After 232 years, today the U.S. mint has made the last Penny

[Eric]

At a cost of 0.4 to create this is a sensible decision. Of course the nickel costs 0.14 to make but that's a discussion for another day.

 

[Herdfan]

Of course the nickel costs 0.14 to make but that's a discussion for another day.

Yes, I have seen where investors/speculators are buying up hundreds of thousands of dollars in nickels hoping the melt value increases way above the face value.

 

[fischersd]

Yep - Canada did this back in 2012 (and we also changed our $1 and $2 bills into coins....as they last longer.

If we could only get all of the merchants to take contactless payment, then everyone could go without carrying cash (which I've been doing for about two years now).

I only snag cards when I need to go to the bank or make purchases over $250 with my credit card.

Now - SOMEONE needs to come up with something that would be free to use for our vagrant / homeless community. To say nothing of the charities which rely on people's pocket change.

 

[rdrr]

Yes, I have seen where investors/speculators are buying up hundreds of thousands of dollars in nickels hoping the melt value increases way above the face value.

Isn't the nickel another sandwich coin, so melting it down (if you are allowed to do that legally), would be a mixture of metal.

 

[Cmaier]

If we could only get all of the merchants to take contactless payment, then everyone could go without carrying cash (which I've been doing for about two years now).

I have a folded up $50 in my wallet that’s been sitting there for years, in case of emergency. I keep a credit card in there too, just in case, but I can’t remember the last time I couldn’t pay with contactless. A few restaurants still don’t have the portable scanners, I guess. Home Depot, last time I checked, was another one. But at least around here you can get away without cash or card.

And, now that I think about it, when my daughter goes on school trips (England, Oregon, DC, NY) she only has my apple card in her iphone’s wallet, and she’s had no problem paying for stuff.

 

[Yoused]

Nitpick: the mint has never produced as much as a single penny.

 

[rdrr]

I have a folded up $50 in my wallet that’s been sitting there for years, in case of emergency. I keep a credit card in there too, just in case, but I can’t remember the last time I couldn’t pay with contactless. A few restaurants still don’t have the portable scanners, I guess. Home Depot, last time I checked, was another one. But at least around here you can get away without cash or card.

And, now that I think about it, when my daughter goes on school trips (England, Oregon, DC, NY) she only has my apple card in her iphone’s wallet, and she’s had no problem paying for stuff.

I love the European model where they bring you the handheld to tap pay. Much better than handing over your card to a stranger and they go out back for 20 minutes doing god knows what with it.

 

[Cmaier]

I love the European model where they bring you the handheld to tap pay. Much better than handing over your card to a stranger and they go out back for 20 minutes doing god knows what with it.

I’d say that 75% of the restaurants we’ve been to lately here have those scanners now.

Some, even better, have a QR code on the table and you can pay with your phone - no need to even wait for a waiter to bring you the check.

 

[Eric]

I have a folded up $50 in my wallet that’s been sitting there for years, in case of emergency. I keep a credit card in there too, just in case, but I can’t remember the last time I couldn’t pay with contactless. A few restaurants still don’t have the portable scanners, I guess. Home Depot, last time I checked, was another one. But at least around here you can get away without cash or card.

And, now that I think about it, when my daughter goes on school trips (England, Oregon, DC, NY) she only has my apple card in her iphone’s wallet, and she’s had no problem paying for stuff.

One of my local gas stations requires you to pull out the card, the others all have contactless but they're inconveniently located on the other side of the freeway and always adds an extra few minutes. So I just try to remember to grab my card before I go.

 

[rdrr]

I’d say that 75% of the restaurants we’ve been to lately here have those scanners now.

Some, even better, have a QR code on the table and you can pay with your phone - no need to even wait for a waiter to bring you the check.

Ahhhh. The introvert's paradise! Here on the East Coast, those are few and far between.

 

[Cmaier]

Ahhhh. The introvert's paradise! Here on the East Coast, those are few and far between.

dude, i was at a great mexican restaurant the other day, and noticed they had a QR code- it actually allows you to order food, AND pay when you’re done. So relaxing…. If only they had robots to bring me the food.

 

[Herdfan]

Isn't the nickel another sandwich coin, so melting it down (if you are allowed to do that legally), would be a mixture of metal.

It is, 75% copper, 25% nickel.

To separate you would need to melt the coins and then slowly cool them off to where the nickel will solidify at around 1450 C and you can then pour the still liquid copper off.

Right now what stops people from doing this is the amount and cost of the energy to melt them. But the speculators are betting the prices of these metals continue to rise to the point it become economically feasible.

Worst case scenario is they lose the time value of the money they used to buy the nickels.

 

[DT]

I have a folded up $50 in my wallet that’s been sitting there for years, in case of emergency.

We always carry cash (along with CCs, obviously tap-to-pay via phones, etc.) It's helpful in all sorts of situations, and we usually tip with cash (this afternoon at the parking in the Old City, cash, Mojos, tip, cash).

 

[rdrr]

It is, 75% copper, 25% nickel.

To separate you would need to melt the coins and then slowly cool them off to where the nickel will solidify at around 1450 C and you can then pour the still liquid copper off.

Right now what stops people from doing this is the amount and cost of the energy to melt them. But the speculators are betting the prices of these metals continue to rise to the point it become economically feasible.

Worst case scenario is they lose the time value of the money they used to buy the nickels.

Good to know, but it looks like it's illegal according to Gemini.

• The U.S. Mint (under the authority of the Treasury Department) enacted regulations (31 C.F.R. Part 82) to prevent this. At times, the value of the copper in a penny or the nickel in a nickel has been worth more than the coin's face value. The government prohibits melting to prevent a shortage of these coins in circulation, which would cost taxpayers money to replace.
  
  

 

[DT]

I have a bunch of steelies, aka, "steel pennies", that were minted in '43 due to copper shortages from the war.

 

[Herdfan]

We always carry cash (along with CCs, obviously tap-to-pay via phones, etc.) It's helpful in all sorts of situations, and we usually tip with cash (this afternoon at the parking in the Old City, cash, Mojos, tip, cash).

I always keep $100 bill and a CC in my truck for emergencies in case I lose my wallets. Started this before I could pay with my phone or watch (although I can’t get my watch to work as smoothly as my phone).

 

[Cmaier]

I always keep $100 bill and a CC in my truck for emergencies in case I lose my wallets. Started this before I could pay with my phone or watch (although I can’t get my watch to work as smoothly as my phone).

Cool. What’s your license plate number, and where do you hide the spare key?

 

[Katbel]

I love the European model where they bring you the handheld to tap pay. Much better than handing over your card to a stranger and they go out back for 20 minutes doing god knows what with it.

Yes, agree
In Canada we do the same, at the table
Tapping with the Apple Watch, they don’t even see the card and not even the number on the card.
The receipt has a different number . Also in the shopping centres I always pay tapping with the watch

 

[Katbel]

dude, i was at a great mexican restaurant the other day, and noticed they had a QR code- it actually allows you to order food, AND pay when you’re done. So relaxing…. If only they had robots to bring me the food.

Maybe they need Neo, have you seen it ? Restaurant version

 

[Katbel]

Yep - Canada did this back in 2012 (and we also changed our $1 and $2 bills into coins....as they last longer.

If we could only get all of the merchants to take contactless payment, then everyone could go without carrying cash (which I've been doing for about two years now).

I only snag cards when I need to go to the bank or make purchases over $250 with my credit card.

I learned to ask the cashier to split the amount over $250, when it’s possible and I pay tapping.

Now - SOMEONE needs to come up with something that would be free to use for our vagrant / homeless community. To say nothing of the charities which rely on people's pocket change.

For them I keep change. For the charities I donate online