Fake Money Coin Assorted Set from Amazon.
Posted on 01/22/2025 12:15:10 PM PST by Olog-hai
Elon Musk’s Department of Government Efficiency is targeting one of the federal government’s most notorious examples of waste: the penny.
Getting rid of the penny would be an early test of DOGE’s influence: Could it help eliminate a piece of government inefficiency that has survived decades of reform attempts?
On Tuesday, DOGE’s account on X highlighted the coin’s mounting costs: In fiscal year 2023, taxpayers spent more than $179 million producing over 4.5 billion pennies, with each coin costing more than three cents to make.
Despite bipartisan recognition of the penny’s costs since at least the 1970s, efforts to phase out or change the coin have repeatedly stalled in Congress, making it an ideal target for DOGE’s efficiency campaign.
Lawmakers were considering the questions as recently as November, when Sen. Joni Ernst of Iowa, who founded the Senate’s DOGE caucus, said changing the makeup of the coin could save significant money. …
(Excerpt) Read more at businessinsider.com ...
Getting rid of the penny is a dumb idea prices would round off the higher end not exact amount mini inflation over time.
It's not lost. It's stolen. Inflation is just a type of tax, where the tax is on wealth. DOesn't need us to file any tax return to "collect" this tax, it's automatic. And, the FED even proudly TELLS us constantly their target for stealing from us - with the 2% number.
KILL the PENNY!
They are a testimony to our economic stupidity.
If the penny goes away, will prices be rounded up or down to the nearest nickel?
Reminds me of an episode of Married With Children. Steve was against the penny (cent) and wanted prices rounded to the nearest nickel. After arguing his position. Al replied. “What about taxes?” Poor Steve slumped in despondment.
There are enough pennies is this country to stop minting them and just go with what we have.
AFAIK, there’s still a difference between ceasing minting more pennies and trying to force them out of circulation.
Nope.
During 1943, one-cent pieces were made of zinc-coated steel. These coins were also known as "1943 steel cents."
In the years leading up to 1943, they were made of bronze (95% copper, 5% tin and zinc). From 1943 till 1946, they were made of so-called gilding metal (95% copper, 5% zinc). From 1947 till 1962, they were again made of bronze.
WIKIPEDIA:
In 1943, at the peak of World War II, zinc-coated steel cents were made for a short time because of war demands for copper. A few copper cents from 1943 were produced from 1942 planchets remaining in the bins. Similarly, some 1944 steel cents have been confirmed. From 1944 to 1946, salvaged ammunition shells made their way into the minting process, and it was not uncommon to see coins featuring streaks of brass or having a considerably darker finish than other issues.
No federal mint made cardboard one-cent pieces.
Regards,
Why didn’t they just take a wire transfer for the entire amount?
Yes. The Fed has made the dollar so cheap that pennies are a total waste. It cannot be terribly costly for businesses to just (1) truncate 1 or 2 cents to 0, round up 3 or 4 cents to a nickle, truncate 6 or 7 cents to a nickle, round up 8 or 9 cents to a dime. And the end of the day all that rounding and truncating will even out.
And if the Fed keeps inflating the currency will have to get rid of the nickle next. In the future they might have to get of the dime, then the quarter, bring back the fifty cent piece, then get rid of the fifty cent peice and then the one dollar.
they should be lookin at the nickel
as of 2023
https://learn.apmex.com/answers/how-much-does-it-cost-to-produce-current-circulating-u-s-coins/
Pennies like all coins have to be replaced due to damage.
No minting is no circulation that’s the goal.
Printing pennies to fight inflation.
Average life of a one-cent coin is about three decades. I’ll be long dead before the number of pennies out there could leave circulation.
“Why didn’t they just take a wire transfer for the entire amount?”
Wire transfers cost me money and I have to go to my Credit Union in person to do that. So it was easier to go get the cash.
My main concern is my conceal carry permit is for WA state
not Hawaii, and I’m walking around with a lot of money and no protection. You can’t open carry in Hawaii outside a designated hunting area unless you are a cop or hired by a security company.
Hopefully that country wide reciprocity bill inching through congress gets to Trumps desk.
Drop fdr from the Dime.
Long past time for pennies to be retired. We can just round everything to the nearest 5.
Fake Money Coin Assorted Set from Amazon.
You could do that simply by making them out of copper. Dimes and Quarters, Half and silver Dollars out of, well, silver.
“The dealer was plainly upset that I paid cash and did not finance the purchase”
They really do hate that. LOL!
cut all welfare.
..........
As the child of a social worker, I agree(seeing it firsthand) that welfare is nearly 100% fraud and should be eliminated.
People would scream and politicians who would vote for it are political toast.
But we can downscale in increments.
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