I'm sure a thread like this already exists, bit I'm unable to find it. Obviously no one knows the answer to this with any certainty, but when do you think the US 1 cent piece will cease production? I for one am a little worried that the surprise release of the P mintmark this year is actually a secret farewell to the coin and no new ones will be minted for circulation in 2018. I know this is unlikely, but still the thought lingers in the back of my mind...
They should have actually got rid of the penny long ago, it actually costs more To produce it then what its worth, so from a financial stand point it does not Make much (CENTS)...LOL
As do I, my friend. In fact I CRH them exclusively. Although it will be sad day it will also be an important one in the history of numismatics I'm sure. As much as I share your love of the coin I know that it has been rendered obsolete by inflation and its discontinuance is inevitable. The question is certainly one of when, not if. Very true, and the same can be said for the nickel. Another point to take into consideration is that at the time the halfpenny was discontinued, it had the purchasing power of over a dime in today's inflated money. I could go on, but I'm sure everyone who views this thread already knows (or could easily find) all the pertinent facts on the issue.
I for one, would very much like to see the FRN go away. With a reset, maybe we could get a new version of the large cent and dare I say, silver in our coinage? lol
When will the [cent] be retired? I believe Congress will be involved which probably means LONG after I'm gone.
Hopefully very soon. I was hoping that the year with the four reverses would have been the last, kind of go out with a bang so to speak.
The penny yes, the nickel no, you still need a monetary system in place so You cant eliminate all coinage, if things were rounded up or down on a nickel I think that would have a fighting chance on working, just my two (CENTS) LOL.
Should the penny be retired? Yes, it costs more than a penny to make one! The problem is, a lot of people will not be able to grasp the simple idea of rounding. You and I both know how slow the government is (Trying to not get too political), so the penny will be around for at least another decade. I'm justing waiting for two knuckleheads to join this thread and fight endlessly!
The 2017 P mm CENT may be a harbinger of things to come...?? As for Penny, she won't be retiring any time soon. (And I'm glad for that)
In regards to the penny costing more to produce than it is worth. Let's use the nickel for example which costs 11 cents to produce. This same nickel will be used thousands of times in transactions during it's lifetime. Doesn't that offset the fact it costs more to produce than 1 is worth?
Would have made more sense to have made 2015 the last year of the cent. The Lincoln cent started 100 years after his birth, would have been fitting to end it 150 years after his death. Maybe wait until 2065 now?
I think the cent will stay. This has been discussed for decades it seems with no results. But if it ever comes to fruition just imagine the huge jars of beautiful cents that have been saved. That's one coin that often gets put aside and has been for many years for lack of use. I would love to have a very large jar or two to examine.
The Cent is scheduled to be abolished the week after they retire the One Dollar bill, and that's scheduled for the week after we convert to the metric system.
Yeah, judging from those other units you people use, it is amazing that you can deal with $1 being precisely 100 cents. Maybe, if it became legal to round cash totals, the one cent coin could become useless and ultimately obsolete ... Christian
The cent already is largely useless and obsolete. That's two great reasons for the government to continue minting them!
Officially we've been on the metric system since 1866. They should have dropped the cent back in 1974 when it first became more costly to produce, They didn't because Copper came back down in price. Then they should have dropped it in 1982 when they had to get rid of the copper for zinc inorder to keep it from costing more than face value to produce. And it definitely should have been discontinued some 12 years ago when the cost exceeded the face and never came back down. Current cost is closer to 7 cents, but you argument has some merit. But unlike the cent it is still possible to change the alloy of the five cent piece to reduce it's cost to lest than face. A nickel plated copper coin would cost less than face and still have the size, weight, and probably electrical characteristics to be usable in todays vending machines without modification. It would also have the same appearance which would prevent hoarding because it "looks different". Still it would only be a temporary measure. If copper starts going back up the cost will once again exceed the face value. But it would probably allow the elimination of the five cent piece to be delayed til several years after the removal of the cent.