Is the cent being discontinued in 2015?

I read online where the mint is discontinuing the cent in 2015. If I remember, the last batch will be in April 2015. If this is the case, what does that mean for the value and collectible sense of these coins?

 

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Did you read it here?

US Mint to Cease Penny Production in 2015 - Cash Money Life

If so, please note the specific month and day that they say the coin will be discontinued.

 

Also feel free to read the entire article...


$$$ And if you haven’t figured it out by now – Happy April Fools Day!

Disclaimer: No pennies were harmed in the writing of this blog article. All facts, figures, and other information were made up on the spot or carefully edited for effect, except for the Penny Fun Facts, which lead to legitimate sources of information.

 

Haha, that's hilarious!! Pulled the wool over my eyes!!! I feel a little dumb. Ya, April 1, April fools day.

 

Yep, the Internet is a great source for accurate and useful information -- and for wool.

 

Even though this was a joke, is there any possibility that the cent might be discontinued?

 

It's possible - Canada eliminated their cent recently. I don't think it will happen in the US any time soon...

 

Sure. It's been discussed for years, maybe decades. I think it'll be discontinued eventually; the only question in my mind is whether it'll go before cash itself is discontinued.

 

who knows when but it will happen eventually. I've been hording one box ($25.00) per month for about a year now. Could be a rainy day fund too, I suppose, if desperate, but it's a small set aside. I don't search them, just stash them away. Going to have to make more room in the closet soon.

 

What do you expect to do with them?

 

Cash will never go away. As to the cent I wouldn't miss it anymore would end all the .99 prices too which I wouldn't miss either I do love old cents tho just prefer large cents

 

Never going to happen. For evidence, look at any gas station's posted prices. It's been many decades since 1/10 cent was a significant fraction of the total price per gallon -- in fact, many years since one cent was a significant fraction of the price -- but Every. Single. Price still ends with "and 9/10".

Actually, I'll take that back -- my local Kroger had a bug in their pump programming for a while so that, instead of the three cent per gallon discount I was supposed to get with my loyalty card, it gave 3.9 cents. Instead of (say) 3.669/gal, it would charge 3.660/gal. A trivial difference, as I argued above, but it caught my attention, and made me think of them first when I needed gas, even if I wasn't sure theirs was the very lowest price around.

Psychology is more important than math when it comes to advertised prices. Coins may come and go, but the price increments they represent will live on.

 

Same here. Usually the price per liter is displayed using three large digits followed by a half-size "9". Some gas stations even tried different "mil" amounts - 1.474 or so. Problem is that pretty much everybody expects the last digit to be a 9, so hardly anybody would notice the tiny difference. But give the "9 mils" up? Naaah.

Similarly, we will keep the threshold prices in supermarkets, even in countries where the cash total is not rounded. They just look better ...

Christian

 

Yes indeed. $99.99 still looks better than $100.00

 

I thought of one other exception -- higher-end restaurants that put single-digit prices on their menus. In that example, I think they're going for the visual appeal of a more sparse price column (one or two digits per item, instead of three or four plus a decimal); they might also be pushing a bit of "we're well past the point where we need to count pennies, aren't we?" exclusivity.

 

We Canadians seem to be doing fine without the penny. FYI, all digital transactions complete to the penny, only cash transactions are rounded.

 

I said "who knows when but it will happen eventually. I've been hording one box ($25.00) per month for about a year now. Could be a rainy day fund too, I suppose, if desperate, but it's a small set aside. I don't search them, just stash them away. Going to have to make more room in the closet soon. "
and H8_modern said "What do you expect to do with them?"
once they are scarce enough you can't get them at the bank, I'll sell them off in rolls on EBaneofmyexistance for $0.05 apiece as "un-searched" rolls. no really they are un-searched, really. : )

 

As long as you've got a plan, good luck with it.

 

I save the copper ones I toss em in a jar zincolns I roll and take to the bank I doubt I'll ever get much return on them but if I end up with 2-3 cents a piece I'll be fine with that

 

do note the proper amount of tongue in cheek, in keeping with the article referenced in the thread.
; )