House Introduces Common Cents Act To Cut The Penny

Inflation hit penny candy in the early 1970's. I remember saving my allowance and walking about a mile to the gas station that sold penny candy. I also remember the long walk home after finding out it went up to 2 cents. That's my oldest recollection of the horrors of inflation.........

For the record, Kennedy halves are also minted for circulation.

Correct me I believe you can still purchase (1 Cent ) Postage Stamps

You may still be able to buy a 1 cent stamp, but they're even more worthless than the penny as it takes 73 of them to mail a letter.

It's a start but still needs work. The bill leaves unaddressed the states, such as New Jersey, where such rounding is illegal. The bill mentions rounding is to be used on amounts that are not divisible by 5. Any mathematician will tell you all amounts are divisible by 5. That I quickly found two oversights means there are probably also others that will need to be addressed before this can become law. They should have first contacted this forum for feedback.

You guys reminisce about the past and pennys , I remember when you could buy a coke for seven cents, what do we do now with out the penny ?

The way it works now is that the FED sends pennies to the banks that give them to the stores who use them to make change for the customers who toss them in the trash. If no one does anything differently we'll be out of pennies in almost no time.

Some people might hoard pennies instead meaning they'll be gone even sooner.

Within two months after production ends we'll start seeing signs saying transactions will be rounded. This will create lower demand.

The drawdown will be highly variable from place to place. I would expect that in short order the FED might start destroying pennies to retrieve the copper and zinc.