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Penny And Nickel Coins To Be Phased Out In 2013

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Pillar of the Community
United States
1729 Posts
 Posted 12/11/2012  12:24 pm  Show Profile   Bookmark this reply Add pls to your friends list Get a Link to this Reply
Big difference between elimination from circulation and stopping mintage of cents.

What do you want to bet that if the mint suddenly stopped minting cents - or Congress authorized a 2¢ coin to be minted instead - that all those jars of cents would suddenly be emptied? Anyone want to guess how many cents have been sitting around, uncirculated, for years? Or has Congress authorized a study on that problem, too?

I contacted someone on Craiglist who wanted penny wrappers; she informed me that her son (age 21) had collected $26.00 in cents and needed to wrap them. Why? She didn't say. And then she stiffed me and didn't show up to collect the wrappers.
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United States
87472 Posts
 Posted 12/11/2012  2:55 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
or Congress authorized a 2¢ coin to be minted instead
I certainly hope they do not do something this ludicrous.


Quote:
Big difference between elimination from circulation and stopping mintage of cents.
A good question for the experts. How long did the Half Cent, two cent, Three Cent, and twenty cent coins circulate after their mintage ended?
Pillar of the Community
921 Posts
 Posted 12/14/2012  09:34 am  Show Profile   Bookmark this reply Add aardspeed to your friends list Get a Link to this Reply
I know for a fact the pennies are history already, but the as for nickle gettin the axe too, that's new news to me....I've noticed a few stores here in Canada not dealing with pennies anymore putting ALL products to round upto 5 cents... I'm sure they accept pennies as legal tender still, just dont hand them out as change anymore. It's gonna be weird @ gas stations though cause many do go over by a penny or 2 alot when filling their tanks....May as well round it upto 5 cents over instead of paying 5 cents for 1cent in gas!!
Bedrock of the Community
United States
16630 Posts
 Posted 12/14/2012  1:29 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
As far as the penny goes, seeing as how so many are "one-use" and then into a jar, why not run a public service campaign to "bring our your cents",

It's been tried before with no real success. return incentives don't really work until they start offering $1.20 per dollar returned (and even then they don't work well) and then you are just throwing more good money after bad. Coinstar already lets you donate them to charity without charging the standard 8-9% fee, or even putting on a gift card with no fee but that still doesn't work well either.

A one years suspension of the cent would save more than $40 million, because it would also spell the end of the cent. before the year was out most everyone would already be rounding to the nearest five cents and there would be no reason to start striking them again.


Quote:
What do you want to bet that if the mint suddenly stopped minting cents - or Congress authorized a 2¢ coin to be minted instead - that all those jars of cents would suddenly be emptied?

I would suspect that a lot of them would go even deeper into hiding. After all "you know they aren't making these anymore! They're going to be RARE!!" (See 1883 n/o nickel and bicentennial quarter.)
Gary Schmidt
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United States
6294 Posts
 Posted 12/16/2012  08:07 am  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
I know I have said this before, but at least in my non-metropolis area, people still use cash and pennies still flow. Pennies are used every day to make change. Our need a penny leave a penny boxes are used. If its like this in all mom-metropolis areas, it might be why the cent has not been phased out. There are an awful lot of non-metropolis areas.

It is strange to me to hear people saying nickels aren't used either - really strange - b/c they are a commonly used coin here (near Gettysburg).
And I know some people here do save their pennies to turn in later, but this is b/c it makes such an easy way to save money so at the end of the year you might have an extra hundred or so you would not have put aside. You do not notice (until you need one!) removing a penny from your pocket and they ad up quickly.
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Bedrock of the Community
United States
16630 Posts
 Posted 12/17/2012  2:26 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
They flow but is it roughly an even two way flow, or are most of them flowing one way, from the banks to the businesses to be used for change to penny jars where they disappear for a year or more before they are lugged back to the bank? In other words do you see a lot of people paying with exact change?

I've never really heard of nickels not being used, the main complaint about them is just that they cost so much to produce. Losing a little over one cent per coin on the cent is made but losing almost five cents per coin produced for the nickels is considered worse.
Gary Schmidt
Pillar of the Community
United States
1126 Posts
 Posted 12/18/2012  07:22 am  Show Profile   Bookmark this reply Add stewart to your friends list Get a Link to this Reply
Thought everyone might enjoy this

Here is an excerpt from the recently released report:

"Stainless steels, despite the having an electrical conductivity that is about half that of cupronickel, were recommended for testing for the 5-cent coin. The ideal stainless steel for coinage would be non-ferromagnetic (so it would not be mistaken for a steel slug), have low flow stress (i.e., result in low striking loads), have excellent corrosion resistance and be comprised to the greatest extent practical of elements that are not as expensive as nickel. Nickel and molybdenum contents should be low to reduce costs. Austenitic stainless steels (3xx series) are preferred because they are non-ferromagnetic and thereby are more likely to be accepted by a majority of fielded coin-processing equipment."

Link to Full Report:
United States Mint Report 2012 Biennial Report to the Congress on the Current Status of Coin Production Costs and Analysis of Alternative Content December 2012

http://www.usmint.gov/about_the_min...ber_2012.pdf

Also: Current Technologies Corporation Report: Alternative Metals Study, August 31, 2012

http://www.usmint.gov/about_the_min..._31_2012.pdf
Edited by stewart
12/18/2012 07:26 am
Pillar of the Community
United States
977 Posts
 Posted 12/18/2012  5:13 pm  Show Profile   Bookmark this reply Add Broseph to your friends list Get a Link to this Reply
I read some of the "news" and they are saying it takes almost 5 cents to make a penny now, and over 16 to make a nickel? I don't like filling my head with uncredited things....
Bedrock of the Community
United States
16630 Posts
 Posted 12/18/2012  5:40 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
And the weight would be close to 20% lighter than the current coin. Wonder how the vending machines will handle that?

In the report they say that changing the composition of the cent would not result in any significant savings because the cost of zinc is comparable to that of steel or aluminum. And they are right the cost per ton of metal is roughly the same for each. But they didn't consider that because of the density difference you can strike 2.6 times as many cents from a given weight of aluminium than you can from the same weight of zinc.

They say that it is best if industry has two to three years advance notice of a composition change, so that would mean that even if they did decide to make a change we wouldn't see it until 2015 or 2016. (Since in the summery they state they need more time to do more studies, and the next report isn't due until the end of 2014, there is a good chance we won't see any changes until 2017.

Basically after over a year of study they have come to the conclusion that they need to do more studies.
Gary Schmidt
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