I think that if they eliminate the cent, then they won't give out boxes at the bank anymore. What do you guys think?
I think people will innitially hoard pennies if and when they're discontinued. Then they will realize nobody is willing to pay a premium and they will circulate for decades yet. Of course I could be way off!
Actually with the economy going down the tubes, people are cashing more stuff in at my bank, and also the coinstars. Coinstar should be doing pretty well in this lousy economy. People are forced now to have to spend jars of accumulated stuff. The net result, lower demand at banks for cents, which is why I probably will not see the new 2009 cents for quite awhile, my banks want them because people want them - but all they are getting from the distributors are older cents now.
Actually only one of my several banks does it's own free coin service. The rest them make you bring in rolls, with your account number etc. on them.
I would hope the FED would recall these and destroy them in the name of public safety. They are highly toxic and potentially fatal so leaving them around homes is not a good idea. If they just quit making them there would be none in circulation in very short order. As soon as an area didn't have enough cents to meet bank demand there would be a shortage which would cascade as people started hoarding them. Under current economic conditions this would happen very quickly. The good thing about getting rid of cents is that there would be a spike in collecting them as people would realize they're gone forever. It wouldn't be good for long term prices but it would in the short term. The best thing is that it would save the economy billions of dollars in increased efficiency of the currency system. It would get the pennies out of parking lots and the other places you see them littered. The decision should be based on what's right for Americans and America. If it were the coin would have been eliminated long ago. It's even more right for Americans now though.
There must be untold billions of these things stashed away in jars, drawers, coffee cans, etc. If the govt. stopped making them, wouldn't these eventually come out of hiding and actually be used for such things as sales tax (instead of paying rounded up costs) ? Anyway, I think they are obsolete. Make a few for collectors only.
