Comment by teachrdan
2 days ago
Fun fact: While the US spent more than 3 cents for every penny minted and distributed, it spends about 14 cents for every nickel minted and distributed!
2 days ago
Fun fact: While the US spent more than 3 cents for every penny minted and distributed, it spends about 14 cents for every nickel minted and distributed!
When they decided to stop minting pennies I think they should have gotten rid of nickels and (I know this will be controversial) quarters as well!
Keep dimes and ramp up production of half dollars. Then we can just drop the second decimal place and standardize pricing everything in 0.1 dollar increments.
The fact that quarters are still somewhat commonly used in machines (vending machines, parking meters, laundry) is probably the biggest practical obstacle.
This may be the most practical go-forward plan. The Euro's .20 coins are also attractive too. But you're correct that quarters, as the smallest common currency that you can plausibly buy something with just a couple of them, are just everywhere, from laundry to car washes, so the pain in retiring them would be widely felt.
What I've learned from the penny retirement is that people are deeply distrustful of simple high school level statistics! Millions of people have angrily seethed that somehow stores are or will be using the penny retirement to rob them, despite knowing that most transactions have an unknowable amount of different items, and sales tax, so attempting to manipulate prices to gain a statistical advantage out of rounding would be incredibly difficult and would yield a pitiful return. Let alone how the cash transaction share is declining every year.
We need to keep the physical dimensions and material properties of the quarter, but why not change the face value? Demote them to 20 cents, or even better, make them 50 cents because the real half dollar coin is obnoxiously huge and impractical.
What of the economic impact of doubling the value of all quarters? Eh, it'll probably be fine. We'll just write it off as an AI datacenter loan somehow
I would have gotten rid of nickels and dimes; then everything is priced in 1/4 dollars.
Which is pennies compared to the amount of economic activity that those pennies facilitated.
> activity that those pennies facilitated
Do you mean in the zinc mining and Coinstar? Pennies have been a bizarre ritual for years, wherein the government made zinc worth less than its pre-minted value, distributed them to banks nationwide, banks in turn to stores, stores using them once to give meaningless amounts of money to customers, customers in turn immediately throwing them on the ground or at best eventually dumping them into a coinstar, and coinstar returned those to banks.
Nothing of value was going on there. I'd rather pay any zinc miners and coinstar drivers who have been displaced to play video games all day while still saving all those resources, fuel, and most of all, time.