President Trump has ordered the Treasury Division to cease minting pennies to save cash. It prices virtually 4 cents to make one and because the president seeks to scale back federal spending, the penny is an efficient, if largely symbolic, goal. The nickel is much more costly. It prices practically 14 cents to make. One doesn’t need to have studied Economics 101 to grasp this can be a full waste of cash and a part of the inefficiency and overspending Trump is making an attempt to expunge from authorities.
The U.S. Mint started full-time manufacturing of the penny in 1792. Then, the cash have been the dimensions of in the present day’s half-dollar and referred to as “giant cents.” The penny additionally grew to become embedded in in style tradition and its worth endured till trendy instances. Older folks will keep in mind penny sweet and slogans like “a penny to your ideas” and “penny clever and pound silly.” Songs concerning the penny impressed “Pennies from Heaven” and a highway made well-known by The Beatles, “Penny Lane.”
As for “a penny to your ideas,” again then, ideas and a penny have been value greater than they’re in the present day. Simply have a look at the misspending being revealed by DOGE and also you’ll be shocked on the waste.
Although he by no means truly stated it, Benjamin Franklin is commonly credited with “coining” the phrase “a penny saved is a penny earned.” He did, nevertheless, write in his “Poor Richard’s Almanac” (1737): “A penny saved is 2 pence clear.” The 1768 model of the Almanac revised the saying: “A penny saved is a penny bought.”
Different coinage attracted slogans of their very own, together with “nickel and dime you to dying,” “not a dime’s value of distinction” and two bits (1 / 4). There are dozens of slang phrases for cash.
Just like the penny, many of those phrases (and cash) have been created many years, even centuries in the past, and have now outlived their usefulness. How many people get annoyed fumbling for cash whereas we’re paying for groceries or different retail retailers whereas we maintain up the road and frustrate these behind us? Even that have is more and more changing into old style.
The perfect answer can be to cease minting all cash. We’re rapidly transitioning to a cashless society. Why not go all the best way? If an merchandise prices below 50 cents (together with tax), spherical it off to the greenback under. The identical for something costing greater than 50 cents. Spherical it off to the upper greenback.
A retailer close to me has a machine that turns cash right into a paper receipt that I can then use to use to merchandise I want to buy. It’s enjoyable to look at and listen to the gadget swallow the cash and see the display mild up like a slot machine in Las Vegas because it counts the cash. As leisure it gives a number of seconds of diversion. It might function a transition to cashless buying.
Rising numbers of us are utilizing debit and crypto-currency playing cards to purchase issues. Collectors can gobble up the assorted current cash and save for future generations. The financial savings that may come from abolishing coinage can be important, together with avoiding the inconvenience of counting out change. It simply is smart (or cents).
Readers might electronic mail Cal Thomas at tcaeditors@tribpub.com. Search for Cal Thomas’ newest e-book “A Watchman within the Night time: What I’ve Seen Over 50 Years Reporting on America” (HumanixBooks).
