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If They Do Away With The US Penny What Happens To Peoples Collections?

 
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Author Previous TopicReplies: 9 / Views: 438Next Topic  
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United States
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 Posted 07/16/2020  01:14 am Show Profile   Bookmark this topic Add youngmaster to your friends list Get a Link to this Message
I was going to start coin collecting but I dont understand what folks are talking about when they say they will do away with the penny or if they are just trying to stir up something. I dont think they should do away with the penny do to the fact it helps consumers with buying. What if they did away with the dime then two nickels can take place of that one dime. I'mjust wondering on the whole thing... Just sharing my thoughts. The pandemic thing when its over should be back to balance or so I think.
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 Posted 07/16/2020  06:11 am  Show Profile   Bookmark this reply Add John1 to your friends list Get a Link to this Reply
Didn't Canada do away with the one cent coin? How are they getting by? As to collecting cents,there will always be a way to collect them. They will be in circulation for awhile after they stop minting them and you can always buy or trade for the ones you need to fill a hole in your collection.
John1
( I'm no pro, it's just my humble opinion )
Searched 5+ Million Cents Since 1971
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Canada
3543 Posts
 Posted 07/16/2020  06:40 am  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
We are doing fine in Canada without the one cent coin, and it had no effect on collecting. There are still plenty around to collect.
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 Posted 07/16/2020  07:36 am  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply
Doing away with the one cent coin will not hurt anyone's
collection . If anything it will increase in volume and value .
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In Memory of Fallen Black Sheep Mates .
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United States
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 Posted 07/16/2020  08:21 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
Even people in USA can collect Canadian 1 cents. And the best part is that in Canada you have a start (1858) and end date (2012). So no real issue with not Canada stopping making the 1 cent coin.









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 Posted 07/16/2020  08:59 am  Show Profile   Bookmark this reply Add kanga to your friends list Get a Link to this Reply
I think the US Mint is missing an opportunity.
It costs more than 1 to make a penny.
They could save a lot by not striking them for circulation anymore (last I heard the cost overrun was something like $150,000,000 per year).
BUT THEN
The US Mint could make big bucks by striking cents just for collectors.
Charging 10 (or even a $1) to include them in sets with other coins.

Heck, they could even do that with the nickel.
The nickle costs about 7 each to strike.
US Mint could charge 25 each (or more) for collectors' varieties.

And they could strike proofs, reverse proofs, matte finishes and ...?
Describe it as if there were no picture.
Picture it as if there were no description.
Edited by kanga
07/16/2020 09:00 am
Valued Member
United States
156 Posts
 Posted 07/16/2020  09:32 am  Show Profile   Bookmark this reply Add youngmaster to your friends list Get a Link to this Reply
kanga interesting points. It can leverage it out nice thinking I wonder if they do that already?
hfjacinto very fun sets you showed there how long did that take you?
When I was a kid getting older I was shocked to find out the canadian cent wasnt a Wheat penny... I didnt look at it closely until I had finished high school that I found out lol
Edited by youngmaster
07/16/2020 09:36 am
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 Posted 07/16/2020  09:35 am  Show Profile   Bookmark this reply Add Big-Kingdom to your friends list Get a Link to this Reply
As I've stated before, the U.S. mint takes a loss on cents and nickels and makes a killing on dimes and quarters, and dollar coins when they make them for circulation use. Even when they don't make dollar coins they are still turning over S100+ million profit doing what they are doing. I'm not willing to do the math again, feel free to if you like.

Now you can nitpick and say "the mint needs to turn a profit on each one individually". Yeah ok. sure. I see your point, everything it produces should break even or turn a profit. It's a business....If the cent or the nickel were the only thing it produced, it would be a serious problem, but it's not. They produce coinage for a country in whatever the denominations are required and the quantity required, and it's not a losing proposition overall of what they produce on any given year.

I will be honest here, I've heard the "get rid of the penny" or"it's gonna happen!' story my entire life, since the 1970s. It hasn't happened yet in 46 years of taking about it, and it's been talked about like it was going to happen "sometime soon" every single year.

It's not happening unless the raw materials and production costs gets so pricey that they are getting close to breaking even or taking an annual loss on production.
I will say it could be done, it wouldn't cause much of a disruption, but if they get rid of the cent, they should also get rid of the nickel for the same reason and just keep dimes and quarters.
Canada has been talking about dumping the 5 cent coin since 2013 since they aren't profitable either, so the question becomes where does it end and should we just round everything up to a $1.00 minimum and shut the mints down entirely, ya know, to "save costs and such"?

I really don't think it's going to happen. Why? because in the end U.S. coin and currency is global advertisement, you can find it in the Amazon and Antarctica, someone in Africa probably collects U.S. cents also! coins last a long time, and overall it's still profitable to mint coins.

One day a thousand or more years from now, U.S. coins will be dug up as the ancients of Rome, and they will be found Everywhere on the planet and that's gotta account for something in the grand scheme of things.

I give out pens at work, they cost us. we lose on them every year, but I give hundreds of them away, and they get around because pens walk off and change hands, and while we don't make money off the pens, we make money off the pens every time someone says "I found your contact info and wanted to inquire about xxx" We could save money by not giving away 1000+ branded pens at a loss each year, but it may affect a portion of sales and our bottom line in the long run. My father use to say, "don't step over dollars to pick up pennies". Restaurants give out free ketchup. That costs them, if they stopped giving out ketchup, they'd save a lot of money. But is it smart to get rid of the ketchup altogether especially when it's branded with their business logo on the packets?
Last paragraph become sort of rambling, apologies for that. hahahhaa

collections will still exist, and it won't affect the market prices really, especially with cents, not for a very long time.

Edited by Big-Kingdom
07/16/2020 09:46 am
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United States
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 Posted 07/16/2020  09:51 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
Personally I think all coins should have the value of the metal in it. Time to bring back silver $20 and Silver $1
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