What Are Your Thoughts on Pennies?
What are your thoughts on pennies? Should they be phased out? Should they continue to be in circulation?
(If you don’t live in America, feel free to substitute the smallest coin in your currency.) <3
@jesusredeemedme2425
I think coins are important. That's shows liquidity of money in a country. How would we get a 1 rs chocolate if there's no 1 rs coin 🤔 then I'd rather need to buy 100 rs chocolate or 100 chocolates. Demand and supply would be highly affected.
One such decision was taken in India by the Prime Minister to decrease the liquidity in the nation because inflation was high, black money was in the market ts called demonetisation. 500 rs and 1000 rs notes were stopped being used.
Coins have their own value in a nation. I'm sure it also includes something to the gdp of the country and inflation or deflation in the economy.
Fun Fact: It costs the U.S. Mint three cents to manufacture a penny.
...yes, really.
Draw your own conclusions.