SHOULD THE U.S. CENT COIN BE RETIRED?

The $1 coin-failure has been for two reasons: 1) The current size is too similar to a current 25c, and 2) The paper $1 is still there. The smallest-denom paper in Canada is $5, in the EU is 5Euros, in Britain is the 5Pound, so why are we so late to arrive to the party?

 

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We haven't got there yet.

 

We did not get invited.

 

Absolutely they should eliminate the cent. I like the idea of a bi-metallic circulating coin, one worth $2.50 and another equaling $5. But they surely must eliminate the $1 bill to have that happen.

 

Given the fact that the cent has a huge collector base, it does not need to be made for general circulation any more, but it should be in Proof sets, mint sets and sold in collector rolls at a premium for those who want them, like the Kennedy Half Dollar. The cent holds the record for a date run for all years except 1815. It would be nice not to break that.

 

I have a cider jug full on cents, should I hold on to them or cash in?

 

Why a dollar coin like the dead president coins were not successful with Americans makes no sense to me. Americans are reluctant to change.

 

That's just the problem, everyone has a big jug of cents.

 

Guys named Wright are always right...

 

THERE ARE ALREADY METAL DOLLAR COINS BEING PRODUCED
BY THE MINT THEY ARE JUST NOT BEING USED. IF THE PENNY, NICKEL AND DIME DESIGNS WERE CHANGED EACH YEAR SIMILAR TO WHAT ANNTRON HAS WRITING. WOULD THAT HELP COST OR BOOST POPULARITY AND SALES OF COINS$ ? WHAT'S THE PRICE OF INVESTMENT IF IT HELPS?

 

KEEP MAKING PENNIES

 

The 1¢ should have been dropped in 1982, when they switched from bronze to that truly *AWFUL* copper plated zinc composition. It is the worst composition that I have even seen a coin being made out of.

The only thing that coins below 25¢ are useful for now is the fine parsing of state and local sales taxes, not 'legitimate' commerce.

If I were the dictator of these issues, I would use coins for:
- 25¢
- 50¢ (make it a smaller size)
- $1 (its current size/composition are just fine as it is)
- $2 (new denomination to the USA)
- $5 (reintroduced denomination)
and banknotes for:
- $10
- $20
- $50
- $100
- $200 (new denomination to the USA)
- $500 (reintroduced denomination)
(All banknotes to be made of a polymer base)

My measure for 'coin v. banknote?' is "Can I buy a decent lunch with one of them and get change back?" If it is 'Yes', then it should be a banknote, if 'No', it should be a coin. $10 is starting to get close to that edge.

"What about parsing sales taxes?"
"Set your rate cards to round the tax on cash transactions to the nearest 25¢ instead of to the nearest 1¢."

Mike

 

I've heard nice things about money made out of polymer. The material doesn't wear quite as easily. This could also tackle counterfeiting.

 

I don’t. For the past 2 years I have been returning coins I should not have kept back to the wild for various reasons: weak strike, numerous contact marks and excessive wear. What I do have is too many coins...who needs 50 2006-D cents? Or 100+ 2017-D shield? They looked brand-new, but with a more discerning eye I am weeding out the defectives.

So, I’m paring down but I don’t have a jug.

BTW, it irks me to know it costs more to make cents and nickels than they are worth, but it is a drop in the bucket compared to overall Govt. spending for viable reasons, and yes, Americans are reluctant to give them up...Spark

 

It grinds my gears that it costs them 9.1 cents to make a quarter and they JUICE us by 15.9 cents and it costs 3.73 cents to make a dime and they juice us by 6.27 cents.

in all honesty, as long as the mint breaks even between the overs and the unders each year, I really don't care at all what they "Cost" to make.

2018 circulation use production.
Cents 7,803,200,000 = Cost in FY2018 0.0206 = -$82,713,920.00
Nickels 1,256,400,000 = Cost in FY2018 0.0753 = -$31,786,920.00
Dimes 2,199,000,000 = cost in FY2018 0.0373 = +$60,032,700.00
Quarters 1,853,114,000 = cost in FY2018 0.0901 = +296,312,928.60

profit off of circulating denominations for FY2018: $241,844,786.60


Why is the COST a problem, but not the profit a problem for you????? I say keep making them all until such time it's actually LOSING money to make U.S. coins each year.

or just round everything up to $1.00 or more and shut down the U.S. mint completely for good. There's better profits in currency right!?

 

I guess I don't follow. A coin is a token of value, and it gets reused many, many times. How is its cost of manufacture relevant to anything, really? Do you get even more upset because it doesn't cost $100 to print a $100 bill?

 

I don't get it either. We're incredibly lucky that a piece of paper saying $100 Dollars is even worth $100 Dollars.

 

When it comes to physical currency it is ideal for the medium used to be as cheap as possible as it only represents value...it isn't the value. Ironically money should be a close to worthless as possible. I know people might not agree but that is why gold and silver were used for currency. They had almost no practical value but had a long history of being known as something only the wealthy and powerful could spend time and resources to accumulate.

 

I’m a bit more ruthless. I’d cut everything except the dollar coin. Considering Sacagaweas have as much copper in them as large cents and are similar size, I’d call a “dollar” the new penny, and make up a new name for the higher value stuff.