Is it time to kill the penny & nickel? Or change the metal content of the nickel?

Discussion in 'Coin Chat' started by alucard86, Jul 11, 2019.

  1. alucard86

    alucard86 Active Member

    https://www.coinnews.net/2019/05/24/penny-costs-2-06-cents-to-make-in-2018/

    Canada, the UK, the EU have all killed their pennies, and round the price to the nearest nickel. Even Canada killed their $1 bill and use a $1 coin (loonie) and a $2 coin (toonie). I would be keeping the $1 coin if we got rid of the Washington dollar bill. But to have dollar coins and a dollar bill makes doesn't make any sense to me.

    I'd be for a $2 coin as well if we got rid of the Jefferson $2 bill, but I know it has a cult following.

    I think we have over 400 billion $ worth of $1 coins combined sitting in 3 mint basements (S, D, & P) collecting dust. If we keep the penny and nickel we might as well change their metal content to either aluminum or steel coated zinc like the steel penny. I just don't see the logical in keeping the current penny and nickel if the Seigniorage is completely in the red/negative for many years.
     
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  3. atcarroll

    atcarroll Well-Known Member

    I went to the UK on vacation last month, their penny is alive and well.
     
    onecenter, CoinCorgi and daveydempsey like this.
  4. New Windsor Bill

    New Windsor Bill Well-Known Member

    Might as well make new nickle's out of silver and then they will be worth 5 cents again.
     
  5. paddyman98

    paddyman98 Let me burst your bubble! Supporter

    But if they change the metal content of a Nickel.. would it still be called a Nickel? o_O
     
    spirityoda likes this.
  6. chrisild

    chrisild Coin Collector Supporter

    ... and "the EU" has more than one currency. Even when you focus on the euro area, some member states do not use the 1 and 2 cent coins any more, but others do. So leave us Europeans out of this please. :)

    Christian
     
    Maxfli, Heavymetal and paddyman98 like this.
  7. alucard86

    alucard86 Active Member

    I stand corrected on the UK pence. Either way it's not smart for us here in the US to continue minting pennies and nickels to the point of being in the red. Maybe the seigniorage from the dimes and quarters alone keeps the US Mint from killing the penny and/or nickel?
     
    Last edited: Jul 11, 2019
  8. alucard86

    alucard86 Active Member

    I would like to see an official Silver Buffalo coin from the US Mint. They have Gold Eagles and Gold Buffaloes. Would be cool to see a Silver Buffalo alongside with the ASE. I get that the GAE is 22 carat, the GB is 24 carat, and the ASE is .999 silver so maybe the Silver Buffalo can be .9999 silver ;)
     
  9. atcarroll

    atcarroll Well-Known Member

    I think that's the case, they're coming out ahead over all, just not as much as they would without the cent and nickel.
     
  10. Michael K

    Michael K Well-Known Member

    Don't need the cent or the nickel. Every cash transaction can be rounded off to the nearest .05 or .10 and can all be worked out with dimes and quarters. Need to get a nickel in change? Give 2 dimes and receive a quarter. All electronic payments, credit card and check transactions can still be to the exact cent.
    We don't need dollar bills either. That can all be handled with $2 bills and dollar coins. Putting it into practice and circulation and getting people to change their mindset are greater obstacles than any practical objections or arguments.
    If the gov't would just do it, the transition would happen and it would not be as catastrophic as some people seem to believe.
     
    New Windsor Bill likes this.
  11. Williammm

    Williammm Member

    We can cut cost by putting a hole in the middle of the nickel and penny, plus they would make for great washers like the Asian coins.
     
    New Windsor Bill likes this.
  12. EyeAppealingCoins

    EyeAppealingCoins Well-Known Member

    We already have tens of millions of dollars worth of cents, nickels, dimes, quarters, and dollars (if not more) sitting in government vaults. I'm in favor of suspending production for a few years or only minting to demand.
     
  13. EyeAppealingCoins

    EyeAppealingCoins Well-Known Member

    My approach wouldn't cause the political angst that removing Lincoln, Washington, FDR, and Jefferson from coins, but it would save millions of dollars in production costs. It would also hardly be novel. There have been several times when the Mint has suspended production briefly.
     
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