Question about Pennies

I have a question I am working on a paper


If the US phased out the Penny how would it effect the Numismatic community?

Since most of the Numismatic Community are BabyBoomers, What happens To the community when the baby boomers start to decline due to age? Will the Market go down in coin collecting?

Millennials are more likely to invest in online currency rather then Actual coins will this also effect the community when the baby boomer generation starts to decline?

Where will coin collecting be in 40 years?

 

Log in or Sign up to hide this ad.

It probably wouldn't affect us much at all. We mostly collect older coinage, and the modern coins are minted by the billions. They have very little numismatic premium.

For a comparison, the 2 cent, 3 cent, 20 cent, and 50 cent pieces are still widely collected, even though they have long since been phased out.

 

I added more question

 

I just answered in your other thread

 

How many years do you think it would take for the current penny to be over 100 dollars in trading? Sense the 3 cent coin is only worth around 25-30 dollars. and it was discontinued in the 1870s . Just a rough estimate

 

How long will it take for an average penny from 2018 to be worth over 100 dollars?

Absolutely never.

Take, for example, the coinage of Rome - you can buy 2000 year old coins for $5.

The ones in absolutely perfect condition will sell for more, but most of them will never be worth more than a few cents.

 

For me it would affect my coin roll searching for Lincoln errors and varieties. But I would probably just migrate to nickels and dimes. For your second question I agree with physics above. When you consider that Lincoln wheat cents can still be purchased in bulk at 3-5 cents each, I would imagine this would be the same "eventually" for newer Lincolns. And maybe not as they are so prone to zinc rot.

 

I believed that coin collecting was a “boomer” hobby. I would bet though that if you took a cross sectionan of the regular Coin Talk active members you would find 20% of them are under the age of 30. I also know that my favorite dealer freind has a very active program where he gives coins to students for good grades. I stay away from his place when report cards come out. Place is buzzing with excited youngsters waiting for the treasure that their report card earned for them.

 

It would provide a huge boost to Lincoln cents and especially to the memorial cents.

It wouldn't last long but collectors would quickly discover how tough some of these later coins are.

And it would save the American economy mountains of money.

 

Yes but how will we buy them if there are no more cents?

 

I pray for the day pennies are discontinued. I used to hate them and throw them in the garbage when I got them in change. Now I appreciate them as a coin, especially coppers. Once they stop producing them and allow them to be melted everyone will be scrambling for pre 82s in particular. Of course, hoarders and profiteers will then flood the market trying to capitalize on it. The price will then not go too high I bet. However, I think it will get a nice bump price-wise.

I'm not convinced Boomers have much impact on numismatics, relative to anything else. The next gen will fill in and inherit their coins and learn what's needed when the time comes. I doubt the hobby will ever be hurt by something pertaining to Boomers.

 

What about Gen X? We are between the Boomers and Millennials. Don't forget about us! We love coins

 

Coins are a part of American history that can’t be changed by some moronic textbook writer.

 

Well, I buy denarii using dollars.

I assume I'll buy dollars using credits.

 

That's good on two counts, exites more youngsters about coins, and encourages the kids to study more to get good grades to get more coins.

The answer is easy for those of us old enough to remember when you could buy things that cost less than a cent, multiples!
Two for a nickel, five for a dime.

Depending on how fast the dollar declines in value a 2018 might get to $100. Of course when it does a loaf of bread will be $10,000.

 

It would be very beneficial to your paper if you used the correct terminology. And that is that the US makes CENTS not penny's.
It says it right on the coin. @Sarah Doclue

 

Let's say after sales tax an item comes to $10.98 and the retailer has to rounds it up to $11.00 because there aren't any pennies. Senior citizens (no matter what generation) are going to feel cheated unless they round the cost down to $10.95.

The test will be with the Canadians as they have stopped making pennies.

There is however a day coming in the far, far future when there will be no coins or currency and value will be transferred from one account to another by a computer chip in your hand or forehead. Then coin dealers will then deal in batteries.

 

when the American dollar is backed by just a promise it is still the collector who determines its true value ive been collecting for over 50 years and remember that silver examples were common pocket change and had real value beyond face

 

And if after sales tax it comes to $11.02 it rounds down to $11 and they will feel they got a deal.

And the Canadians got rid of their cent 6 years ago. They seem to be doing just fine.

 

cents before 82 had value now except for error examples they are not worth scrap