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 Replies: 86 / Views: 7,504 |
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Valued Member
United States
244 Posts |
I suspect they circulate more than you think, Conder. Yes, some people leave the pennies sitting in their change jars for years, but even then, eventually they'll take those jars in to the bank or the coinstar. And most people do it much more frequently than every few years. Once back at the bank, they can go back to businesses, back to consumers, etc.
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Moderator
 United States
189053 Posts |
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The typical cent may only be used a few times per decade. The reason the Mint has to make so many cents every year is because they DON'T circulate and they have to keep feeding that one way flow. I agree. Quote:
Yes, some people leave the pennies sitting in their change jars for years, but even then, eventually they'll take those jars in to the bank or the coinstar. Yes, some do circulate, but the majority of them sit and rot. I know a lot of people that did not empty their coin jars until the recession hit. Most of them did not think it was worth the time. |
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Pillar of the Community
United States
2168 Posts |
I know yesterday was the final day to submit comments on the coin metal change and how it would affect you. I think it was mainly for merchants/coin operated machines etc. We shall see. The nickel, I think, since it is worth more in metal value than actual value, will be the first to go. Right now even the zinc pennies are getting close to actual value. I think any coin is better than the paper since they all have some metal value!
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Pillar of the Community
United States
1817 Posts |
With the nickel gone from the nickel, that will really be the death of sound money. I expect to see white metal plated zinc or steel "nickels" probably as soon as 2013...
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Pillar of the Community
United States
3592 Posts |
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I suspect they circulate more than you think My bank says they take in an average of $500 per week in the coin counter.They must be circulating around here because I'm in a very small town. |
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Moderator
United States
189053 Posts |
Again, I have no doubt that in the recession they are circulating well as people try to make ends meet and see that ten to fifteen-year-old change jar looking fat. I still would be interested to see what would happen if they just stopped making the cents (and even the nickels). Do not make a fuss, just do it. By the time the population-at-large figures it out, they will have probably adapted. The same goes for that worthless dollar note. But that is just the crazy experimenter in me talking.  |
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Rest in Peace
United States
9104 Posts |
We always rounded to the nearest nickel. About three people asked about it in 27 years, and they weren't complaining. When they stopped making them in 1857, Half Cents had the same buying power of 11ยข today. If the gubmint only had a brain, they'd quit making anything smaller than a quarter, instead of trying to figure out how to make 10 billion cents a year, or what kind of compressed garbage to make nickels from without losing money. Anything paid for by check or plastic would still use cents. Even the IRS is perfectly happy rounding to the nearest dollar, so it's basically anal that we worry about anything smaller than a quarter, which is two minutes at minimum wage. |
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Moderator
United States
189053 Posts |
Well said, biggfredd!  |
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Pillar of the Community
United States
2168 Posts |
Just wondering how long it will take to decide this question since Apr 4 has passed (the last day to submit comments on the subject.)
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Moderator
United States
189053 Posts |
I have no idea, but I doubt it will be any time soon with everything else going on.
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Pillar of the Community
United States
632 Posts |
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Pillar of the Community
United States
2168 Posts |
Time to get and hold on to some real money yet!
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Bedrock of the Community
Australia
21788 Posts |
I think the injection moulded plastic 1 cent coin is worth a discussion.
Australia has been circulating plastic banknotes since 1988.
I have read on the CCF that with QE, The U.S. is printing more 100 dollar bills than 1 dollar bills.
It takes 10,000 1-cent pieces to make up the value of a single 100 dollar note.
No one forges 1 cent coins, because they are of such little value.
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Valued Member
United States
94 Posts |
Can we just make pennies out of aluminum like the yen, or would that be worth more than the copper in a penny?
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Pillar of the Community
United States
632 Posts |
^An aluminum coin would be much cheaper than copper.
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Replies: 86 / Views: 7,504 |
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Posted 04/05/2011 11:58 am
