I will miss the penny

Discussion in 'Coin Chat' started by Comfortably Numb, Aug 28, 2020.

  1. Comfortably Numb

    Comfortably Numb Active Member

    Here's a topic to toss around. I heard that 2022 is the last mint date for pennies. What will happen to the ones in everyone's hoards? Will there be a buy back program? Will they loose there value among dealers of high priced coins? Or error coins? Will people melt them down? What do ya think?:writer:
     
    xCoin-Hoarder'92x likes this.
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  3. MeowtheKitty

    MeowtheKitty Well-Known Member

    Meow is stunned. It feels like a part of life is now going to be over.
     
  4. Inspector43

    Inspector43 Celebrating 75 Years Active Collecting Supporter

    We've been "hearing" that story for years.
     
  5. Conder101

    Conder101 Numismatist

    Haven't heard anything like that, do you have a source? It would be a good idea though, the sooner the better.

    What will happen to the ones in peoples hoards? They will sit there. Or they may get taken back to the bank, they will still be legal tender. Those taken back will eventually work their way back to the Federal Reserve and eventually get melted down. Just like all the previous obsolete coinage, large cents Indian heads, Shield, V and buffalo nickels etc.

    A buy back program? No, no need for one since they are still legal tender.

    Will they lose value? No more than they already have theyare so common they have no premium value.

    Will people melt them down? Only if copper gets high enough in price that after scrappers discount from spot for alloyed copper it would be profitable to do so. That would need to get copper to $6 or $7 a pound. Currently I think it's around $2.30
     
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  6. ZoidMeister

    ZoidMeister Hamlet Squire of Tomfoolery . . . . .

    Why is your cat wearing a bread crust?

    Cannot tell if it's whole wheat or sourdough . . .

    Z
     
  7. Silvergmen

    Silvergmen SILVER & MORGAN Obsessed

    I don’t think we have much more time left before we completely move to electronic currency. Circulated Paper and coins are on borrowed time. I would not be surprised if most businesses stop accepting cash within the next 10-15 years. I already see signs on stores that say cash not accepted. Which I thought was not legal, but as it turns out it is in at least some states.
     
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  8. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    My wife and I are in something of a resort town this weekend. Not a single vendor will accept cash payment. However they all request tips...... In cash.
     
  9. Silvergmen

    Silvergmen SILVER & MORGAN Obsessed

    Thanks
    lol and that shows you the transition we are in. While I’m predicting things, I also believe gasoline cars are on there way out. People under 30 are buying a ton of electric cars now. I would be surprised if gasoline cars are still mass produced in 20 years. Nostradamus!
     
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  10. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Funny you say that. I have an old car that I play with and am part of an old car club. Guys are selling their old cars cheap right now.
     
  11. MeowtheKitty

    MeowtheKitty Well-Known Member

    Meow just recently put tankful Premium fuel in Meow's supercharged V8 truck last week. Mileage? 9.9mpg, at least for that tank. Might get 12mpg if Meow does a lot of highway driving. Meow's Car has a small V8 with a set of street gears that gets an average of 13mpg. Meow knows no other way. Meow is very bothered to think cars like those, and pennies will no longer be around.
     
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  12. John Skelton

    John Skelton Morgan man!

    I recently found an old pocket size notebook that I had back some 50 years ago, with some jokes I'd picked up written in it. One, written in fading ink, said "Here's a four-letter word you don't hear much anymore -- cash."

    Think about it.
     
  13. Michael K

    Michael K Well-Known Member

    You can't melt down the last 40 years of zinc pennies.
    What would you do with a worthless glob of zinc?
    There's probably been more zinc cents produced than all the copper cents in the history of the US Mint. Although there were a ton minted in 1982.

    The cent is not necessary as everything can be rounded up or down to the nearest nickel or dime and by the end of the year you won't be plus or minus even a dollar or two. And, with most purchases being non cash, the odd amount of cents can still be paid by plastic or check.
     
  14. Peter Economakis

    Peter Economakis Well-Known Member

    What will happen to the take a penny / keep a penny cup at the registers?
    Take a nickel / keep a nickel just doesn't rhyme :(
     
    Inspector43 likes this.
  15. techwriter

    techwriter Well-Known Member

    Well, first of all let's remember the Mint does NOT mint pennies, they mint CENTS.
    Secondly, I haven't checked recently, but it's probably still illegal to melt the copper cents.
    Besides, if cents were gone we could not "put in our two cents worth" in any discussion. :):smug:
     
  16. Peter Economakis

    Peter Economakis Well-Known Member

    Has to be it makes Meow look like a Lion:)
    Probably whole wheat;)
     
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  17. CoinCorgi

    CoinCorgi Tell your dog I said hi!

    Whoever wrote that April Fools article about the elimination of the cent should be drawn and quartered while hung by his testicles.
     
  18. derkerlegand

    derkerlegand Well-Known Member

    As Kurt Vonnegut would have said, "and so it goes..."
     
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  19. Robert Ransom

    Robert Ransom Well-Known Member

    What do you suppose would happen if you insisted paying the bill with cash and refused to use a CC? Give it a try and let us know what happens.
     
    Inspector43 likes this.
  20. Inspector43

    Inspector43 Celebrating 75 Years Active Collecting Supporter

    Canada got rid of the penny in 2012 and haven't had any problems that I know of.
     
  21. Mr.Q

    Mr.Q Well-Known Member

    Sad but since 1982 the penny has become the ugliest of coins. The copper coat compliments the coin but wears very quickly and the coin starts to deteriorate then becomes ugly. No longer worthy of Lincoln's bust. Only my opinion.
     
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