The US Penny: Will it last?

So im sure this has been discussed before on and on and rumors circulate alot about this topic. Im not sure if the penny really cost more to make than its worth, im not a expert on it but do you guys think that the penny will last 10 or 20 years for now, and will the current union shield design last, or what is your opinion on the penny?

Again this probably has been discussed before.

 

Log in or Sign up to hide this ad.

i think it was talked about a few times recently.

it cost more to make, i am not sure on the exact numbers, but they make enough off of dimes and quarters to make up for it. not to mention on bills.

i love the new shield reverse, i definitely like it a lot more then the memorial reverse.

and i honestly don't see the united states dropping the cent anytime soon, at least i hope not because i love collecting them.


now i could see them making the cents out of something else. same with the nickel. even if its a low quality product, i could see it happening.

 

I love the new design but i like the wheat design alot more simply because it says one sent centered.

 

People have been saying the cent is worthless and will be discontinued for well over 100 years now. It hasn't gone anywhere, obviously, and I don't see it going anywhere in any of our lifetimes. Value has no impact on longevity. A case in point is everything under $20. I'm sure 80 years from now our grandkids will be having this same discussion....for the 982nd time.
Guy~

 

Not only is the cost to the taxpayer more than the cent's worth, it's a nuisance to deal with in a business or as a consumer, since it's worth nothing. Really, I can't think of a thing that cost one cent.

Maybe businesses and consumers can make the cent obsolete by refusing to use it, like they're doing with the golden dollars. Businesses could round up or down prices to a nickel and consumers could round up and pay more or throw the change (cents) in the tray on the counter (or take cents from the tray).

If the cent is discontinued, that should help the value of the existing cents, as they disappear from circulation.

I'd say the shield is here to stay - I bet for the remainder of the cent's use (up to 10 years).

Hey, I can't believe no one has mentioned yet that it's a cent, not a penny. lol

 

I knew someone would say that when i was making the thread but it doesnt sound right.

The cent: will it last?

just sounds awkward.

 

How does it cost the taxpayer money? The mint doesn't use tax-derived funding to make coinage.
Guy~

 

Yeah, I use the term, penny too (just not on CT), lol.

 

i agree. i see the gov't making it from aluminum or some other metal, or even plastic, before they get rid of it altogether.

 

True, the taxpayer once paid the bill. But, now the mint gouges poor addicted collectors to front the bill. Kinda like smokers paying all those taxes on cigarettes.

 

quit reminding me, please??

 

The design on the cent likes to change every 50 years, so this conversation will most likely continue to occur until 2059. The cent is highly unlikely to disappear or change design until then. Like previously stated the mint makes so much on the dime and quarter, bills, and all the collector products they are willing to take a loss on the cent.

It's more plausible that the cent's metal composition will change before it disappears completely.

I also think it is much more of a hassle than people think to 'simply' round up or down to eliminate the penny. Example: a the hotel I work at, I usually negotiate rooms with 4-5 people over the night shift, and a room can sell for 59-89 before tax. After tax, the numbers are not as nice. If I round up or down that cent, the actual money I take in and the amount the computer expects me to take are different. Only by a few cents, but if every transcation ran like that, it would throw off our accounting system by hundreds of dollars over the fiscal year.

Sure, the whole accounting code could be re-written to adjust take accordingly to eliminate the extra cents, but that would cost millions to update and fix bugs and implement across an entire brand of franchised hotels. And that's just a small example from my industry. All that eliminate the lowly penny? Not in our lifetime.

Just my two cents.

 

http://www.cointalk.com/t115804-2/#post932938

Last time I checked, it was worth 1/100 of a dollar - not "nothing". Perhaps that business degree you have didn't include fundamentals of accounting. If it's a nuisance now to do business with (which, by the way, I fundamentally disagree with), imagine how much of a nuisance it will be without it when it comes to recording taxes, dividends, interest rates, accruals, and every other g/l entry.

 

I think sooner or later it will be much like Europe, where pennies will circulate infrequently, but virtually all transactions are rounded to 5 eurocent increments.

 

Not really.

 

My own suspicion is that all currency and coinage will become a collectors only process as more and more transactions are done electronically and the government thinks it can eliminate black market transactions by eliminating non-electronic exchanges which are much easier to monitor.

 

BAM!

My thoughts exactly, within 10 years or so coins and paper currency will be eliminated and all transactions will happen electronically or with some sort of card.

 

The penny will absolutely last. It is the smallest denomination. The government will not have their businesses round money to the nearest 5 cents. At least it will last for as long as cash does, which will be gone by the 22nd century

 

But is it really a Cent if the only way to get it is to order it from the mint in a proof or UNC set for $50? Are the post 2002 halves REALLY FIFTY CENTS?

If they're never intended to circulate, I contend they are actually collectibles or commemoratives shaped like coins and not coins like Franklin Mint product.

 

Yes it is. You can crack them out and spend them at anytime you want. Some people actually do.

I agree the penny will always be around.