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Is It Time To Kill The Penny?

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 Posted 07/14/2020  12:55 pm Show Profile   Bookmark this topic Add jbuck to your friends list Get a Link to this Message
Of course it is. It is long past due!

Is It Time To Kill The Penny?


Some key points, in my opinion...


Quote:
Last year, almost 60% of the coins that the U.S. Mint churned out were pennies. 60 percent. It made more than 7 billion pennies. Seven billion. That's a lot of manpower that could be used toward making coins we actually need.

Quote:
The penny is basically worthless. Actually, it's worse than worthless. It costs the U.S. government about 2 cents to produce every penny. Pennies aren't even worth our time ... [T]he typical American worker earns a penny every two seconds. It takes most of us more than two seconds to fumble around with change or pick a penny off the ground, which explains why there are so many pennies on the ground.

Quote:
Penny defenders' strongest argument was that eliminating it would hurt consumers [with] the "rounding tax." But ... a study of convenience stores and found that the final digit of purchases, which usually involve multiple products and a sales tax, was pretty much random ... Sometimes you'd round up; other times you'd round down. In the end, it would basically be a wash.

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... we never had a coin as worthless as the penny is now. Back in 1857, we killed the half-cent coin which, when adjusted for inflation, was as valuable then as about 14 cents is today.

Quote:
The U.S. Mint lost over $72 million making pennies last year. But there doesn't seem to be much urgency about this because in the grand scheme of the federal budget, it's just pennies.


The article makes a passing mention on the dollar coin as well.
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 Posted 07/14/2020  1:00 pm  Show Profile   Bookmark this reply Add Numis-Northerner to your friends list Get a Link to this Reply
Honestly if the federal government stopped making pennies, but kept them circulating, we probably could go 50 years or more before seeing a shortage, and even then that would likely be cause by zinc rot.
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 Posted 07/14/2020  1:01 pm  Show Profile   Bookmark this reply Add southsav to your friends list Get a Link to this Reply
I think I've always thought so, and still do today. Your quotes all make valid arguments for doing away with them.



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 Posted 07/14/2020  1:16 pm  Show Profile   Bookmark this reply Add bobby131313 to your friends list Get a Link to this Reply
Yup.
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 Posted 07/14/2020  1:34 pm  Show Profile   Bookmark this reply Add mikem007 to your friends list Get a Link to this Reply
Bring back the Indian Head penny. Game on. It might cost 2 cents or more to produce the modern penny but that single penny is used during thousands of transactions. I'd say reduce the number of new pennies made and let the prior years circulate longer. I could be wrong on this but I don't know if I've ever seen a modern year penny in AG or worse condition.
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 Posted 07/14/2020  1:35 pm  Show Profile   Bookmark this reply Add keith12 to your friends list Get a Link to this Reply

Quote:
The U.S. Mint lost over $72 million making pennies last year. But there doesn't seem to be much urgency about this because in the grand scheme of the federal budget, it's just pennies.


I thought that was the governments job. Waste tax payers money
Edited by keith12
07/14/2020 1:36 pm
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 Posted 07/14/2020  1:54 pm  Show Profile   Bookmark this reply Add machine20 to your friends list Get a Link to this Reply

Quote:
Bring back the Indian Head penny


not happening in this political climate
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 Posted 07/14/2020  2:00 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply

Quote:
Bring back the Indian Head penny.


Really wasn't an "indian", Liberty was a personification of a white women with a native american head dress.


Quote:
not happening in this political climate


Ummmmmmmmm, we currently have Sacagawea and the Native American dollars, I don't see a mad push to outlaw those or burn them... actually didn't Alaska just released the latest Sacagawea dollars for circulation?
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 Posted 07/14/2020  2:02 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Honestly if the federal government stopped making pennies, but kept them circulating, we probably could go 50 years or more before seeing a shortage, and even then that would likely be cause by zinc rot.

Quote:
I'd say reduce the number of new pennies made and let the prior years circulate longer.
Doubtful. Six months, maybe. A year tops.

They mint seven billion cents each year to replace what was pulled from circulation. Only so many of them are in reclaimable places (change jars, couch cushions). Most of them are lost forever because they are disposable.
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 Posted 07/14/2020  2:03 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
I personally would like to see the end of the Lincoln Shield Cent, at least when it was tin, it would last a while, the vast majority of LSC are terrible. Most breaking apart as the planchets are so badly made. Even proof and mint sets have black spots. The Lincoln cent is the worst (quality) made coin we currently have.

Also think about this, one can actually finish a set, we have a start and end date for the Lincoln cent.
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 Posted 07/14/2020  2:06 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Also think about this, one can actually finish a set, we have a start and end date for the Lincoln cent.


Of course, if one really hates the shield cent, just say the Lincoln cent ended in 2009.
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 Posted 07/14/2020  2:10 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply

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Of course, if one really hates the shield cent, just say the Lincoln cent ended in 2009.


There are enough spaces in the Dansco to go to 2019

Need to fill the holes.

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 Posted 07/14/2020  2:12 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
Mine ended with the 2007-S Proof (I have the "includes proof-only" 8100 Dansco with eight pages).

2008 and up are in my "blank page" album with the nickels and dimes that do not fit in the filled Jefferson and Roosevelt albums.
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 Posted 07/14/2020  2:23 pm  Show Profile   Check Lancek's eBay Listings Bookmark this reply Add Lancek to your friends list Get a Link to this Reply
definitely
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 Posted 07/14/2020  2:41 pm  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
Interesting take from above:



Quote:

Last year, almost 60% of the coins that the U.S. Mint churned out were pennies. 60 percent. It made more than 7 billion pennies. Seven billion. That's a lot of manpower that could be used toward making coins we actually need.


Making coins we actually need. Okay, which/what coins do we actually need?
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 Posted 07/14/2020  3:42 pm  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply

Quote:
Bring back the Indian Head penny. Game on.

No way ; you'll be destroying the original IHC collectors .
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