Trump goes there.

[LuFins Dad]

The cost of manufacturing argument makes no sense. It basically costs the same to print a $1 bill as to make any coins, so why don’t we just round up/down to the nearest dollar? Of course, it costs the same to print a $10 bill as it does a $1 bill, so why not round up/down. It will average out…

[Jolly]

@89th said in Trump goes there.:

BTW it's another trump lie, although he missed the opportunity. Trump said it costs 2 cents for every 1 penny... it actually costs 3.7 cents for every penny.

Intelligent people knew what he meant.

Prototypical Ax-wannabes will engage in picayunish pedanticism.

[kluurs]

So much of the economy is based on credit/digital transactions, I don't know how much difference this will make. Most of us probably don't use cash anywhere near as much as our parents.

[jon-nyc]

My parents passed away a while ago, so I’d say I use more cash.

[89th]

[Jolly]

I still do some business in cash...

Like getting my house roofed.

[Copper]

@89th said in Trump goes there.:

BTW it's another trump lie, although he missed the opportunity. Trump said it costs 2 cents for every 1 penny... it actually costs 3.7 cents for every penny.

And like most Trump lies, it is not a lie.

That link up the top there shows this quote:

"For far too long the United States has minted pennies which literally cost us more than 2 cents."

3.7 cents is more than 2 cents

[LuFins Dad]

Had somebody try to pay cash for a $15K piano yesterday. Up and until I pulled a form 8300. They changed their plans and paid $9900 cash and put the rest on a card…

[Doctor Phibes]

[Copper]

@LuFins-Dad said in Trump goes there.:

form 8300

One of the many useful forms that will go away when the IRS is shutdown.

[taiwan_girl]

We talked about this before a bit.

https://nodebb.the-new-coffee-room.club/topic/36237/elon-s-coming/5?_=1739288088508

I agree with President Trump that we should get rid of the penny. One of the European countries did this (maybe Sweden?). Keep prices the same, if the total ends in 3,4,5 - round up to 5. Ends in 0,1,2 - round down to 0.

[jon-nyc]

Congress needs to do it but yeah I'm fine with it.

[89th]

The BEE needs a headline about Trump following Canada's leadership in their halting of minting pennies (12 years ago).

[Renauda]

For the record;

there was no rage over a lost penny in this country.

[jon-nyc]

@taiwan_girl said in Trump goes there.:

We talked about this before a bit.

https://nodebb.the-new-coffee-room.club/topic/36237/elon-s-coming/5?_=1739288088508

I agree with President Trump that we should get rid of the penny. One of the European countries did this (maybe Sweden?). Keep prices the same, if the total ends in 3,4,5 - round up to 5. Ends in 0,1,2 - round down to 0.

We should make the $100 bill the smallest denomination and then the prices of most every day items will round to $0.

[taiwan_girl]

@jon-nyc

[taiwan_girl]

I hadn't really thought about it, but as usual with many things, there are "unintended consequences"

Phasing out the penny could result in needing to make more nickels, and the US Treasury Department loses far more money on every nickel than it does on every penny.

and

According to the latest annual report from the US Mint, each penny cost 3.7 cents to make, including the 3 cents for production costs, and 0.7 cents per coin for administrative and distribution costs. But each nickel costs 13.8 cents, with 11 cents of production costs and 2.8 cents of administrative and distribution costs. These figures are for the government’s fiscal year, which ends on September.

https://www.cnn.com/2025/02/10/business/costs-of-pennies-and-nickels/index.html

[LuFins Dad]

Again, the cost of manufacturing every single individual denomination is irrelevant. The cost of manufacturing currency as a whole is what matters. Otherwise this argument leads to doing away with the nickel, then the quarter, then the dollar…

And what happens to the $250M of pennies currently in circulation?

[jon-nyc]

Probably a buyback for x years that banks will have to participate in.

[Doctor Phibes]

@LuFins-Dad said in Trump goes there.:

And what happens to the $250M of pennies currently in circulation?

They're going to be melted down and turned into an enormous statue of the greatest man who ever lived, which will serve as a memorial to his grace, wisdom and wit.