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Penny Coin Is Worthless... ?

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UltraRant's Avatar
Norway
1358 Posts
 Posted 09/24/2017  6:12 pm  Show Profile   Bookmark this reply Add UltraRant to your friends list Get a Link to this Reply

Quote:
and it should be thrown away


I wouldn't do this as it causes zinc pollution. Much better to bring them to a recycling point or to just donate them for charity or so. Just don't throw them on the street...

I think actually that Congress has a different agenda than (hobbyist) experts have. Their main goal is to be re-elected and that's not going to happen if some potentially unpopular proposal is being made that will significantly stir things up in society. That's when the public will suddenly get an opinion and that one is always based on sentiment (centiment?), not on hard data. So, unless there's a clear majority for abandoning the cent, I think most people in Congress will tolerate the cent and hope to keep their job.

And now that you mention it...
Bedrock of the Community
Conder101's Avatar
United States
17884 Posts
 Posted 09/24/2017  10:42 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
SHHHH! That's all we need next are Zinckels.


Quote:
Zinc looks much nicer when nickel plated, you know.

Nickel plated copper would be a better interim solution. Nickel plated zince would be too light and would still require re-calibration of every vending machine out there. A nickel plated copper coin would weigh almost exactly the same as the current coin, would be cheaper to produce, and would probably work in most machines without re-calibration. It would still be just a temporary solution though.


Quote:
Isn't it strange that the community and the Congress are thinking opposite.

Not really, the "community" isn't receiving large contributions of cash from the zinc industry that the members of Congress get for their re-elections, and some of the Congress members are constantly reminded how eliminating the cent would lead to job losses in their districts.
New Member
Turkey
10 Posts
 Posted 09/25/2017  10:28 am  Show Profile   Bookmark this reply Add ErolNomad to your friends list Get a Link to this Reply
Do you think that whether they are elected or not, Presidents of the World have a one penny/cent coin in their pockets?
I am sure they do not have. Because, like everybody, they too see the penny/cent coin is worthless.
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nfine's Avatar
United States
3477 Posts
 Posted 09/25/2017  10:57 am  Show Profile   Bookmark this reply Add nfine to your friends list Get a Link to this Reply
Leave it to congress to come up with self destructing cents and nickels so they don't have to vote to eliminate them.
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Finn235's Avatar
United States
6130 Posts
 Posted 09/25/2017  11:21 am  Show Profile   Bookmark this reply Add Finn235 to your friends list Get a Link to this Reply
The one cent coin is a point of pride for Americans. The last time we dropped our lowest denomination was the Half Cent in 1857. It's the second oldest currency in the world after the Pound Sterling, and the first emissions from Philadelphia are the oldest legal tender coins in the world.

Whoever introduces the bill to get rid of it is making the admission that inflation has finally become tangibly real enough to affect not just the size or composition, but the structure of our currency. Everybody knows it, but it will turn a more critical eye toward real inflation, which is conveniently hidden in government reports.

My opinion? Stop production and let the cent phase itself out in the next 5-10 years. It would cost stores less to round more generously than to continue to order boxes.
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jbuck's Avatar
United States
189767 Posts
 Posted 09/25/2017  12:00 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
We do not need Congress to do anything.

We just need the Fed to stop ordering cents and nickels from the Mint and then have them tell the banks they cannot have any more after they run out.
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Alpha2814's Avatar
United States
2023 Posts
 Posted 09/25/2017  12:39 pm  Show Profile   Bookmark this reply Add Alpha2814 to your friends list Get a Link to this Reply

Quote:
Leave it to congress to come up with self destructing cents and nickels so they don't have to vote to eliminate them.


You know what's weird? So many times we blame the Mint for things (lousy designs, mint marks on the edge) when they're just doing what Congress required. But this time, Congress deferred to the Mint (or more specifically, the Treasury).

Public Law 93-441, passed on October 11, 1974 -- "Whenever in the judgment of the Secretary of the Treasury such action is necessary to assure an adequate supply of coins to meet the national needs, he may prescribe such composition of copper and zinc in the alloy of the one-cent piece as he may deem appropriate. Such one-cent pieces shall have such weight as may be prescribed by the Secretary."

So we can blame Gerald Ford for signing that, and Donald Regan (Treasury Secretary, Jan 1981 - Feb 1985) for the execution.
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X2an's Avatar
Sweden
1078 Posts
 Posted 09/25/2017  2:31 pm  Show Profile   Bookmark this reply Add X2an to your friends list Get a Link to this Reply
I too find it amazing how this coin of next to no value still lives on, but remember that this isn't endemic to the USA. Plenty of nations still use incledibly lowly valued coins, on the top of my head we've got most countries in the Eurozone, 1 Cent (US 1.2#572;) (exceptions Finland, the Netherlands and Belgium (also Ireland and Italy now/soon)), Mexico 10 Centavos (0.56#572;), UK 1 Penny (1.3#572;), Poland 1 Grosz (0.27#572;), Croatia 5 Lipa (0.79#572;), Russia 10 Kopeyek (0.17#572;), Philippines 5 Sentimo (0.1#572;) Ukraine 1 Kopinka (0.04#572;) and Japan 1 Yen (0.9#572;). Many of these are from my understanding in the same position as in the US - lowly used and some on the verge of removal (the Russian 10 k. coin hasn't been minted since 2015, right?) Nonetheless, most are still being minted and circulated. Despite actual buying power being different in these countries, the costs of producing these and in particular material costs should be more in-line.

Many people here in Sweden do consider having such a low-denomination coin almost archaic, thinking back when we had something similar. Most are just annoyed when in the Eurozone and have to deal with these small coins. Since our lowest (also Norway's lowest, may I add) coin equates to about 10-15 US cents, we don't really have any extremes. When (some) people travel to Denmark they get shocked that they still use 50 Øre coins (5 Cents, effectively) that Sweden ridded themselves of in 2010.

Having grown used to coins-actually-worth-something, I got mostly annoyed with getting the 1p's and 2p's in the UK, since these really amplify the worthlessness of the denominations by having greatly increased sizes. The Eurozone does that better. The Penny is about the size of a US nickel and the Twopenny larger than that of a quarter, worth effectively Two Cents. If you need shock therapy, go there! (the rest of the coinage is really nice though )

I honestly don't get why nothing is being done about phasing out the US 1c. Apart from public demand (of removing the coin), the "dangerously powerful" zinc lobby doesn't care too much as it much more business elsewhere, environmentalists only see downsides with the current composition, actual costs for the consumer will decrease with rounding, if not for "Swedish rounding" (seriously, look it up!), the remendous extra costs, both intrisically being lost in production but handling aswell, Lincoln's face is already on a note and pockets will be lighter.

The only thing I can think of is indeed pride, fear of change and denial, all generally. Too proud to give it up, giving it up might mean losing faith in the economy and that it wouldn't be so much worse if we just left it like it is. It's just that awareness has been very high for long and the effectes have been studied, yet nothing's happening.
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Conder101's Avatar
United States
17884 Posts
 Posted 09/25/2017  2:54 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
It's the second oldest currency in the world after the Pound Sterling, and the first emissions from Philadelphia are the oldest legal tender coins in the world.

The true pound sterling hasn't existed for a long time (they have pound coins, but they aren't the true pound sterling), and even if we discontinue the cent those old issues will still be legal tender.
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Turkey
10 Posts
 Posted 09/25/2017  3:35 pm  Show Profile   Bookmark this reply Add ErolNomad to your friends list Get a Link to this Reply

Quote:
why nothing is being done about phasing out the US 1c ... The only thing I can think of is indeed pride, fear of change and denial, all generally. Too proud to give it up, giving it up might mean losing faith in the economy


If it is pride, it is false pride. Fear? Fear of change? If it is fear, it means they don't know what will happen after the change. It is the fear of not knowing what to do. Talk is easy. People here or there with no responsibility can talk easy, can easily say "lets phase the cent out." When they take the responsibility, for example in the mint, doing "it" isn't so easy. However, it is not in their responsibility of the mint people, it is in their responsibility of the Congress people and I do not think that they have ever thought about the cent that they don't care. Even if some of them have thought some, they do not know what to do. This is why they fear, not knowing what to do, not knowing what'll happen next after a change. What the US (also Germany) are doing is "flooding" the cents, US 1c and Euro 1c, respectively, that can also be called "over-engineering". The other countries with no 1c (or equivalents such as 1kopek) are doing "under-engineering". As a conclusion, no any country in the World knows what to do with the 1c or equivalents. (those friends from planet x of galaxy y must be Rofl'ing at us the earth planet people.)
Edited by ErolNomad
09/25/2017 3:39 pm
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jbuck's Avatar
United States
189767 Posts
 Posted 09/25/2017  4:10 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
Not to sound morbid, but once the two oldest generations die off there will be little to no resistance to removal of these useless denominations. We will probably become (de facto) cashless as well. The solution to this problem is really just a waiting game.
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Turkey
10 Posts
 Posted 09/26/2017  12:03 pm  Show Profile   Bookmark this reply Add ErolNomad to your friends list Get a Link to this Reply
On top of this forum, there is this "What's in your pocket?"
I'll ask specifically, "Is there a one cent coin in your pocket?"
I guess, almost everybody's answer is No.
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Mark1959's Avatar
7234 Posts
 Posted 09/26/2017  12:27 pm  Show Profile   Bookmark this reply Add Mark1959 to your friends list Get a Link to this Reply
S4XNcTQT-yY


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Andrew99's Avatar
United States
1533 Posts
 Posted 09/26/2017  3:54 pm  Show Profile   Bookmark this reply Add Andrew99 to your friends list Get a Link to this Reply
Now I understand why the hobby is in decline. It started when we got rid of the Half Cent.
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jbuck's Avatar
United States
189767 Posts
 Posted 09/26/2017  6:23 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
On top of this forum, there is this "What's in your pocket?" I'll ask specifically, "Is there a one cent coin in your pocket?" I guess, almost everybody's answer is No.
You are correct.


Quote:
Now I understand why the hobby is in decline. It started when we got rid of the Half Cent.
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