No more penny for your thoughts (1 Viewer)

[Snoopy]

The US mint will be phasing out the penny: https://www.msn.com/en-us/money/mar...-s-plan-to-stop-minting-the-penny/ar-AA1FimKH

No more

 

[Leroy Hoard]

Looks like heaven will have to start rounding up to nickels.

 

[zamboni]

Looks like Anfernee Hardaway will need a nickname change.

 

[Don Quixote]

Time to invest in wheat pennies?

 

[brun]

Been hoarding loafers.
Gonna be rich!

 

[El Floppo]

Time to invest in wheat pennies?

reference aside, I just cleared out my family home of all my stuff.. .including my childhood penny collection (all money went to this). had been discussing selling it- but will likely wait a bit to see how this news affects the powerhouse penny market.

 

[Sand]

Time to invest in wheat pennies?

reference aside, I just cleared out my family home of all my stuff.. .including my childhood penny collection (all money went to this). had been discussing selling it- but will likely wait a bit to see how this news affects the powerhouse penny market.

Now we can say we knew El Floppo before he could buy a Hawaiian island.

 

[-OZ-]

Looks like heaven will have to start rounding up to nickels.

They can take Nickelback.

 

[Bob Sacamano]

Looks like heaven will have to start rounding up to nickels.

They can take Nickelback.

Someday

 

[zamboni]

My thoughts will still be of her.

 

[Snoopy]

Looks like heaven will have to start rounding up to nickels.

They can take Nickelback.

Depending on how up they go, a quarterback after doing away with nickel and dime coverage.

 

[JohnnyU]

Inflation

 

[Phil Elliott]

3.2 billion pennys produced in 2024 at a cost of 3.7 cents each.

 

[Mitchie]

3.2 billion pennys produced in 2024 at a cost of 3.7 cents each.

Looks like the nickel should be next:

It currently costs the US Mint about 13.78 cents to produce a nickel. This is significantly more than the nickel's face value of 5 cents, meaning the Mint actually loses money on each nickel produced.

 

[Mjolnirs]

3.2 billion pennys produced in 2024 at a cost of 3.7 cents each.

The amount minted for circulation is half that from what I’ve seen. The fewest since 2009.

As a coin collector, I’m saddened by this. But it makes sense to do it.

 

[Phil Elliott]

3.2 billion pennys produced in 2024 at a cost of 3.7 cents each.

Looks like the nickel should be next:

It currently costs the US Mint about 13.78 cents to produce a nickel. This is significantly more than the nickel's face value of 5 cents, meaning the Mint actually loses money on each nickel produced.

I heard a report on tv yesterday when they asked if the nickel was next...they said they implied they could bring the cost down by switching the type of metals used. I don't have a link.

 

[TripItUp]

how long until physical money is no longer a thing?

 

[sports_fan]

how long until physical money is no longer a thing?

It'll take quite a while to phase out completely. 50+ years is my guess. It'll be similar to what we're seeing with personal checks (which are almost dead), but over a longer time period.

 

[Brunell4MVP]

3.2 billion pennys produced in 2024 at a cost of 3.7 cents each.

Looks like the nickel should be next:

It currently costs the US Mint about 13.78 cents to produce a nickel. This is significantly more than the nickel's face value of 5 cents, meaning the Mint actually loses money on each nickel produced.

I get that everyone cites this. But it's a meaningless number. The mint loses money, but that 13.78 cent nickel circulates hundred of thousands of times. Assuming it passes hands just 10,000 times, that nickel represented $50,000 in transactions. Which is relevant in the economy when multiplied by however many nickels are in circulation.

 

[belljr]

My .05

 

[Phil Elliott]

My .05

=.1378

 

[ChiefD]

how long until physical money is no longer a thing?

Northern Wisconsin still operates a with A LOT of cash moving around.

 

[BLOCKED_PUNT]

My thoughts are worth more than a penny anyways.