Abolish the penny? nickel too?

[beej]

Trump has called for abolishing the penny. it costs 3.76 cents per penny to make. What about the nickel?

https://www.nationalreview.com/corner/abolish-the-nickel-too/

Dominic is right that abolishing the penny is a good idea. But if President Trump is going to stop production of the penny, he should ban the nickel, too.

As penny opponents have noted, it now costs 3.69 cents to produce a single penny, which has barely any value. But the problem with banning the penny in isolation is that it would increase demand for nickels, which cost 13.78 cents to produce, according to the U.S. Mint's annual report. Therefore, the gap between cost of production and face value is even greater. This is the 19th consecutive year that both pennies and nickels have cost more to produce than their face value.

In contrast, the smaller dime only costs 5.76 cents to produce. So a shift from pennies and nickels to dimes would be much more cost effective.

it would certainly make that math easier.

[Smit]

That's something I could get behind.

MAGA!

[ghuns]

...it would certainly make that math easier.

Hmmm... Nah... That be too much like the metric system.

[YoDoug]

Retailers would love this. Round every transaction or even item up to the nearest dime. Huge profit increases that get passed to the customer. Think of how many small transactions Walmart does in a years time. Multiply that by an average $.05. Perhaps a rounding fee on cash transactions?

The other negative is it will be used as fuel by the eliminate cash crowd. Those that want all traceable digital currency will claim it has to be done because of costs. This is where I start to not trust Musk. He is influencing Trump heavily on matters like the cost of pennies and nickels, but he also just happens to want to make his platform the new digital currency platform.

[RobertELee]

Retailers would love this. Round every transaction or even item up to the nearest dime. Huge profit increases that get passed to the customer. Think of how many small transactions Walmart does in a years time. Multiply that by an average $.05. Perhaps a rounding fee on cash transactions?

If it's like Canada the rounding would only be on cash transactions, digital transactions still are charged the same, no rounding. And despite cash being king, there are far fewer people using it anyway.

[Bucky Cornstarch]

How the hell does it cost 3.76 cents to make aa penny? What are the labor costs? Mat'l costs? COGS? Overhead? Somebody needs to do a serious cost analysis on the process and figure out if there is a way to make them cheaper.

Elon?

[Jeff]

How the hell does it cost 3.76 cents to make aa penny?

Inflation, dumbass. Something your president made go thru the roof.

[RobertELee]

How the hell does it cost 3.76 cents to make aa penny? What are the labor costs? Mat'l costs? COGS? Overhead? Somebody needs to do a serious cost analysis on the process and figure out if there is a way to make them cheaper.

Elon?

It's almost as if you're just waking up to the corruption in the government that the rest of us have known about for a while... 

[Jeff]

It's almost as if you're just waking up to the corruption in the government that the rest of us have known about for a while... 

Nah, he's trying his hardest to troll.

[neurosis]

I hate pennies. 

That's all I have on this one. 

[RobertELee]

I hate pennies. 

That's all I have on this one. 

Congrats for jumping off that fence!

[Bucky Cornstarch]

Inflation, dumbass. Something your president made go thru the roof.

Nah, he's trying his hardest to troll.

Gotta say, Jeff, you really got me there.

[Jeff]

Gotta say, Jeff, you really got me there.

[mkd]

We really need to move the decimal place on or two digits to account for the gov't plunder.

[YoDoug]