Trump Just Ended The Penny (Prepare For A Cashless Society)

"This could be the beginning of a movement to modernize our economy, save millions in taxpayer dollars, and even condition us toward a fully digital cashless society."

"The Treasury says the US Mint has made its final order of penny blanks. It will stop making pennies when those run out."

"studies from countries like Canada, which also got rid of their penny in 2013, found that rounding usually balances itself out. Half the time prices round up and half the time they round down, meaning customers overall don't end up paying significantly more."

"if you're someone who pays with things like credit cards or debit cards or even apps like Apple Pay or Venmo, this change will not affect you at all because digital payments still count every penny. There's no rounding happening in digital payments."

"getting rid of the penny might just be the government's first small step in getting rid of cash entirely."

"if you pay with cash, a lot of transactions will now be rounded up to the nearest 5 cents because there's no more pennies."

"The nickel already costs even more money to produce than the penny. About 14 cents per coin, which is almost three times its face value. And if we're getting rid of pennies because they lose money, it makes sense that nickels will eventually follow."

"This might also be signaling that we are subtly conditioning ourselves toward a fully digital economy."

"So what's happening right now is we're removing coins that are not coste effective while at the same time we're building the infrastructure that's needed for this digital currency. So it might not just be about pennies and nickels. This could be the beginning of a very historic pivot towards a digital economy, which would be a huge change to how we spend money, how we save money, and how we think about money completely."

"cash transactions at stores will soon be rounded to the nearest nickel."

"If your total ends in 1 or 2 cents, the cashier rounds down to the nearest zero. But if it ends in three or four cents, it rounds up to the nearest 5 cents."

"China introduced a digital version of their own known as the digital yuan. And they are actively testing it across millions of people and their goal is to digitize their entire monetary supply within just a couple years."

"Now the Fed now is not a digital dollar yet, but a lot of people see it as a stepping stone toward the Federal Reserve eventually creating a fully digital currency or what's called a CBDC, a central bank digital currency."

"Maybe our kids or our grandkids will go to a museum in the future sometime and they're going to see dollar bills hidden behind a glass wall and study how we used to use physical money. That's probably going to happen sometime in the future."