CGPGrey

199 readers

1 users here now

Unofficial community for discussion around YouTuber CGPGrey

founded 1 year ago

MODERATORS

[email protected]

Is The Penny Finally Dead? (www.youtube.com)

submitted 4 days ago by [email protected] to c/[email protected]

9 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 4 points 4 days ago (2 children)

I hate Trump (really I do), but I can't argue with this. Inflation happens; stamping out a piece of copper alloy has lots of fixed costs. We used to have a half cent coin. Things change.

The real question should be "why do they have to print so many pennies every year?" Paper bills last an average of 18 months before they need to be replaced, but coins don't typically wear out. Where are these pennies going?

[–] [email protected] 3 points 3 days ago (1 children)

Where are these pennies going?

I assume they're mostly going to "spare change" jars in people's homes. When was the last time you paid for a purchase using pennies?

For the few cases where cash transactions still occur, it's far less effort to hand the cashier (or machine) a bill, let them calculate the exact change, and scoop the assortment of coins into a pocket, never to be used again.

Personal anecdote: My dad is one of the few people I know who would occasionally pay for purchases using handfuls of pennies, often to the consternation those nearby and the embarrassment of my mom.

[–] [email protected] 3 points 3 days ago (1 children)

I assume they’re mostly going to “spare change” jars in people’s homes.

I've never understood that. Even if they accumulate a fair amount, now they have to roll the coins and take them to a very unhappy bank teller, or just dump them in a coinstar machine which takes a percent off the top.

I'm the exact opposite. I always try to get rid of my coins. I save a handful of quarters, nickels & dimes in my car for parking meters, but that's it. If I can't spend them, I'll just go to the credit union and deposit a $20 bill + 78¢ or whatever.

Plot twist - while I'm at the credit union, I ask if they have $2 bills. I got $80 worth last time. Now I'm the weird guy who tips in $2 bills. And people save those too, thinking they're rare or out of circulation.

[–] [email protected] 1 points 3 days ago

I’ve never understood that. Even if they accumulate a fair amount

"Spare change jar" might not be accurate. Many people's coins might be scattered amongst their pockets, purses, vehicles, etc, rather than in a centralized location.

I’m the exact opposite. I always try to get rid of my coins.

I suspect you are not like most people :)

I ask if they have $2 bills. I got $80 worth last time.

LOL, you might get along well with my dad. He's purchased rolls of 50 cent pieces, to similar effect.

[–] [email protected] 1 points 4 days ago (2 children)

The argument against this is that it’s illegal.

Congress passed a law requiring the minting of pennies. Trump can’t unilaterally order their end.

[–] [email protected] 5 points 4 days ago

it’s illegal.

I'm sure that'll stop him.

[–] Donkter 1 points 3 days ago

The video covers exactly this in less than 10 minutes.

At least watch it.