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Eliminating the Penny

 
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United States
62402 Posts
 Posted 10/09/2018  5:00 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Should be elimited entirely, no inclusions in sets.
You do not have to buy them.
Valued Member
United States
276 Posts
 Posted 11/07/2018  7:50 pm  Show Profile   Bookmark this reply Add atchisonbj to your friends list Get a Link to this Reply
I oppose elimination of the cent as it will only encourage further inflation. The government simply does not have to make so many each year. It also should not be minting so many dollar coins that the public clearly does not prefer to use over the one dollar bill.
Pillar of the Community
United States
5589 Posts
 Posted 11/07/2018  8:44 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply

Quote:
and switching to the metric system!

I am acquainted with many Canadians who still don't like the metric system. And I am around many which, all the time, use inches, feet, miles, etc. They can use both systems, but prefer to pick and choose from both systems.

I am glad the forcing of the metric system on the US failed b/c of the coercion aspect. But I tend to favor metric when making measurements in personal notes and things like woodwork. Decimals are easier and I sometimes get mentally lazy
- When I value " being right" more than what IS right, I am then right...a fool.
- How much squash could a Sasquatch squash if a Sasquatch would squash squash?
- Real men play Fizzbin.
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United States
62402 Posts
 Posted 11/08/2018  09:51 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I oppose elimination of the cent as it will only encourage further inflation.
Too late. Inflation will continue to happen with or without the cent. Also, rounding does not cause inflation.


Quote:
The government simply does not have to make so many each year.
Yes, they do, because the demand is there.

Reducing the mintage will have the same effect as eliminating it because demand will outstrip supply and there will be shortages.

Actually, this sounds like a good idea.

The mint should reduce the mintage to one tenth or so.


Quote:
It also should not be minting so many dollar coins that the public clearly does not prefer to use over the one dollar bill.
The dollar coin is already NIFC and minted for collectors only.
Bedrock of the Community
United States
14564 Posts
 Posted 11/08/2018  1:47 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
The mint should reduce the mintage to one tenth or so.

Can't, they have to mint what the Fed orders.

The key is to get the Fed to stop ordering them. No orders, none made for circulation, but since they are still an authorized coin they can still make them for the mint and proof sets.
Gary Schmidt
Pillar of the Community
United States
4125 Posts
 Posted 11/08/2018  2:05 pm  Show Profile   Bookmark this reply Add CaptainFwiffo to your friends list Get a Link to this Reply
There hasn't been elevated inflation in countries that eliminated their cent-equivalent. Besides, inflation has been low, below fed targets in recent years.
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United States
62402 Posts
 Posted 11/08/2018  3:58 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Can't, they have to mint what the Fed orders.
I know. It was meant as a joke (saying it was a good idea). Read the whole thing.


Quote:
The key is to get the Fed to stop ordering them. No orders, none made for circulation, but since they are still an authorized coin they can still make them for the mint and proof sets.
This.

My point was that reduction is de facto elimination given that demand from the banks will outstrip supply and cause shortages. Maybe if that happened the banks would learn to stop ordering them and mission accomplished.
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