Bid Farewell to Pennies and Nickels!

Wealth Wire ^ | , November 26th, 2012 | Brittany Stepniak

[angelcindy]

The U.S. is following Canada's footsteps regarding the production of pennies and nickels. According to U.S. Treasury Secretary Tim Giethner, our U.S. Mint intends to remove the penny and nickel coins from circulation beginning early in January 2013.

[SoFloFreeper]

Obamugabe and his cabal hate America.

[tacticalogic]

Pennies,,, okay,,, but why nickels?

Because currently, there's almost a nickel's worth of metal in a nickel. They know what's coming.

[DoughtyOne]

This of course will save tens of millions of dollars, when we’re going south over $1 trillion per year.

Job well done Giethner.

Next I’m sure you’ll propose we drop all periods, comas, exclamation points, and question marks in government papers, to save on ink. What’s a few decimal places anyway.

This is like giving up one package of gum per week, to save the family home.

Idiocracy realized...

[IllumiNaughtyByNature]

It will also cause sales taxes to increase, which will increase...err......revenue?

[GeronL]

The year 2011 marked the sixth consecutive year that pennies and nickels cost more to produce than they were worth in the market.

You can say the exact same thing about EVERYTHING the government does.

WELFARE costs more to produce than it is worth in the market.

[5thGenTexan]

I bet they round to the next higher, not nearest. $9.91 will become $10.00.

[ExxonPatrolUs]

So this can replace the give-a-penny / take-a-penny tray at the 7-11. But why stop there? Pure communism doesn’t even need money - It just needs a give-a-crap / take-a-crap tray.

[a fool in paradise]

Every thing will now cost 9.9cents more including gasoline per gallon.

[molson209]

and next year they will issue the 1 million dollar bill with Obama’s face on it ,equal to 86 euros

[thackney]

According to U.S. Treasury Secretary Tim Giethner, our U.S. Mint intends to remove the penny and nickel coins from circulation beginning early in January 2013.

It is not that simple.

Frequently Asked Questions, US MINT:

Are there any plans to remove the penny from circulation?
https://answers.usmint.gov/app/answers/detail/a_id/127/kw/penny/session/L3NpZC9pUm8tT2xjbA%3D%3D

No. Removing the penny from circulation would require legislation to be passed by Congress and signed into law by the President.

[null and void]

Does the copyright issue go away if you post the full article as a comment?

How, exactly does that work?

[RIghtwardHo]

Agree about the penny and the dollar bill. They need to change the paper for currency. I think I read that the nickle also costs more to produce than it is worth. I think that’s why. Quite frankly, I don’t care about either being eliminated.

[1_Rain_Drop]

"merchants are preparing to round all transactions to the nearest ten-cent increment,

Well it's sure that the merchants will make very good profit. They will keep two sets of books. I wonder how many will declare the extra cents they received.

The loss of nickels and pennies is part of dumbing down the youth. Now they'll only know how to count by tens.

[LostInBayport]

Say goodbye to the penny and nickel machines, I guess...

These one-armed bandits don't have anything on Uncle Sugar.

[null and void]

However, simply not making enough for there to be any in circulation? Piece of cake.

[ExxonPatrolUs]

merchants are preparing to round all transactions to the nearest ten-cent increment

So no need for quarters then?

[Las Vegas Ron]

The year 2011 marked the sixth consecutive year that pennies and nickels cost more to produce than they were worth in the market.

Actually, pennies have not been made form copper for a long time now, the metal is worth more than the denomination.

http://en.wikipedia.org/wiki/Penny_(United_States_coin)

[TChris]

They need to change the paper for currency.

Umm... Paper money is currency, FRiend.

Do you mean coin?

[AnAmericanAbroad]

Rounding. Over here, the local currency is the Czech Koruna. However, there is also the halar, which was phased out of use around 2002 or 2003 as I recall. Go to the store, though, and you'll see stuff priced at, let's say, 15,06 for a loaf of bread (less than a buck for a one-pound loaf). In this case, that ,06 is halar....so they total you up at the register, and ,50 halar is the rounding point. Less than ,50 halar, and it's rounded down; more than ,50 halar and it's rounded up. One nice thing here, as I must say in pretty much all of Europe, sales tax is reflected in the price, so if a computer is 13,950 Kč, or about 650-odd bucks, that's what you pay at the register. Wish they did back in the States.

[kearnyirish2]

If the Euro conversion was any guide all prices were rounded up...

This is a bad sign.