Honestly, pennies were supposed to be part of a dollar, which is a certain amount of gold.
As it stands, because of the destruction of sound money, the dollar has lost 99% of its value. What was considered a penny in 1800 would be considered a dollar today (or less). A 1800 dollar worth of gold today costs about 140 dollars.
The copper in a penny used to be worth far less than the value of a penny, but today they can't make a penny out of copper for a penny. They moved to Zinc, but it turns out they can't even make a penny out of Zinc for a penny.
The right answer is to not devalue the currency by 99%, but I'd be ok with eliminating most change to the level of a quarter at this point. I'm not going to bend over to pick up a penny ever, a nickel basically ever, and even a dime most of the time. It's only a quarter where the amount of money is even worth the effort to bend over and pick up.
It's like, the penny represents a smaller and smaller amount of value, it stops making sense to track such a small amount of value. Again, the solution is to stop having so much inflation. If they're not going to do that, it does make sense to eventually abandon coinage that becomes trivially valuable.
As it stands, because of the destruction of sound money, the dollar has lost 99% of its value. What was considered a penny in 1800 would be considered a dollar today (or less). A 1800 dollar worth of gold today costs about 140 dollars.
The copper in a penny used to be worth far less than the value of a penny, but today they can't make a penny out of copper for a penny. They moved to Zinc, but it turns out they can't even make a penny out of Zinc for a penny.
The right answer is to not devalue the currency by 99%, but I'd be ok with eliminating most change to the level of a quarter at this point. I'm not going to bend over to pick up a penny ever, a nickel basically ever, and even a dime most of the time. It's only a quarter where the amount of money is even worth the effort to bend over and pick up.
It's like, the penny represents a smaller and smaller amount of value, it stops making sense to track such a small amount of value. Again, the solution is to stop having so much inflation. If they're not going to do that, it does make sense to eventually abandon coinage that becomes trivially valuable.
That's an interesting train of thought. I'll have to look more into it.
It does feel intuitive, because a coin made of silver is going to be a reasonable size for a reasonable amount of value, but your gold coin is going to be tiny unless it's either debased or for a massive amount of value.
It does feel intuitive, because a coin made of silver is going to be a reasonable size for a reasonable amount of value, but your gold coin is going to be tiny unless it's either debased or for a massive amount of value.
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