COIN LOSS: The United States ended production of the penny on Wednesday.
For more than 230 years, the penny has circulated through American piggy >banks and cash registers. But rising production costs - each penny now
costs nearly 4 cents to make - and shifts in consumer behavior have made
it impractical to keep producing them.
A coin circulates numerous times. The fact that it costs more to produce
than its face value is meaningless.
The real question is why we don't have coins to replace $1 and $5
currency.
COIN LOSS: The United States ended production of the penny on
Wednesday. For more than 230 years, the penny has circulated
through American piggy banks and cash registers. But rising
production costs - each penny now costs nearly 4 cents to make -
and shifts in consumer behavior have made it impractical to keep
producing them.
A coin circulates numerous times. The fact that it costs more to
produce than its face value is meaningless.
The real question is why we don't have coins to replace $1 and $5
currency.
The real question is why we don't have coins to replace $1 and $5
currency.
Because we are Americans, and we are simultaneously smarter than, and
way stupider than, the rest of the world.
Smarter because we know that coins for denominations like $1 are
idiotic -- I'm carrying about 30 bills right now (not just ones, but
they might as well be), and it's a trivial weight. But 30 hefty coins
are a different matter entirely. That would suck to carry around.
Stupider because when we finally came up with a dollar coin intended
to be introduced into regular circulation, we made it look really
close to the quarter. God, we're idiots.
Hence we should look to the north (for most of us) to
our neighbor, Canada, and check out their two dollar
coin affectionetly called the "toonie".
Stupider because when we finally came up with a dollar coin
intended to be introduced into regular circulation, we made it look
really close to the quarter. God, we're idiots.
Hence we should look to the north (for most of us) to
our neighbor, Canada, and check out their two dollar
coin affectionetly called the "toonie".
Note how it's a two parter, with a separate
disc sticking up from the center. Very easy
to tell from the others.
In the previous article, danny burstein <dannyb@panix.com> wrote:
Stupider because when we finally came up with a dollar coin
intended to be introduced into regular circulation, we made it look
really close to the quarter. God, we're idiots.
Hence we should look to the north (for most of us) to
our neighbor, Canada, and check out their two dollar
coin affectionetly called the "toonie".
Note how it's a two parter, with a separate
disc sticking up from the center. Very easy
to tell from the others.
Unfortunately, we are stuck with the current dollar-coin design
forever, because changing it would require refit of millions of
vending machines. Like I said: stupid.
Serious question: Are there any (US) dollar coins currently being minted?
. . .--- Synchronet 3.21a-Linux NewsLink 1.2
Kenny McCormack <gazelle@shell.xmission.com> wrote:
Serious question: Are there any (US) dollar coins currently being minted?
The Sacagawea ended in 2008, then the Native American dollar coins that
has Sacagawea on the obverse and different designs on the reverse each
year, plus four presidential coins 2007-2016, neither of which have been >issued for circulating quantities after 2011. There's a series of dollar >coins for each state starting in 2019, but these were not produced in >circulating quantities.
Adam H. Kerman <ahk@chinet.com> wrote:
Kenny McCormack <gazelle@shell.xmission.com> wrote:
Serious question: Are there any (US) dollar coins currently being minted?
The Sacagawea ended in 2008, then the Native American dollar coins that
has Sacagawea on the obverse and different designs on the reverse each >>year, plus four presidential coins 2007-2016, neither of which have been >>issued for circulating quantities after 2011. There's a series of dollar >>coins for each state starting in 2019, but these were not produced in >>circulating quantities.
Very interesting. Thanks.
Does this mean I could go to my local bank and get some of these?
A coin circulates numerous times. The fact that it costs more to produce
than its face value is meaningless.
The real question is why we don't have coins to replace $1 and $5
currency.
COIN LOSS: The United States ended production of the penny on Wednesday.
For more than 230 years, the penny has circulated through American piggy banks and cash registers. But rising production costs rCo each penny now costs nearly 4 cents to make rCo and shifts in consumer behavior have made it impractical to keep producing them.
Turd Ferguson <tferg@snl.com> wrote:
COIN LOSS: The United States ended production of the penny on Wednesday. >>For more than 230 years, the penny has circulated through American piggy >>banks and cash registers. But rising production costs - each penny now >>costs nearly 4 cents to make - and shifts in consumer behavior have made >>it impractical to keep producing them.
A coin circulates numerous times. The fact that it costs more to produce
than its face value is meaningless.
Adam H. Kerman <ahk@chinet.com> wrote:
Turd Ferguson <tferg@snl.com> wrote:
COIN LOSS: The United States ended production of the penny on Wednesday. >>>For more than 230 years, the penny has circulated through American piggy >>>banks and cash registers. But rising production costs - each penny now >>>costs nearly 4 cents to make - and shifts in consumer behavior have made >>>it impractical to keep producing them.
A coin circulates numerous times. The fact that it costs more to produce >>than its face value is meaningless.
The theory is that if the coin is worth more in raw materials (mainly, the >metal(s)) than its face value, then, well, obviously, you have a problem (*).
That has been true of various coins at various times in history, but
probably isn't a serious consideration today. But old habits die hard.
That is, I think a lot of the thinking in the minds of the people who run >these things is still, shall we say, stuck in the past.
(*) And note that this could actually be a problem today for the penny,
given that copper is getting expensive - which is to say, we are beginning
to run out of it - and this will only get worse and worse with the
widespread deployment of (quote-unquote) "AI".
If a penny were used for a single transaction, then it's a problem, but
given that they are used for multiple transactions, it's not a problem.
Adam H. Kerman <ahk@chinet.com> wrote:
...
If a penny were used for a single transaction, then it's a problem, but >>given that they are used for multiple transactions, it's not a problem.
OK. But note that you are talking about actual, scientific facts, while I
am talking about human psychology and history.
And, yes, I am (was) aware that the penny nowadays is mostly zinc and very >little copper.--- Synchronet 3.21a-Linux NewsLink 1.2
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