Jeff Gore
speaker
10 appearances
1 recordings
1 series
first heard Feb 2013
last heard Feb 2013
Jeff Gore’s voice in public audio — every appearance, attributed to the second.
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Appearances
I think that it's valuable to start by just asking what's the point of currency to begin with and that's to facilitate cash transactions.
What you want to be able to do is go to the store and give them some coins and get something in return.
Now, it used to be that a penny could serve that purpose because it was worth something, but that's just no longer the case.
Now, despite the fact that the penny is not serving any useful purpose, it actually does have real costs.
And the most obvious of these is that it now costs more than a penny to make a penny.
For example, the US Mint announced that last year it cost over two cents to make every single one of these coins.
In addition to this obvious cost, there's another cost that is actually, I think, more significant, which is the value of the time that we spend waiting in line for the person in front of us to handle these pennies.
There was a study done by Walgreens and the National Association of Convenience Stores that found that roughly two and a half seconds were wasted in every cash transaction just as a result of handling pennies.
This may not sound like very much, but it really adds up over the course of the year to, for the country, billions of dollars of wasted time.
It's time for us to retire the penny.
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