WE NEED TO BAN PENNIES!!
We must get rid of the Penny – let me know what you think!
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Mano Kamgang
First!
Anyone else misread the word Pennie’s…
Skook bot
0.5 > 0.123
🤨
Editor probably meant to put 12.3
No, it’s actually 0.05 < 0.123
5 cents = .05 not .5
Thank you for your cents Graham🪙🪙
My plan finally worked I been hording pennies for years!!
I’m from different country but from my experience when you scrap away a denomination of currency that tends to inflate your currency. Prices of commodities rise to fit the new structure of the currency. Plus it doesn’t stop there what if the $1 notes get more expensive to make what then. This is being done to protect the currency trust me.
if you ever went to the philippines, those guys just keep making coins with almost every denomination! hahahaha, I do not understand why. My pockets were just full of coins throughout my stay xD
what “experience” is that
I’m from canada and when the cent was removed nothing changed to the price. If you pay with debit or credit nothing changed you get charged the cent.
If you pay cash it is rounded up or down to the nearest 5 cents. So sometime you pay extra and sometime less by a couple cents.
1 cent is almost worthless. You cannot buy anothing with it.
it’ll cost us more to get rid of the penny than to just change the face to a higher value. Why don’t they do that?
America’s logic: just send it bro.
I appreciate your 2 *_cents_* Graham 👌🏻
Very nice
Sure, but won’t cashless transaction and larger bill denominations more than account for this loss. Eitherway, hard to do much with such small value coins which take up physical space. So if they want to get rid of it, sure but the cost is probably not the reason.
Just do what American businesses always do, outsource to other companies. Move production to where it’s cheaper to produce. I’m quite sure there are factories in China that are willing and eager to mint US money.
It’s simple, only have the quarter and pricing rounds to the nearest 25 cents. Market prices will adjust to the new system.
So now pay up to 25 cents extra for the same goods.. makes sense
@@Rookiealert101technically if it rounded to the nearest 25¢ the most you would need to increase price is 12¢.
now go watch a nickle prank in the hood video.
Even if the dime costs less to make than it’s worth, it’s still not seeing real use.
I say we discontinue pennies, nickles, and dimes.
Make the lowest unit a quarter. That’s the smallest unit anyone really cares about anyway.
See that’s how inflation works, Because you think people are more well off they don’t need the pennies.
Get ready for things to get more expensive
@mohamedali-rs7gs Your theory is that inflation happens because the coins people use change?
How do you explain the fact that the last retired currency item was the halfpenny, retired in 1857, but we’ve had inflation since that time?
Inflation doesn’t happen because you retire coins, you retire coins because inflation happened.
I don’t think we should retire coins because people are ‘so well off’ they don’t need a penny. I think we should retire coins because they represent units of value that are no longer significant regardless of how well off people are. You can’t buy a gum ball out of the machine with a penny, or with a nickel, or with a dime. The smallest unit of value that now buys anything is now the quarter.
Because the inflation already happened.
many placed have eliminated the penny for some time now. copper have far greater value a useless currency
while i’m not completely against this i’d like to give a scenario that i see as likely if this happens. Lets say you go to McDonalds and get a burger and fries for $8.28 or whatever (hypothetical, real price not important). If you get rid of pennies and nickels the price is REQUIRED to go to the closest dime level. So the price goes to $8.30. Now you say that’s not much of a difference, but there’s an issue. Capitalism is Greed. If instead it came to $8.23 that would ALSO go up to $8.30. Why? Because the sellers chose the price. Now, do that for every time you buy something. It adds up. like most things, this will hurt the lower classes more.
But maybe my take is wrong. I did just think of it off the top of my head. Very well could be wrong.
The EU also recently got rid of 1c and 2c coins
the problem is inflation making small coinage useless. in 100 years we will be like the yen.
Meanwhile everything costs X.99