Another "Get Rid of the Lincoln Cent" Thread

the U.S. doesn't really demonetize, it will "discontinue" coins though and they slowly disappear in circulation though. I think the trade dollar was demonetized for a period of time, and they did at some point demonetize foreign currency use in the united states, when the money supply was adequate, but as far as I know they just stop making things and start picking them up and not delivering them to banks in order to make them discontinued over time. the $500, $1,000, $5,000, and $10,000 notes were discontinued in 1969, last printed in 1945 and not seeing much use. most all coins that were discontinued though had a specific use, like postage purchase, which became obsolete in commerce as the cost of postage went up. no coin denomination has been discontinued since 1889 though, and that was the 3 cent nickel. it's literally only been done when nobody is using it anymore which may be the case for the half dollar, but it's not the case for the cent.

 

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Most of the coin machines you see at stores or in banks use magnets to filter out foreign coinage. US coins are fairly unique in that other than the 1943 cent, none are magnetic. Not that this really matters, but we have infrastructure specifically designed for non-magnetic coins.

I have read and heard that the zinc industry has powerful lobbyists...how true that is I don't know.

The half cent was still in use when they stopped producing them...they just become obsolete due to their value. The cent today is the same way...we just don't want to change. I think I saw somewhere (I can't remember the source so I could be wrong)...that when the half cent was discontinued it has the equivalent purchasing power for 16 cents today.

 

Let me start by saying this is just my opinion, and may or may not be based in absolute fact, it's what I gather from reading on coinage and the year 1857.

it was in 1857, they ditched the half cent and downsized the large cents. mostly to save against the rising cost of copper. I have no idea what it cost them to make the half cent in 1857 though, but it's mentioned as a real concern for some reason.

At the time the half cent was discontinued, it had the buying power still of today's dime and was about the size of a quarter, while the large cent were almost the size of a half dollar. cost, and composition/weight and buying power I suppose all have an effect, but seriously, half cents even today have a copper melt value around 6-7 cents. flowing hair large cents are like 15 cents melt value. this was a problem back then and now still. it wasn't so much that a half cent was so expensive to make, although that was a factor, but by 1857, it was becoming obsolete in commerce as a unit of measure. people used them, but they didn't have to use them anymore. the large cent was far more used day to day by then, and people wanted the large cent to be smaller.

1857 was a big year really, they discontinued the half cent, resized the large cent, banned foreign coins in commerce in the Coinage Act of 1857, when we finally got our act together on our own currency and set upon having a supply of it that would be functional for business in this country. the coinage act of 1857 basically killed the non-decimal system accounting of some foreign coin designs of other countries at the time, which would of required fractions of cents in order to make change correctly.
Had they not put their foot down on foreign coin being used, who knows we might still have the half cent and actually need it for something besides maybe a gas station on certain purchases of fuel. everything they have officially discontinued was totally unnecessary or redundant at the time they discontinued it.

It might cost more to make a cent than it's worth, but I really don't want to give up 4 cents to anyone and round up to 5 cents either. and for sure, the nickel is next unless they start making the nickel on cent planchets.

all just the way I see it and my opinion of course.

 

As I've stated quite a few times before, the Lincoln cent should be issued only in collector form - enhanced uncirculated and proof. Canada missed the mark (and a way to make some money) by completely doing away with their cent. Since the U.S. Mint could charge a premium (and since they would be producing far less volume) the composition could be changed to the original copper/tin/zinc. Zincolns would be history.

 

I think that the mint should continue to include cents in Proof and Mint sets for collectors. The cent is the only U.S. coin that is available for every year from 1793 to date with one exception, 1815. For collectors' sake, it would be a shame to end that.

Given all the junk that the mint makes and sells every year, I don't think that is asking too much.

 

Man that’s just crazy.

 

There would be no reason or need to "round up" a sales tax rate just because there are no one cent pieces. The only thing that keeps that from happening today are your local politicians and their concern as to whether they could still get re-elected if they did it. It has nothing to do withthe availablitiy of cents.

As mentioned earlier those were done away with back in 1945, and since 1969 banks have been under orders that if any do happen to come in they are to NOT be paid back out but sent to the Fed for destruction.

It is kind of a chicken or the egg situation. As long as you have cents available it discourages rounding. If you have rounding then you don't need cents. But you have to get rid of the cents before the rounding starts happening. So you have to get rid of the cents so you can get the rounding so that you don't need the cents. As long as you make them, you will need them. So they will continue to be a one way production of billions from the mint, through commerce, to the hoards, and next year we have to make billions more to replace those that disappear into the hoards.

 

I know...it just seems really stupid.

 

Have you ever heard of $100's?

 

wait...what? LOL

All kidding aside, many large criminal organizations are also using some cryptocurrencies as it is very hard to track and trace. In my opinion, this will eventually lead to countries enacting laws and policies about cryptocurrencies which will hurt their value.

 

Actually, although I've never seen one, they are still around. I simply googled it!

 

So a reasonable guess for possible coin shortages - Basic "hoarding" principles. The "Law of Reason" never applies when a sizeable number of people think there is a shortage, perceived or otherwise. Look at the past year panic buying and hoarding of toilet paper, and just recently a perceived shortage of gas that created hoarding and long lines in the East and Southeast. Getting back to coins, even though billions of pennies (cents) have been minted, many are being "hoarded" by collectors and non-collectors simply because of the "hoarding" principle at work. Simple stories or rumors that the U.S. Mint will stop producing pennies (cents) leads to keeping them "just in case". You-tube (boob-tube) exaggerated claims about the value of certain pennies (cents) continually create frenzies of "hoarding" and countless claims on CT by amateurs who think they are rich when they think they've found the holy grail in the form of a worthless penny (cent). And then there are the people who are saving pennies (cents) simply for a "rainy day" belief.

As I've previously stated numerous times, if the U.S. Mint is capable of just one reasonable thought, the penny (cent) would be minted only for collector purposes (not for circulation) in the form of enhanced uncirculated and proof varieties with a small premium to pay for the process. IMHO there is too much history and tradition to completely eliminate the Lincoln cent. One more thing, the composition should revert to the original 1909 mix, zinc interests be danged.

 

End cent production NOW!

1) They cost more to produce and transport than they're worth.
2) NOBODY wants them in their change. Most people won't even bend over to pick one up.

 

...and most test positive for cocaine

 

Defund The Penny!!!

 

I like that "horse sense".

 

I pick up stray pennies, too. But I disagree about hoarding zincs. I don't hoard any current coins, zinc or clad. When I find enough of them, they get rolled up and cashed in!
My rule about pennies is, they only get picked up if they're heads; that's good luck; tails is bad juju. Tails; I turn it over and leave it, so the next guy who finds it will get the luck.

 

...step on a crack, break your mother's back...

 

and the 2.00 bills as well, and foreign countries monetary exhanges heavily discounted both because they are a pain in the butt to deal with, dollar coins, horrible idea, how can a stripper make money?? coins?? nope good ol bills

 

Acknowledge their worth as an individual, and that they need a living wage too. Tip with fives.