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 Replies: 14 / Views: 990 |
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Pillar of the Community
United States
2600 Posts |
Kennedy halves are still in circulation and so are Lincoln cents. I can melt a 64 Kennedy but can't melt a 64 Lincoln. I just do not understand what the difference is.  Jim
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Moderator
 United States
187629 Posts |
Politics.  Most people could care less about the 50 cent piece. Almost no one uses it. Current strikes are for collectors only since there are (more than) enough circulating pieces to meet demand. However, many people are under the delusion that the one cent piece is still needed. They cost way too much to make and if the supply were to suddenly shrink from cashing in the copper, more would have to be minted and that would lose even more money. IMHO, they are being hoarded in the hopes of future melting, but not on the scale that it could be if it were legal. While I agree with the math, I disagree with the need. Get rid of the cent after 2009. People may be upset, but they will get over it and they will adapt. They did when the half-cent disappeared. We had our 50 cent "crisis" in the late 60's when the silver was hoarded. People adapted by using two Quarters. Edited by jbuck
01/09/2008 11:15 am
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Pillar of the Community
United States
5318 Posts |
quote:
However, many people are under the delusion that the one cent piece is still needed.
Yep--perhaps when our country was first founded they meant something. But certainly not now. Although I'm a big fan of the Lincoln Cent, we could easily follow the lead of many other nations who eliminated their 1/100 coin. It's a huge waste to coin billions of cents when we could really use a dollar coin that people actually use...like the Loonie in Canada. For that matter, printing $1 or even $5 makes little sense too. Ok, enough of my rant, lol!  |
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Bedrock of the Community
United States
12437 Posts |
The difference is that copper cents are considered circulating coinage, whereas anything with silver content is not considered to be circulating coinage since it has not been released in many years and the surviving silver in circulation is miniscule. Also, you cannot melt a 1964 nickel, but you can melt a 1945 nickel since it has silver content.
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Valued Member
Ireland
498 Posts |
What is better on the two, waste the cent by not accumulating it or spending it?or getting rid of the cents?
That will left nickel the lowest denomination much more on rounding up on prices but also increase prices of commodity,just for me.
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Moderator
United States
187629 Posts |
Considering that a large percentage of transactions are electronic (which would still be to the cent), I don't think this would be a huge issue.
Some businesses will round proper (up or down depending on price), while those that don't might see an increased use of Credit/Debit cards. This was a big deal when the half-cent was eliminated (and a cent bought a lot more back then), but we survived.
I think people are overreacting to something that is really a non-issue. Worst case, one would "lose" a maximum of four cents per cash transaction. I know plenty of people now that just toss those one to four cents! (in a jar, in the trash, the leave-a-penny-take-a-penny trays, etc). So what would really change?
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Pillar of the Community
Australia
3831 Posts |
To be exact, only Two Cents loss in any transaction. It's just people who can't understand the maths behind it that are making the most fuss out of this. 95cents = 95 cents 96c = 95c 97c = 95c 98c = 1dollar 99c = 1d 1d = 1d 1.01d = 1d 1.02d = 1d 1.03d = 1.05d 1.04d = 1.05d Unlike popular belief of EVERYTHING being rounded in the grocery bill, it is only your FINAL BILL, i.e. what you checked out that is rounded up or down. If you are paranoid over losing Two Cents, you can pay the exact bill by your credit / debit card. My partial coin collection http://www.omnicoin.com/collection/gxseriesMy numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htmRegularly updated at least once a month. |
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Pillar of the Community
United States
581 Posts |
I think the only way the gov't will go in 2009 is to keep the cent and 5 cent, but change the metallic content. We're going to get some lightweight, cheap coins.
Of course, this will just increase the value of the current "heavy" coins - when coins were coins and little aluminum tokens rusted in the sun.......
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Pillar of the Community
United States
5318 Posts |
quote:
To be exact, only Two Cents loss in any transaction.
Additionally, if all prices end in either .05 or .00, all multiples and fractions thereof will end in .05 or .00 That was the case when I lived in Switzerland, which discontinued their 1c decades ago. |
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Moderator
United States
187629 Posts |
"To be exact, only Two Cents loss in any transaction."Only if they properly round up/down. Most of the complainers here in the US assume that "evil greedy businesses" will always round up. For example, $14.91 becomes $14.95 or four cents "lost".
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Moderator
United States
187629 Posts |
"It's just people who can't understand the maths behind it that are making the most fuss out of this."
I forgot to add this part in, and you make a good point, a lot of people here just do not understand the concept of rounding to the nearest $.05 amount!
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Member
United States
3242 Posts |
We do but we want our 2 cent too we love the penny its a symbol of US coinage!! |
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Valued Member
United States
144 Posts |
Speaking of 2 cent, if we replaced the cent with 2 cent, people would have time to get used to the rounding idea a little bit at a time.
With a 2 cent and a (debased) 5 cent, you can make all values from 1 to 99 except 1 and 3. That's not a lot of rounding.
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Pillar of the Community
United States
5318 Posts |
quote:
We do but we want our 2 cent too
we love the penny its a symbol of US coinage!
]] Yes, I'm torn--I really like V.D.B's original portrait of Lincoln. If they returned that to the cent (and gave the coin some relief), I might change my tune. |
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Valued Member
Ireland
498 Posts |
Wuth all of the info of the expert,I think I'm lost.
Maybe the cent is a buffer zone to hold any inflation or deflation of dollar.
A dollar is a dollar.
Is one dollar same with lowest denomination is a cent? or with a dollar with lowest denomination is nickel?
Or we asking what is the value of dollar?
Nice info on rounding up.
They will round up the price from raw material to end commodity price with small cents lost for the consumer?or it is much more expensive the price of goods and commodity, after they eliminate the cent.
Edited by josie
01/10/2008 11:39 am
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Replies: 14 / Views: 990 |
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Posted 01/09/2008 11:48 am
