McCain Bill To Suspend Production Of Cent

Touchy subject that is prone to political conversation, which is NOT my intent. But what do you all think of the bill Senator John McCain has introduced to suspend production of the cent for ten years followed by a three year investigation into the ramifications of said suspension? His bill also includes the addition of more copper in the nickel. I do not see most larger chain stores dropping their prices to accomodate this change but see them rounding up their prices. Could this also lead to a run in hoarding cents and a nationwide shortage if it does not work? And what would be the need to change the nickel composition? Please do not let this thread go awry as I am only speaking in terms of financial/commerce and numismatic realities of this proposal. Thanks.

 

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He needs ................never mind

 

Won't happen.

 

There has been much conversation here about this subject, and I find that there are not many that understand how rounding will work.

Individual items will not have to have their prices changed with the elimination of the penny. If you pay cash, only the final total will be rounded to the nearest nickel, not. If you pay with a check, gift card/certificate, or credit/debit card, there is no need for rounding.

 

Just thinking. Isn't there an adequate enough supply of cents to meet circulation needs for 10 years?

 

You would think so the way the Fed has been ordering them the past several years. But I seem to be finding much less in the way of pre-1982 cents in bank boxes this past year. Which leads me to believe they might be rounding them up for the copper content as Canada has been doing.

 

Did not mean to rehash an old subject but just heard about this new proposal a couple days ago so was wondering if this time it would get some legs to it.

 

If one reads his press release, it's pretty clear this is more self-serving deflective nonsense, predictably ignoring the heard of elephants in the room in favor of focusing on a fruit fly. I've become so disillusioned with this individual that everything he says sounds like a Peanuts telephone conversation.

Perhaps, but is also possible it just the result of normal attrition coupled with he fact so many (even outside this hobby) now believe said cents represent a future windfall.

 

Glad he didn't get to be.....you know. If this happened, cent collectors would go nuts trying to fill the holes in their albums. I know we're already nuts but it can get worse. And think of all the zinc mines that would close. Not in my book. No way.

 

The bill as I understood it called for the suspension of cent production for a period of 10 years during which the CBO will decide what the cost savings are to continuation or discontinuation of the cent.

Personally, I think it's a good idea. We can put production on hold, and examine the real consequences of cent production.

The fact is that we could ask the public to turn in their cents for a premium and still spend less than it costs to produce them.

This gives many people what they want.

It gives the budget hawks a relief from producing cents at nearly 2¢ each.

It gives cent hoarders a way to cash in on their hoards at a profit.

It gives the government a way to sort out the best way to resolve the problem, and some time in which to accomplish it.

Say what you want, I think it has better legs than a bill that simply halts cent production.

 

Ho-hum

 

Retail stores won't take the time to adjust their prices on each item. It would be a waste of time. There is no way to factor in the other items and tax involved in the total sale.

 

it makes a lot of sense to me but I don't see it happening. When I read about it last week there was only the two sponsors: no one else has climbed aboard.

The number of cents made is ridiculously high, something like a billion a month per mint. The is a over a roll a person each year. Why so many? There are enough in circulation to last for decades given that they last 30 years. Getting rid of them will harm no one. Prices will not change. Only the final total will be affected and then only in cash transactions. We should have got rid of them years ago, along with the dollar bill at the time dollar coins were introduced.

 

'bout bloody time..

 

The part of introducing more copper into the current nickel tweaked me a bit though. After all, Arizona is the producer of the bulk of the copper in the U.S. What does this have to do with the elimination/suspension of the cent? Would a change work in vending machines/Coin Star machines, etc? What would be the costs/advantages involved in changing the nickel be?

 

Oh, lord....

*herd...

 

Oh, come on, don't you have anything better to do than to pick on someone's... oh.

 

First I've heard of this, but since I normally tune out any references to Sen. McCain, that's not really unusual.
It sounds like something worth supporting. So many worthless zinc cents produced and not used in commerce all that much.
In fact, the last time I went to my local bank, I found 22 cents in the parking lot that had just been tossed out of someone's car (possibly in an ash tray that they dumped out there). I might be showing my age, but I always pick up a cent when I find one (I keep them in the car to place atop veterans' grave stones as a way of 'paying' them my respects (an old military custom).
As for producing cents for collectors, well, they could always resume the old bronze composition cents in the mint sets and proof sets. In fact, I feel it would be proper to resume the pre-1965 composition in all proof coins. Make them all "Silver Proof Sets" and terminate the clad issues.
I've never thought zinc a suitable metal for coins, as it is so volatile when exposed to the elements (I've seen plenty of pockmarked/corroded cents since 1983, and it is a sad commentary on our money).
Well, that's my "two cents' worth" on the subject (you can round that up to "my five cents' worth" if you like).....

 

Actually, your two cents would have to be rounded down to zero cents, which is probably the amount that the government values it at anyway.

 

That is probably an accurate assessment of my opinion on any subject.....