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 Replies: 46 / Views: 2,634 |
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Valued Member
United States
396 Posts |
Great article on the Tyranny of the Penny, they call it a "stupendously stupid" logistical problem which continues to haunt. In short no one spends pennies but everyone needs them in change, so the mint has to keep cranking them out, only to end up filling up jars back home. 240 billion pennies (holy crap, a quarter-trillion  ) are floating around, it is the most minted coin in the history of civilization, and they just keep coming. Really good read. https://www.nytimes.com/2024/09/01/...economy.htmlEdit: Big thank you to Alpha2814 below, who provides a paywall bypass - https://web.archive.org/web/2024090...economy.htmlEdited by TimNH
09/02/2024 12:09 am
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Forum Dad
 United States
23753 Posts |
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Bedrock of the Community
United States
17517 Posts |
Tyranny of the paywall...
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Moderator
United States
33158 Posts |
Quote:
"It's very hard to get rid of things that don't work," Obama said 
"If you climb a good tree, you get a push."
-----Ghanaian proverb
"The danger we all now face is distinguishing between what is authentic and what is performed."
-----King Adz
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Pillar of the Community
Canada
5184 Posts |
Long past time to eliminate the one cent coin .
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Valued Member
 United States
396 Posts |
Oh no sorry about the paywall, it came up for me in a browser where I was not logged in. Maybe clear cookies.. anyway really good article, gives a history of US currency, goes into why Canada easily fixed this and how much better their system is, explains other reasons we keep it around (zinc lobbying, nostalgia for Lincoln, people too stupid to realize that 'rounding' averages out), but the big takeaway is that everyone needs pennies as change, yet everyone hoards them, thus the never-ending production. So get out there & spend em folks!
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Pillar of the Community
United States
1952 Posts |
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Bedrock of the Community
United States
94367 Posts |
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Pillar of the Community
United States
1404 Posts |
Perhaps keep an NIFC version going, like we do with most years with halves and dollar coins. Do away with the billions of cents produced each year.
Good NYT article, and thanks for the link!
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Moderator
United States
164276 Posts |
My love of hating the circulating cent is well known, so I will not pile on this time.  NCLT BRONZE CENTS 4EVER!  |
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Pillar of the Community
 United States
7163 Posts |
No American wants to believe that Canadians are smarter than we are. |
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Bedrock of the Community
United States
17517 Posts |
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Pillar of the Community
United States
4081 Posts |
Great article, thanks for posting!
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Moderator
United States
164276 Posts |
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No American wants to believe that Canadians are smarter than we are. And for 12+ years, they have been smarter than us in this arena. Even longer when you look at how well the loonie has flourished.
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Moderator
United States
164276 Posts |
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Valued Member
United States
58 Posts |
Typical Times. Overlong piece riddled with waaaay too much minutiae. And you'll note how the collecting community was ignored in the interview process.
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Replies: 46 / Views: 2,634 |
Posted 09/01/2024 10:44 am
