+Syed Abdul Wasay Not really, lawmakers actually need lobbyists to understand the ramifications of supporting/being against a bill. There's no way our congress people can understand all ramifications of every bill, so they NEED lobbyists to tell them how it's going to affect that lobbyist's interest groups, which represent people, businesses, or unions.
+Tol Hydra No, of course not. But the problem doesn't lie in lobbyists, the problem lies in how they can spend money on politicians. That's not the lobbyists' faults.
+Jesse Zhang How is Congress or the citizens supposed to know that the lobbyists aren't incompetent or lying to Congress about bills, or at least stretching the truth? Is there even any mechanism at all to ensure lobbyists are trustworthy?
Emma Young You know, McDonald's employees aren't allowed to accept tips or pocket extra cash. They're supposed to put it into the Ronald McDonald House charity.
Just do what Canada did: 1. Replace paper dollars with coins (Last longer) 2. Use Poly- Something plastic instead of paper to make bills (they last longer) 3. Paint your money with bright Monopoly colours (it's pretty)
yeah but then ya don't get the distinct smell of a pile of greenbacks after driving some ranchers down south so you can go spend it on that dank paint thinner tequila at the ol' saloon
Floris b exsactly. I'd be interested in the economics of 5 dollar coins. I recently went to canada and discovered that their money is plastic so it lasts a lot longer than amarican paper money. Amarica is falling behind.
+Skinnymarks The best part about making money plastic is that it's waterproof, tear proof, easier to clean (if someone wanted to), longer lasting and costs less trees to make. Canada has made some good choice in saving money that I believe more countries should adapt.
***** sucks in only one regard but far superior in every other way that matters. I personally don't want my tax money bleed out because of leaches like the us mint that is lobbying our country to make useless pennies just so they can keep charging the us millions of dollars.
I think we can credit that Obama footage to John Green, who asked him the question in the first place! John is very outspoken in his hate of pennies :)
So if the US lost $52 million producing pennies than how much did they gain printing, $1, $2, $5, $10, $20, $50, $100? Not to mention how much do they make from minting, dimes, quarters, half dollars and dollar coins?
Personally, I like to save up pennies. 13 years ago, I filled a 5 gallon water jug halfway with pennies. That was almost 18,000 pennies. They add up over the long term.
I live in Canada, and we don't use pennies. I went to the states a few weeks ago and after telling the cashiers to keep the pennies, I still had 30¢ of pennies. Left them at the airport!
+Dollfaceyari I'd be more worried about the shit food Wendy's than the penny. Guarantee I could make a tastier/healthier hamburger for cheaper faster than you could drive to shit food and back. Be like me.
I think a lot of the proposals for removing the penny from circulation and the way it's been done in other countries make it so prices stay the same but if you're paying by cash the price is rounded up or down to the nearest $0.05. so in that case you would only pay $9
As a first generation immigrant, I still have trouble distinguishing what the difference between penny, nickel, and a dime. A quarter is easy to remember because a quarter of a dollar is guess what... 25 cents!
The problem isn't the Penny. It's inflation. Fix the real problem. Getting rid of the penny would be like legislating that we're not allowed to measure pant sizes in anything smaller than a five inch increment.
+Majoofi We can't stop inflation from happening. The value of money is relative, so your analogy doesn't hold up. The penny is worse than worthless - it is draining the US economy in several ways.
+Majoofi Inflation is happening and has happened all over the world. It has been happening since the mint was invented. It is NOT A BAD THING. How is the monetary system "corrupt"? Who benefits from this scheme you're suggesting? Look inflation up in a book some time.
Moeyz69 They wish to use the same raw material right. To be used at the mint. They could save the industry and make it the little coin valuable again by increasing the value it holds. Maybe create a new coin for 75 Cents.
+Suyash Shreekant I don't think you quite understand how economies work. The government can't just go and make money out of thin air. That would just screw everyone over
There is nothing wrong with pennies, just make them out of something cheaper. Simple. Someone else's comment also pointed out that a nickel is like 11.6 cents to make, but we still use them for some reason.
lol your comprehension and analysis skill is poor. it said (im paraphrasing) the lobbyist group "Americans for Common Cents" are paying 1 million dollars to politicians campaign groups to keep making pennies.
Here's some simple currency reform for the US: Discontinue the 1, 5 and 10 cent coins, making that weird 25-cent coin the lowest denomination of coin. Discontinue the $1 note, forcing use of the existing $1 coin and have the $2 note as the lowest denomination banknote.
Bernie has plenty already, 3 houses,private jet, worth millions he'd dont need anymore money, I'm waiting for him to give his wealth away equally to the people lol
Considering the mint makes money on dimes, quarters, and dollars, the loss on the pennies and nickels is completely covered and then some. The mint is always in the black.
+isaac allen i live in canada and things are atill listed as $X.99 and we just round to the nearest 5 cents. If you pay electronically though it takes the exact amount.
+isaac allen They can still be $0.99. When you go to the gas station, the price of a gallon of gas is $2.599 even though we discontinued the mille a long time ago. The price is just rounded at the end.
They will be if usd drops out you cant make weapons, tools,electronics with paper money that's become worthless. if people dont want their pennies I'll buy em
vox, although i love your channel, you're wrong about how much it costs to make a penny, you should have done your research and learned that a penny is not all copper, the inside is made of a cheaper substance to lessen the cost
This is a lie. If you ever find a penny from 1943 keep it. During 1943 WWII was happening, so they used all they could find to make bullets, such as copper. The amount of copper was so low during the time, they made pennies out of silver. If you find a copper penny with the date of 1943, it is around $80,000 and in auctions they go for about $200,000. If you find a silver penny with the date of 1943, it is around $10,000 and in an auction it goes up to $80,000. Don't believe everything you see on the internet.
I still don't get why would these lobbyists want to do this from a business standpoint. There are far more useful and profitable things you can make with zinc.
This is what lobbying does. The company spends about 1 million, which sounds like a lot, but in return they get 52 million. Best goddamn return on investment ever. Lobbying has to go, or the entire system will eventually crash.
In the USA I ditch all my change in the tip box except for the quarters. In the Netherlands we don't have 1 and 2 cents anymore and in Germany I throw them in the trash.
Removing the penny would render the most practical and useful trick in advertising and sales impossible to do. I'm talking about the .99 cent 'trick'. Something can't be sold for 1.99 or 2.49 or 99.99 without pennies due to the need of exact change. The GDP lost to manufacturing pennies themselves surely is compensated for with the money made from purchases priced this way.
The solution: make NEW pennies of similar size, but with a shape that is slightly different and with a new design and make them 2¢ each. If they cost 1.7¢ to produce then you make 0.3¢ profit.
In 2013 I met with Elizabeth Warren while I was at the Capitol, keen in mind this was about two days after the marathon bombing back home. She claimed when asked about the penny, "oh I love the penny." No joke, on my honor (as was the rest of my troop, in uniform) she said that. It was the funniest thing ever. By the way, Massachusetts also has another senator who also exist, Warren does not deserve the special attention she is getting.
To be fair, It's not like $52M goes into their pockets. They still have costs for raw material, machines, wages, transport etc etc. Yes I agree with all the rest, but it should be balanced IMHO.
I think that we still need some kind of base unit to base our money on, if we got rid of the penny, everything would need to be based on a unit of 5 cents, as it would be impossible to pay for anything that doesn't end in .00 or .05 with physical currency. So maybe just replace the penny with something cheaper to produce. Like plastic or paper or something.
Being based on a unit that doesn't end in the digit 1 isn't necessarily a bad thing, and it's not even unheard of in the USA either. Ever heard of the half cent coin? These coins are worth 0.5 cents (so not 1 or 0.1), were minted all the way until 1857, and are the lowest denomination of US coin to ever be minted. By the way, its purchasing power in 1857 (the year in which it was discontinued) is roughly equal to the purchasing power of 17 cents in 2023.
Weaken the government, stop taxes, cut government spending, cut wages, stop printing and minting new money, and suddenly, we can buy candy bars for only 4 cents!! Fill your whole gas tank for $1.00!! Make the US dollar worth something!!!
I've heard people say "They add up... save them..." blah blah blah. I saved every penny i got for 5 years. I had enough money to buy a hamburger. Too bad Applebee's wouldn't take payment in pennies. I still have my bucket of a future hamburger. F*** the penny.
May be a dumb question, but if you want a candy bar that costs $1.37, and you don't have a credit card, what do you do? Overpay? That adds up after a while.
Make one about nickels. Worth of a nickel: $0.05 Cost to make a nickel: $0.09 Lost taxpayer money per nickel: $0.04 Nickels produced in 2016: 1.55 billion Lost taxpayer money on nickels in 2016: $61.8 mn > $52 mn. Seems like a bigger deal
Corruption is the reason why we still have pennies, metal companies help senators get elected, then the senators pass bills that favor the metal companies, the whole system is built on this
If it cost less than a penny to make a penny, we'd make them at home, wouldn't we? That's why hundred dollar bills have a hundred dollars worth of micro printing, exotics inks, etc
I never understood why people get so angry about politicians pocketing a little of tax payer's cash. They've worked their way into the position that grants them sufficient power to haul a little more. Sure it's a bit dishonest, but if your average tax payer who complains got into that same position, they would do exactly the same!
We removed the 25 øre in Denmark back in 2008. That coin was worth around 5 cents. Now the lowest coin we have is the 50 øre coin. That one is worth around 10 cents. I see no reason why they shouldn't remove that one as well. They are worthless and a waste of space.
Get rid of the penny. It's pointless. More money is loss in made awas eliminated Over 300 years ago. Why the hell is taking us even longer to get rid of the useless penny?
I keep them to stop them piling up, strangely enough - if you keep them, then you can use them to make exact change and stop them accumulating. I don't pay with a whole jar of coppers, but I sometimes, for example pay 99p with a 50p, 2 × 20p, a 5p, and 2 × 2p
And how to pay with pennies a 2.99$ sour cream? By getting rid of pennies we getting more and more rid of cash, but cash is important for anonymous paying and transparent saving. It gives money a shape, thats important for having a clue of its value
Nickels also cost more to make then they are worth. They are not pointless because most states do not have a flat number for sales taxes (New York is 8% NJ is 7%) so its really more trouble than its worth to remove the penny
I don't think pennies are completely useless, fundamentally its necessary for paying in exact change when you pay in cash. Sure not many people may pay with pennies but its a fundamental part of the currency system. Its like trying to get rid of the number one from the counting system.
If you ask me, the absolute smallest coin in America should (currently) be either the dime or the quarter, and $1, $2, and $5 bills should become coins. Any paper money smaller than a $10 isn't worth carrying (good luck buying dinner at McDonalds with a $5... or even a full-price movie ticket for that same $5), and coins smaller than dimes only exist to feed to Coinstar machines. Perhaps someone should counter the "Americans for Common Cents" lobby with an "Americans for Common Sense" lobby. :)
what people don't realize is if we don't have pennies any time tax goes up it would have to go up 5 cents on the dollar. you want to have to pay 15 cents tax on the dollar 10 maybe 15 years from now?
Considering taxes are the reasons I get pennies back in change, I find it rather ironic the government is forced to spend more money to produce pennies than they are worth. Do I want the US to get rid of penny's when they have local, state, and probably eventually federal sales taxation, no, I do not. Because if they axe that currency, they won't be rounding taxes down, they will be rounding taxes up!
People want get rid of penny because the hate change
People want to keep the penny because they hate change
I see what you did there lol
Lulz😂 very punny
Good one :-)
+Michael Aiyedun nice
English is a funny language my friends lol
So basically, pennies don't make.... cents???
badum tsss...
+Lemon Bleach where's "flowery fields" bleach?
OmegaReaper i dont know, he must have gotten lost in a storage closet
+Lemon Bleach Hey how ya doin? I see you've gotten a new flavor upgrade can I try some?
+Lemon Bleach ... I may have a deadly addiction to bleach please help me ;-;
But pennies give my piggy bank some heft, so I feel like i'm wealthy.
+MaximumJonathanosity Sandbags could work as a replacement.
+MaximumJonathanosity
Use 5 cents instead
+Long Sword No, the problem is sandbags are more valuable. :)
sad but true XD lol
ikr lmao
How do we shut down Americans for Common Cents?
+Tom C
Corrupting. Ha. That ships a sailed.
Well, vote for Bernie. He's a big advocate of getting rid of PACs.
+dragonflame765 How's he supposed to do that?
+Boogster Su Maybe use common sense?
+Boogster Su by counter lobbying. As far as I know lobbying is part of freedom of speech.
Lobbying another fancy word for Bribery......
+Syed Abdul Wasay Not really, lawmakers actually need lobbyists to understand the ramifications of supporting/being against a bill. There's no way our congress people can understand all ramifications of every bill, so they NEED lobbyists to tell them how it's going to affect that lobbyist's interest groups, which represent people, businesses, or unions.
+Jesse Zhang Do they "NEED" them to spend fortunes on them too?
+Tol Hydra No, of course not. But the problem doesn't lie in lobbyists, the problem lies in how they can spend money on politicians. That's not the lobbyists' faults.
+Syed Abdul Wasay I'd say collusion and corruption, but bribery works too.
+Jesse Zhang How is Congress or the citizens supposed to know that the lobbyists aren't incompetent or lying to Congress about bills, or at least stretching the truth? Is there even any mechanism at all to ensure lobbyists are trustworthy?
pennies are the most useful thing in the world. McDonald's employees love it when you give them 110 of them to pay for your large coke.
You can't do that in Australia. Shops are allowed to refuse any payment containing more than 50 coins.
Roxor128 America is different. :p For instance we are dumb enough to elect a reality show host as a president
Im sure they do! In faroe islands we have Oyrur and their 1/2 so.. Ill try that in Burger king because our only McDonalds burnt down
Emma Young You know, McDonald's employees aren't allowed to accept tips or pocket extra cash. They're supposed to put it into the Ronald McDonald House charity.
Calvin Ohler yeah, i used to work there.
Just do what Canada did:
1. Replace paper dollars with coins (Last longer)
2. Use Poly- Something plastic instead of paper to make bills (they last longer)
3. Paint your money with bright Monopoly colours (it's pretty)
yeah but then ya don't get the distinct smell of a pile of greenbacks after driving some ranchers down south so you can go spend it on that dank paint thinner tequila at the ol' saloon
Taco Loco plastic wouldn't work because of pollution.
canada copied australia x
Joe Percy And you like your president orange and dirty too eh?
savolrat But everyone noticed when we did it!
Get rid of the penny and bring back the $2 bill
Boi imma bout to roast you The $2 bill exists.
it's really rare to get one tho
200odd300 It's not rare, just go to the bank.
200odd300 Not rare at all. The mint made millions of $2 bills in 2014 alone.
you can get them at your bank
I think we should get rid of the dollar bill and just have dollar coins. they last longer and don't rip.
Then it would be more heavy in your pockets when you carry it around (also, it makes that annoying sound when you walk), but I don't know...
Haha that's true Owen MCPE
+Owen MCPE And strippers would get more bruises when it rains.
+Grindstone but they would get paper cuts from all the money which makes them bleed
Pound coins are fairly light and are quieter than other coins
"A lobbying group has been influencing lawmakers to keep..." America in one sentence.
Americans acting like lobbying only occurs in America.
why do people think they are going to be cheated out of their money if they remove pennies?
their taxes are paying for them anyway.
Yall cant see the forestbecause of trees
And it costs 11.2 cents to produce a nickel. Should we get rid of that too?
yes. and we should move to dollar coins.
Floris b exsactly. I'd be interested in the economics of 5 dollar coins.
I recently went to canada and discovered that their money is plastic so it lasts a lot longer than amarican paper money.
Amarica is falling behind.
+scottdpt12 yeap, I guess we should just make large prime numbers coins, like 29 and 13 cent coins.
+Skinnymarks The best part about making money plastic is that it's waterproof, tear proof, easier to clean (if someone wanted to), longer lasting and costs less trees to make. Canada has made some good choice in saving money that I believe more countries should adapt.
***** sucks in only one regard but far superior in every other way that matters.
I personally don't want my tax money bleed out because of leaches like the us mint that is lobbying our country to make useless pennies just so they can keep charging the us millions of dollars.
Pennies are useless?
My life is useless
In my country its called Corruption. You Americans gave it a fancy name "Lobbying".
Pennies are for throwing in fountains!
I think we can credit that Obama footage to John Green, who asked him the question in the first place! John is very outspoken in his hate of pennies :)
An amazing production value as always. Keep it up Vox.
So if the US lost $52 million producing pennies than how much did they gain printing, $1, $2, $5, $10, $20, $50, $100? Not to mention how much do they make from minting, dimes, quarters, half dollars and dollar coins?
*****
Um where did I mention nickels? Oh that's right, I didn't but no, nickels cost $,809 to mint.
gao.gov/assets/680/674120.pdf
But pennies cost a $1.50 for every dollar, that's the most money lost out of all currency...
i used to use pennies, then i took an arrow to the knee
+Jacob Meza - I sold my knee for a jar full of arrows.
Personally, I like to save up pennies. 13 years ago, I filled a 5 gallon water jug halfway with pennies. That was almost 18,000 pennies. They add up over the long term.
Hank Green said exactly this 5½ years ago. WHY DO YOU NOT LISTEN TO YOUR SMART PEOPLE AMERICA!
+AdenineMonkey This has been a conversation for far longer than that...
I live in Canada, and we don't use pennies. I went to the states a few weeks ago and after telling the cashiers to keep the pennies, I still had 30¢ of pennies. Left them at the airport!
NOT MY ABRAHAMS!
+Flan good proposition! At least we still have the $5 bill
w
John Green and CGPgrey have been talking about this years ago.
Pennies aren't useless when my Wendy's order totals out to 9.01. Who wants all that extra change in their pocket?
+Dollfaceyari I'd be more worried about the shit food Wendy's than the penny. Guarantee I could make a tastier/healthier hamburger for cheaper faster than you could drive to shit food and back. Be like me.
I think a lot of the proposals for removing the penny from circulation and the way it's been done in other countries make it so prices stay the same but if you're paying by cash the price is rounded up or down to the nearest $0.05. so in that case you would only pay $9
***** Umm... wow, what an intelligent and thought-provoking response. You are also an an "lingual autoerotic post-coital lavage."
Yea but usually it comes out to something like $9.47?
@@zereko8638 still though you need two cents
i hope people realize that the mint made several hundred million dollars on quarters and dimes, and overall the mint made a very significant profit.
Doesn't change the fact that they lose 52 million on pennies, and their profit could have been 52 million higher.
any time I have some I throw them. there is no way I am ever going to carry 100 pennies for just 1 doller either. or I throw them in the garbage.
+TheFlamefolk put them in a change bucket when you get home for fuck sakes.
+TheBAGman17 no, they are not worth the space. it's a bunch of garbage.
+TheFlamefolk if it was legal you might as well melt it down and make a few dollars
Michael on RUclips Hah, I wish.
lol i throw pennies in the garbage too
It costs more to make them than they're actual worth, it's a waste of resources, and Abraham Lincoln has the $5 bill.
So then what do we DO about it? Can you make a video on what the steps would be for someone or a group to go about abolishing the penny?
Rusty H www.change.org/p/stop-making-pennies-already?recruiter=552279722&Areal_control
Nothing we can do. Congress could very easily pass a law to remove them from circulation, but they won't.
Pennies cost 1.7 cents.
Nickels cost almost 9 cents.
The half-penny was eradicated in the 1850's when it was worth about the same as a dime today.
I like have coins. It makes me feel good about my poverty.
+Generic Scout nice
"It costs two cents to make a penny" that might be true, but it costs the same to print a twenty dollar bill as it does to print a one dollar bill.
but does printing a one dollar bill cost more than one dollar?
+CatThingy no
The real questions is what to do with them when you can no longer use them. Do I just throw them away? Wtf.
Nada Dealer take them to the bank
As a first generation immigrant, I still have trouble distinguishing what the difference between penny, nickel, and a dime. A quarter is easy to remember because a quarter of a dollar is guess what... 25 cents!
The problem isn't the Penny. It's inflation. Fix the real problem. Getting rid of the penny would be like legislating that we're not allowed to measure pant sizes in anything smaller than a five inch increment.
+Majoofi Spot on.
+Majoofi inflation is inevitable, the penny has overstayed its use
Mathieu Andres
Inflation isn't inevitable. It's the byproduct of an economically and mathematically corrupt monetary system.
+Majoofi We can't stop inflation from happening. The value of money is relative, so your analogy doesn't hold up. The penny is worse than worthless - it is draining the US economy in several ways.
+Majoofi Inflation is happening and has happened all over the world. It has been happening since the mint was invented. It is NOT A BAD THING. How is the monetary system "corrupt"? Who benefits from this scheme you're suggesting? Look inflation up in a book some time.
So now we know this. Let's stop it? Why is bribery still legal
Use the same coin change its denomination make everyone happy.
That isn't a very well thought through comment now is it. Please think before you type
Moeyz69 They wish to use the same raw material right. To be used at the mint. They could save the industry and make it the little coin valuable again by increasing the value it holds. Maybe create a new coin for 75 Cents.
+Suyash Shreekant I don't think you quite understand how economies work. The government can't just go and make money out of thin air. That would just screw everyone over
Moeyz69 really? I thought they have been doing exactly that since they got rid of the Gold Standard.
you are correct
You also forget some points withiut pennies prices will round up, and also we could easily lower the price of making pennies by changing the material
Or we can do what the French did a move the decimal point over.
So suddenly a penny is worth what a dime was before, and a dime becomes worth a dollar. Also not a bad idea.
CmdrGendoIkari and then everyone adjusts their prices so they are 10 times as much and your back were you started
There is nothing wrong with pennies, just make them out of something cheaper. Simple. Someone else's comment also pointed out that a nickel is like 11.6 cents to make, but we still use them for some reason.
So why do we still have pennies?
Bribery
+Nunya Bidness thank you for answering that. This video just rambled on without answering that question
Our lexicon is part of it. A penny saved is a penny earned. A pretty penny. Penny wise and Pound foolish.
+Vayt It did. Near the end. They said that lobbyists were paying around $1 mio. to keep the pennies.
lol your comprehension and analysis skill is poor. it said (im paraphrasing) the lobbyist group "Americans for Common Cents" are paying 1 million dollars to politicians campaign groups to keep making pennies.
Here's some simple currency reform for the US: Discontinue the 1, 5 and 10 cent coins, making that weird 25-cent coin the lowest denomination of coin. Discontinue the $1 note, forcing use of the existing $1 coin and have the $2 note as the lowest denomination banknote.
money in politics, Bernie 2016
rip
Bernie has plenty already, 3 houses,private jet, worth millions he'd dont need anymore money, I'm waiting for him to give his wealth away equally to the people lol
Considering the mint makes money on dimes, quarters, and dollars, the loss on the pennies and nickels is completely covered and then some. The mint is always in the black.
how do you solve the change problem with no pennies what if I buy something and am owed 3 cents in change back?
You round to the nearest whole "whatever the smallest coin is". (not sure exactly how serious you were)
+Ockams Razor rounding
They'll give you a nickel.
+Ockams Razor If you're paying with cash, you can round up. You'll get 5 cents back. But if you're using your card, they can use the exact amount.
Round to the nearest nickle, so simple. Or electronic transaction
...and 2/3 of the people want to keep pennies, but that's not cynical enough to make a Vox video
Donating one penny a day can save a child in Africa! They eat pennies. -Bo Burnham
If the pennies went away transactions would have to be rounded up or down, on a mass scale this would account for a lot of money lost.
yes
Arizonas won't be 99 cents anymore 😭😭😭
They'll be .95 or 1.00
***** I wasn't includind tax on purpose.
+isaac allen i live in canada and things are atill listed as $X.99 and we just round to the nearest 5 cents. If you pay electronically though it takes the exact amount.
+isaac allen They can still be $0.99. When you go to the gas station, the price of a gallon of gas is $2.599 even though we discontinued the mille a long time ago. The price is just rounded at the end.
yeah...
You can't say "On sale for $1.99" if you don't have pennies.
yes you can. When you pay with credit you'll get that one cent, but if you use cash the price would be 2 dollars
I wish pennies were 2$$
They will be if usd drops out you cant make weapons, tools,electronics with paper money that's become worthless. if people dont want their pennies I'll buy em
@@Cjohn31 i like pennies too
My comment starting to ring true slightly,three years later
Americans for Common Cents? Jeez, Washington really hasn't found a lobbying group they don't like.
vox, although i love your channel, you're wrong about how much it costs to make a penny, you should have done your research and learned that a penny is not all copper, the inside is made of a cheaper substance to lessen the cost
The cost to make a penny is still over 1 cent.
I have an even better question.Why do gas stations still charge us 9/10ths of a penny per gallon at the pump?
This is a lie. If you ever find a penny from 1943 keep it. During 1943 WWII was happening, so they used all they could find to make bullets, such as copper. The amount of copper was so low during the time, they made pennies out of silver. If you find a copper penny with the date of 1943, it is around $80,000 and in auctions they go for about $200,000. If you find a silver penny with the date of 1943, it is around $10,000 and in an auction it goes up to $80,000. Don't believe everything you see on the internet.
um no. Pennies during 1943 were made of steel
you're on the internet so i shouldn't believe you.......
Seth Phillips no actually I am quite well educated unlike yourself. Read up on the steal penny on Wikipedia
rederratic It is copper and silver. Read what i actually said before commenting. Also i am not a 9 year old with an !Q f less than 50 like you.
+rederratic Wikipedia doesn't guarantee education.
I still don't get why would these lobbyists want to do this from a business standpoint. There are far more useful and profitable things you can make with zinc.
Once Bernie Sanders wrecks the economy we will ask, "why do we need dollar bills?"z
He has like zero experience in politics, right...?
He never had a chance idiot...
This is what lobbying does. The company spends about 1 million, which sounds like a lot, but in return they get 52 million. Best goddamn return on investment ever. Lobbying has to go, or the entire system will eventually crash.
i wish canada still had pennies, dont get rid of them america.
i hope we don’t
How are you supposed to pay with cash if you can't break it down into it's smallest element? Maybe everyone doesn't want to use credit or debit.
In the USA I ditch all my change in the tip box except for the quarters. In the Netherlands we don't have 1 and 2 cents anymore and in Germany I throw them in the trash.
As a coin collector, i too hate pennies. I go to the bank, get rolls of pennies, keep the coppers and 2009s and send the rest back.
Removing the penny would render the most practical and useful trick in advertising and sales impossible to do. I'm talking about the .99 cent 'trick'. Something can't be sold for 1.99 or 2.49 or 99.99 without pennies due to the need of exact change. The GDP lost to manufacturing pennies themselves surely is compensated for with the money made from purchases priced this way.
1 and 2 cents are gone in Australia and in 5 years 5 cents will not exist, they've stopped making them
The solution: make NEW pennies of similar size, but with a shape that is slightly different and with a new design and make them 2¢ each. If they cost 1.7¢ to produce then you make 0.3¢ profit.
In 2013 I met with Elizabeth Warren while I was at the Capitol, keen in mind this was about two days after the marathon bombing back home. She claimed when asked about the penny, "oh I love the penny." No joke, on my honor (as was the rest of my troop, in uniform) she said that. It was the funniest thing ever. By the way, Massachusetts also has another senator who also exist, Warren does not deserve the special attention she is getting.
To be fair, It's not like $52M goes into their pockets. They still have costs for raw material, machines, wages, transport etc etc. Yes I agree with all the rest, but it should be balanced IMHO.
Meanwhile, how would you pay for the 1.53 cents? "Pay two dollars or 1.60 cents" How would you receive that 7 cents?
I think that we still need some kind of base unit to base our money on, if we got rid of the penny, everything would need to be based on a unit of 5 cents, as it would be impossible to pay for anything that doesn't end in .00 or .05 with physical currency. So maybe just replace the penny with something cheaper to produce. Like plastic or paper or something.
Being based on a unit that doesn't end in the digit 1 isn't necessarily a bad thing, and it's not even unheard of in the USA either. Ever heard of the half cent coin? These coins are worth 0.5 cents (so not 1 or 0.1), were minted all the way until 1857, and are the lowest denomination of US coin to ever be minted.
By the way, its purchasing power in 1857 (the year in which it was discontinued) is roughly equal to the purchasing power of 17 cents in 2023.
Weaken the government, stop taxes, cut government spending, cut wages, stop printing and minting new money, and suddenly, we can buy candy bars for only 4 cents!! Fill your whole gas tank for $1.00!! Make the US dollar worth something!!!
One of your pennies is a quarter in my country's currency. So imagine how worthless coins are here . Nobody wants to carry them.
it's madness. the penny used to be worth a good bit, but the government inflated the currency to worthlessness
I've heard people say "They add up... save them..." blah blah blah. I saved every penny i got for 5 years. I had enough money to buy a hamburger. Too bad Applebee's wouldn't take payment in pennies. I still have my bucket of a future hamburger. F*** the penny.
It probably also has to do with the fact that companies don't like whole numbers.
I save my pennies. They have filled my gas tank and bought me food whenever I ran out of nickles and dimes.
May be a dumb question, but if you want a candy bar that costs $1.37, and you don't have a credit card, what do you do? Overpay? That adds up after a while.
Make one about nickels.
Worth of a nickel: $0.05
Cost to make a nickel: $0.09
Lost taxpayer money per nickel: $0.04
Nickels produced in 2016: 1.55 billion
Lost taxpayer money on nickels in 2016: $61.8 mn > $52 mn. Seems like a bigger deal
Corruption is the reason why we still have pennies, metal companies help senators get elected, then the senators pass bills that favor the metal companies, the whole system is built on this
If it cost less than a penny to make a penny, we'd make them at home, wouldn't we? That's why hundred dollar bills have a hundred dollars worth of micro printing, exotics inks, etc
$52 million is NOTHING on a government scale. The president can blow his nose with that type of money.
I never understood why people get so angry about politicians pocketing a little of tax payer's cash. They've worked their way into the position that grants them sufficient power to haul a little more.
Sure it's a bit dishonest, but if your average tax payer who complains got into that same position, they would do exactly the same!
But it's also part of our lexicon. A penny saved is a penny earned. Penny wise and Pound foolish. A pretty penny.
We removed the 25 øre in Denmark back in 2008. That coin was worth around 5 cents. Now the lowest coin we have is the 50 øre coin. That one is worth around 10 cents. I see no reason why they shouldn't remove that one as well. They are worthless and a waste of space.
10 cents? 10 of those are an dollar. those are not worthless, pennies are worth 1 cent. they are worthless af
Restaurants also seem to have stopped giving pennies in their change.
Sweden removed our smallest coin worth about 6 cents like five years ago. The smallest today is 12 cents.
Get rid of the penny. It's pointless. More money is loss in made awas eliminated Over 300 years ago. Why the hell is taking us even longer to get rid of the useless penny?
I keep them to stop them piling up, strangely enough - if you keep them, then you can use them to make exact change and stop them accumulating. I don't pay with a whole jar of coppers, but I sometimes, for example pay 99p with a 50p, 2 × 20p, a 5p, and 2 × 2p
say what you want, I pick up every penny I find. I've filled up two large jars over the years and working on the third
And how to pay with pennies a 2.99$ sour cream? By getting rid of pennies we getting more and more rid of cash, but cash is important for anonymous paying and transparent saving. It gives money a shape, thats important for having a clue of its value
When people finally get rid of the use of Pennies, I’m the first person in the area to take in all pennies...
Even if they’re useless
I have a growing pile of those copper-plated zinc chips we call pennies in an old glasses case......
Nickels also cost more to make then they are worth. They are not pointless because most states do not have a flat number for sales taxes (New York is 8% NJ is 7%) so its really more trouble than its worth to remove the penny
I honesty have thrown pennies into the garbage can before they're just useless to me.
I don't think pennies are completely useless, fundamentally its necessary for paying in exact change when you pay in cash. Sure not many people may pay with pennies but its a fundamental part of the currency system. Its like trying to get rid of the number one from the counting system.
My wallet feels much lighter up here in Canada
Pennies worth is something, you can't be a millionaire if you are missing a Pennie's worth, the coin itself is just useless. Somtin like that.
If you ask me, the absolute smallest coin in America should (currently) be either the dime or the quarter, and $1, $2, and $5 bills should become coins. Any paper money smaller than a $10 isn't worth carrying (good luck buying dinner at McDonalds with a $5... or even a full-price movie ticket for that same $5), and coins smaller than dimes only exist to feed to Coinstar machines. Perhaps someone should counter the "Americans for Common Cents" lobby with an "Americans for Common Sense" lobby. :)
Coins are better for the environment and are far harder to destroy.
yes
what people don't realize is if we don't have pennies any time tax goes up it would have to go up 5 cents on the dollar. you want to have to pay 15 cents tax on the dollar 10 maybe 15 years from now?
Considering taxes are the reasons I get pennies back in change, I find it rather ironic the government is forced to spend more money to produce pennies than they are worth. Do I want the US to get rid of penny's when they have local, state, and probably eventually federal sales taxation, no, I do not. Because if they axe that currency, they won't be rounding taxes down, they will be rounding taxes up!