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.
No comments yet.join the discussion
Timothy SallumeUnited States3 years ago
Joe AdamsUnited States3 years ago
There are no highlights yet.