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 Replies: 42 / Views: 1,488 |
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Bedrock of the Community
United States
18456 Posts |
With Copper prices higher now than they were a few years ago , do you think they will put an end to old Abe once and for all ?  Tony
For Butch & Jim rest in peace .
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Valued Member
United States
238 Posts |
Here I bought into the theory that they would phase them out after this year so I bought about 5 boxes. Boy was I wrong. I thought the price of copper would influence the mint to stop producing pennies.I guess they like good old Abe too much,lol. Canada did it but I haven't heard anything about the U.S. yet.
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Moderator
United States
120678 Posts |
The price of copper has nothing to do with it, not for forty years now.  The cost of manufacture and logistics alone has made the cent a loser for at least the last twenty years. The Mint could materialize copper plated zinc blanks from thin air and they still lose money. Canada is ten years into the endeavour and they survived. It is way past time for the USA to say goodbye to a circulating cent.  |
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Valued Member
276 Posts |
My thoughts are, that the president should declare that all pennys will now be worth 2cents. Legal tender. You could round penny one up for change.
Edited by 279773
12/08/2022 4:53 pm
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Moderator
United States
41870 Posts |
Politics keep the cent going. The zinc lobby, the Mint employee union, Congressional "profits" from those that want them still made.
Show your support of the Coin Community Family (click here)See what CCF members have for sale (click here)See my collecting interest - (click here) |
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Bedrock of the Community
United States
10632 Posts |
End Abe? Nope. Eventually perhaps, but not in the near term.
As we know, this topic surfaces periodically. A search of the community's forum will turn up a few cent termination topics running many, many pages each.
Edited by ijn1944
12/08/2022 5:27 pm
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Pillar of the Community
United States
5623 Posts |
The Lincoln cent has barely any copper. I would be in favor of getting rid of it. It has no real value left.
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Bedrock of the Community
United States
75091 Posts |
Agree the lowly zinc cent, the most reviled coin coin in US history, will likely be with us for many years to come.
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Bedrock of the Community
Australia
20593 Posts |
One Cent coins will cease issue into general circulation when
there is a unanimous decision by all States to agree on how to deal with the differing States sales tax rates at the point of sale.
Inefficiency until then.
I looks like the Feds unilaterally can't figure out a solution to this problem,
because if they had been able to do so, the One Cent would have been officially demonetized decades ago.
A stop gap solution could be the introduction of plastic injection molded coins, despite having the appearance of play money.
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Pillar of the Community
United States
620 Posts |
In 2021, the US Mint produced nearly 14.5 billion cents - roughly 50 for each person in the US. That's 50 more than I have any use for.
Inordinately fascinated by bits of metal with strange markings and figures
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Pillar of the Community
United States
1893 Posts |
Quote:
Agree the lowly zinc cent, the most reviled coin coin in US history, will likely be with us for many years to come. Half a trillion little reminders of how wasteful this country an Congress are. I'd say these little reminders will be around forever, but the fact is they corrode so quickly the survivors will be under glass in museums in another hundred years.
Time don't fly, it bounds and leaps.
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Bedrock of the Community
United States
10632 Posts |
Edited by ijn1944
12/08/2022 8:51 pm
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Pillar of the Community
United States
3719 Posts |
As long as the Fed keeps ordering a billion of them a year, and/or congress changes the law...
-----Burton 49 year / Life ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, OnLine Coin Club Owned by four cats and a wife of 39 years (joined 1983) PS: ANA's records are messed up, they show me as a 50-year member and I'm now Emeritus |
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Pillar of the Community
United States
9199 Posts |
I don't think the cent will go away in our lifetime. Agree that the price of copper has nothing to do with their current existence.
Take a look at my other hobby ... http://www.jk-dk.artToo many hobbies .... too much work .... not enough time. |
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Moderator
United States
41870 Posts |
Quote:
A stop gap solution could be the introduction of plastic injection molded coins, despite having the appearance of play money. That would increase the demand for oil.
Show your support of the Coin Community Family (click here)See what CCF members have for sale (click here)See my collecting interest - (click here) |
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Moderator
United States
120678 Posts |
Quote:
One Cent coins will cease issue into general circulation when there is a unanimous decision by all States to agree on how to deal with the differing States sales tax rates at the point of sale. I have to say this every time the topic comes up...  Taxes have nothing to do with it! There are multiple jurisdictions with sales tax rates set to a half-percent and we get along fine without a Half Cent! Stop selling that "cannot do sales taxes" with the cent humbug! Rounding works without a Half Cent, it will work without a cent.  Quote:
A stop gap solution could be the introduction of plastic injection molded coins, despite having the appearance of play money. Did you miss the part where I said even if material was free the cent would still lose money?
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Replies: 42 / Views: 1,488 |
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Posted 12/08/2022 4:47 pm
