Will there be any 2013 Lincoln Cents?

Just heard that Canadian cents aren't going to be minted anymore, so do you guys think that there is a chance of elimination of US cents next year, or will the cent last until 2059?

 

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I think the end is coming, but not this year. JMO.

 

There is no interest in eliminating the cent in Congress right now. They're only considering ways to make them cheaper, not to quit making them.

 

Yep and the reports on the alternate compositions isn't due til the end of the year. Then the results will have to be debated and decisions made. But of course attention will be diverted by the elections, probably by another budget/spending crisis because they still will not have done their jobs and passed a budget, and once again trying to rewrite tax policy because of the tax cuts expiring again at the end of the year that they haven't done anything about yet. So anything will be deferred til the next Congress forming in January. And since it is a new Congress everything will have to start over. And since the report will say that it is not possible to not lose money making the cent, the new Congress may ask for another study (After all if you don't get the answer you want, ask the question again.)

So I see cents again in 2013 and maybe, just maybe, they will realize that it is a lost cause and end the cent with 2013.

 

I'll agree with a possible end to the US cent starting 2014.

 

no. i really doubt it. The mint might change the compostion but that will be it.

i know that cananda is doing away with theirs but if it happened in the US ...it would affect
280 million more people plus others other countries that use the United States currency as
their own in , Ecuador, Palau, Micronesia, Marshall Islands, the Turks and Caicos Islands, East Timor,
Panama, El Salvador and the British Virgin Islands

 

The labor cost hurts too - in addition to the composition. Maybe we should let the Chinese mint them for us (just kidding).

 

The cent currently costs 2.4 cents each to make. The cost of materials is .4 cents of that. Labor and overhead is 2 cents. No matter what you change the composition to the labor and overhead means a loss of at least one cent for every cent made plus the loss of the cost of materials. So unless they can come up with a material that someone will pay US 2 cents apiece to use, you aren't going to stop losing money on cents.

It might affect them but I'm not sure how. Other than dollar coins to Ecuador we don't export our coinage, at least not in bulk. East Timor has their own coinage, Ecuador it's own cent type coin, and Panama has it's own coins but they have dumped anything smaller than the quarter Balboa (cent, 5 cent, and dime are gone).

 

When surveys of US citizens are taken about this, something that people really don't like the sound of is rounding to the nearest nickel. They see that as costing them money.

 

It's Congress. If they were strongly in favor of eliminating the Cent, it would take three decades.

 

And in surveys when they are told that the coins cost more than face value to make and that we are losing millions of dollars making them, the surveys tend to favor eliminating them.

Unfortunately sometimes you have to ignore the polls and surveys and do what needs to be done. That takes guts, and that is something soely lacking in Washington today.

 

I see no reason to fear the elimination of the one cent coin.

People fear that all transactions will be rounded with the elimination of the cent, but rounding would only be necessary in cash transactions. Rounding would not occur with the use of checks or EFT's.

Individual items will not round unless you are only buying one item.

All items purchased will be added together and the total amount would then be rounded to the nearest cent.

Rounding to the nearest nickel makes some transactions go down as well as up. 6 or 7 cents rounds down to 5cents. 5 cents requires no rounding. 8 or 9 cents rounds up to 10 cents. 10 cents requires no rounding.

Over the course of time all necessary rounding would become a wash, thus having no actual effect on the wallet or the overall economy.

 

My last Dansco page goes to 2021. That's when they will end.

 

There are FAR Too many cents in circulation for their to be a crisis to the citizens of the U.S., and it's respected terretories. With over 10.7 BILLION being minted in one year (1982), and the mint producing 2, 3, 4, 5, 6, 7, and up to 8 billion in preceeding years, there are a lot in circulation.

 

I had never considered the impact on the other denominations:

"Now, its fate seems driven by the Mint’s accounting analysis as much as metal cost. The current cost of the cent is 2.41 cents apiece; the nickel’s cost is, by the same calculations about 11.8 cents. (The dime and quarter costs still are well below face value and sunk costs right now – but that would change if the cent were eliminated.

That’s because the Mint calculates the cost of making a cent (or any other coin) to include amortizing the cost of its physical plant, die shop and all aspects of production and maintaining a mint over the total number of coins produced annually. Eliminate the five billion cents made each year and the Mint is suddenly amortizing its fixed costs against fewer coins. That will put upward pressure on dime and quarter costs. The accounting analysis is maddening, because in its zeal to include all costs, it lacks focus on the practical need in the economy for pocket change."

http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=25027&et_mid=548192&rid=233391118

 

Oh were it so simple that all they have to do is nothing.....

 

I say we go back to trading salt.

 

I actually meant to vote that there would be 2013 cents. However, there's a significant chance IMO that there won't be any 2014 cents, at least outside of mint sets.

 

Comparing coins and currency between Canada and the United States is like comparing a small apple to a big orange. The population of Canada is around 34 million. The population of the United States is over 300 million and its cash is used as a global currency. The United States would take years to fully wean itself off of the penny from the time of its announcement and approval from Congress. Ad campaigns would be run to teach everyone about rounding cash transactions and that such rounding would (probably) not apply when payment methods such as credit and debit cards are used to make purchases. Of course, that would be ~if~ things even got that far. Lobbyists for the mining, packaging and transport industries (those who make the coin wrappers and boxes as well as those who ship coins such as armored car companies) would band together to create a formidable force to stop such a move that just voting on such a measure could be shelved for the forseeable future or outright stopped in its tracks.

 

But if they stop coining the cents, within a year they will be gone from circulation.