For the rate to be honest for the value lost in the dollar in the last 100 years... a penny would have to be declared to be a dollar.
Are they going to put bumblebees on them?
There’s an interesting story behind the nickel. In 1967, I remember it was, I got up in the morning and made myself a piece of toast. I set the toaster to three: medium brown.
Sounds like a monetary ‘solution’ implemented in some far flung province of a disintegrating empire, not modern fiscal policy.
In this roaring economy, I finally found my first 2024 pennies. And I’d been looking. Every year since the early ‘70s, I’d find the new coins in April. Still haven’t seen a ‘24 nickel or dime. Two of the quarters, but not many of those.
The Babylon Bee got outflanked again!
I was shocked recently to find out the cost of a physical newspaper of my local liberal rag is now $4 for the regular daily edition. Not that I would ever get one but the price did shock me. When I was a kid they were a dime.
Well, why not.
They have already made dollars to be pennies in buying power.
A centsless act
Pennies used to be made out of copper. Then the copper in them became worth more than a penny so they became copper coated Zinc. What is next? Copper coated steel? (By the way try and find a 1943 penny that is not steel, if it is copper it’s worth a lot)
I remember reading something about the 1-lira coin being used by clothing manufacturers as button backs. Pennies here became useless when they started making them out of copper plated zinc.
Might as well do it...1904-1982 pennies are already worth 2.9 cents (melt value):
https://www.coinflation.com/coins/1909-1982-Lincoln-Cent-Penny-Value.html
Other coins (i.e. pre-2014 nickels):
That’s about $2.5 billion in pennies.
_________________
That would instantly create 4 x 2.5 billion = $10 billion of money out of nowhere. Stupid idea.
Tools bee needed to preface his response with, “I was born in a middle class family, and people were proud of their lawns.”
Make the penny out of pure copper. Then it will be worth a lot more than one cent. Say...maybe we could mint larger denominations out of silver. Gold even! Now that money would be worth something.
Goolsbee belongs on a $3 bill.
And my $10 bill identifies as a $100 bill. /s
Why not declare pennies to be $1-trillion coins? Then everyone can retire and live happily ever after.
Canadians do not use pennies anymore. They round off to the nearest Nickel. For a period of time people turned in their pennies for face value above a nickel. As an American, I took all my Canadian pocket money to a bank while in Canada and got change back above a nickel.
Hong Kong pennies in the 70s were a printed piece of paper on one side. They were used to pay the power company to the exact amount. All retail prices ended in 5 or 0, no sales tax.