silvrluvr

I'd like to see the cent dropped and replaced with a copper 5 cent piece, and maybe a 2 or 3 cent piece.

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-Jeff in MN
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buy, buy, buy, sell, buy it back, buy, buy, buy....

majorbigtime

It is a cent, not a penny!@

majorbigtime

To repeat, it is a cent, not a penny!@

green18

Say that again. I didn't hear you......

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They also serve who only stand and wait....John Milton

Scott M.

Keep the cent. It's not that hard to work with, and I like cash registers to calculate my bill with sales tax to the nearest cent. Those that don't like the cent can put them in the tray by the register or drop them on the ground where I'll pick them up.

I feel like I'd be giving extra money to the government by the rounding up process...With my luck, I'd go to ten different shops/stores and have all ten transactions rounded UP....

I bet charities--the ones with coin collection containers near a cash register--would see a reduction in donations...all those pennies add up for them.

CamaroDMD

But, if it costs more to produce the coin than it's worth...isn't that a problem? The value of the cent has dropped so much due to inflation it's not even worth the metal in the coin (let alone the cost of production). They government is literally throwing money away (tax generated money) by producing the cent.

Then again, I don't have to worry about sales tax.

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jello

No! us Lincoln lover would die!

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no one right 100% of the time
***The only dumb question is the one not asked***

rockdude

But your property tax you do.

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An artist is somebody who produces things that people don't need to have. Andy Warhol

CamaroDMD

Yeah...and so does my state income tax.

I just happen to live in one of a couple states that don't have sales tax. But, we make up for it in either property or state income tax.

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The Truth About "O" Mint Morgan Dollars

jello

You know what they stay there is only 2 thing you can not get away from Death & Tax'

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no one right 100% of the time
***The only dumb question is the one not asked***

rockdude

I used to live west of Portland and down near Rogue River some time back when the town of Wimer was still on the map.

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An artist is somebody who produces things that people don't need to have. Andy Warhol

Scott M.

I don't see it as a problem because the mint more than makes up for it everywhere else (except the nickel ).

Seniorage from each quarter = 20.8 cents; each dollar coin = 94.8 cents.

ONE roll of 'mint wrapped' presidential dollars, now selling to collectors for just $35.95: Mint's profit = $23.81!

bullnuke

So what you are saying is the stock holders in a company would be alright with taking less profit by continuing to make something for a loss, something that doesn't have to be made. If we make 7 billion cents a year for a loss of 1/2 cent each that would be an overall loss of 35 million dollars( where I come from that is a lot of money). Additionally 1 billion nickels at a loss of 1 cent each is an additional 10 million dollars. In the overall scheme of things may be small potatoes, but no different than skipping starbucks once a week.

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Kie

I don't have friends, friends are a liability, friends will get you killed!
I work in Quality Assurance: If you need a friend buy a dog.

Aubrey

The cent probably should be eliminated. The unintended consequence would be that all item's costs will be rounded up to .05 or .10 depending (ie .22 to .25 or .27 to .30), no doubt.

mikenoodle

If you plan it as a practice, then you must subsidize it by some other means. I can't speak about the cent, but the nickel is costing over 5¢ to make and I have heard a solution to the problem that's quite interesting to coin collectors. You don't need any change in legislation or coinage bill to make it happen either.

You start coining the clad half dime. Half the size of a dime, the treasury secretary can authorize the coin himself as the denomination is currently on the books and the design has not changed in over 25 years. Where I originally heard this is when the state of Virginia hi-jacked the reverse of the Nickel a few years ago. They soon figured out that legislation authorizing any new issue would override the current law rendering it a moot point.

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