Penniless

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  • #2027618
    rightwriter
    Participant

    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?

    #2027734
    AviraDeArah
    Participant

    Nearest dollar? Sounds like it would be rounded to the nearest 5 cents. Israel did this with agurot; it’s not unheard of.

    #2027736
    TS Baum
    Participant

    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! 😉

    #2027737
    CTLAWYER
    Participant

    @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.

    #2027746
    ubiquitin
    Participant

    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.

    #2027759
    HaLeiVi
    Participant

    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.

    #2027764
    yaakov doe
    Participant

    Has anyone found information from the US Mint or any US Government source authenticating this apparent April fools joke from April 1, 2021?

    #2027766
    ujm
    Participant

    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?

    #2027769
    ☕️coffee addict
    Participant

    Why can’t you still have unrounded price and in the end everything will be paid via debit or electronic payment

    #2027772
    rightwriter
    Participant

    i meant nearest dollar as in 99 cents becomes 1 dollar or .95 cents becomes a dollar. I just worded it wrong.

    Will they actually be worth something in the future?


    @Yaakov
    what makes you think this is a joke?

    #2027771
    ubiquitin
    Participant

    “I think even a nickel isn’t 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)

    #2027780
    ujm
    Participant

    ubiq, would you pick up a dime or a quarter?

    #2027809

    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?

    #2027856
    ujm
    Participant

    I heard (25 years ago) that a prutah is about 25 cents. With inflation, it may be more now.

    #2027985
    ubiquitin
    Participant

    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

    #2028062
    rightwriter
    Participant

    Actually pennies are the highest selling coin in terms of mistakes and collectibility. Some have sold for hundreds of thousands more than any other coin. And there are many types of collectible pennies which makes it quite valuable.

    Also I’m sure taking away a certain coin would have some impact on the economy somehow for good or bad?

    While they are at it they should put the 2 dollar bill into circulation I think that makes even more sense than taking away the penny.

    #2028081
    ujm
    Participant

    The U.S. used to have a half-cent coin.
    ________________________________________
    Another consideration America has had discussions over the last few years is to eliminate the $1 bill and replace it with the $1 coin.

    #2028100
    Mammele
    Participant

    Didn’t 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 “In G-d we Trust” it’s not kavod to leave on the ground.

    Just my 2 cents…

    #2028130
    Kuvult
    Participant

    Will Antisemites have to stop telling Jews to “Pick up the pennies”?

    #2028127
    TS Baum
    Participant

    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.

    #2028233
    rightwriter
    Participant

    “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.)”

    -I heard something of the sort too, is there something to it? Sort of like not throwing away the food crumbs to show you value food?

    “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.”

    The point is that in the long run coins stay usable practically forever. But to replace the dollar bill with a coin is senseless since coins weigh a lot and the whole reason they went from coins to bills was because it is easier to carry. So what they proposed is going backwards kind of like the NYC plastic bag ban, going back to paper

    #2028249

    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)

    #2028281
    ujm
    Participant

    AAQ, if you can recall that, you must be a longtime AARP member…

    #2047946
    rightwriter
    Participant

    So with the penny gone, how do you explain math of a 100 cents equate to a dollar, when you can’t break the dollar into 100 individual cents?

    #2047960
    ujm
    Participant

    The penny is far from gone.

    #2047968
    ubiquitin
    Participant

    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 cents

    Most 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

    #2047975
    WolfishMusings
    Participant

    There are enough pennies in circulation that they will still be around for decades to come.

    The Wolf

    #2047980

    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.

    #2048002
    Yserbius123
    Participant

    When was the last time you paid cash for anything besides a babysitter?

    #2048019
    rightwriter
    Participant

    The pennies may be around for decades but you won’t be able to use them that’s the whole point here.

    Half cent equations aren’t as common as cents. It’s simple 100 cents make a dollar. It’s much easier to understand and also apply when there is an actual one cent coin.

    And last time paid in cash? Many times when I don’t feel like waiting for the chip machine to work, or when I just want to pay for something and be done with it without later seeing a huge credit card bill, or if I owe someone money and I just take out some cash from the wallet. Cash is very convenient and both cash and credit have their advantages and disadvantages.

    The reason most people pay with a card is due to a psychological reason that they don’t see the actual money leaving their hand so it feels like a lighter transaction and almost as if they paid nothing at all. That’s also a huge reason why people get into so much debt because they don’t track their purchases and just swipe away after all they have a whole month to pay for it. It’s much easier to hold on to physical cash in your wallet than to a card that contains digital denomination that is likely over your budget anyway and takes effort to check the balance.
    Anothe reason is most people get paid directly into their bank account so taking out cash is inconvenient. People who get paid in cash use cash since they have it on hand more often.

    I think its a mistake to take the penny away since now everything will just cost more since it will obviously be rounded up to the nearest nickel and not otherwise.
    Yes pennies are annoying since some will insist on breaking your whole dollar just for that extra penny that you don’t have. But how will this solve the issue now If something will be 2.05 and you don’t have a nickel you will still have to break a whole dollar for it. With the penny it’s such a small denomination that most will just let it go at this point and let you keep your dollar whole.

    #2048055
    ujm
    Participant

    RW: Pennies will remain legal tender for all debts, pubic and private, indefinitely.

    #2048080
    rightwriter
    Participant

    Arent they taking them out of circulation though? Doesnt that mean they can no longer be used? Im sure that businesses will refuse to accept them especially if they will have that option they will jump on it.

    #2048083
    ujm
    Participant

    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.

    #2048093
    Gadolhadorah
    Participant

    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.

    #2048102

    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.

    #2048103

    RW > psychological reason that they don’t 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).

    #2048104

    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.

    #2048170
    CHOOSID
    Participant

    I only got the big bills. We need pennies for meshulachem

    #2048174
    Gadolhadorah
    Participant

    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.

    #2048236
    rightwriter
    Participant

    Gadol, the 2 dollar bill is still being produced. They said that the penny production will stop in around 2022/2023.

    I actually am a supporter of having the 2 dollar bill in regular circulation since it is so convenient and allows to carry less bills and make transactions quicker. I have no idea why people/merchants dont like to use them aside for the weak excuse of not having a spot for them in the register.

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