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Is It Time To Kill The Penny?

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Pillar of the Community
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 Posted 08/13/2020  10:05 pm  Show Profile   Bookmark this reply Add nick10 to your friends list Get a Link to this Reply
Or, create the New Dollar which is worth 10x the current (10 existing dollars buy one New Dollar). Reprint paper money in New Dollars, but leave coins as they are since they're not worth modifying. A 10x adjustment brings the monetary system back to about 60 years ago, and suddently the cent is relevant again.
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 Posted 08/14/2020  02:48 am  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply
Revaluing the US dollar would be madness.

Just eliminate the useless* cent and nickel and be done with it. If we have to keep the venerable quarter instead of replacing it with 20-cent pieces, fine, just round to the nearest 5 cents.

*By "useless" I mean "useless to anyone who doesn't collect coins".

Of course this isn't going to happen until the zinc lobbyists are overridden by common, um, cents.
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United States
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 Posted 08/14/2020  10:08 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
create the New Dollar which is worth 10x the current (10 existing dollars buy one New Dollar). Reprint paper money in New Dollars, but leave coins as they are since they're not worth modifying.
We You cannot ignore changing the coins when you remonetize the dollar. Otherwise, $100 face value of coins now has $1000 spending power.


Quote:
Revaluing the US dollar would be madness.
Agreed. Just eliminate the worthless cents and move on.
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 Posted 08/17/2020  11:37 am  Show Profile   Bookmark this reply Add nick10 to your friends list Get a Link to this Reply
FWIW, revalued dollar currency has already been printed, and stored for an emergency. Per earlier discussion in this thread, rounding to nearest 5 cents after eliminating the cent and nickel as you propose is problematic (for example, no way to pay or make change of 15 cents). Rounding would need to be to nearest 10 cents, which then reduces the utility of a single quarter. Rounding to the nearest 25 cents will work but I suspect many people would be uncomfortable with rounding to that extent.
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 Posted 08/17/2020  11:40 am  Show Profile   Bookmark this reply Add nick10 to your friends list Get a Link to this Reply
"Otherwise, $100 face value of coins now has $1000 spending power."

Coins are too small a % of circulating monetary value to be worth the expense of redesign. The increase in monetary value due to all coins suddenly being worth 10x pales in comparison to the amount of quantitaive easing that has been done in recent years.
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 Posted 08/17/2020  4:33 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
. The increase in monetary value due to all coins suddenly being worth 10x pales in comparison to the amount of quantitaive easing that has been done in recent years.
I think you vastly underestimate the number of people with hoards of change who will certainly cash them in for what is effectively 10x face.

The copper cent hoarders alone stand to make a fortune here.

For your plan to work, they would just say that "old money" is now worth one-tenth the face value. Much like they did in Mexico and other places that revalued their currency. They may even set a deadline to cash in for new money.
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 Posted 08/22/2020  5:00 pm  Show Profile   Bookmark this reply Add coin searching to your friends list Get a Link to this Reply
It costs more to make pennies, but the political effect of laying off people, especially now, would probably be worse. Just my opinion.
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 Posted 08/24/2020  1:02 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I doubt anyone gets laid off when the penny is eliminated. They will just mint more of something else.
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 Posted 08/24/2020  5:33 pm  Show Profile   Bookmark this reply Add orange26 to your friends list Get a Link to this Reply
Nope, I still like using it for exact change. They also make good uses for charity, churches, money donation boxes, etc. I also like using 5 pennies with other coins in the city bus.
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 Posted 08/25/2020  12:48 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
They also make good uses for charity, churches, money donation boxes...
I am sure they appreciate dimes and quarters more.
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 Posted 08/25/2020  2:47 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
I doubt anyone gets laid off when the penny is eliminated.

Possibly some layoffs at Jardan Zinc.

Really it has been time to kill off the cent since 1974, and REALLY time since 2006 when the cost of production went over 1 cent apiece and has stayed there ever since. (2009 would have been a good ending point)
Gary Schmidt
Edited by Conder101
08/25/2020 2:53 pm
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