Click here: to donate by Credit Card
Or here: to donate by PayPal
Or by mail to: Free Republic, LLC - PO Box 9771 - Fresno, CA 93794
Thank you very much and God bless you.
Posted on 11/13/2025 4:30:57 AM PST by C19fan
The U.S. Mint on Wednesday ended production of the penny, a change made to save money and because the 1-cent coin that could once buy a snack or a piece of candy had become increasingly irrelevant.
The last pennies were struck at the mint in Philadelphia, where the country's smallest denomination coins have been produced since 1793, a year after Congress passed the Coinage Act. Officials said the final few pennies would be auctioned off.
"God bless America, and we're going to save the taxpayers $56 million," U.S. Treasurer Brandon Beach said just before hitting a button to strike the final penny.
(Excerpt) Read more at 6abc.com ...
|
|
Click here: to donate by Credit Card Or here: to donate by PayPal Or by mail to: Free Republic, LLC - PO Box 9771 - Fresno, CA 93794 Thank you very much and God bless you. |
Hardly. Formerly great Britain once had coinage in denominations as small as a quarter of a farthing, which had a value of one-sixteenth of a penny.
I still have a ha'penny (one-half of a penny) I was given in change when I visited there long enough ago that the 1/2-p was still in circulation.
Until they discover a way to prevent inflation (without strangling the economy), over a long enough period of time, it is inevitable that currency will be reduced to an insignificant value and be "demonitized."
I suspect the sellers will all round up to the nearest nickel after tax is applied and end up making a little each person but a lot overall. Once the various governments see the potential to get more then tax rates will start adjusting to “make it simpler” also but more money for government and a few more cents for every purchase for us.
Now we’ll be paying more for things....if total comes to $25.76, the total will be rounded up to $25.80
“https://1943steelpennyvalue.com“
We did in 1943. Folks HATED them as many were passed as dimes...
https://1943steelpennyvalue.com
It becomes $19.95.
But then you add sales tax and it becomes another “odd” number.
I wish companies would just post their prices including sales tax. “This item is going to cost you $20.95. Period.”
But, American consumers are not that ‘nuanced.’
The sheer treasury withdrawal of pennies will force retail operations to start getting equipment programmed to round up to a nickle any figure ending at 3 or 4 cents, and truncate down to 0 any figure that ends in 1 or 2 cents. At the end of the day no money will be lost.
With the way the federal reserve’s actions gradually debase our currency, the same sort of adjustments will have to be made when it becomes more costly to mint a nickle than a nickle is worth; and down the road further with the dime, then the quarter, then the fifty cent piece, till eventually only paper money.
Places are already pricing by “rounding up.”
If you go onto sites like Reddit you will get a sense of how our schools have failed the youth. They “don’t get it.”
I remember being taught “rounding” in grammar school.
Jars of pennies (and I have one as well) is one reason why we can't have pennies.
Metal coins are supposed to have a circulation life of something like 20-25 years but nobody circulates them anymore. They just put them in a jar and forget about them, requiring the treasury to mint new ones, offsetting the number that are sitting away in jars somewhere out of circulation.
It costs 14 cents to make a nickel right now...some years (like last year) the losses in making nickels exceeds pennies:
https://www.jmbullion.com/investing-guide/numismatics/cost-of-producing-a-nickel/
Inflation/dollar debasement is relentless.
Yes it is going to save the government 56 million and somehow cost us all an extra billion or two.
Time to do away with all coins, except dollars
Nothing to rejoice about, it only illustrates just how bad inflation has become.
The USD has lost 98 percent of its purchasing power since 1913. This should wake up anyone with a brain.
it is inevitable that currency will be reduced to an insignificant value and be “demonitized.”
A pre-1965 silver dime is now worth $ 3.85 paper dollars, a silver quarter $9.64.
https://www.coinflation.com/#google_vignette
The USD is dying, ( as are all the world’s paper currencies). History shows us ALL fiat money eventually goes to zero.
So do I cash in my 5-gallon water jug filled with pennies now?
Absolutely!
The pennies are already worth more than $.01 apiece. As the dollar continues to drop in value, the pennies will increase in value, even if it's in very small increments.
Now make a five dollar coin that doesn’t look like crap after the first time you handle it.
I suspect they'll be rounding down.
"I can hold up this line all day. You owe me 4 cents."
You may be dating yourself...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.