Nickel for your thoughts

[Overimprovement]

So, what does everyone think about the demise of the penny? (They are stopping production of new pennies after 2026...)

I think this is an immediate help to those cashiers who can't count very well when they have a cash transaction. Much easier to count and subtract by 5's than by 1's.

And before this train turns political, it had bipartisan support.

How many people will horde them thinking they will have value since no more are being produced? May accelerate removing them from circulation.

What year do you think we will start seeing rounding to the nearest nickel on cash transactions? Will credit transactions also get rounded?

One of the reasons given was it costs $.04 to make a penny. Well, it costs $.14 to make a nickel, so...a dime for your thoughts?

 

[ucbruin]

So, what does everyone think about the demise of the penny? (They are stopping production of new pennies after 2026...)

I think this is an immediate help to those cashiers who can't count very well when they have a cash transaction. Much easier to count and subtract by 5's than by 1's.

And before this train turns political, it had bipartisan support.

How many people will horde them thinking they will have value since no more are being produced? May accelerate removing them from circulation.

What year do you think we will start seeing rounding to the nearest nickel on cash transactions? Will credit transactions also get rounded?

One of the reasons given was it costs $.04 to make a penny. Well, it costs $.14 to make a nickel, so...a dime for your thoughts?

I read a comment from a reader of an article about this....
The suggestion was to stop producing the nickel, keep producing the penny....
And just say the penny is now a nickel....

 

[jay trotta]

Most costs were based on the penny; (IE: $1,99 etc) gas in our area, $3.25.9 so it's been based on the penny, IMO for years. A good excuse to round up.
So what will a penny be worth once it's deleted, since it costs $.04 to produce?

 

[BRCJR]

And just say the penny is now a nickel....

Inflation fuel for Dems to use as a talking point in a couple of years. Same as printing nickels?

 

[Terrel L. Shields]

Their ultimate goal is to end all cash - metal or paper.

 

[Overimprovement]

I read a comment from a reader of an article about this....
The suggestion was to stop producing the nickel, keep producing the penny....
And just say the penny is now a nickel....

That's an interesting thought. Maybe a slight redesign or color change to tell the new penny/nickel from the old penny. People with the 5 gallon jugs full of pennies saved for years would love that...

 

[Elliott]

My fees are in multiples of $50's so don't need pennies. It is not hard to use credit and debit cards and ever use paper and coin currency.

 

[Bobby Bucks]

Sats appreciate, pennies don’t. Stacking sats, not concerned with pennies.

 

[ucbruin]

This is why they want to get rid of the penny....
It's dangerous....