I've read that the production cost to make a one cent coin is 2.1 cents in the U.S. In Canada the one cent coin stopped being produced 10 years ago because of similar factors. It exists but only in pricing and electronically, and at the cash register totals round up or down when paying in cash. Is there a plan to stop producing the U.S. one cent coin, or have I read "stories" of overinflated production costs?
No it true we still make ugly money....as well print more $$$ , and mint more dollar couns that sit in banks. The Federal Reserve bank of Baltimore has a underground vault filled with us dollar coins. And of course they sit...as no bank orders them for any reason ...only returns them back to the fed.
No plan. Every April Fools' Day stories appear online about the end of the cent but that's about as far as it goes. On the bright side, it costs only 14 cents to print a $100 bill.
Some may not like it, that 1 cent is the difference of billions of dollars in transactions daily. I hope it never leaves currency.
As a former retail food store manager.....I'm just waiting for the hammer to fall. Meaning.....retail anything...food, clothes, shoes, ....anything wont be purchased at a brick and mortar store. ....Retail anything is a dying industry...thus cash wont be needed! Ok a cashiers pan is usually a $100.00 bank to start. Now a days 80 % of transactions are by card . Or check....most people do not any longer carry or pay by cash. Now back to the cash pan Its still the same old pan just it only holds cents, nickels,and quarters. And a stack of ones 25 a few fives and tens. To make change. Stores no longer make cash orders to make change as they did years ago. So again retails stores dont carry a large supply of cash these days for many reasons. And when business no longer wants to pay high over heads rent, pay roll, benfits...you will be buying direct....no need to hit the food store they aint no more! Your food just hit your drive way ... ordered and paid at your device.
The other day I: 1. Paid for a low-priced item with cash, and 2. Got some change (in this case a quarter and a dime). That's the first time that has happened in a LONG time. I'm sure not in 2023. Felt weird with coins in my pocket.
I mainly use cash so when I do the coins I wish to spend go in my left front pocket. The coins I receive in change go in my right front pocket. After I get home my left pocket change goes in my small spending jar. The change in the right hand pocket gets checked for everything closely.
We would have discontinued the cent 5 years ago but the legislation was co-sponsored by Sen. John McCain. https://govtrackinsider.com/it-cost...s-act-would-end-penny-production-2b8d0adb935b
And all business’s will be forced to increase prices for everyone regardless of payment method by 3-7% to cover the overhead cost (fees) of those cashless transactions and “free” deliveries. What a farce! The credit card companies and the exchanges are soiling themselves laughing to the bank. The smarter than everyone else millennials strike again.
I can't remember when I paid with cash. I've been carrying the same $20 bill for over a year. My wife loves it because her purse weighs less. I reconcile our bank accounts each day. I like it because I get to see what my wife bought before she gets home. I like keeping a tally each day. I got a kick out of one of her purchases. When I looked at our VISA charges, I saw a charge for 23 cents. She likes chocolate covered raisons and it price was 22 cents. I chuckled a bit. I told her that she was helping us manage our money better. A week later, there was a charge for 16 cents. If that's what you want to spend your time reconciling your VISA account. I don't make an issue of using credit cards anymore.
I watched the #1 food chain at one time...self destroy ! As they only hire pt As they dont want over head As they sold off a bakery, a dairy,a ice cream plant and a soda pop plant that could botte anything. A florist wearhouse Plus numerous other perks that the company deemed to costly...so they needed to go! No pensions to pay, no benfits, etc... no worries the share holders are happy. Customer base falls off .... stock conditions poor, .... help ...? What help? Customer's service now a pair of words never to deem a retail wall again... a sign of the times ....no sign ...theres little or no service.
I know this is blasphemy, coming from a coin collector, but wouldn't the U.S., and in fact the world, save money and make life easier if all costs were rounded to the nearest dollar and all coins (change) were done away with?
Finland and Holland retail outlets stopped issuing 1 and 2 cent coins in 2004. They round to 0 and 5 cents. Strangely they have to accept your small coins as part of your payment because they are still legal tender.
I'll go out on a limb here and say every year or so a thread like this is posted. As usual it does not get addressed one way or another where the decision would be made. If production ceased we would not save any money, it would just be spent somewhere else as always. As a collector I don't like the "new" cent because it spots so easy with only a copper coating. I really don't think if they were taken out of production a problem would really occur in the economy. In the past it was if .02 or less it would go to .00, while .03 or more it would go to .05. I have no doubts there would be more things cost end in 3 and 4 rather than 1or2.
