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Do you imagine what it'd be like if 2 cent coins were in circulation today?  
 

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 Posted 10/12/2017  5:14 pm Show Profile   Bookmark this topic Add orange26 to your friends list Get a Link to this Message
I was asking, because I've read that the UK has 2 cent pieces(known as pence there) in circulation. Plus, Australia used to have 1 and 2 cent coins in circulation.

Plus, we also have 2 dollar bills in circulation, but they don't get used as much as the others.
Edited by orange26
10/12/2017 5:15 pm
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 Posted 10/12/2017  5:31 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
Yes, I do. If we still had a two cent coin we would have gotten rid of the one cent coin by now.
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 Posted 10/12/2017  5:41 pm  Show Profile   Check nss-52's eBay Listings Bookmark this reply Add nss-52 to your friends list Get a Link to this Reply
Two cent coins would represent, basically, two times almost nothing. I predict they would cost the mint way more than two cents to make.
Edited by nss-52
10/12/2017 5:42 pm
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 Posted 10/12/2017  5:53 pm  Show Profile   Bookmark this reply Add Alpha2814 to your friends list Get a Link to this Reply
We'd see a few people being arrested because clerks wouldn't know that the 2-cent piece was real. (Back when the nickel got a makeover, I saw a clerk refuse to accept one of the new ones for that reason. Didn't escalate to the police though.)
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 Posted 10/12/2017  5:55 pm  Show Profile   Bookmark this reply Add orange26 to your friends list Get a Link to this Reply
@jbuck - The 2 cent piece itself wouldn't add up to the exact change for the nickel or quarter, though.
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 Posted 10/12/2017  6:08 pm  Show Profile   Bookmark this reply Add Bump111 to your friends list Get a Link to this Reply
I was thinking about this myself recently. They could stick with the old copper mix and get rid of the zinc. From a numismatic perspective it would be great. But, as has been mentioned, from an economics standpoint it just doesn't compute. I doubt it would be widely utilized.

As long as we are using a dollar-based system that depends on a centime/centum in the mix, we will have one-cent coins unless someone is willing to take a loss here and there. A cent here and there adds up for businesses. Do they come out ahead or do their customers? Rounding everything to a nickel value is consequential. This has been discussed ad infinitum on this and other forums.
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 Posted 10/12/2017  8:18 pm  Show Profile   Bookmark this reply Add ckrakowski to your friends list Get a Link to this Reply
I like spending old coinage and if I ever get the chance to spend one I will. They are still legal coinage after all.
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 Posted 10/13/2017  12:48 am  Show Profile   Check spruett001's eBay Listings Bookmark this reply Add spruett001 to your friends list Get a Link to this Reply

Quote:
I like spending old coinage and if I ever get the chance to spend one I will.


I'd love to see the cashier's face in that case.

Here's a quote from Wikipedia:


Quote:
Lange notes, "it was evident by the end of the 1860s that its coinage was no longer necessary". According to Carothers, "the coinage of a 2 cent piece was unnecessary. While it was popular at first because of the great public demand for metallic small change, it was a superfluous denomination, and its circulation waned rapidly after the 5 cent nickel coin was introduced."


I don't think the situation would be any different today. It's interesting to consider, though.
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 Posted 10/13/2017  11:17 am  Show Profile   Check Andrew99's eBay Listings Bookmark this reply Add Andrew99 to your friends list Get a Link to this Reply
Rounding everything to a nickel is done in Canada and the Netherlands and the countries didn't implode. No, Lex Luthor is not going to write a computer program to steal all the rounding errors and take over the world.
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 Posted 10/13/2017  3:33 pm  Show Profile   Bookmark this reply Add Bump111 to your friends list Get a Link to this Reply
Maybe we should round everything to the nearest dollar and just get rid of coins altogether. My pockets would be a lot lighter...

But, what would I collect?
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 Posted 10/13/2017  4:44 pm  Show Profile   Bookmark this reply Add Mark1959 to your friends list Get a Link to this Reply
It would be like: "Buy one sandwich at full price, get the next one of equal or lesser value for 2¢" - I could live with it!
You should always collect within your income, even if you have to borrow to do so.

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 Posted 10/13/2017  6:33 pm  Show Profile   Bookmark this reply Add Bump111 to your friends list Get a Link to this Reply
Just for kicks, I decided to calculate how much money is involved if we look at the total number of US consumers (approximately 250,000,000), times the number of cash transactions per year (276 per consumer), and if each of these transactions were rounded up by 1 cent. It comes to about $690,000,000. I want to be on the receiving end of that extra cent per purchase.

Now, if the producers are willing to eat that cent for each purchase, that would be the second best option. I don't see it happening.

My numbers are estimates from the US Census and the Federal Reserve. Your mileage may vary.
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 Posted 10/14/2017  12:47 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
@jbuck - The 2 cent piece itself wouldn't add up to the exact change for the nickel or quarter, though.
True, but rounding would solve that problem.


Quote:
Rounding everything to a nickel is done in Canada and the Netherlands and the countries didn't implode. No, Lex Luthor is not going to write a computer program to steal all the rounding errors and take over the world.
This.
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 Posted 10/14/2017  12:51 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Just for kicks, I decided to calculate how much money is involved if we look at the total number of US consumers (approximately 250,000,000), times the number of cash transactions per year (276 per consumer), and if each of these transactions were rounded up by 1 cent. It comes to about $690,000,000. I want to be on the receiving end of that extra cent per purchase.
Rounding goes to the nearest, not the highest.

Over time it evens out.


Quote:
Now, if the producers are willing to eat that cent for each purchase, that would be the second best option. I don't see it happening.
But they will. It makes sense for public relations and they are still ahead because they do not have to pay that transaction fee they do for electronic payments.

Once one does it, they will all do it.
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 Posted 10/14/2017  6:26 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
I think we should actually have the 2 Cent, 3 Cent, 4 Cent and even bring back the 20 Cent coin. Also maintaining the 1 Cent, 5 Cent, 25 Cent and continue with the Half Dollar coins too. This would make it a real lot of fun watching people at fast food places trying to figure out how much to charge you for anything.
just carl
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 Posted 10/14/2017  7:58 pm  Show Profile   Bookmark this reply Add Mark1959 to your friends list Get a Link to this Reply

Quote:
I think we should actually have the 2 Cent, 3 Cent, 4 Cent and even bring back the 20 Cent coin. Also maintaining the 1 Cent, 5 Cent, 25 Cent and continue with the Half Dollar coins too. This would make it a real lot of fun watching people at fast food places trying to figure out how much to charge you for anything.


And make them all the same size and metal composition - It would shut the US economy down within hours!
You should always collect within your income, even if you have to borrow to do so.

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