SENATE BILL: Kill the Penny Act (Failed)

[Napoleon]

So, under this act, my interpreation is that the penny will still be used, just no more will be made. Kinda like what the US did with the two-dollar bill.

It'd be cool if some sort of program was created to recycle all the old pennies into new coins or something else.

Uh, the penny would still be legal tender and not totally removed from circulation under this law. Only production ends.

[Napoleon]

So, under this act, my interpreation is that the penny will still be used, just no more will be made. Kinda like what the US did with the two-dollar bill.

It'd be cool if some sort of program was created to recycle all the old pennies into new coins or something else.

Uh, the penny would still be legal tender and not totally removed from circulation under this law. Only production ends.

Yeah, that's exactly what I said my interpretation was. What's your point?
I still think it'd be a good idea, as a way to phase out the penny, to think of some sort of recycling program so pennies aren't just thrown away.

The point being obviously that since pennies will still be used, recycling is totally unnecessary and you are only trying to complicate the law.

[Napoleon]

That is an unreasonable suggestion. Or, to use your term "dangerous".

[Napoleon]

That is an unreasonable suggestion. Or, to use your term "dangerous".

Referring to phasing out the penny, or recycling old pennies? And why do you think it is unreasonable?

Phasing out the penny would be unreasonable because not all of our transactions currently run to the nearest nickel. Pennies serve a purpose, it is the cost of production that makes a proposal to end production hold merit. Pennies haven't lost their use as a currency simply because production ends.

[Napoleon]

30 years is a long time though.

[Napoleon]

Aye

[Napoleon]

This makes fiscal sense. It costs more to produce a penny than they are actually worth. There's no reason to continue to make pennies.

[Napoleon]

This makes fiscal sense. It costs more to produce a penny than they are actually worth. There's no reason to continue to make pennies.

/sigh

In the short run it makes fiscal sense. In the long run, it is confusing, will tighten the penny supply without any plan on how to deal with prices, and will force the Mint to increase production of nickels, which have three times the loss of creating pennies, erasing most of the savings you get from stopping penny production.

This bill needed amending to something more comprehensive than a shortsighted half-measure. It also makes 'fiscal sense' to get rid of nickels, but you're not doing that, are you?

What's the point of being Game Moderator if few people listen to what I say?

Uh, pennies will still be circulated so the problems you forecast wont occur until down the road. Besides, shouldn't the mint decide what composition to use for coins. It doesn't make sense that legislators would have to determine what specific alloy is used. That's something I'd consider an executive power.

[Napoleon]

Under the Constitution, the Senate is given the power to "establish coin and currency". We have the power to determine what the currency and coin we use will be. The executive, then, must act. So, whoever is determining how these are made, should make nickels more cost effective.