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Should have been done a decade ago at least.
Now do Daylight Savings.
One good thing does not undo a billion bads
A subtle reminder that it's not just corporate greed, money itself has actually increased dramatically in supply.
Anyone else remember when they got their last equally distributed proceeds from inflation check in the mail? Me neither.
Subtle?
hey, so the US government printed trillions of dollars in the last few years, on top of them printing a few trillion the decade before, on top of them printing a few trillion every year since they're in debt. and that's just what's public information on their websites
Ok, this can be his one positive thing amongst his mountain of shit. Even if it is just to get Lincoln's face off of coinage.
Not just Lincoln. It's to kill a poison pill he created that would have put women on the penny in 2026
What is wrong with Lincoln?
Lincoln 'freed the slaves', and there's a voting segment of the population who consider that an indictment of his character.
FFS, really?!
Four days until we find out Elmo has some personal conflict with zinc manufacturers.
Pennies are woke
Well this is confusing as hell. I think ditching pennies is a great idea, but I despise trump and maga and agreeing with anything he wants to do feels incredibly icky!
Heartbreaking: The Worst Person You Know Just Did Something Good
Unlike Sleepy Joe “nothing will fundamentally change” Biden.
Broken clock
So, I'm not a fan of either the penny or the president, but is he allowed to do that?
From the article:
Can Trump really order the Treasury to stop minting pennies without Congress’ approval?
Yes, according to legal scholar Laurence H. Tribe, the Carl M. Loeb University Professor of Constitutional Law Emeritus at Harvard University.
U.S. code gives the Treasury Secretary the authority to mint and issue coins “in amounts the secretary decides are necessary to meet the needs of the United States.”
Like many things people say won't be done due to '3 branches of government', yes.
Besides, don't we have the hindsight of precedence?
Canada started phasing out its penny a dozen years ago and urged store owners to round prices to the nearest nickel for cash transactions. Electronic purchases were still billed to the nearest cent. The move came after New Zealand, Australia, the Netherlands, and others dropped their lowest-denomination coins.
After Canada stopped minting new pennies, it began recycling them for their “valuable” copper and zinc, according to a 2022 report from the Canadian Mint.
I suggest reading the article.
He's doing it solely because he knows it somewhat popular, thus he won't get as much pushback when he commits this incredibly illegal overreach.
I was curious if there were any downsides and asked perplexity.
Getting rid of the penny could have several potential downsides:
-
Increased nickel production: Eliminating pennies might lead to increased production of nickels to fill the gap in small-value transactions, which could be more costly since nickels also have a negative seigniorage[9].
-
Disproportionate impact on low-income families: The poor, who tend to use cash more frequently, could be more affected by price rounding, potentially facing a "rounding tax"[6].
-
Rounding up of prices: There are concerns that businesses might routinely round up prices to the nearest nickel, creating an informal tax on consumers[1].
-
Loss for charities: Some charities have historically benefited from penny donations, although modern alternatives like credit card "roundups" may be more lucrative[6].
-
Environmental concerns: While penny production has environmental costs, increased production of other coins like nickels could also have negative environmental impacts[7].
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Potential economic impact: A study in Canada, which eliminated its penny in 2013, found that rounding imposed a small but measurable cost on consumers in grocery transactions[6].
Citations: [1] https://www.morningstar.com/news/marketwatch/20250209210/why-ditching-the-penny-may-not-cost-americans-much [2] https://www.npr.org/2025/02/10/nx-s1-5292082/trump-penny-mint-treasury [3] https://www.britannica.com/procon/US-penny-debate [4] https://en.wikipedia.org/wiki/Penny_elimination [5] https://wisevoter.com/issue/why-should-we-keep-the-penny/ [6] https://time.com/7215870/trump-us-penny-mint-costs-one-cent-coin-debate-explainer/ [7] https://www.thebalancemoney.com/get-rid-of-the-penny-4178219 [8] https://www.nytimes.com/2024/09/01/magazine/worthless-pennies-united-states-economy.html [9] https://www.cnn.com/2025/02/10/business/costs-of-pennies-and-nickels/index.html
Re: #2 Half the time they would benefit and half the time they wouldn't. It would be a wash.
you're assuming businesses would be honest and fair about their changing prices. maybe some local stores will round down from 1.01 to 1.00 but I assume most major corporations will just round up to 1.05
If they do anything as arbitrary as that then state's Attorneys General will be on them The moment a forensic accountant finds it.
Literally like a pensioner on the bus complaining about the size of small change a they get the fare out in shrapnel, except he’s never been on a bus or handled small change. Maybe they should set up a whist drive in the Oval Office next.
I literally throw away change. Anything less than a dollar isn't worth the ATP to carry it
You know... if you take 100 pennies, you can exchange it for a dollar.
Which isn't worth either carrying them until I have that many or the trip to the bank
It's a waste of my time and focus
Why...would you carry them around? Just dump them into a jar when you get home, when its full take it to a bank and dump it into a coin counter machine.
As I stated that's a waste of time and energy
I'm glad that works for you, it doesn't for me. This isn't a debate
Feel free to package the coins to me, ill do it.
this post was submitted on 10 Feb 2025
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