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Too early to say "ever", considering there has been no act of congress on this matter and the penny continues to be legal tender. The decision to stop minting i
by paxys 1y ago
Too early to say "ever", considering there has been no act of congress on this matter and the penny continues to be legal tender. The decision to stop minting it is a (legally debatable) executive order, and the next president or even the current one can change their mind about it tomorrow.
- aDyslecticCrow 1y agolets hope not. This is long overdue and should pose relatively little issue compared to most other recent questionable executive orders. stop minting and stop accepting is commonly separated to allow adjustment. so likely a later president will just add the second phaseout step.
- dawnerd 1y agoI agree it's time to follow Canada and the rest of the world but it needs to be done through congress, not executive orders. It needs to have a proper framework for migration and laws for how payments are rounded.
- Waterluvian 1y agoI don’t believe we actually have a law that dictates how to round in Canada. There’s just a government recommendation. I get that the U.S. is a much lower trust culture, but is it really necessary? The rounding is only for cash transactions.
- aDyslecticCrow 1y agoI think stores will adjust their prices pretty quick if they cannot even aquire pennies to give as change. So no law should be needed. you may need to stipulate a grace period during which stores are still obligated to take pennies, to slowly shake them out of circulation without every American needing to visit a bank for cashing in. But its also possible that isn't needed either. In the 2nd half of the phaseout you may need a proper marketing campaign to remind people to cashe in before expiration. (common when other countries update their physical currency). But that is probably the job of a different sitting president anyway so whatever. Heck, is this actual something that congress have say over? It wouldn't surprise me if this was actually up to the federal reserve to decide, and they seem on board.
- Jblx2 1y agoWhy would pennies need to expire? Why wouldn't stores still accept them, even if they are in short supply? Surely stores would still accept $2 bills and $1 coins (which are "rare") even if they don't like it?
- asdfman123 1y agoI say we eliminate both pennies and (significantly more importantly) executive orders
- CSMastermind 1y ago> (significantly more importantly) executive orders How would that work? The president is the executive of the federal government and needs to issue directives to employees telling them how to do their jobs. This is like saying we should get rid of CEOs sending emails.
- asdfman123 1y agoYou know what I mean: executive orders in their current incarnation. Better congressional and judicial oversight, more limited scope of powers.