What about the story that they were going to stop producing cents on April 1st. Is this true?
God bless all who believe in him. Do unto others what you expect to be done to you. Dubbed a "Committee Secret Agent" by @mr1931S on 7/23/24. Founding member of CU Anti-Troll League since 9/24/24.
The discontinuation of the denomination is presented as a cold turkey method to a society that has difficulty with accepting change. The population of the cent in circulation should therefore be steadily reduced to aid in the adjustment period to a cent-less America. Easing Americans towards this goal is better than slapping them with it.
I see a lot of statements that Canada stopped making their pennies. This is not true. Canada still makes pennies for collectors. Their mintage for distribution to banks was stopped in 2012. The same can be done for the U.S. Coin. The Half Dollar was minted regularly until 2001, then made annually for collectors, and brought back to circulation in 2021 and 2022 to fulfill orders for the Federal Reserve. The Cent can likewise enter a period of NIFC until it is needed again.
While reading this thread, I was struck by a new perspective. The decision to put Abraham Lincoln on the Cent was no accident. It was and still is a coin that can be owned by anyone and everyone, and that is a wholesome reminder that during his Presidency, Lincoln made every effort to bring freedom to all. The image of Lincoln on the Cent is the most affordable reminder that Americans are free, whether they are rich, poor, or of a different gender or skin color.
Custom album maker and numismatic photographer.
Need a personalized album made? Design it on the website below and I'll build it for you. https://www.donahuenumismatics.com/.
First, the cannadian penny costed to much on production, and this was the face of the story.
The back on the story consist in taxes apply to any store sell (Federal and Provincial). They round the price now and the Bank of Canada state that they do with those reounded ammounts every year more then 6 billions. also business income taxes declarations are rounded and also the personal income taxes. Just analyse and think. Official way to take your monney.
So someone, some where see an opportunity. For Us will be more difficult because is no Federal low which can impose this to all States.
NEVER ARGUE WITH AN IDIOT.FIRST THEY WILL DRAG YOU DOWN TO THEIR LEVEL.THEN, THEY WILL BEAT YOU WITH EXPERIENCE. MARK TWAIN
@BLUEJAYWAY said:
I read somewhere once:"Change is good".
Change is good when it makes sense. Change for the sake of change is not good and is frequently disruptive,
Pocket change is always good when you're a coin collector,
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
You missed the point so here it is. Cash and all change are pointless. That is the bigger picture.
Retail doesn’t want it. Banks don’t neither do more and more people.
Got it?
I think the bigger picture is that the government wants control of financial transactions at every level (or at a minimum, oversight). They want to see every transaction. They have already hinted that $600 is the first level of "control", but have backed off, at least for now. At some point the government and banks will try to convince us that cashless is the way to go - forget currency. And forget precious metals, they want control of those too. Then they will lower the "threshold" slowly but surely to zero. Imagine for a moment that the government knows every coin or piece of bullion you bought that exceeds $600 in value. And they will know what you sold it for when you sell it. I don't want to go there as it is none of their business. (Note: I always keep good records and pay my fair share on any profits).
I am not a tin foil hat type of guy. Quite the opposite. I have lost trust in the feds over the last 15 years or so for several reasons, but that is another thread that doesn't belong on this forum.
There are some advantages to cashless - how are you going to go to your drug dealer and buy anything? Or to a strip club for the evening? Would put many "cash only" businesses out of business or force them to become legit and pay their fair share of taxes.
Back to the original topic. I think that we should round to the nearest nickel on a total bill, but only when paying in cash. No more cents, pennies or whatever you want to call them. I hate cents since they are nothing more than copper plated zinc garbage.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
Who here would buy cent rolls if they were pulled out of circulation and minted only for collectors?
There was a time that cash was king, then years later half the transactions were written checks and half cash, and now most of the transactions are credit/debit cards with hardly any checks and some cash.
One reason the "penny" is so important...it increases sales. Prices marked $9.99 outsell prices marked $10.00 The illusion is it's cheaper by a dollar. I guess prices could go down to $9.95 for the same illusion.
Comments
Congress has no sense so it will not eliminate the pennies !
What about the story that they were going to stop producing cents on April 1st. Is this true?
God bless all who believe in him. Do unto others what you expect to be done to you. Dubbed a "Committee Secret Agent" by @mr1931S on 7/23/24. Founding member of CU Anti-Troll League since 9/24/24.
The discontinuation of the denomination is presented as a cold turkey method to a society that has difficulty with accepting change. The population of the cent in circulation should therefore be steadily reduced to aid in the adjustment period to a cent-less America. Easing Americans towards this goal is better than slapping them with it.
I see a lot of statements that Canada stopped making their pennies. This is not true. Canada still makes pennies for collectors. Their mintage for distribution to banks was stopped in 2012. The same can be done for the U.S. Coin. The Half Dollar was minted regularly until 2001, then made annually for collectors, and brought back to circulation in 2021 and 2022 to fulfill orders for the Federal Reserve. The Cent can likewise enter a period of NIFC until it is needed again.
While reading this thread, I was struck by a new perspective. The decision to put Abraham Lincoln on the Cent was no accident. It was and still is a coin that can be owned by anyone and everyone, and that is a wholesome reminder that during his Presidency, Lincoln made every effort to bring freedom to all. The image of Lincoln on the Cent is the most affordable reminder that Americans are free, whether they are rich, poor, or of a different gender or skin color.
Custom album maker and numismatic photographer.
Need a personalized album made? Design it on the website below and I'll build it for you.
https://www.donahuenumismatics.com/.
But if they did have sense they would have no cents!
(Sorry, I couldn’t help myself).
I am in Canada and I can explain:
First, the cannadian penny costed to much on production, and this was the face of the story.
The back on the story consist in taxes apply to any store sell (Federal and Provincial). They round the price now and the Bank of Canada state that they do with those reounded ammounts every year more then 6 billions. also business income taxes declarations are rounded and also the personal income taxes. Just analyse and think. Official way to take your monney.
So someone, some where see an opportunity. For Us will be more difficult because is no Federal low which can impose this to all States.
NEVER ARGUE WITH AN IDIOT.
FIRST THEY WILL DRAG YOU DOWN TO THEIR LEVEL.
THEN, THEY WILL BEAT YOU WITH EXPERIENCE.
MARK TWAIN
I read somewhere once:"Change is good".
Change is good when it makes sense. Change for the sake of change is not good and is frequently disruptive,
Pocket change is always good when you're a coin collector,
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I think the bigger picture is that the government wants control of financial transactions at every level (or at a minimum, oversight). They want to see every transaction. They have already hinted that $600 is the first level of "control", but have backed off, at least for now. At some point the government and banks will try to convince us that cashless is the way to go - forget currency. And forget precious metals, they want control of those too. Then they will lower the "threshold" slowly but surely to zero. Imagine for a moment that the government knows every coin or piece of bullion you bought that exceeds $600 in value. And they will know what you sold it for when you sell it. I don't want to go there as it is none of their business. (Note: I always keep good records and pay my fair share on any profits).
I am not a tin foil hat type of guy. Quite the opposite. I have lost trust in the feds over the last 15 years or so for several reasons, but that is another thread that doesn't belong on this forum.
There are some advantages to cashless - how are you going to go to your drug dealer and buy anything? Or to a strip club for the evening? Would put many "cash only" businesses out of business or force them to become legit and pay their fair share of taxes.
Back to the original topic. I think that we should round to the nearest nickel on a total bill, but only when paying in cash. No more cents, pennies or whatever you want to call them. I hate cents since they are nothing more than copper plated zinc garbage.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
Who here would buy cent rolls if they were pulled out of circulation and minted only for collectors?
There was a time that cash was king, then years later half the transactions were written checks and half cash, and now most of the transactions are credit/debit cards with hardly any checks and some cash.
One reason the "penny" is so important...it increases sales. Prices marked $9.99 outsell prices marked $10.00 The illusion is it's cheaper by a dollar. I guess prices could go down to $9.95 for the same illusion.