DOGE takes aim at the penny

depends on the venue

 

I am not sure that I could reduce my usage of credit cards any less than I have already.

 

You are right. It would really only matter on low dollar single item purchases.

 

...

 

Use your credit card to purchase pre-loaded VISA charge cards and use them in places that refuse cash.

 

What about debit cards?

 

I’ve never used a debit card. Don’t even have one. I don’t see any value to having a debit card.

 

NEVER touch them except at the bank that I have the account at and their ATM. There is much less protection for theft and banks are starting to get to the point where they are no longer replacing the money that is stolen through cloned/stolen bank cards. There is still greater protection with credit cards.

 

I usually use my credit cards but there are places like gas stations where it’s more expensive to use credit cards. I had someone clone it once and I lost the use of a couple hundred bucks for a couple of days. My anti fraud method is to spend a couple seconds a day and go over what is happening in my accounts and leaving only a couple hundred bucks in the account with a debit card.

 

Same. Mine sits in a drawer at home unless I’m purposely going to withdraw cash from an ATM. Even over seas I’ll just do a cash advance on my CC.

 

According to this that Twitter post is incorrect.

“
2024 production cost: 3.69 cents per penny
Total 2024 production: 3.172 billion pennies
Net loss in 2024: $85.3 million
Composition: 2.5% copper, 97.5% zinc

https://www.scottsdalemint.com/arti...5nUkPMPygIjnQJv4TXM36Ygul-NmXpmU-nYEIQAyCysQ_

 

I was pretty sure it had to be right coming from Alexander Hamilton. I deleted until Alex responds.

 

My 11-yo totaled up her pennies (138 of them) and I told her that would cost over $5 to make so they’re not making them anymore. Her response: “Does it really matter if they cost more to make than they’re worth? Since they print the money couldn’t they just use printed money to pay for it?” Ah, sweet child. Stumbled upon the magic of the Federal government monetary policy in the 6th grade…

 

My plan would be to make extremely high value coins with very cheap metals, that would save so much money. A million dollar coin made of low grade aluminum. That would cost a few cents compared to its value. I am a genius.

 

So…paper money?

 

That's a good idea. We need a 1 cent note once we phase out the penny. Gonna open the first penny strip club.