Guarantee Walmart starts pricing things at $xx.96 and milking $0.04 on every transaction.
This means pennies will stop being made, but the concept of 1 cent will still exist.
Most payments are digital, anyways. This won’t have any meaningful effect.
If they do it they way we did in Canada, that would round down to 95¢ and you’d get a nickel back
That would be great, but… Murica and all that. If they can fuck us without lube, they will.
Exactly what they did here when we switched to euro
It’s going to be harder to ask people what they’re thinking 🤔
Got a nickel for your thoughts?
Great title
So this is what it’s like to fully embrace the death of the USD?
Well, getting rid of the penny was always kinda a good idea. It costs more to make one than it’s actually worth.
Here in Canada we killed our penny years ago.
The US used to have a half penny, but it was killed over 100 years ago.
Minting such a small amount of change that sees almost no practical use is pointless.
Remember when u could buy penny candies? The dollar ain’t worth shit anymore
Honestly, I’d be fine with killing the nickel too. Just start pricing everything in tenths of a dollar instead of hundredths.
Around 2006 is when the penny started to cost more to make than it’s worth. It’s only like this because of how weak the USD has become
This doesn’t have much to do with international use of the dollar.
I’m kind of commenting on how bad our inflation has gotten …
Just have a $1 coin that can snap into 10 pieces like a chocolate bar. And a $100 note that tears into 10 pieces like a book if stamps.
We should also kill the nickel and paper dollar at this point.
Nickels and dimes sure. Not sure why you’d ditch the dollar yet, it still has buying power. And dropping paper dollars for dollar coins is pants on head levels of stupid
I really hope you’re not advocating for a cashless society.
I’m ready for that possibility
Monero
Great, so throw every homeless or vulnerable person, abuse victims, children, etc who do not have access to a bank account or phone into a completely worse state. Food? Busses? For any of these people they are just now off the table. Eliminate whole sects of the restaurant, service, and gig economy industry overnight and millions will lose their jobs. The amount of people who work under the table at restaurants is outstanding.
Nickel I agree with, but I feel like the the paper dollar is a bit much. Why do you want to get rid of the paper dollar too?
You don’t want an eagleydoo?
It’s really not a big deal. Canada did this ages ago and the world didn’t explode.
But Canadian money isn’t real money
Proof! Canadian quarter in a vending machine: rejected!
Completely fake money! (/s obv. Border states often interchange Canadian/US currency, vending machines reject currency they don’t know.)
Lots of those Canadian quarters floating around in FL when we lived there.
yeah, we’re all a little loony up here
I heard a rumour that if everyone just gather around politicians and keep throwing pennies at them, the corruption in the government will be gone.
I mean like… dump an entire box of pennies from a skyscraper onto a politican down below FOR SCIENCE 😏
The one good executive order to come out of that bag of puss
If only he did it properly. The better way to do it would have been via Congress.
Canada has a law that allows cashiers to round up or down. Without this, the US is only making a penny shortage, and you better believe customers will be screaming at cashiers for “stealing their money” if they don’t get their cent back, or shrieking “it’s legal tender!” if cashiers don’t accept their Pennies.
Common cents
So is this one of those things where Americans do the common sense thing and agree?
Or is this the another classic case of a few very loud and emotional Americans screaming with passion and zero logic?
Or is it one of those situations where everything seems to go smoothly. And then you figure out that they didn’t add the correct rounding regulations, so you’ll be paying a little extra on every single transaction the store puts at .96?
It’s going to be 2 and 3.
First 3. Then 2 because yokels will complain that “them walmarts is stealin my money!”
I do have a funny story about someone determined to get his .01 cent.
USAF. We were leaving after a month long TDY (not a deployment, but you do go to a different place, stands for Temporary Duty Assignment) to England. The crew and us maintenance guys all stayed at the same hotel off base. We spent this month meeting with them in the morning in front of the fire place, and usually finding out the mission got canceled for the day. We were all ready to go home.
The head maintenance guy was a penny pincher. He had like 8 kids, so he kind of had to. This is a guy that went around base picking fruit off the trees. He left Saudi with a large bag of free MREs. We all joked that that was the only way he could eat at home because no one else wanted to eat them.
Anyway, we’re leaving finally. We’re all on the bus. Air crew and maintenance. Maintenance usually has to show up about 45 mins prior so we can inspect and get everything ready. So this was going to be a quick turn and out. We stopped by the base gas station to pick up snacks for the flight home. Everyone but the head maintenance guy is back on the bus. 5 mins. 10 mins. 15 mins. The pilot finally had enough. “WTF is taking him so long?”
He goes in and comes back out almost right away with the guy in tow. Why was he in there so long? He was arguing with the cashier over his change…1 penny. The pilot went in, found out what the hold up was, and told him, “I’ll give you the damned penny. lets go!” while dragging his ass out.
Here in Canada we got rid of the penny years ago.
When paying in cash, we round to the nearest 0.05 but with card payments it’s still the exact price.
Also, the amount of money you’d lose by rounding in a cash transaction is pretty minimal.
This is the slow banning of cash.
Step 1: Eliminate penny
Step 2: Some stores stop accepting cash because of rounding
Step 3: Second wave of other stores join
Step 4: Fewer people carry cash as a result
Step 5: Cash Becomes More Difficult to Withdraw From Banks since less cash on hand means they need justification for any withdrawal over 500 in a day
Step 6: Wait 3 Years, but strengthen ID requirements while implementing behind the scenes biometric collection and AI identification for the purposes of “catching illegal immigrants”
During step 6, conservative Christians, normally fearful of the Antichrist and a universal mark for being able to be a part of society, accept this development because MAGA good, immigrants bad
Step 7: Regime change. The lower classes, upon having the little wealth they have and labor stolen even more, with increases in poverty and death, realize they have been screwed and elect pro-regulation big-government Democrats to save them.
The democrats ban privacy coins in a new comprehensive crypto bill. There is little protest.
Step 8: American New Deal. In an effort to “save America,” Democrats pass a bill with a huge amount of spending for the poor, as well as expansive banking regulations to ensure banks are “safe.” The public safety means more than 100 can’t be withdrawn in a day.
Step 9: 3 years pass, almost no one uses cash. The destruction caused by Trump’s actions and the changes caused by AI lead Democrats to enact UBI for all, a card with 800 a month for everyone. Each person gets a card. Additionally, all financial transactions must be linked to the card, and cash is banned. Rural maggats, many reeling from greater poverty, are happy to get UBI.
Step 10: AntiChrist arrives, wowing all before killing nearly everyone. Cashless MAGA Christians are impressed… Before they all are killed.
Yep… It’s just a penny. Nothing to worry about folks!
Kooky answer to a real question.
You are now my archenemy on Lemmy, so called “thehiddencatboy.”
deleted by creator
That’s some crazy ass shit. More proof that reality is simulated!
I don’t believe in religious stuff and Step 10 was mostly a joke, although that link is shocking.
To everyone who downvoted me, screw you!!!
(Edited, and the down votes keep coming. You can all go to Lemmy hell! … which is possibly the hexbear instance, although I’m not sure.)
Kill the nickel and dime while we’re at it.
Why would you want to get economic analysis from a non-expert/complete amateur?
I promise you there would be significant fallout to this that Grey, who has no economics degrees nor any experience at all in economics, is not going to catch because Grey is only good at the very basic stuff that amatuers like myself can explain competently.
What fallout? Their worth is negative. Other countries and the us have done this when the impact was theoretically higher.
I’ll admit I’m not an economist but this easily passes the smell test without further explanation of the negative.
How is theor worth negative? Are they one time use items?
The (negative) value is created at minting. They are negative value and then just part of the system in circulation. Many aren’t in circulation either, though. They sit in a jar until they go to the bank and then shoved in a vault at the federal reserve.
Since they get used multiple times they do not retain that negative value.
US slowly working its way to a Japan style monetary system where the fractional unit ceases to be used as the buying power of the main unit dwindles.
Did you know Japan had a coin called ‘sen’ which was 1/100 of a yen? They aren’t made anymore. They’d be near useless if they were because a cup of ramen is ~¥200, or 20000 sen. Although, it would be pretty funny in a show to see some ancient Japanese guy paying for his lunch with his sen collection while some uptight salaryman loses his mind in line behind him.
Anyone would lose their mind in that situation. I had ti leave a store once without buying anything because the guy in front of me was trying to buy his things with coins and I had to go to work.
frankly they might aswell cut the 5 cent piece too while theyre at it.
Make a 20¢ piece instead of the quarter and everything can go to the nearest 10¢. Then eventually we can get rid of the dime too and everything can go to the nearest 20¢.
Please do not put the idea in Trump’s head that he can mint new denominations. They will all have his face.
If we actually optimized the cost of production beforehand this could work
This is the forward thinking we need right now.
This is what the euro currency did, I expect for this reason.
No, forward thinking is to depreciate the dime, ahead of its time. When the penny was introduced it was worth the equivalent of 37 cents today. Round only to quarters. No new coins - a new 20 cent piece wouldn’t be compatible with coin infrastructure today.
Just scrap anything less than $1. Then make coins $1 $5 $10 $20 that look and feel similar to the penny, nickel, dime, & quarter but are really replacing these paper bills.
Why would you want coins instead of paper bills?
They last a lot longer. This is why Canada switched to coins for $1 and $2
Homie just wants to have his pants constantly jingling.
They last longer. Up to this point the government could not get the public to adopt the $1 coin, largely because it was too big physically, and cashiers didn’t have an extra slot in their coin drawer. We could change all that now, if we convert $1, $5, $10, and $20 into coins the appear similar to the penny, nickel, dime, and quarter.
We want the fantasy-trope coin-pouch hanging from our belts! We’ll tors down bags of coins! It’ll be great!
