:53 pm to Major Dutch Schaefer
Plenty of pennies out there
Posted on 5/22/25 at 8:16 pm to Major Dutch Schaefer
All this does is give big coprpations more ways to cuk the customer.
With tax comes to 6.81?cough up that extra 4 cents a-hole.
That shite will add up to millions and millions for corporations that already squeeze their customers to the max. It's essentially just the Office Space scam, but legalized.
With tax comes to 6.81?cough up that extra 4 cents a-hole.
That shite will add up to millions and millions for corporations that already squeeze their customers to the max. It's essentially just the Office Space scam, but legalized.
This post was edited on 5/22/25 at 8:17 pm
Posted on 5/22/25 at 8:19 pm to Major Dutch Schaefer
quote:
But the cost of a penny might be a smaller problem than the alternative. That’s because the Mint actually loses even more money on each nickel it produces. Each nickel costs 13.8 cents, with 11 cents of production costs and 2.8 cents of administrative and distribution costs. These figures are for the government’s most recent fiscal year, which ended in September.
Damn. I had no idea. That’s crazy.
Posted on 5/22/25 at 8:19 pm to Jack Ruby
This is also just another step trowwrd cashless society. This is not a good thing at all.
Posted on 5/22/25 at 8:41 pm to Major Dutch Schaefer
Costs more to make a penny and nickel than it’s worth and most end up in a jar, a console or a garbage can.
Posted on 5/22/25 at 8:46 pm to Major Dutch Schaefer
There are $1.2 billion worth of pennies in circulation right now so it may take a while for them to peter out.
Posted on 5/22/25 at 8:50 pm to Jimbeaux
quote:only if you want to round to every quarter dollar price.
Might as well discontinue the nickel and dime while they’re at it.
Posted on 5/22/25 at 9:37 pm to captainFid
Just think. The whole country is a Dollar General Store. But make it include sales tax.
Posted on 5/22/25 at 10:30 pm to Jack Ruby
quote:
With tax comes to 6.81?cough up that extra 4 cents a-hole.
You think $6.81 rounds up to $6.85?
You may have bigger issues than losing 4 cents.
Posted on 5/22/25 at 10:32 pm to ChatGPT of LA
In the situation the US is in, every cent will probably help.
3¢ to make 1¢
3¢ to make 1¢
Posted on 5/22/25 at 10:49 pm to DTRooster
quote:
most end up in a jar, a console or a garbage can.
I take mine and frisbee them out the back door into the woods.
Pennies should've been done away with 20 years ago. The fact they still are produce is indicative of how poorly our government functions.
Posted on 5/22/25 at 10:50 pm to Jimbeaux
quote:
Might as well discontinue the nickel and dime while they’re at it.
They better not get rid of the quarter, because I won’t be able to give someone a quarter to call someone who cares, or give a quarter to an up tight assistant principal with a mole on her face the size of the Sears Tower to get a rat to gnaw it off her face.
So no more penny for your thoughts, it will have to be nickel, quarter, or dime.
This post was edited on 5/22/25 at 10:53 pm
Posted on 5/23/25 at 2:51 am to Major Dutch Schaefer
Just price everything with the sales tax already included. Solves the issue.
Posted on 5/23/25 at 3:16 am to BigJim
quote:
You think $6.81 rounds up to $6.85?
You think a for-profit business is going to round prices down and willingly cut into their own revenue?
Posted on 5/23/25 at 3:37 am to 4cubbies
quote:
You think a for-profit business is going to round prices down and willingly cut into their own revenue?
Yes. Rounding some down and some up will pretty much balance out.
Now, do I think the Walmarts of the world finagle prices to more often round up than not...also yes.
Posted on 5/23/25 at 3:41 am to DMAN1968
quote:
Yes. Rounding some down and some up will pretty much balance out. Now, do I think the Walmarts of the world finagle prices to more often round up than not...also yes.
Why don’t stores just list prices with sales tax included rounded to the nearest nickel where possible on displays?
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