How will the composition change of the penny effect us?

I am doing a presentation on the composition change of the penny and the doors it will open in the future. I have came up with plenty of good ideas but would love to hear what some of you all feel are major effects we will all endure. The effects can be positive or negative.:yes:

thanks
Dimefreak

 

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As far as I know there isn't going to be a composition change. Maybe you could enlighten me with the news.
Guy

 

Penny? Cent.

Is the question (and your presentation) based on hypothetical change? and about the ongoing argument to kill the cent coin vs. keep it? How about a one-cent-less future? No one cent coins should have a big impact on commerce and collecting. Overall, can you be more specific... Is your presentation overarching or specific to one area? -about commerce, -collecting, -economics, -production/minting issues, -govt. budgetary impact?

Is this thread doing your homework for you? LOL!

I highly suggest that you use the Advanced Search thread as there are scores and scores of threads about US coin composition changes as well as the argument to keep producing or to stop producing one cent coins.

The New Yorker and the WSJ in the past couple of years have also done editorials on the argument of going cent-less.

 

It hasn't been determined what it will be changed to as of yet, but budgeting for it leads me to believe it is going to happen. http://www.coinflation.com/coinage_material.html

 

This thread is definitely not doing my homework for me. LMAO. I am doing past present and future composition changes of the penny. Its an informative speech, not a report. I am currently doing the slides for the future portion and all I can come with right now is a serious hit to our psyche, and the door being opened to remove the penny. I did an advanced searched and its just alot of arguing about what they'll change it to and what not. I am just looking for one more effect. If I use your effect ill cite you in my formal outline

 

Penny? Cent.

Arguing... well that's a forum for you. You have to be a gardener and weed out the muck, but the same is true using newspapers, magazines, blogs, etc. for research material as it can be biased.

 

That coinflation article is hyperbol in my opinion. The minto, nor Congress has put serious thought into composition changes for the cent for quite some time. True, at one point the price of copper made production costs exceed the value of the coin, but that is no longer the case. It would ultimatelly cost far more to develop and change the composition than to keep it the same, which is exactly why it wasn't changed.
Guy

 

I seriously suspect the next change will be elimination, not a composition change.

 

The composition change of the cent will have no lasting effects.

A change in any other coin would have far reaching effects that would touch everyone in the country who uses coin operated machines (vending, parking, tolls).

 

Interesting......do you mind explaining why Obama would include it in his budget? My research has brought up alot of different responses.

 

Right now, changes in design and composition are the purview of Congress. Does it really surprise you that Obama wants this power in the Executive Branch? All three branches of government have sought to encroach on the other's jurisdiction since the adoption of the Constitution spelled out their limitations and checks

 

The reason for your searches uncovering a lot of hits about this is because it is recent news and search engine results will crank out recent stories and those with a lot of site hits at the top of your results. This is not a particular administrations hidden agenda to be a particular authority over this issue.

 

A change in composition would probably not have any effect at all.

Most likely any new composition would still be copper plated so as to be visually indistinguishable to the general public from the current cent. (Such as copper plated aluminum or copper plated steel.) This is one of the reasons the current cent was copper plated. The cent is not used in the vending machine industry so the change in composition would have no effect there like a change in the other coins would. This would mean that the new composition cent would be used in the same way as the current cent. It will be struck, sent to the banks, acquired by businesses, used to make change then taken home by the customers and thrown in a jar. Each year the mint will have to make huge numbers of new coins to prevent a shortage because only a small fraction of the cents in those jars will come back to the banks and repeat the cycle.

 

put it in perspective. how did the composition change things in 1864? 1943? or 1982? More importantly, what precursor led to the composition change. Extrapolate THAT point.

 

is the reverse design of 2010 lincoln cent "preservation of the union" be continue next year and year after?. or do the mint change the reverse design every year?.

 

It's supposed to be the permanent design now.

 

If they don't eliminate the penny, oops, cent; it will eventually change to a cheaper metal like Aluminum. Boy, I hate those coins!

 

I for one would not miss the penny (cent) if they simply stopped producing it. After all, there are still around 455 BILLION left! They would slowly fade away and we'll get along without them. Do we REALLY need pennies (cents)? Are they so vital to our currency system that if we lose them our entire economy will implode? Will the universe explode if there aren't enough pennies to go around? But let's be honest, Abe was homely. Granted he kept the union together and freed slaves, but he was not the best looking person. (Sorry, my sarcasm is reaching new heights tonight.)

 

I believe that if they stopped making them on Jan 1st 2011, they would cease for all practical purposes being a circulating coin before the end of the year.

 

I agree. Most merchants now have a container of cents which allows you to give or take from to account for the nuisance of rounding to the nearest nickel. That's the clarion call for elimination in my opinion.