Discussion in 'Coin Chat' started by User12345666, Feb 12, 2019.
Penny is fine. The US Mint even refers to them a Penny
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From the US Mint website..
A description of what is included in a Proof Set -
If the US Mint calls the Cent a Penny then it is also acceptable!
That's why they wrap them in "PENNY" wrappers.
Did Canada do away with the penny? How did that turn out?
they use US pennies now ...
Yes, end the Cent, but bring back the half dime to replace the nickel - same size as it was in 1873 but clad.
Absolutely not. I don't want to have to have my pocket change slabbed so I don't constantly lose it
I prefer a new denomination. The double quarter (1/4) dime.
2x (1/4 x 10 ... or 2.5), which would be worth 5 cents.
Just like a double eagle, only, it's not.
In other words:
there is just something about pennies that draws me to them
If you count our new, fledgling year 2 months old, crappy Zincolns have been produced for 37 years. They are so awful, I stopped collecting them last year, and am in the process of returning them to circulation (before they self-destruct).
I abhor the fact that we the taxpayers lose $50 million a year producing them, but I abhor other governmental waste as well.
A return to a valuable metal would be nice, but I'm certain that ship sailed long ago. Obviously, the solution is unsolvable by the US Govt...Spark
The penny's days are numbered. Itd be nice if they stopped minting soon so I can just get a lincoln cent album with a set finish date and be done with it. 2020 is a nice even number to end that series on. Maybe use a new reverse design for that last years mintage just to go out with style.
Maybe that was the plan, so nobody would bother hoarding them after the end of production - at least the coppers have some staying power as they're made of sterner stuff
A penny saved is a penny earned.
If we kill the cent, can we get a quad cent made? How will all of those sale prices look good to consumers at $10 instead of $9.99?
And I don't know who or what will get rich off of removing the penny, but someone will as there are now a lot of extra cents getting rounded somewhere. I don't see how prices can just be rounded in a direction by 4 cents when you have sales taxes that are a combination of city, county, and state. I see no reason to remove it, but maybe they don't need to mint so many every year. Seems like mintage stays really high for a society that continues to use less and less cash.
Although still an April fool's joke, me thinks that even if the US Mint stops minting the circulating penny, they will continue to make uncirculated and proof pennies for collectors. US Mint will sell them for more than face value so that it will be a moneymaking venture rather than losing money. Could happen with the nickel and dime also. Canada missed the boat to be able to make money on their pennies by just producing them for collectors only.
Just round to the nearest 5 cents? So if it’s .22 round down and if it’s .23 round up. Sometimes you save a few cents and sometimes you lose a few cents but overall it will even out. Plus any electronic transaction can still go down to a single cent.
You cannot have it go down to a single cent in one scenario and not in another. I am no accountant, but having had to code a few account receivable reports and losing days to a single cent in millions of dollars of transactions, I can see how accountants would all become alcoholics after every week of attempting to hunt down a few cents.
Everything has to balance. It'll be a nightmare for whomever has to actually deal with it.
I’m fairly certain that is how it is done in Canada. Someone can confirm for me, but I believe that’s how it’s done. I’m studying accounting in college currently, so I know the pain.
Just go back to pieces of eight. They are all valued the same, $.125 each. Eight of them is a dollar, 4 make a half dollar and two are a quarter. Simple math.
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