It would be perceived as some as starting down that same slippery slope that lead to the one hundred trillion dollar bill in Zimbabwe.
There is really no connection between eliminating the lowest value coin and the inflation rate.
Versus literally throwing pennies in a trash can because saving them up in a jar for a year won’t buy you a sandwich?
Meanwhile, at the White House:
I use my CC for large ($300+) purchases (for the cashback rewards) and online. For everyday stuff I use a debit card. In Canada, debit card transaction merchant fees are minimal - a fixed amount of normally 5-10 cents per transaction - unlike CC fees, which are a percentage of the transaction amount.
Same here, elsewhere in Canada. Thankfully, casinos and racetracks still demand cash (*) to play. No credit or debit cards can be used to wager at either. But they do have ATMs that are ready to dispense cash, if you don’t have any when you visit.
(*) In the case of racetracks, winning tickets and credit vouchers can also be used, but the latter can only be purchased with cash.
Hey! You brought up the subject. Obviously a half penny coin or eliminating pennies won’t have any tangible effect on the economy. It would require a two penny coin or issuing a single $Trillion bill to have that kind of effect.
How would a two cent coin have a tangible effect on the economy?
There is no provision in the law for the issuance of a trillion dollar bill. However, there is a loophole in the law that would allow the issuance of trillion dollar platinum coin. This coin, just like all the other coins of the U.S., would be a direct obligation of the U.S. Treasury and not an obligation of the Federal Reserve banks. Serious proposals for such a coin have been discussed.
Also, I can remember when it was illegal to buy beer, wine, or liquor in Arkansas with a credit card. This was pretty much before debit cards were really a thing.
And one other thing. I think the reintroduction of a two cent coin would be awesome. No real need for one but it would still be cool.
Now you’re getting the idea. It’s not about the economy, it’s about awesomeness. Most people don’t realize it but I invented awesomeness. I just don’t practice it much so I don’t get much notice for it.
I bet the vig the ATM vendor takes on those ATMs surpasses the vig the track takes from their tote.
I agree, but why stop at 5 cents? I’d suggest dropping all coins under 25cents. Just have a single coin. Round up sales tax of each transaction to the nearest quarter and be done with it.
I could see rounding to a dime. Decimal currency you know.
I think it’d be totally awesome to introduce a farthing coin.
I’ve got no problem with eliminating the penny, nickel and dime coins, but I would like to see them replaced by one-, five- and ten-dollar coins. It would be nice to be able to actually buy something with change, though I almost never use cash.
And note that this has nothing to do with any imagined revaluation of the currency. Transactions would still be denominated down to the penny; only cash transactions wouldn’t bother with the small coins.
I found a penny on the floor in the grocery store today so I picked it up and put it in my pocket. How many of the penny haters on this message board will say that I was a fool for doing so?
Was this ethical? It didn’t belong to me but finding the true owner would probably be almost impossible.
I’ve never heard of picking up a coin being called unethical.
But it’s not really my penny. It is actually the property of someone else. What if it was a gold doubloon worth thousands of dollars? Where do you draw the line?
If you’re trying to make some point, I have no idea what it is.
Finders keepers, losers weepers.
Neither do I.