politics, television

Bye, Pennies

John Oliver explains out how pointless pennies are these days and how we spend too much money making them. He’s right and we should stop.

(Also, if you’re not already watching everything from Last Week Tonight, you should start. They post a bunch of clips on YouTube.)

3 Comments

  1. Pennies are definitely not cost effective to produce as it stands now. Despite this, I’m not a fan of the “no more pennies” solution. I believe that creates issues with paying cash.

    Here’s my solution: We have enough pennies in circulation for our current needs. Let’s stop minting so many pennies every year. Instead we will mint a smaller amount of pennies, once every few years. This will cause a native reduction of overhead, maybe even enough to offset the cost of making the pennies. If it still costs too much to make a penny, then we will have to look at changing the makeup of the penny.

    That solution is ideal for maintaining a society that can operate with cash payment.

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  2. Pennies are on their way out in the Eurozone too. Businesses have already started rounding prices up or down to make the transition.

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