Any business losing 70% on every transaction fails. It costs 1.7c to make a one Penny. It cost 7c to make one Nickle. You cannot make a purchase with a penny or a nickle. Eliminating those coins from the economy means prices would be evolved to simpler $1.2 or $25.3; we would not lose 70% or 40% for every coin minted; two slots in cash registers to make room for dollar and possible multi-dollar coins, which would have a 25-year life, vs. the 12-15 month life of a printed. Printed bills cost 7c each to print, but the shorter lifespan means a savings (1 Dollar Coin = 16c to produce for 25 year lifespan, 15 $1 bills @ 7c each = $1.05 fo the same 25 year life) We have changed the economy before: the "mil' is no longer calculated, the half-penny was eliminated in 1857. We cannot afford to keep losing money for every penny produced.
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Timothy Sallume, United States3 years ago
Joe Adams, Clayton, NC, United States3 years ago
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