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  1. Embed this notice
    Seth A. Roby (tallama@mastodon.social)'s status on Wednesday, 29-Nov-2023 00:47:22 JST Seth A. Roby Seth A. Roby
    in reply to
    • Camilo

    @cam yes, but fintech uses fractional pennies already; no need for them to stop just because there’s not a physical coin to match the number in the database.

    Worse: it actually costs more than 1¢ to make a penny!

    More details:
    https://en.m.wikipedia.org/wiki/Penny_debate_in_the_United_States

    In conversation Wednesday, 29-Nov-2023 00:47:22 JST from mastodon.social permalink

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    1. Domain not in remote thumbnail source whitelist: upload.wikimedia.org
      Penny debate in the United States
      A debate exists within the United States government and American society at large over whether the one-cent coin, the penny, should be eliminated as a unit of currency in the United States. The penny costs more to produce than the one cent it is worth, meaning the seigniorage is negative – the government loses money on every penny that is created. Several bills introduced in the U.S. Congress would have ceased production of pennies, but none have been approved. Such bills would leave the five-cent coin, or nickel, as the lowest-value coin minted in the United States. Other countries have also withdrawn coins no longer worth producing, such as Canada ending production of the Canadian penny in 2012. The most recent time that the United States withdrew the lowest-value coin from circulation was with the half-cent coin (hay-penny), which was withdrawn in 1857; the 1857 half-cent coin was worth approximately 16 cents in 2022 dollars. Legislation In 1990, United States Representative Jim Kolbe [R-AZ] introduced the Price Rounding Act of 1989, H.R. 3761, to eliminate the penny in cash transactions, rounding...
    • Embed this notice
      Camilo (cam@hachyderm.io)'s status on Wednesday, 29-Nov-2023 00:47:23 JST Camilo Camilo
      in reply to

      @TALlama I wonder why we don’t do that anymore? Though I see that was well before the US dollar as the global reserve currency.

      In conversation Wednesday, 29-Nov-2023 00:47:23 JST permalink
    • Embed this notice
      Seth A. Roby (tallama@mastodon.social)'s status on Wednesday, 29-Nov-2023 00:47:24 JST Seth A. Roby Seth A. Roby
      in reply to
      • Camilo

      @cam yes; the hay penny (half penny) used to exist in the US but was phased out long ago. When it did it had more buying power than the dime does today.

      In conversation Wednesday, 29-Nov-2023 00:47:24 JST permalink
    • Embed this notice
      Camilo (cam@hachyderm.io)'s status on Wednesday, 29-Nov-2023 00:47:25 JST Camilo Camilo

      So if inflation, when under control, is pretty much a normal part of a growing economy, what does that mean for currency denominations?

      Shouldn’t the lower currencies (like the penny) be getting phased out regularly? Like assuming everything goes according to plan, shouldn’t we have a rough idea of when the nickel, dime, quarter, and dollar bill will be worthless to society as actual things?

      In conversation Wednesday, 29-Nov-2023 00:47:25 JST permalink

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