No more pennies: In big change, Treasury will stop minting them

Yappi

Yappi

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The Trump administration hopes to save big bucks by phasing out the penny.

The Treasury Department has placed its last order for blank pennies and plans to stop minting the one-cent coins as soon as that's exhausted.

Each penny costs nearly four cents to produce, so the move is expected to result in immediate savings of $56 million a year. A Treasury spokeswoman confirmed the decision, which was first reported by the Wall Street Journal.
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I'm not pro or anti but I have a math question. My pop refill at the local gas station is 99 cents. Probably now rounded up to a dollar. Sales tax is 6.75 percent. How much will it cost if I pay cash?
 
aztecjim said:
I'm not pro or anti but I have a math question. My pop refill at the local gas station is 99 cents. Probably now rounded up to a dollar. Sales tax is 6.75 percent. How much will it cost if I pay cash?
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Most of the EU, as the euro hasn’t had a €0.01 or €0.2 coin for awhile now, just rounds up to the near €x.x5. I assume the US will do the same.

$0.99 with a 6.75% sales tax is $1.056825, would normally round to $1.06. It’ll be $1.10 instead. Great for the McDonalds of the world - their $0.05 margin on soft drinks just paid for itself with McDonalds not having to do a thing!
 
aztecjim said:
I'm not pro or anti but I have a math question. My pop refill at the local gas station is 99 cents. Probably now rounded up to a dollar. Sales tax is 6.75 percent. How much will it cost if I pay cash?
Click to expand...
If you live in Ohio there is no sales tax If you consume your pop off premises.
Common exemptions from Ohio sales and use tax: Groceries and food sold for off premises consumption
 
Are nickels next? From Money Digest
. Dimes, for example, only cost about 5 cents to make (5.76 cents in 2024, to be exact), according to the U.S. Mint's 2024 report, but oddly enough, nickels cost significantly more. With a manufacturing cost of 13.78 cents per nickel, the price is more than double than that of a dime, making us question the face value of every coin in our pockets.

Read More: https://www.moneydigest.com/1791977...s-make-dime-more-than-double-that-for-nickel/
 
SLS said:
Are nickels next? From Money Digest
. Dimes, for example, only cost about 5 cents to make (5.76 cents in 2024, to be exact), according to the U.S. Mint's 2024 report, but oddly enough, nickels cost significantly more. With a manufacturing cost of 13.78 cents per nickel, the price is more than double than that of a dime, making us question the face value of every coin in our pockets.

Read More: https://www.moneydigest.com/1791977...s-make-dime-more-than-double-that-for-nickel/
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I understand the cost per face value argument, but it's not as if coins are used just once. Each one is used many, many times.

Probably, a lot less today though, eh?
 
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