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

"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. Because it costs more to make a nickel than the value of the nickel itself. So the next question is how does this actually affect us in real life?"

"All of those pennies that we've collected over the years are still going to be considered legal tender, meaning we can still keep using them at the store. We can still deposit them at our bank and we can still trade them in for cash at coin counting machines. That's not going away."

"our pennies are not going to lose their face value overnight, they're also probably not going to become super valuable collectibles either, or at least not right away"

"pennies minted before 1982 were made from 95% copper, and those pennies are already worth about 2 to 3 cents each because of the metal content alone."

"cash transactions at stores will soon be rounded to the nearest nickel. And here's exactly how it's going to work. 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."

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

"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."