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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
bymspohr ( 589790 ) writes:
Pennies are useless since they are nearly worthless.
We should also get rid of nickels since they too cost more to produce ($0.13) and are nearly worthless.
I lived in Switzerland 20 years ago. No centimes (pennies) and rarely used a 5 centime piece (unlike the US 5 cents, Swiss 5 centimes were very small and light.
bylarryjoe ( 135075 ) writes:
Pennies are useless since they are nearly worthless.
We should also get rid of nickels since they too cost more to produce ($0.13) and are nearly worthless.
I lived in Switzerland 20 years ago. No centimes (pennies) and rarely used a 5 centime piece (unlike the US 5 cents, Swiss 5 centimes were very small and light.
Quoting from this article [yahoo.com]:
"According to the latest annual report from the US Mint, each penny cost 3.7 cents to make, including the 3 cents for production costs, and 0.7 cents per coin for administrative and distribution costs. But each nickel costs 13.8 cents, with 11 cents of production costs and 2.8 cents of administrative and distribution costs. [...]
"During that fiscal year [2022], the Mint tried to cut those losses by making far fewer nickels — only 202 million, down 86% from the 1.4 billion nickels it minted in each of the two previous years. That’s also far less than the 3.2 billon pennies it made in 2024 and the 4.1 billion it made in 2023 and 5.4 billion it made in 2022.
"Even if the Mint has to make only 850,000 additional nickels in 2025 to meet demand from retailers, that would wipe out the savings of eliminating the penny. If goes back up to making 1.4 million nickels a year, that would cost $78 million more than the cost of pennies it is no longer making.
"The Mint would likely have to make more than that — probably in the range of 2 million to 2.5 million nickels a year if it stops making pennies permanently, said Mark Weller, executive director of the Americans for Common Cents, based on the track record in other countries that dropped their lowest valued currency."
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