Death to Pennies

Discussion in 'Coin Chat' started by Melina, Feb 17, 2012.

  1. Melina

    Melina Nickel Addict

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  3. GreatWalrus

    GreatWalrus WHEREZ MAH BUKKIT

    Very interesting, amusing, educational and somewhat comical video.

    I thought the comparison to the death of the half cent was quite a good point. Back in 1857, when the half penny was deemed worth too little, it had more buying power than a dime does today.

    I wouldn't be very sad if the penny died, especially since the lincoln cent has lived for so long and now the design of the new cent has gone to ****.

    But if they're going to get rid of the penny, they may as well get rid of the nickel as well since it costs ridiculously too much to make too.

    I'd also note that the potential death of these two coins may attract more collectors to the hobby due to the news of their discontinuation. More people will probably collect old versions of these coins in hopes they will be worth something some day. That may expand their interest to other areas of coin collecting.
     
  4. Doug21

    Doug21 Coin Hoarder

    I can't see only having two denominations left, not yet !
    The penny is ridiculous to still make.
     
  5. Doug21

    Doug21 Coin Hoarder

    Check out these mintage figures !

    For most of the zinc era production seems to be around 10 billion a year ( some years at up to15 billion).

    However after the year 2000 production seems to have dropped to only 5-6 billion a year.

    http://www.bestcoin.com/lincoln-cent-mintage-two.htm

    Many people throw them away, esp. kids, I won't pick them up....but some throw them right in the garbage just like they were a 5 cent deposit pop can.

    A quick estimate is 300 billion Zincoln cents have been made.....or about 1,000 per person since production began. add in tens of billions of nickels in the last few decades.

    Are penny dishes responsible for needing so many less pennies ?
     
  6. Copper Head

    Copper Head Active Member

    I always pick them up. They're sort of like "rescue coins". Abused and abandoned and needing our help.
     
  7. tdogchristy90

    tdogchristy90 Dieu et les Dames

    I see why they'd want to get rid of it....however, how can this be, monies money and especially Americans like every cent they are payed for. How would they be able to pay if they don't have a single digit cent. Idk, I know some of you said that some just throw it away, even I see people just ignoring a cent. But again this is America, people like to get all their money. Not to mention we are in a recession which is further reason to "pinch your pennies" not ditch them.
     
  8. Doug21

    Doug21 Coin Hoarder

    tdog: It's not like every item gets rounded. If you go grocery shopping and buy a can of cat food for 58 cents, it doesn't round to 60 cents on each can.

    You should break even with rounding on the total bill.

    You can manipulate the rounding to your advantage if you want to get (_*_)9 about it, too !

    58 cent rounds to 60 cents, then buy 3 of them for what should be $1.74 and only pay $1.70....then make a seperate order for every item you buy.....just don't be ahead of me in line !

    random rounding of the total will have no effect on prices overall, esp. with credit and debit cards not mattering.

    Buy your gasoline for cash, always end the purchase with a 4, you'll save 4 cents everytime.

    In theory pennypinchers can benefit from rounding !
     
  9. marid3

    marid3 Member

    I really liked this video - well produced with fast but digestable facts, a lot of information in a concise format. That's the way to make a point!

    I've heard very good cases for one cent and dime to be discontinued (not the nickel - think multiples/making change). I'd personally also like to see the one dollar bill replaced with a good, dollar coin. Imagine how much money and time we'd save.
     
  10. GreatWalrus

    GreatWalrus WHEREZ MAH BUKKIT

    How does a dollar coin save time and money over a dollar bill? (curious)
     
  11. rodeoclown

    rodeoclown Dodging Bulls

    Average life span of a dollar bill is 3 years. Average life span of a dollar coin can be 30 plus years. ;)
     
  12. kookoox10

    kookoox10 ANA #3168546

    The normal wear life of a paper bill is approx. 18 months. Whereas coins last...? See it yet from that perspective?
     
  13. onecenter

    onecenter Member

    Bless you. You are not alone. I always pick-up lonely discarded cents.
     
  14. scouter35

    scouter35 New Member

    Unfortunately, some of us YN's can't afford to buy coinage in bulk because we do not have jobs. Besides, a bank does not expect a fourteen-year-old to fork over $250.00 for a box of dimes. If you got rid of the one cent piece, how would you ever find wheat cents? you wouldn't. you would have to buy them for an obsurd price, of which, YN's do not have.
     
  15. kookoox10

    kookoox10 ANA #3168546

    Well, if things hold true to the OP's "Death to Pennies" idea. The mint would simply stop making them, I don't think they'll recall all the leftover cents out there. Bank boxes will still be available. And in fact, you might find more copper and wheats out there as a result because there will be no more newly minted coins being released.
     
  16. GreatWalrus

    GreatWalrus WHEREZ MAH BUKKIT

    Ah yes, I remember now. Thanks.
     
  17. largecent37

    largecent37 Coin Collector

    I pick up any coin I see on the ground. I only skip one if I'm in danger of being trampled by a crowd:). I found 153 cents, including a 1938 in dreadful condition. Still, it's special to me. I'd be bummed if they stopped minting cents.
     
  18. Interesting video, but the argument to abolish the penny makes no cents. :D. TC
     
  19. Conder101

    Conder101 Numismatist

    You forgot taxes which is where the rounding would occur. So three cans would be $1.74 with 7% tax (where I am) = $1.8618 rounded to $1.85 and you saved a cent! Since the rounding occurs after the taxes are applied you will never save or lose more than two cents on a transaction Yes you could plan it out and group you purchases into transactions for the maximum savings but is it really worth the time and effort? No. So you just go with the random transactions and over time the pluses and minuses will even out.
     
  20. coinhead63

    coinhead63 Not slabbed yet

    If the pointed heads inside the Beltway want to save billions of dollars in government spending, get rid of the paper $1 and replace it with the coin version. The profit made by $1 coins will offset the cost of making cents and nickles with their present alloys. Many other countries have replaced at least one paper note with a coin successfully. What's our problem?
     
  21. Hawkwing74

    Hawkwing74 Member

    Get rid of the 1 cent. It's time!
     
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