The Death of $9.99 (Page 1/2)
cliffw FEB 10, 12:45 PM
Thank goodness.

Trump orders the elimination of producing the US Penny.

Send you pennies to me.
Raydar FEB 10, 01:56 PM
So if pennies are really worth 2 cents, where can I cash mine in? I've probably got drawers full.
ray b FEB 10, 02:47 PM
CASHIER SAID
I will give you the bright new pennys

I said no just the older dull copper ones
they maybe good dates
none of the new style are worth anything

inflation will result
just like the rump did last time
then blame ''others''
and your lot buys it
cliffw FEB 10, 03:09 PM
Is the penny the new bit coin ?
Mike in Sydney FEB 10, 04:06 PM
In Australia, we did away with pennies in 1992. Any item costing less than some total dollar amount plus 14, 24, 34, or 44 cents is rounded down to the nearest 5 cents. Hence, $5.94 cents is rounded down to $5.90. Total dollar amount plus 66, 76, 86, or 96 cents is rounded up to the nearest 5 cents. In this case, $5.96 becomes $6.00.

Guess how many items at the shoppes have a unit price where the price for an individual item is rounded down?

Not saying it won’t save money but it only works to the consumers advantage when buying multiple items. And the total of those is above or below the 5 cent line.

[This message has been edited by Mike in Sydney (edited 02-10-2025).]

maryjane FEB 11, 08:33 AM
'stop PRODUCING pennies'.........

It will be a long while before the public stops USING pennies.
blackrams FEB 11, 09:41 AM

quote
Originally posted by Mike in Sydney:

In Australia, we did away with pennies in 1992. Any item costing less than some total dollar amount plus 14, 24, 34, or 44 cents is rounded down to the nearest 5 cents. Hence, $5.94 cents is rounded down to $5.90. Total dollar amount plus 66, 76, 86, or 96 cents is rounded up to the nearest 5 cents. In this case, $5.96 becomes $6.00.

Guess how many items at the shoppes have a unit price where the price for an individual item is rounded down?

Not saying it won’t save money but it only works to the consumers advantage when buying multiple items. And the total of those is above or below the 5 cent line.




Interesting. I'm not sure I trust the rounding down rule. What I can see happening is retailers actually raising the price so that rounding down doesn't end up costing them profit. I'm not there so, I can only give a opinion but, that's what I would expect.


quote
Originally posted by maryjane:

'stop PRODUCING pennies'.........

It will be a long while before the public stops USING pennies.



No doubt about that. However IMHO producing this coin when the production cost exceeds the value doesn't make sense either.

Rams
Jake_Dragon FEB 11, 10:33 AM
How long have they been talking about this?
This is not new. I recall this coming up before as well.
As Don pointed out, unless there is a drive to pull the penny from circulation its going to be around for a while.
cliffw FEB 11, 11:24 AM
It is being said that to mint a nickle that it costs more than a nickle.

Why are we even minting new coins every year ? We do not have a shortage of coins.

[This message has been edited by cliffw (edited 02-11-2025).]

blackrams FEB 11, 01:50 PM

quote
Originally posted by cliffw:

It is being said that to mint a nickle that it costs more than a nickle.

Why are we even minting new coins every year ? We do not have a shortage of coins.




I believe new coins are being minted with different combinations of the "precious metal" each time being of cheaper value. Just look at newer pennies versus pennies from your youth. As to why, I can't answer that question. There's a huge supply of every coin out there. I still have Silver Dollars from back when my Dad was a child that he passed on down to me. They will eventually get passed on to my only grandson. Along with that jug of Wheat Pennies I've been gathering for the last 40+ years.

Rams

[This message has been edited by blackrams (edited 02-11-2025).]