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Should we eliminate the cent?
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<p>[QUOTE="Conder101, post: 648214, member: 66"]But there have been period in the past couple of years when even the zinc cent has had metal value OVER the face value resulting in a sale at a loss. Currently the metal value is slightly less than face, but you also need to figure in the cost of manufacturing. Making them isn't free and when you add the cost of the metal and the cost of manufacturing you are looking at a loss again.</p><p><br /></p><p><br /></p><p><br /></p><p>Believe it or not, no they wouldn't. Most of the mints cent production each year is just to replace the ones that disappear into hoards and aren't re-circulated. When they stop production there will be cent shortages fairly quickly. The public will see this as the cent becoming a scarce item which will result in even more hoarding. Once it is learned the mint is not producing them the story will go around that they aren't making them anymore and they are going to become rare. (The old "They're going to be recalled" rumor will probably also start making the rounds.) This will result is widespread hoarding and the cents will very quickly disappear from circulation completely. Very few people will be willing to let go of their hoard of "rare Lincoln cents".[/QUOTE]</p><p><br /></p>
[QUOTE="Conder101, post: 648214, member: 66"]But there have been period in the past couple of years when even the zinc cent has had metal value OVER the face value resulting in a sale at a loss. Currently the metal value is slightly less than face, but you also need to figure in the cost of manufacturing. Making them isn't free and when you add the cost of the metal and the cost of manufacturing you are looking at a loss again. Believe it or not, no they wouldn't. Most of the mints cent production each year is just to replace the ones that disappear into hoards and aren't re-circulated. When they stop production there will be cent shortages fairly quickly. The public will see this as the cent becoming a scarce item which will result in even more hoarding. Once it is learned the mint is not producing them the story will go around that they aren't making them anymore and they are going to become rare. (The old "They're going to be recalled" rumor will probably also start making the rounds.) This will result is widespread hoarding and the cents will very quickly disappear from circulation completely. Very few people will be willing to let go of their hoard of "rare Lincoln cents".[/QUOTE]
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Should we eliminate the cent?
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