Won’t be missed.

“The American penny passed away on Wednesday in Philadelphia at the age of 232.

According to the Treasury Department, the causes were irrelevance and high cost.

No longer could a penny buy anything — not even penny candy. And with the expense of minting each coin exceeding three cents, the penny's fate was sealed by simple economics.

The final pennies were minted on Wednesday afternoon in the Pennsylvania city, where treasurer of the United States Brandon Beach struck the final, circulating one-cent coin. …”

DailyMail article:
https://mol.im/a/15285589

So sad that our currency has been devalued so much by excess government spending and debt.

1977 & 1978 I was working in Spain. The lowest denomination coin was the peseta, exchange rate vs. U.S. penny was about 1.4¢

There was always a shortage of peseta coins. When I went to a bank to cash my expense check from the job, if the bank did not have peseta coins they would substitute a book of matches.

Nickle won't be far behind read it takes $.10 to make a nickel, then the dime, quarter, all coins and finally paper money will be eliminated.

All part of the plan to digitize all currency, the cost of making them isn't big, the penny saves us $56 million a year, nothing, a pittance compared to total federal government expenditures, google AI says it's not specifically listed as a line item but the Department of Defense spends $130 million on toiletry paper products.

The total cost of all currency, per year $1.1 billion, not even Dr Evil threat level.

This is a distraction from real fiscal issues.

Get all the penny-hoarders to put what's in their coffee cans and jelly jars and car ashtrays back into circulation, and we'll never have a second thought about not making more.

Cost to produce the penny has no relationship to the benefits of using it. You make change with it, you don't really "spend" it.

Now, everything will cost more simply due to rounding-up, so that the 3-cent cost of producing a penny will be spent each time you don't have one to make change. That's each time. Over the life of a coin, that 3-cent saving may cost the economy a couple hundred dollars.

I find it amazing that they'll bitch about costing three cents to make a penny and ten cents to make a nickel, but they seem just fine when it comes to the price of making a $100 bill.

Hmmm...

quote:

Originally posted by newtoSig765:
Cost to produce the penny has no relationship to the benefits of using it. You make change with it, you don't really "spend" it.

Now, everything will cost more simply due to rounding-up, so that the 3-cent cost of producing a penny will be spent each time you don't have one to make change. That's each time. Over the life of a coin, that 3-cent saving may cost the economy a couple hundred dollars.

There are an estimated 300 BILLION in circulation still

The last CIRCULATION penny (1-cent coin) has been minted. It will be minted for inclusion in special collector sets sold by the US Mint, such as what will be issued for the Semiquincentennial (250th) of the USA.

The “nickel” needs to be minted in a different metal. The Euro, Canadian, Australian, British, and New Zealand coins are now being minted in steel.

quote:

Originally posted by 2BobTanner:
The last CIRCULATION penny (1-cent coin) has been minted. It will be minted for inclusion in special collector sets sold by the US Mint, such as what will be issued for the Semiquincentennial (250th) of the USA.

The “nickel” needs to be minted in a different metal. The Euro, Canadian, Australian, British, and New Zealand coins are now being minted in steel.

I read that the final pennies minted today will be sold at special auction and not part of a set. Apparently 232 were minted with an omega symbol and then the last five minted all to be auctioned. I bet those will all go for a pretty price tag.

[/QUOTE]

I read that the final pennies minted today will be sold at special auction and not part of a set. Apparently 232 were minted with an omega symbol and then the last five minted all to be auctioned. I bet those will all go for a pretty price tag.[/QUOTE]

You mean they will cost a pretty penny..........

PC

^^^ I'm already seeing "special edition" (or some such language) pennies for sale on wee-hour infomercials.

quote:

Originally posted by PCWyoming:

I read that the final pennies minted today will be sold at special auction and not part of a set. Apparently 232 were minted with an omega symbol and then the last five minted all to be auctioned. I bet those will all go for a pretty price tag.[/QUOTE]

You mean they will cost a pretty penny..........

PC[/QUOTE]

lol….yeah I was going to say pretty penny, but changed it. I guarantee those will go at very high dollar values; especially the last five. Proceeds will go to the U.S. Treasury. Auction will probably be in December.

I will just hold onto a 2025 penny in my change box.

Y'all won't mind if I keep all the copper ones I have, will ya'.

quote:

Originally posted by ridewv:
So sad that our currency has been devalued so much by excess government spending and debt.

The dollar is the new penny.

Ebay and Etsy have already been selling rolls of 2025 pennies at inflated prices.

I don’t miss the 1/2 cent so I don’t think I’ll miss this one. Still inflation sucks.

Well damnit how does my kids school fundraiser “penny wars” work then? Supposed to collect as many Pennie’s as you can and deposit in your class jar. “Silver” coins can be added to other class jars to deduct from their penny amount.

I think people are embracing electronic money and coins at this point are pretty pointless. As fischtown7 said, the dollar is the new penny.

quote:

The dollar is the new penny.

According the Federal Reserve’s own inflation calculator, what cost $1.00 in 1913, what take $32.61 today. Or in other words, what cost $0.01 in 1913 would cost $0.33 today.

https://www.minneapolisfed.org...inflation-calculator

If we adjusted the way we calculate final pricing on items, we really wouldn't need the penny. Sales Tax should be included in the price to make it a round number. That $29.99 + tax shirt should just be priced at $32 including tax. No pennies needed.