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The U.S. Mint announced it will stop production of pennies in 2022. Will everything be rounded off to the nearest dollar now? How will this affect the economy and pricing. Will anyone miss the penny?
Nearest dollar? Sounds like it would be rounded to the nearest 5 cents. Israel did this with agurot; it’s not unheard of.
It’s because of Inflation. Start saving your pennies now! In 100 years they may become more valuable than the dollar because of their rareness! đ
@rightwriter
#1 why would you round to the nearest dollar if you have no pennies? You would round to the nearest nickel.
#2 It costs 2 cents for the mint to produce a cent coin. There is little you can do with a cent. Long gone are the penny candies of my youth. Most people consider them a nuisance
#3 Since Covid, far more transactions than ever in the US don’t involve cash money, It won’t be missed.Will everything be rounded off to the nearest dollar now?
No it will be rounded to the nearest multiple of 0.05 (5 cents), which often happens anyways
“Will anyone miss the penny?”
Other than coin enthusiasts no. Pennies are so worthless, that most people don’t even bother to pick one up off the ground, that minimal effort is not wort h a cent to most people.
“that minimal effort is not worth a cent to most people.”
I think even a nickel isn’t worth it. If your hat flew off and landed next to you, would you pay a dime for someone to pick it up for you? Probably most would.
Has anyone found information from the US Mint or any US Government source authenticating this apparent April fools joke from April 1, 2021?
Does this mean no more sales for $1.99 (or $19.99)??
Will all the 99 Cents stores need a new name — and a new price?
Why canât you still have unrounded price and in the end everything will be paid via debit or electronic payment
“I think even a nickel isnât worth it”
Agreed, though this thread isn’t about the worthlessness of nickels, it is about pennies.
Though while I probably wouldn’t be bothered to pick up a nickel, I’m sure many would. A peneey wouldn’t be picked up by anybody (other than coin collecting purposes)ubiq, would you pick up a dime or a quarter?
at Weimar speed – a penny at the beginning of a thread is worth a dime at the end
Is it wrong encouraging kids to put pennies in tzedokah? are they now less than a perutah?
I heard (25 years ago) that a prutah is about 25 cents. With inflation, it may be more now.
Ujm
A quarter for sure.
Dime possibly.Though my point is not what I would pick up, my point is (almost?) Nobody would pick up a penny, it’s so useless
The U.S. used to have a half-cent coin.
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Another consideration America has had discussions over the last few years is to eliminate the $1 bill and replace it with the $1 coin.Didnât Canada do the same a few years ago? It should be pretty easy to guess the effect on the economy according to their experiences.
Regarding picking up a penny from the ground, one of my teachers once mentioned that by picking it up you show Hashem that you value money, so he may send you more. (Hopefully the real stuff.)
Additionally, I think that because it states âIn G-d we Trustâ itâs not kavod to leave on the ground.
Just my 2 centsâŚ
Will Antisemites have to stop telling Jews to “Pick up the pennies”?
But I think it’s cheaper to make a bill than coin. For a coin you need metal-paper is cheaper. Not sure. I think so.
I recall pennies became popular when Chicago Tribute publisher decided to sell papers by a cent, but nobody had them. So, he convinced merchants to sell things for $0.99 instead of $1.00, and then you would have a penny for the paper. If this is not an urban legend, interesting how papers not only had genivas daas inside but also corrupted the marketplace (as people think for a second hat something is $5 when they see $5.99)
AAQ, if you can recall that, you must be a longtime AARP member…
The penny is far from gone.
RW
I don’t understand the question.
you can break the dolar into 100 individaul cents just there is no coin that will represent those centsMost people understand that 5 100 dollar bills = $500 even though there is no 500 dollar bill. (Ok its not the same)
Gas prices are listed (and calculated) using fractions of a cent even though there is no coin with that denomination
A dollar will still equal 100 cents. Just there is no coin that has a value of 1 cent just like there isn’t one with a value of 2 cents 3 cents or 17 cents
There are enough pennies in circulation that they will still be around for decades to come.
The Wolf
Rw > how do you explain math of a 100 cents equate to a dollar,
you won’t. With Brandon’s inflation, dollars will be new cents soon. Italians used to pay in “milli-liras” (one word) rather than liras.
When was the last time you paid cash for anything besides a babysitter?
RW: Pennies will remain legal tender for all debts, pubic and private, indefinitely.
They’re not taking them out of circulation; nor are they changing its status as legal tender. Businesses are and will remain legally obligated to accept pennies for payment.
They remain “legal tender” even though the Treasury is gradually taking them out of circulation. Some merchants may decline to accept them but all federally chartered banks by law will continue to accept them and covert to other forms of currency (coin or paper). The $2 dollar bills were withdrawn very quickly but remain legal tender.
YS > paid cash for anything besides a babysitter?
quarters for parking. Pennies for kids to pay into a pushka in a store. Never paid cash or anything to a babysitter. My wife barely lets me to stay with kids.
RW > psychological reason that they donât see the actual money leaving their hand
exactly! Paying with a card requires higher psychological efforts to limit yourself from over-spending. Any invisible object is harder to perceive and react accordingly. Same with virus (v. wild animals). Same with Hashem (v. idols).
cheating businesses will lose out: they now post prices as $9.99 to make you feel it is less than $10. now, they’ll have to go to $9.95, losing 4 cents.
I only got the big bills. We need pennies for meshulachem
When was the last time you paid cash for anything besides a babysitter?
Are you a Luddite?? All the babysitters in our area prefer to be paid through one of the ACH transfers like Zelle or Venmo. Most would not know what to do with “cash” anymore.
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