The Pennies Ending Is Now Here

I haven't seen any indication that they're going to discontinue the coin in proof sets. And since the article repeats the nonsensical claim that eliminating cents will cause increased demand for nickels, I'm inclined to take the whole report with a grain of salt.

"The last penny minted for circulation, at least under the current administration"? Maybe.

And, as a footnote, I do hope that we're on the threshold of a post-penny society. It makes me sad as a collector to see this gateway coin disappear, and it makes me sad as a citizen that its value has dwindled so. But here we are, and I don't want to waste more time, resources, and attention on trivial increments of value.

 

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It makes me sad that so many people suck so much at mathing. Absolutely no concept of how math even works, or how it is supposed to work.

 

When everyone is onboard with rounding up or down to the nearest nickel, it's really a non issue. After that happens people are going to be coming in with jars of pennies and no one will want them. I guess the bank will have to take them and send them in for redemption which will cost them more than they are worth.

 

Not me, I'm smart, I'm selling my last penny for $1,000,000 on eBay! I'm gonna be rich!!! I also got a quarter with NO MINT MARK!!!! CAN YOU BELIEVE IT!!??!?! lol.

 

Well we survived the move away from half dimes and half cents, I'm sure we'll be fine one way or another, however I'm still angry about the end of the 20 cent piece!

 

Yeah, dat math thang ain’t reel. Da guvmint bee lion 2 us

 

Now what am I going to put in my loafers in case I need a cent for an emergency phone call?

 

No more cents?! Now what will petty people do to pay fines, parking tickets and/or taxes?

 

What still functioning payphone still both: exists, and: takes pennies?

 

Nickels.

 

The way prices have been going, a pile of nickels will soon be plenty big enough. Heck, if you're just trying to punish innocent clerks, a big pile of singles would do the trick.

 

I pretend I live in the 1930s, okay?
Don't confuse me with the facts...

 

It's already been shown that they don't have to accept a pile of pennies or nickels when someone is paying a ticket or taxes or w/e.
They can require a check, a cc, or even cash but not coins if they don't want it. We don't need pennies and what I think is going to happen, the pennies that are currently in circulation are not going to be able to be spent, but there will be a date that they can be turned in and redeemed. So all those suckers with those barrels of copper cents are hosed unless they can melt them down now, and separate the tin from the copper.

 

Just for clarification what I posted earlier about paying fines, etc with coins was totally in jest. No way would I ever advocate for such pettiness. Just for the record, I also cringe when ever I see someone using coins to make a floor or other construction project.

 

I'm not sure there are any laws that require banks to take in cents?

 

You know, that's a good point. ARE banks required to take cents? I also think it's a big no. Neither does the DMV or a business have to take 'em. That part of the concept of "freedom of contract," isn't it?

So, now all one has to do is find the local branch of the Federal Reserve and THERE cents can be exchanged. Or is that not one of its functions?

 

Reality
Cheaper than giving big? discounts? Thousands on newspapers and ads. Think of the additional customer traffic these stores are getting, for cheap
https://www.google.com/url?q=https:...oQFnoECEwQAQ&usg=AOvVaw1jrVXXzMz6jjLUW5cH2VE_

 

Yeah, I think getting people in the door is the major driver here, just from the math.

Store A: bring us all your pennies, we'll give you 2 cents for each one! That way we won't have to round, sometimes in your favor, on cash transactions.

Store B: We'll round, always in your favor, on cash transactions.

On average, over a large number of transactions, Store B will lose 2 cents per cash transaction. (An equal distribution of 0, 1, 2, 3, or 4 cents per transaction.)

On average, Store A will lose... exactly the same amount, as they give back 0, 1, 2, 3, or 4 cents to the customer, each of which cost them two cents.

Now, in practice, Store A won't have to pay double for every cent they give in change. Some customers will give cents in payment, and sometimes they'll be able to get them from banks (I assume). But on the flip side, it's costing them employee time to count and redistribute those cents, time that Store B now saves. Not to mention the time consumed by the penny collection/redemption stunt itself.

 

We’ll see how your math equation works out in the next few weeks. This traffic driver is being picked up by retailers and media nationwide.
Not sure where in the equation 1/4 of American households are living paycheck to paycheck is applied
Or store credit only

 

I had read newspaper articles about people paying their fines that way.
That's why I mentioned it. I always thought stores/ entities had to accept any form of payment but I learned a harsh lesson 20 years ago when I tried to pay cash at Kinkos. I needed to make 1 copy. It cost like a nickel.
"We don't take cash." What do you mean? It's a nickel. "You can buy a Kinkos card for $10." Well since I am never coming here again that doesn't seem practical. "You can put it on your credit card." I had a credit card but I didn't want to put a charge on there for a nickel. I went to Office Depot (Office Max?) one of those and paid a dime to use the copier.
There was a nice pair of sunglasses on the floor under the lip at the cashier of the Kinkos so I took those and I still have them.
So I thought since our money says: GOOD FOR ALL DEBTS PUBLIC AND PRIVATE, they couldn't do that. I did some research and of course I was wrong companies are allowed to declare what forms of payment they will or will not accept. Even before the pandemic companies started to refuse cash so their businesses would not be robbed. (Carl's Jr.) And since then the bagel place. I prefer to pay in cash and I prefer to tip in cash, sorry I am not adding a tip onto my CC when you put a bagel in a bag and hand it to me.
And BTW, Kinkos no longer exists. They were absorbed into FedEx Office.