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Elon Musk’s DOGE is coming for the penny
Channel 3000 News/CNN ^ | January 24, 2025 | CNN Bitter LOSERS

Posted on 01/24/2025 9:34:10 AM PST by Diana in Wisconsin

Elon Musk’s Department of Government Efficiency has a new target to cut down costs: the US penny.

DOGE said on X that the penny costs over 3 cents to make and cost US taxpayers over $179 million in the 2023 fiscal year. “The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced,” the post read in part.

The US Mint in 2023 reported it circulated around 4.1 billion pennies. In fiscal year 2024, the US Mint said in its annual report that the US penny costs about 3.7 cents to produce and distribute, up more than 20% from the previous year. The rising cost of metals, including zinc and copper, is part of the reason it’s getting more expensive to make the coin.

Musk isn’t introducing a novel idea. For years, people have advocated eliminating the penny, as pennies are rarely spent as change. And since the Covid-19 pandemic, more consumers are shopping online or avoiding physical currency altogether.

More than 20 years ago, in a 2001 episode of the political drama “The West Wing,” fictional character Sam Seaborn goes into a rant about the penny.

“Majority of pennies don’t circulate. They go in jars, sock drawers,” Seaborn said.

(Excerpt) Read more at channel3000.com ...


TOPICS: Business/Economy; Conspiracy
KEYWORDS: copper; doge; musk; pennies; penny; zinc
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To: Pontiac
We just have to come up with a catchy name like the Loony.

Just put AOC's profile on the 2-dollar coin and you can still call it the Loony.

21 posted on 01/24/2025 9:55:53 AM PST by Campion (Everything is a grace, everything is the direct effect of our Father's love - Little Flower)
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To: Diana in Wisconsin

Electronic transactions and checks can still be accurate to the cent - no rounding needed. Cash transactions can be rounded up or down to the nearest 5 cents. This is already being done in some stores.

I hardly ever use cash, and use coins even more rarely.


22 posted on 01/24/2025 9:56:59 AM PST by I want the USA back (America is once again GREAT!)
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To: Diana in Wisconsin

Turns out this is just a rebranding of the digital services office launched by Obama in 2014. No doubt Musk is there to rush us into everything digital—from currency to ID to workforce replacement.


23 posted on 01/24/2025 9:57:13 AM PST by 9YearLurker
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To: chiller

rather. 3,4 rounded up, not 4 & 5.......duh


24 posted on 01/24/2025 9:57:43 AM PST by chiller (Davey Crockett said: "Be sure you're right. Then go ahead'. I'll go ahead.)
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To: Diana in Wisconsin
“If we save every one of these customers 2 seconds, that’s 104 million seconds or 1,203 days,” Lenard previously said to CNN. “And that doesn’t factor in time compounding — saving 2 seconds for the other people waiting in line before they get to pay. That’s some serious productivity.”

This is true.

I take up a lot of, many a clerk's time to fish pennies out of my pocket so that I do not collect them in my pocket.

I do try to save the true copper pennies that I receive however.

25 posted on 01/24/2025 9:59:35 AM PST by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
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To: Terry L Smith

Items would not need to be repriced. Items could still sell for 1.99. What will change is the calculation after sales tax is added. Right now the final price (merchandise plus sales tax) is rounded up or down to the nearest penny. All that will change is the rounding (up or down) will be to the nearest 5 cents.


26 posted on 01/24/2025 9:59:57 AM PST by lnbjohnson
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To: Diana in Wisconsin

Eventually all physical forms of currency will be deemed ‘too expensive’ to manufacture, thus saving money.


27 posted on 01/24/2025 10:00:38 AM PST by SpaceBar
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To: Diana in Wisconsin

Cut production to 50 million a year, and watch collectors fall all over themselves to pay several $$ apiece for them.


28 posted on 01/24/2025 10:01:15 AM PST by gundog (The ends justify the mean tweets. )
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To: Diana in Wisconsin

Why don’t they just switch back to cheap pot metal instead of copper like they did during WWII?


29 posted on 01/24/2025 10:02:18 AM PST by SeeSharp
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To: Diana in Wisconsin

They are only copper coated since 1983. Mostly zinc with a thin copper coating. 1982 and previous was about 95% copper. I really wouldn’t miss them, and saving them to roll and cash in is a pain. Takes a lot of time to make .50. Roll a $10 roll of quarters in much less time. I say bye to the penny. Of course there are millions in circulation and will be for a long time.


30 posted on 01/24/2025 10:03:35 AM PST by Omnivore-Dan (Shut)
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To: Diana in Wisconsin

Dump the penny!


31 posted on 01/24/2025 10:04:42 AM PST by SaxxonWoods (Black guy upon receiving a MAGA hat: "MURICA!")
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To: Campion

COL

Chuckling out loud.


32 posted on 01/24/2025 10:07:27 AM PST by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
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To: Diana in Wisconsin

The solution is to re-decimalize the currency. A dollar pre LBJ would be the equivalent of 10.38 now. So a 10-1 would be reasonable. The French did it in 1960 on a 100-1 basis. Poland did it in 1950 on a 100-1 basis, and in 1995 at 10,000 to 1.


33 posted on 01/24/2025 10:08:15 AM PST by PAR35
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To: Diana in Wisconsin

It’s time to stop making pennies. This is a no-brainer. People pay electronically for most things, and cash transactions almost NEVER involve pennies (I pay cash for lots of services to help small businesses avoid taxes). The only use for pennies seems to be those machines at tourist areas that mash the penny into a souvenir token.


34 posted on 01/24/2025 10:08:38 AM PST by VictoryGal (Never give up, never surrender! Stand for Trump or Kneel for Leftists!)
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To: Terry L Smith

No...It’ll be $1.


35 posted on 01/24/2025 10:09:04 AM PST by Sacajaweau
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To: Diana in Wisconsin

Nah. Keep the penny.

It’s part of the culture.


36 posted on 01/24/2025 10:09:10 AM PST by one guy in new jersey
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To: Pontiac

I agree....The nickel should go to.


37 posted on 01/24/2025 10:10:14 AM PST by Sacajaweau
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To: EnderWiggin1970; All
Thank you for posting EnderWiggin1970.

"This is another example of a blazing obvious decision that just needs to be made to cut down on government waste."


The states actually didn't give themselves a choice to use pennies when they constitutionally mandated themselves to use only gold or silver coin for legal tender.

"Article I, Section 10 Clause 1: No State shall [all emphases added] enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility."

On the other hand, debit cards are practical imo. So in addition to getting rid of pennies and electing a new, Trump-supporting, Constitution-respecting Congress, the Constitution needs to be amended to allow the use of debit cards.

38 posted on 01/24/2025 10:10:37 AM PST by Amendment10
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To: Campion

OH WAIT!

Is there an international copy right on ‘Loony’?

Maybe we could still put AOC on the coin and call it the ‘Crazin’


39 posted on 01/24/2025 10:11:22 AM PST by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
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To: Diana in Wisconsin

The good workaround: plastic coins. Then use copper and aluminum alloys for higher denomination coins.

At the same time, the US constitution permits individual states to mint coins, as long they are either gold or silver. And they should do so. But with a twist.

Gold and silver coins typically have a low face value compared to their value as metal. However, state legal tender should have a value much higher than their value as metal. For example, 1 oz of metallic gold is currently worth about $1,800. So a 1 oz gold coin should be worth say, $5,000. This would be its face value.

So silver is much more practical as a state currency.


40 posted on 01/24/2025 10:15:41 AM PST by yefragetuwrabrumuy ("All he had was a handgun. Why did you think that was a threat?" --Rittenhouse Prosecutor)
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