It would actually do next to nothing if the entire supply were vanished right now. There’s about $300 billion in pennies in circulation. Around $850 per American, or roughly four days of average individual consumer spending.
The economy as a whole does on the order of 10s of trillions of dollars of activity a day.
Eliminating every penny would be less than a 1% reduction in liquidity, and even smaller in terms of actual use.
Now? They literally haven’t been Worth fishing out of the couch instead of just vacuuming up and toss the lot for years.
If someone throws out enough of them it should in theory help with inflation, but I doubt that many of them would ever be melted down or thrown away
It would actually do next to nothing if the entire supply were vanished right now. There’s about $300 billion in pennies in circulation. Around $850 per American, or roughly four days of average individual consumer spending.
The economy as a whole does on the order of 10s of trillions of dollars of activity a day.
Eliminating every penny would be less than a 1% reduction in liquidity, and even smaller in terms of actual use.
$850 a week sounds a little nuts to me, let alone 4 days, and not in consumer spending.
Our entire GDP isn’t $30T yet. I’m really questioning these numbers.