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 Replies: 22 / Views: 2,858 |
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Bedrock of the Community
United States
17884 Posts |
Quote:
The cost now to make the Zincoln Penny is less than the old copper pre 1982's Lincolns. Someone correct me if I am wrong. The 2012 cents each cost Two Cents apiece to make. This was down due to lower zinc costs. The 2011 cents cost 2.4 cents apiece to make. The cost of materials in the cent are roughly .4 cents apiece. That means the cost of manufacture isa bout 1.6 cents each. So even if the materials were free you would still lose over half a cent apiece making cents. Copper cents today would probably be close to four cents apiece to make. |
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Moderator
 United States
56855 Posts |
Welder, I got the price of $15 from ebay. John  |
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Valued Member
United States
477 Posts |
Yes, I agree they could just stop making them but keep the ones in circulation there. There should be plenty to last as long as the US still uses physical money.
Unless, while it is illegal for citizens to melt them down the government would have no problem selling them as bullion and would probably claw the copper ones back in only leaving the zincers for commerce. It would be the silver/clad scenario all over again.
Rick
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Bedrock of the Community
United States
17884 Posts |
The problem is how would you keep the ones already made in circulation? You can't. So very quickly there would be shortages, deliberate hoarding, and the cent would cease as a circulating coin as all the businesses went to rounding because they couldn't get cent to make change. I suspect it would take a year maybe less for the cent to disappear.
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Pillar of the Community
872 Posts |
In my opinion, the penny should have been retired in the early 1980's when they decided to stop making copper cents.
There would have been plenty of pennies still in circulation, and they would have eventually been recouped by the mint, or collectors.
The cost associated with each coin has to be expensive. I think of the personnel, equipment, materials, transportation and storage to name a few.
Round down the cost to the nearest 5 cent increment shouldn't create a big deal. Banks and other fiancial institutions could keep the increments the same. Eventually the numbers would round to the nearest 5 cents.
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Valued Member
United States
477 Posts |
Yea, I did think of that and I'm sure they would all eventually end up as collectables, the ones the government didn't reclaim. But with so many in circulation how long until all those hoards actually have any numismatic value?
The cent could still be used in all electronic transactions without actually using the physical coin. Only in cash transactions would the coin be needed or the prices would need to rounded to the nearest 5.
Rick
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Moderator
United States
188770 Posts |
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The cent could still be used in all electronic transactions without actually using the physical coin. Only in cash transactions would the coin be needed or the prices would need to rounded to the nearest 5.  |
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Pillar of the Community
 United States
1037 Posts |
I think the Mint should produce a NIFC MS penny from San Francisco for the collectable market. This seems to be a successful addition to the ATB Quarters when introduced in 2012. |
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Pillar of the Community
United States
2077 Posts |
I still don't get the whole roll collecting thing. To me, it seems like a way to make your collection 40 to 50 times heavier than it should be.
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Bedrock of the Community
United States
17884 Posts |
Quote:
The cent could still be used in all electronic transactions without actually using the physical coin. Only in cash transactions would the coin be needed or the prices would need to rounded to the nearest 5. True you could do that, but why do the same thing two different ways? Especially when over time the end results come out the same way. Just go with the rounded transactions for both and be done with it. |
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Moderator
United States
188770 Posts |
Quote:
True you could do that, but why do the same thing two different ways? Especially when over time the end results come out the same way. Just go with the rounded transactions for both and be done with it. Because most transactions are electronic anyway. If the cent is suspended, I wonder when the point of sale software updates (to automate rounding) will happen. Knowing how the software industry works, I will not be holding my breathe waiting for the first vendor to issue an update, let alone all of them. I still think most retail locations will just round down their cash transactions. This makes it simple for employees and keeps their customers happy. They still lose less than what is lost to swipe fees. |
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Valued Member
United States
477 Posts |
All but the tax man JBuck !
Rick
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Pillar of the Community
United States
2077 Posts |
Here's a way to phase out the cent and help the environment at the same time. If you get a bag with your purchase, it's rounded up. If you forgo the bag, it's rounded down.
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Moderator
United States
188770 Posts |
An excellent idea. There are probably countless creative ways to make losing the cent painless. |
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Pillar of the Community
United States
1109 Posts |
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With Obama wanting to drop the penny, do you think the mint will roll out a new 2 roll penny set for 2014? Quote:
When did Obama say he wanted to get rid of the penny? The last interview he had he said there was no reason to stop making them. Even if Obama wanted to do this, it'd take an act of Congress to do so. They, not the President, have authority to do this. |
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Replies: 22 / Views: 2,858 |
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First Page
Posted 08/13/2013 07:25 am
