I hear a lot pf people while standing in line at grocery stores and Walmart worrying about how getting rid of the penny is a bad idea; they think it will cause retailers to “round-up” their prices. This is not the first time the U.S. has changed our coinage. If you don’t remember or were never taught, let me assist.
“Mil” is Latin for one-thousand or one-thousandth (overly simplified) (also spelled mill and mille). In America’s case, it meant one thousandth of a dollar, or one tenth of a penny. Never heard of it, you say? If you purchase petroleum product for your car or truck, you see “mils” being used every time you fill-up. What do you think $2.56 9/10 per gallon means? Then the retailer rounds it up to the nearest penny on your dime. Gas companies will not discard this money generating practice until forced to.
During our first big depression in the 30s, the U.S. Mint produced the Half-Mil coin (half of a penny) for a brief period and then minted the 2 Mil coin that was used for sales tax collection. As their need dissipated, the coins were taken out of circulation.
There were die-hard Luddites back then just as there are today. And Americans will forget the penny’s existence just like the mil. You’ll only hear about pennies when referring to other countries’ currencies or on re-runs of Sky King.
Dave Fihn
Source: Americans Will Forget About The Penny
