What's the easiest way to make money in the world? To me, the answer is printing money.
I mean it...
If you print a bill that says "$100" on it (and people accept that it's worth $100), then what's your profit on printing that bill?
What are your costs to produce it? Basically, some green ink and some paper. So your profit on printing a $100 bill should be something darn near, well, $100.
It's the easiest money on earth.
So it's truly stunning to me that our government could somehow manage to lose money in the business that is the easiest way to make money on earth...
I'm specifically talking about the penny – one U.S. cent.
It actually costs our government more than two cents to make a penny. Can you believe it?
For the specifics... In 2018 alone, the U.S. Mint produced more than 8 billion pennies (yes, billion). That's $80 million worth. The problem is, it cost $166 million to make those pennies.
In short, the U.S. government lost more than $85 million in the process of producing $80 million worth of pennies.
Let's get rid of the penny. I'm serious.
Canada got rid of its penny in 2012. And heck, who even noticed? I go to Canada every year... And I hadn't even noticed.
Electronic payments in Canada still account for the penny. But you round to the nearest five cents when using cash. No big deal.
At U.S. military bases overseas, they don't accept pennies. Instead, they round up to the nearest nickel at the base-exchange stores.
Heck, even in the U.S. we got rid of the half-cent in 1857, when it was worth more like 10 cents today due to inflation.
So if we already got rid of the dime (so to speak) in 1857, why stop at the penny today? A nickel costs 7.5 cents to produce today. We lose money on them, too.
Between the penny and the nickel, the U.S. government lost $120 million in 2018 alone in minting these coins, as the costs exceeded their value.
This idea was actually floated in Congress. Former President Barack Obama was for it. He said, "One of the things you see chronically in government is it's very hard to get rid of things that don't work so that we can then invest in the things that do."
This bill was introduced in 2017. It was read twice and referred to the Senate Committee on Banking, Housing, and Urban Affairs. That's the last we heard of it.
Meanwhile, the U.S. government has lost money every year for the last 13 years producing the penny.
Ridiculous!
If you agree with me – and you want our country to stop losing $85 million a year from minting pennies – then the best you can do is let your representatives in Congress know.
Heck, go straight to the top... Let President Trump know...
He's "Mr. Money," right? Wouldn't it be fitting for Mr. Money to get rid of the penny?
I know that a large number of people disagree with me on this. But it's already working just fine in Canada, and on our overseas bases, among other places.
Most importantly, I can think of a heck of a lot better uses for $85 million than losing it by spending two cents to create something worth one cent.
The U.S. government should be embarrassed about this... and it should want to make the problem disappear. In this case it's incredibly easy to do... Just stop. Stop spending two cents to create something that's worth one cent.
Done. Easy.
Kill The Penny - Save Millions of $$$
- Col Hogan
- Supporter
- Posts: 12230
- Joined: Tue Jul 17, 2007 9:29 am
- I am a fan of: William & Mary
- Location: Republic of Texas
Kill The Penny - Save Millions of $$$
I can’t post a source on this information because I got it in an email that I won’t share...so take it for what it’s worth...Information only.
“Tolerance and Apathy are the last virtues of a dying society.” Aristotle
Malo periculosam, libertatem quam quietam servitutem.
Malo periculosam, libertatem quam quietam servitutem.
Re: Kill The Penny - Save Millions of $$$
I'm ok getting rid of the penny (and nickel).
You can just change their values too (3 cents/6 cents); inflation would be minimal.
You can just change their values too (3 cents/6 cents); inflation would be minimal.
Re: Kill The Penny - Save Millions of $$$
No need for the penny or dollar bill.
I really like the way Canada does it. No penny (since 2012). No dollar bill (since 1989). $1 and $2 coins make things much faster.
Of course, a credit card or phone app is faster yet.
I really like the way Canada does it. No penny (since 2012). No dollar bill (since 1989). $1 and $2 coins make things much faster.
Of course, a credit card or phone app is faster yet.
Delaware Football: 1889-2012; 2022-
-
- 4th&29
- Posts: 38526
- Joined: Mon Aug 24, 2009 5:01 pm
- I am a fan of: Old Dominion
- A.K.A.: He/His/Him/Himself
- Location: Pizza Hell
Re: Kill The Penny - Save Millions of $$$
I use dollar bills for strippers. Where would they put a $1 coin?93henfan wrote:No need for the penny or dollar bill.
I really like the way Canada does it. No penny (since 2012). No dollar bill (since 1989). $1 and $2 coins make things much faster.
Of course, a credit card or phone app is faster yet.
- dbackjon
- Moderator Team
- Posts: 45610
- Joined: Sat Jul 14, 2007 9:20 am
- I am a fan of: Northern Arizona
- A.K.A.: He/Him
- Location: Scottsdale
Re: Kill The Penny - Save Millions of $$$
Get rid of it
Re: Kill The Penny - Save Millions of $$$
Right in the balloon knot.CAA Flagship wrote:I use dollar bills for strippers. Where would they put a $1 coin?93henfan wrote:No need for the penny or dollar bill.
I really like the way Canada does it. No penny (since 2012). No dollar bill (since 1989). $1 and $2 coins make things much faster.
Of course, a credit card or phone app is faster yet.
Delaware Football: 1889-2012; 2022-
- BDKJMU
- Level5
- Posts: 27989
- Joined: Wed Jul 01, 2009 6:59 am
- I am a fan of: JMU
- A.K.A.: BDKJMU
- Location: Philly Burbs
Re: Kill The Penny - Save Millions of $$$
..peacefully and patriotically make your voices heard..
JMU Football: 2022 & 2023 Sun Belt East Champions...But you have to go home now. We have to have peace…
..I know how you feel, but go home, and go home in peace.
-
- Supporter
- Posts: 26827
- Joined: Thu Mar 19, 2009 6:22 pm
- I am a fan of: Salisbury University
- Location: Republic of Western Sussex
Re: Kill The Penny - Save Millions of $$$
Also, remind the fvcking oil companies that you don’t charge for gas by the tenth of a cent. $2.49.9 per gallon? Fvck that. Round up to $2.50.
“I’m tired and done.” — 89Hen 3/27/22.
- Chizzang
- Level5
- Posts: 19273
- Joined: Mon Apr 20, 2009 7:36 am
- I am a fan of: Deflate Gate
- A.K.A.: The Quasar Kid
- Location: Soon to be Eden Prairie...
Re: Kill The Penny - Save Millions of $$$
$2.50 !!!!!!!!!!!!!!!!!!!!!Ivytalk wrote:Also, remind the fvcking oil companies that you don’t charge for gas by the tenth of a cent. $2.49.9 per gallon? Fvck that. Round up to $2.50.
Where do you live - Houston ?
Q: Name something that offends Republicans?
A: The actual teachings of Jesus
A: The actual teachings of Jesus
-
- 4th&29
- Posts: 38526
- Joined: Mon Aug 24, 2009 5:01 pm
- I am a fan of: Old Dominion
- A.K.A.: He/His/Him/Himself
- Location: Pizza Hell
Re: Kill The Penny - Save Millions of $$$
I just passed a station at $2.26.Chizzang wrote:$2.50 !!!!!!!!!!!!!!!!!!!!!Ivytalk wrote:Also, remind the fvcking oil companies that you don’t charge for gas by the tenth of a cent. $2.49.9 per gallon? Fvck that. Round up to $2.50.
Where do you live - Houston ?
Maybe you need to think about where YOU live.
-
- Supporter
- Posts: 26827
- Joined: Thu Mar 19, 2009 6:22 pm
- I am a fan of: Salisbury University
- Location: Republic of Western Sussex
Re: Kill The Penny - Save Millions of $$$
No. Just picked numbers out of the air. Closer to $2.35 here.Chizzang wrote:$2.50 !!!!!!!!!!!!!!!!!!!!!Ivytalk wrote:Also, remind the fvcking oil companies that you don’t charge for gas by the tenth of a cent. $2.49.9 per gallon? Fvck that. Round up to $2.50.
Where do you live - Houston ?
“I’m tired and done.” — 89Hen 3/27/22.
- Chizzang
- Level5
- Posts: 19273
- Joined: Mon Apr 20, 2009 7:36 am
- I am a fan of: Deflate Gate
- A.K.A.: The Quasar Kid
- Location: Soon to be Eden Prairie...
Re: Kill The Penny - Save Millions of $$$
Ivytalk wrote:No. Just picked numbers out of the air. Closer to $2.35 here.Chizzang wrote:
$2.50 !!!!!!!!!!!!!!!!!!!!!
Where do you live - Houston ?
I can't get out of Seattle fast enough
Q: Name something that offends Republicans?
A: The actual teachings of Jesus
A: The actual teachings of Jesus
- CID1990
- Level5
- Posts: 25460
- Joined: Mon Jul 16, 2007 7:40 am
- I am a fan of: Pie
- A.K.A.: CID 1990
- Location: กรุงเทพมหานคร
Re: Kill The Penny - Save Millions of $$$
Several years back El Salvador dumped their own currency and went to the US dollar. What was cool about living there was I never had to exchange money.93henfan wrote:No need for the penny or dollar bill.
I really like the way Canada does it. No penny (since 2012). No dollar bill (since 1989). $1 and $2 coins make things much faster.
Of course, a credit card or phone app is faster yet.
El Salvador does not import 1 dollar bills though. There is no mechanism to unload them when they are worn out. So El Sal uses the dollar coin only.
I thought it was going to be a pain in the ass but I quickly became a proponent of getting rid of the dollar bill. I had just fives and up in my wallet, and I never had to pull it out when buying a six pack.
Sent from my iPhone using Tapatalk
"You however, are an insufferable ankle biting mental chihuahua..." - Clizzoris
Re: Kill The Penny - Save Millions of $$$
Of course you posted this....:
Sent from my iPhone using Tapatalk
Turns out I might be a little gay. 89Hen 11/7/17
Re: Kill The Penny - Save Millions of $$$
I didn't mind getting BDKlinked there. I was remarkably consistent in both posts. Canada has a superior system to us for legal tender.Ibanez wrote:Of course you posted this....:
Sent from my iPhone using Tapatalk
Delaware Football: 1889-2012; 2022-
Kill The Penny - Save Millions of $$$
93henfan wrote:No need for the penny or dollar bill.
I really like the way Canada does it. No penny (since 2012). No dollar bill (since 1989). $1 and $2 coins make things much faster.
Of course, a credit card or phone app is faster yet.
I agree with this, it is one of the few things Canada does better than us.
Sent from my iPad using Tapatalk
Re: Kill The Penny - Save Millions of $$$
So it costs two cents to make a penny? Gives new meaning to "a penny saved is a penny earned."