 |
| Public Domain |
It’s kind of fitting that Lincoln is portrayed on the humble penny because he was kind of a humble president. Today’s leaders do not seem to favor humility, and the penny might soon be extinct.
Thus speaketh Elon Musk, who claims that it costs three cents to produce every one-cent coin. Translated into DOGEse, doing away with pennies could mean a governmental savings of almost $200 million per year.
What then would happen with a purchase of, say, $4.51? Theoretically, the shopkeeper would round it down to $4.50. However, we’re talking human nature here. Rounding up to the nearest nickel could easily become the norm. In that case, consumers would likely be paying for the governmental savings.
It was Ben Franklin who originally claimed that a penny saved is a penny earned. His monetary portrayal will likely last way longer than Lincoln’s since $100 bills are still coveted by the powers that be.
Resources
https://www.barrons.com/articles/eliminate-penny-elon-musk-doge-462b003b
