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 Replies: 42 / Views: 1,894 |
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Pillar of the Community
United States
1472 Posts |
Cents have been a part of American society and culture since 1793. I don't see how any politician would think the public at large would want to eliminate them. We have far more pressing and important issues to deal with.
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Bedrock of the Community
United States
15547 Posts |
At some point, I think that the cent will be removed from circulation (like the Kennedy half) and minted for collectors and investors (just like the Kennedy half) |
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Moderator
United States
122465 Posts |
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We have far more pressing and important issues to deal with. Yeah, sure, like wasting millions of dollars on other lobbied crap. Reducing wasteful spending has to start somewhere and it can start with eliminating the cent.  Quote: At some point, I think that the cent will be removed from circulation (like the Kennedy half) and minted for collectors and investors (just like the Kennedy half)  I am all for keeping Lincoln cents as NCLT. While they are at it... Mint them in 95% copper (Bronze). 
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Bedrock of the Community
United States
18456 Posts |
For petes sakes already ! Just do away with Zincoln business strikes , and just produce 95% copper proofs only for collectors . Tony
For Butch & Jim rest in peace .
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Bedrock of the Community
United States
11242 Posts |
Let's be sure that when this topic comes up again--and it will--that we acknowledge the many pages of thoughts already captured over the years, including this thread.
Cheers!
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Bedrock of the Community
United States
15547 Posts |
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and just produce 95% copper proofs only for collectors . Yep, that is what I keep saying...
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Pillar of the Community
United States
885 Posts |
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T-Bop: 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 ? The Fiscal Year 2020 costs were 1.76 cents for the Lincoln cent which is actually less than in 2018 at 2.06 cents for the cent. Heres what I could find. The Mint's current research has resulted in discovery of a number of potentially seamless alloys that could be used instead of whats used now for several coins (substitutions that would require little or no modification to coin-accepting equipment) but they offer only incremental material savings, and several other "co-circulating" alternatives that could enter circulation with existing coinage. While these potential alternatives that are likely to happen through legislation could lower costs for the cent, none is identified that would bring overall costs below face value. The U.S. Mint conducted more-focused research into five potential compositions, including one for the cent. U.S. Mint researchers identified a copper-plated steel cent as an alternative to the copper-plated zinc cent. The option would be seamless, with the same dimensions and weight as the current cent, but a different electromagnetic signature. One of the remaining four actually is fully ready for implementation pending congressional authority (for the 5-cent, dime, quarter dollar and half dollar compositions) so those may change first. https://www.coinworld.com/news/us-c...nal-approvalThere is also legislation that is approved that looks to change the design of the cent I believe for one year in 2026, but nothing I see right off the top that would end the Lincoln cents production or making it for collectors only as suggested like Kennedy half dollars (short of society going entirely cashless and ending coinage entirely). This was worthy of its own topic, but fits well also as a reply here due to the potential change to the cent composition.
Edited by datadragon
12/12/2022 4:18 pm
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Pillar of the Community
United States
885 Posts |
And I just found confirmation from an interview with Mint Director Ventris Gibson on this information I previously posted: https://coinweek.com/us-mint-news/m...-roundtable/Ventris: Well, everyone talks about the Lincoln cent or the penny, as we affectionately know it as. Right now, there is no discussion about what happens to the penny. There's no interest Congressionally about that at this time. As to me and as to the Department of Treasury, the penny is our currency. You would be amazed that dependency penny actually fills the gap when other coins are not available. And when you think about circulating coins and the value of coinage, especially for the Lincoln cent, it is so important to recognize that those who are unbanked or underbanked, we have vending communities, we have so many others that utilize coin as a method of survival. And thus, at this time, there is no thought to doing anything other than producing the penny as we have come to know it. There's no appetite for me to introduce legislation to do anything different with any of the elimination of the coins or reduction in it. Robert: However, we are looking at different metals. Ventris: Alternative metals. Robert: Alternative metals that will reduce the cost. So, that is in the picture. We have a coin studies group inside the Mint, that analyzes all of that data. Ventris: That's right. ....Ventris: But the Secretary of the Treasury has legislative authority to do research and development on alternative metals. And that's what we've been doing within the Mint, looking at that, and looking at other mints and whether what they've done is relevant to changes in some of the makeup of the raw materials for circulating coins. We continue to look at that, and what would be best to replace that penny with but the broader range of the alternative metals is not just about the penny, but about all of the circulating coins, what we can do different. The difference that we must always be mindful of is our coinage lasts for many, many years. A penny, what, 50 years ago, still looks like a penny, and feels like a penny. So, anything we do, we want to continue that legacy, that it will last. Edited by datadragon
12/12/2022 4:57 pm
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Moderator
United States
122465 Posts |
Give it up! A circulating Lincoln Cent is long past its expiration date.  |
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Pillar of the Community
United States
789 Posts |
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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. Interesting point. That could become a quagmire.
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Bedrock of the Community
United States
11242 Posts |
Great input datadragon--keep it coming.
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Moderator
United States
122465 Posts |
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Interesting point. That could become a quagmire. Not is is not.  Different sales tax rates have nothing to do with keeping a circulating cent. Rounding is already used on sales that total to fractions of a cent. Rounding works on half-percent sales tax without a Half Cent, it will work without a cent. Heck, some places have even weirder uneven tax rates without requiring weird sub-cent denominations... https://www.avalara.com/taxrates/en...e-rates.htmlSo please, everyone, stop using sales tax as an excuse to keep circulating cents. 
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Pillar of the Community
United States
789 Posts |
What if there were a way to funnel out copper cents (some mechanical way to pull them out by weight, maybe) and return them to the Mint? Could they melt them down for the copper to reduce the amount of new copper they had to buy? Would it even be cost-effective? Maybe not, since they'd have to replace the coppers pulled out of circulation.
Wonder what it would do for those of us who have been hanging on to copper cents for no really good reason. LOL. It would certainly make coppers more rare pretty quickly.
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Moderator
United States
122465 Posts |
<broken record mode>  Even if the Mint got the copper/zinc/brass/steel (or whatever material) for free, they lose money with every cent. With free material, the blanks still need to be made (which is currently outsourced, so they have to pay that bill) and I believe even if the blanks came to the Mint for free... the presses, their maintenance, the people, the logistics, the power... still makes a cent cost more than a cent. The only way we could keep a circulating cent "below cost" is if we got literal "pennies from heaven" sent straight into the cashier drawers without having to pay the middlemen. I apologize if I sound angry, but this topic really grinds my gears. 
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Pillar of the Community
United States
789 Posts |
I get you, jbuck. Just thinking of ways to maybe REDUCE the cost some. Since it seems highly unlikely we'll see the end of the Cent anytime soon.  |
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Replies: 42 / Views: 1,894 |
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Posted 12/10/2022 8:01 pm
My American Silver Eagle Proof Collection - 1986 to Present 
