They can still price it in impossibly precise prices. When was the last time you used a 0.9¢ coin?
The last coin we got rid of was the half cent in 1857. 0.5¢ back then is worth about 11¢ now, so dumping it would be equivalent to dumping the penney, nickel and dime today and just going directly to the quarter.
My suggestion:
1. Dump the penny. It is worth 5 seconds of labor at minimum wage and therefore is just about worthless.
2. Keep the nickel for now because without it you would have to dump the quarter too and just go dime-half-dollar for the coins.
3. Replace the dollar bill with a coin.
4. Consider the next coin, maybe $2. You should be able to buy a cheap lunch for a couple coins.
Reminds me of my high school years in the sixties. A good cheeseburger or sandwich was 30 cents. A deluxe cheeseburger on a french roll was 36 cents. Fries were 17 cents, milkshakes were 19 cents. Never really had to use paper money, just change to buy lunch.
“3. Replace the dollar bill with a coin.
4. Consider the next coin, maybe $2. You should be able to buy a cheap lunch for a couple coins.”
$2 coin would be better. Folks want their dollar bills.
The denomination that could stand replacement is the $5 bill. Almost every one I see is as ratty as it gets (could this be “the poor man’s twenty?).
I’d like to see a $5 coin, not to replace the $5 bill outright, but to “compete” with it.
As a previous poster mentioned, $10 of bills in your pocket is far more desirable than $10 in $1 coins. But $10 in $5 coins would be very transportable...
>>My suggestion:
>>
>>1. Dump the penny. It is worth 5 seconds of labor at minimum wage and therefore is just about worthless.
I’ve been saying for more than a decade that the penny should be banned due to it being an impediment to commerce.