I will miss the penny

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As an alternative to the disappearing CENT; I have made arrangements to use
something like this:


I fear I do not possess any of the "round" 2 Cent items.

 

Would just like to add my two cents: Still haven't quite got the grasp of using your Board yet but, here goes, this discussion has been going on for years. I am supposing it will take an act of Congress. But of course the pivotal year was 1982, where several different types of copper and the copper-plated zinc was initiated thereafter. I don't know as I thought one of the "penny experts" might weigh in. Yes, it is illegal to melt US coinage. The last I heard the copper value of the penny is in excess of "the cent". I heard also that the zinc value is in excess as well.I joined the board for their discussions of Roman coins of which I got "the bug" two 1/2 years ago. I have been awed by some of your insight. This my 2nd post. I noticed the above display of a "two cent note" which I believe would meet the requirements under the UCC as a "Promissory Note". As an Ohio notary I have made a rather quaint study of the obsolete procedure of "Notarial Protest" under UCC/State law.

 

If the cent were 100% (or 99.99%) copper, the value would be more than $0.01. However the cent is 95% copper and 5% tin and zinc, an alloy that is pretty well worthless. The refining cost far outweighs any metal value.

 

When I took a trip to New York City years ago, I never saw a penny. A quote for today's scrap price of copper is $2.00 a pound. A formula I have is 145 pennies to the pound. Even shaving off 5% still is a pretty good margin unless my formula is wrong. As the Great Marcus said: "Life is opinion." Opinion is what creates markets and opportunities, without commerce would come to a halt. I would post him but I have him stewing in BTA solution for the rest of the day.

 

And it's got the skirts too. That's a double wow!

 

This is for GRADE A copper. 100% unalloyed copper.
Alloyed copper which include pennies (illegal to melt) gets 25% of the Grade A Scrap price. Kentucky already explained the refining costs don't make it feasible. Copper would have to go to $6 per pound to BREAK EVEN.
It has never been higher than $4.6285 in it's history, and the current price is $3.03.
It will never be worth melting copper pennies until the price is at least $9 a pound. And even then, the storage, transportation, etc. is not going to make this venture profitable. Anyone who is sitting on 55 gallon drums of copper pennies is going to end up Coin Starring them at an 11% loss of face value.
(Although suckers buy large lots of pennies on EBay at slightly over face, but again shipping is an issue.)

 

Looking for one that'd be a lot less than the $84K job that @Zebmonster posted. Cute pup, BTW, Zeb.

 

Consider if your oatmeal only contained 5% rat poop, would you buy it?

 

Thinking physical money will disappear in 10-15 years altogether is a First World problem.

 

Copper cents would not have to be refined. They could be introduced as is to any copper alloy/brass production process that utilizes raw scrap as their base input.

 

I'm guessing that happens now -- but the demand from those processes is lower than the demand for pure copper, and thus the lower market price.

I see comments about "holding value as the dollar collapses". Sure, copper cents would hold their value. You might be able to sell a pound of copper cents for hundreds of dollars. But at that point, a loaf of bread would cost hundreds of dollars as well. Even if the grocery stores added metal-redemption kiosks, would you want to carry a hundred pounds of pennies to pay for your groceries? Not me, thanks.

 

Just my own silly opinion but don't you think rare coins that would be even harder to get would go up in value? Kind of simira to coins that have a low population? Just curious

 

Not sure where my other post went but I'll repeat fwiw. Just my own silly opinion but I would think rare gem Lincolns would go up in value once Lincolns are no longer made. Kind of like a coin with a low population--less coins available higher price. Just curious what everyone thinks about that

 

Not entirely. Cell phone and smart phone usage is increasing even in so-called third world or developing countries. Some manufacturers have created inexpensive models that have made cell phones accessible in places that people 10 years ago would have thought almost impossible. If that continues to grow - it might not - electronic currencies will very likely grow with it. Will it ever eliminate physical cash? Who knows, but it will arguably continue to undermine it.

Some links: https://womenlovetech.com/bridging-the-gap-smartphones-in-third-world-countries/

https://www.usglc.org/blog/the-technology-thats-making-a-difference-in-the-developing-world/

https://www.pewresearch.org/global/...idly-around-the-world-but-not-always-equally/

(PDF) http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.374.6819&rep=rep1&type=pdf

 

I don't have to like it, but I do have to acknowledge it. I'm not an expert gambler, but I'm not enough of a fool to bet against electronics continuing to get cheaper, more powerful, and more widespread.

 

But more than 1 billion people on this earth do not currently have access to electricity. Companies can make all the cheap technology they want but it isn't going to do any good for the ~15% of the world's population that has no power grid.

People are trying to address this and cheaper renewable energy technology helps, but getting phones into these folk's hands is not the primary goal.

 

And just like that, all United States 1 Cent coins became rare on Etsy. lol

 

First I ever noticed it! It's a piece of wheat bread cut in the middle and placed on the cats head. A little strange for sure, I think you have to own a cat to understand that move. Now, back to the penny. Since I believe we're facing inflation in a big way a penny's worth will now be worth a nickel! As far as what will happen to key dates etc? More to be revealed, I'm sure of it!