Bill introduced to eliminate penny

[NiBullionCu]

The Currency Optimization, Innovation and National Savings Act of 2017 (COINS Act) by Sens. John McCain, R-Ariz., and Mike Enzi, R-Wyo., calls for modernizing American currency by reducing the cost of producing nickels and suspending the minting of the penny for 10 years, which costs more than one cent to produce, according to a news release on McCain's website.

https://www.mccain.senate.gov/public/_cache/files/30b76738-3c52-4e99-92de-05eeb7705620/coins-act-3-29-17.pdf

[coppernickel]

Wow! :!

Last time we saw similar was on April first. Guess we are close.

[hobo finds]

http://www.wkyt.com/content/news/McCain ... 89613.html

As a person who lives in Arizona I think we should get rid of all 3! The cent, dollar bill and John McCain!

[TwoAndAHalfCents]

The bill also includes replacing the dollar bill with a dollar coin. That will surely kill any shot this bill has of passing.

[blackrabbit]

I'd be quite happy if only John Mccain was gotten rid of.

[hobo finds]

The bill also includes replacing the dollar bill with a dollar coin. That will surely kill any shot this bill has of passing.

(d) Removal and Destruction of $1 Federal Reserve Notes.—The Board of Governors of the Federal Reserve System shall ensure that all $1 Federal reserve notes removed from circulation in accordance with the date described in subsection (b) have been destroyed.
(e) Exception.—Notwithstanding subsections (b) and (c), the Board of Governors of the Federal Reserve System shall produce such Federal reserve notes of $1 denomination as the Board of Governors determines from time to time are appropriate solely to meet the needs of numismatic collectors of that denomination. Such collectible versions of $1 Federal reserve notes shall be sold in accordance with other general provisions governing collectible versions of notes.
(f) No Effect on Legal Tender.—Notwithstanding any other provision of this section, $1 Federal reserve notes are legal tender in the United States for all debts, public and private, public charges, taxes, and duties, regardless of the date of printing or issue.

[Shazbot57]

I'd be quite happy if only John Mccain was gotten rid of.

I'm right there with you!

[Recyclersteve]

Hopefully nobody named Penny takes offense to the title of this thread...

[Shazbot57]

Hopefully nobody named Penny takes offense to the title of this thread...

[spacemanX]

So ...
they are remove penny from the big bang theory. lol

[JadeDragon]

Of course Canada eliminated the dollar bill, the two dollar bill and the penny. It defiantely saves money and everyone got used to it quickly. Maybe the USA will eventually catch up to their Canadian friends.

[Morsecode]

Canada eliminated the cent? Where have I been?

As for the US dollar coin...will never work until the greenback is not an option. And it has to be bigger than a quarter.

Naturally, the pinheads in Congress will see to it that it is exactly the size of a quarter, then wonder why it hasn't gained acceptance.

[JadeDragon]

Yes all pennies were pulled from circulation. (Almost) no bank will even sell me a roll now.

The Presidential dollars are very close in size to a Loonie. I don't know if they are counted the same by coin counters, but they would sure roll together. No one in Canada ever mixes up Loonies and quarters as the size and color is different.

I've long hoped that more presidential dollars would circulate and find their way into Canada because that would be great for coin roll hunting Loonies to find US dollars. As it is the highest US coin I've ever found is a quarter and those are exceedingly rare in Canadian Quarter rolls - like often zero in a whole box.

[Morsecode]

Interesting. A box of quarters in CT will often yield a half dozen Canadians. Box of dimes about the same.

[JadeDragon]

I live very close to the US border, like a 20 min drive. I suspect two things are happening. The coin processors are pulling US out for redemption and individuals like me save US coins they encounter in a jar. At 1.34x value, Gresham's law is in full effect. When the exchange rate is closer to par, a lot more US coins circulate in Canada.

[scyther]

It would be really great if this passed, but it won't.