I hope they do it!

Rope · Apr 5, 2011

It sure would help the IRS... And we all want to help them, right?

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chrisild · Apr 6, 2011

coinmaster1 said: ↑

The European Union didn't do that when they switched to Euros. They will probably give people a certain time period to cash in their change or they could continue to let it circulate.
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Not that it matters much in this context, but here it was up to each member state to decide how long the pre-euro cash can or could be redeemed. Don't think the US would limit the validity or redemption period of coins and notes that are phased out.

As for non-cash payments mentioned elsewhere in this topic, yes, it sure is possible to pay small amounts with a phone for example. But that is rather an additional option and will not replace coins in the near future. Or would we be forced to use PayPal only, and with iOS and Android phones only?

Christian

cpm9ball · Apr 6, 2011

mat said: ↑

Funny the author or anyone in this thread didnt mention the $2 bill. But I guess it would be eliminated too.
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Coins of denomination 10-cents, 25 cents, 1-dollar and 5-dollars issued for circulation.
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Paper currency of denomination $10, $20, $50, $100 issued for circulation.

Coins of denomination 50-cents, 1-dollar (large size) and 5-dollars (gold, old standard) used exclusively for national commemorative coins.

All other coin and currency denominations to be eliminated beginning January 1, 2012.
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Yes, it did! The smallest paper currency denomination would be the $10.

Chris

davidh · Apr 6, 2011

What the mint has to say about it:

Are there any plans to remove the one-cent coin (more popularly known as "the "penny) from circulation?

We occasionally hear from people who believe that the Mint should stop producing one-cent coins and remove them from circulation. You may be interested to know that the penny is the most widely used denomination currently in circulation. There was a study conducted in 1976 of this and other suggestions regarding our coinage system. However, the idea of eliminating the penny received strong objections from an overwhelming majority of State revenue collection departments, retail firms, and commercial banks. Other objections voiced in later studies concerned the inflationary impact of such a proposal on prices and possible difficulties on collecting sales taxes.

It has not been confirmed that the penny has outlived its usefulness. Neither business nor the public as a whole has pressured for changes in the coin denominations in circulation today. In addition, our coin and currency system is among the most trusted in the world. The vast majority of users apparently are content with the existing coin denominations, including the one-cent coin. As a result, the Treasury Department has no plans now to cease production of the penny. In addition, such a change to the United States monetary system could not be done without prior Congressional authorization. If directed to do so by legislation enacted by the Congress and signed by the President, the Treasury Department would again study phasing out the penny. Since the demand exists and the Federal Reserve Banks require inventories to meet the demand, the United States Mint is committed to producing the penny.
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