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 Replies: 22 / Views: 3,463 |
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Moderator
 United States
189340 Posts |
Nothing can save the cent. Nothing. As Conder101 pointed out, non-material costs are already more than a cent. There is no solution, unless they can get paid to use some sort of toxic waste (which might arguably be safer than zinc  ). We should probably cut our losses and get rid of the nickel, although that would create problems for the quarter. |
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Bedrock of the Community
United States
17884 Posts |
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There is no solution, unless they can get paid to use some sort of toxic waste (which might arguably be safer than zinc ). I've suggested they sell advertising on the back to offset the losses. Approach ten big companies and tell them for $5 Million they can have their logo on the back of 900 million coins. Quote:
All the more reason Conder101 to eliminate the cent. No argument from me, I've advocate eliminating it since 1982. |
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Valued Member
United States
110 Posts |
Where is it all going?
I'm sure everyone has seen the ash trays by the cash registers about everywhere you go containing cents that are available for "free" to round-off your purchase.
Well, the other day I ran into one that had dimes!
Hurry up, World!
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Pillar of the Community
United States
998 Posts |
The only real change to circulating coins we are likely to see is the elimination of it. Pennies (and soon nickels) cannot be made for less than face value even if the materials are free. They are useless as a purchasing device and exist only to make change.
Just eliminate the penny, nickel and quarter and make a half dollar about the size of the current quarter and be done with it. Stop kow-towing to special interests like the vending machine lobby and zinc producers and move on.
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Pillar of the Community
United States
634 Posts |
Yeah, the quarter and dime would not make a good team. It could be done, but it would be confusing. Honestly, I hope I'm wrong, but I feel like the penny will be kicked down the street for another 10ish years, at which time the nickel will be made cheaper and the cent will be dropped. The nickel will then be around for at least 35 more years before it gets dropped.
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Bedrock of the Community
United States
20753 Posts |
I've mentioned this in the past. Why bother changing our money now? I suspect our government is assuming that soon enough coinage and even paper money will not be used or needed. Soon enough plastic credit and debit cards will be all that is necessary everywhere. Look around at how so few people are using cash. Plastic cards are the future so that people everywhere can purchase items from anywhere without the need to figure out what or how much something costs.
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Moderator
United States
189340 Posts |
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I've suggested they sell advertising on the back to offset the losses. Approach ten big companies and tell them for $5 Million they can have their logo on the back of 900 million coins. You know, in the age of team sponsors and venue naming rights, I am really surprised that this has not happened yet. Quote:
Just eliminate the penny, nickel and quarter and make a half dollar about the size of the current quarter and be done with it. Stop kow-towing to special interests like the vending machine lobby and zinc producers and move on. Sounds good to me.  Quote:
Honestly, I hope I'm wrong, but I feel like the penny will be kicked down the street for another 10ish years, at which time the nickel will be made cheaper and the cent will be dropped. The nickel will then be around for at least 35 more years before it gets dropped. Sadly, we will probably be completely cashless before anything is done.  |
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Forum Dad
United States
24173 Posts |
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Pillar of the Community
Canada
3692 Posts |
"Why not do what Canada does?"
Every country will adapt to their own situation like the size of their economy and their availability of natural resources. The Canadian economy is puny compared to that of the USA, with only one tenth of the population. Steel coins, I would think, are much more difficult to press than copper alloys used in the USA, therefore steel gives more stress to the dies and reduces their lifespan. To do this on a scale of the USA's economy would be very costly. Add the fact that the Canadian penny (one cent coin) has been scrapped and only exists symbolically. Canada gives a lot of attention to anti-counterfeiting, as seen in the polymer notes and in nickel-plated steel coins. Most of that nickel is recycled from old coins in circulation, not to mention that Canada is very rich in raw materials like nickel. Also, to recall trillions of coins from 300+ million Americans and making them get accustomed to a new form of currency is something that they resist to the max. Canadians, generally, are more open to change if it's sold with a shiny new bow on top, even if it's a bad idea.
A better question would be, why does the USA need to change its coins' alloys in the first place?
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Pillar of the Community
United States
634 Posts |
I'm willing to bet that the mint will continue to make coins after society is almost completely cashless. Why? Government takes forever to respond to change. See how they kept making dollar coins long after it had become abundantly clear that the public rejected them? That will be the Gov in 20 years, stockpiling pennies and nickels and other coins that the public doesn't use. I hope I am wrong here too, of course.
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Bedrock of the Community
 United States
12477 Posts |
I may be wrong but, the previous comment that the nickel costs more to produce (excluding material cost) than face value is not true. The cent does cost more than $0.01 in manufacturing costs excluding raw materials. The most simple step would be to completely remove the cent as it is not codependent with any other denomination. It's also the biggest waste of money in production and the least durable coin by far. (I mean way, way far  ) In removing smaller denomination coins, the nickel is next and can be done but, as mentioned, the quarter is codependent and that creates a problem in giving change. Realistically, the U.S. coinage would be perfectly suitable to transactions if only the dime and half dollar were used. The problem arises when you apply taxes. That creates the necessity for lower denomination coins. When you go to buy gas, how do you pay 9/10 of a cent? It's rounded up. In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
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Rest in Peace
10197 Posts |
As was previously mentioned...advertising. Only let not corporations buy space, how about all the foreign nations that OWN us have space. You know with sayings as "This coin provided by..." Or "Your purchasing power allowed by...". At least we'd have "truth in advertising" once again!  Sadly, this time I ain't kidding, wish I was... |
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Pillar of the Community
 United States
4870 Posts |
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Steel coins, I would think, are much more difficult to press than copper alloys used in the USA, therefore steel gives more stress to the dies and reduces their lifespan. To do this on a scale of the USA's economy would be very costly. I had not considered this...interesting! The cents current composition is terrible. It's sad seeing those new shield cents already corroding. It would appear cheaper isn't always better. Ultimately the cent needs to be eliminated. If the dollar bills continue to be produced then dollar coins should cease to be produced. They don't work simultaneously. Look at the billions of those sitting in government vaults. What will become of those? On a side note, I have nothing to do with dollar coins since the edge lettering was introduced. I want no part of that. |
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Pillar of the Community
United States
998 Posts |
The slight composition change from 75/25 to 80/20 in the nickel is not going to make a spit of difference in the costs of making a nickel. The last I read was that the nickel costs something like 7 to 8 cents to make and distribute, a more radical solution is needed to reduce costs for this coin. Unfortunately the vending machine and metals industries holds more sway than practicality.
There is absolutely no reason to make or handle pennies at all these days and that status is rapidly approaching with nickels.
Like Spruett001 said, the codependency of the nickel and quarter kind of messes things up here. We are paying for the mistakes from years ago. For reasons beyond this thread the quarter was created instead of the 20 cent piece, and when the 20 cent piece was finally created years later it was too late. The only way it would have survived was if they pulled the quarter from circulation. Kind of the same problem with dollar coins and paper dollars...
If you look at other western currencies like the Euro and Pound they both use 20 cent/pence coins instead of 25 cent/pence coins. Here in the US and Canada we are kind of stuck with the 25 cent coin. In the US at least the various lobbies (vending, metals etc.) will not allow real change to our change. I give kudos to Canada for doing what needs to be done, like eliminating the penny and paper $1 and $2 bills and converting to a metal that is more suitable. While I don't like the Alloy Recovery Program that results in the mass melting of older coins I certainly understand it.
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Moderator
United States
189340 Posts |
Quote:
A better question would be, why does the USA need to change its coins' alloys in the first place? It needs to changet the nickel to get its total cost below face value. Quote:
I may be wrong but, the previous comment that the nickel costs more to produce (excluding material cost) than face value is not true. I believe this is correct. The nickel could be saved with a change of material, but they way they are dragging their heals against inflation, that might not be the case by the time they make up their mind to do it. |
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Posted 07/16/2017 04:18 am
