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 Replies: 30 / Views: 3,856 |
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Bedrock of the Community
Australia
21786 Posts |
Not the thread leader I really wanted; couldn't fit it on the the title board.
The REAL question:
'If the Penny was Demonetised, What Denomination Would You Switch To?'
There been a lot of discussion on this subject, but those who search through rolls will be most affected.
It would also make the penny a 'closed' series, but that won't stop them from being studied.
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Pillar of the Community
United States
997 Posts |
I don't think they would actually be demonetized, but they could be reduced to being issued for collectors only as is the Half Dollar and now the dollar coin. AFAIK the only American coin ever demonetized was the Trade dollar and even that was restored eventually. It however had intrinsic value due to the silver content so it remained useful for it's intended purpose. The cent, while the metal content may well be worth over it's face value, would not be so valued due to the difficulty in making it acceptable as a value store. Zinc does not have the desirability of silver or gold. |
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New Member
Canada
11 Posts |
Look at some countries who have over inflated currencies like guyana and zimbabwae, have now what are considered rare coinage as it is not viable to use a penny or even a one, two , five or ten dollar coin (equivelent to a penny because a loaf of bread is 200 dollar equivelent to 2 dollars if compared to western countires. If we domonitize the penny I'm stocking up on them, because in the next 100 years they would be worth a lot.
I have guyana coinage from 1813 and guilders and half guilders pre 1836 if anyone is intrested I send scans
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Rest in Peace
United States
9104 Posts |
Quote:
'If the Penny was Demonetised, What Denomination Would You Switch To?' Half pence. The question assumes everyone collects by roll hunting. Lots of ppl collect IHC, but not typically by searching rolls. |
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Bedrock of the Community
United States
20753 Posts |
If that ever happened try picturing all the stores in the USA having to change their signs. Every where you look it's $0.99, $1.79, $5.98, etc. And then too all the gas stations with their $3.7601 per gallon. No one would use wishing wells anymore. Kids couldn't find them on the ground anymore either. Whitman, Dansco, Littleton, Harris, etc would all have to stop making Albums for them. Every where governments would charge more for sales taxes since now they are all about 7%, 9%, etc and that would create pennies from you purchase of $3.94. People mining Zinc for those pennies would now be out of work as with most of us.
So many songs that use the PENNY word would have to be shelved or rewritten. Picture this: "Pennies from Heaven" now reads "Nickels from Heaven". AND then comes the biggy. Just what would you do with Lincoln's face?
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Valued Member
United States
206 Posts |
Banji, Send some scans of those to me:D
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Bedrock of the Community
United States
17884 Posts |
Quote:
If that ever happened try picturing all the stores in the USA having to change their signs. Every where you look it's $0.99, $1.79, $5.98, etc. Why? Quote:
No one would use wishing wells anymore. Why? No one throws anything larger than a cent into a wishing well? Here's a radical thought. Maybe if the smallest coin was a nickel, they'd throw those! What do you think? Quote:
Kids couldn't find them on the ground anymore either They also wouldn't be throwing them on the ground either! Quote:
Whitman, Dansco, Littleton, Harris, etc would all have to stop making Albums for them. Like they stopped making albums for indianheads, and Buffalo nickels, and Mercury dimes and..... Quote:
Every where governments would charge more for sales taxes since now they are all about 7%, 9%, etc and that would create pennies from you purchase of $3.94. Why? Quote:
People mining Zinc for those pennies would now be out of work as with most of us. Nah, got to make the nickel out of something. Quote:
So many songs that use the PENNY word would have to be shelved or rewritten. OK, now there's a hardship. And of course no one could ever name their little girl Penny ever again. Quote:
AND then comes the biggy. Just what would you do with Lincoln's face? Why would we have to do anything with it? |
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Moderator
 United States
187914 Posts |
Quote:
I don't think they would actually be demonetized, but they could be reduced to being issued for collectors only as is the Half Dollar and now the dollar coin. I agree. This is what I advocate. Quote:The question assumes everyone collects by roll hunting. Lots of ppl collect IHC, but not typically by searching rolls. Good point, BF.  Conder101, you make my job easier.  |
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Valued Member
United States
410 Posts |
If they stopped minting the penny I would continue to roll hunt nickels. The only pennies I collect are in my Silver Proof Sets.
I would say it is only a matter of time. Some businesses have stopped using pennies anyway. My local McDonalds rounds your change UP to the nearest nickel. I guess it is cheaper to lose a couple of cents on the transaction than pay an employee to keep track of them.
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Pillar of the Community
United States
927 Posts |
Rolls of pennies from the bank would disappear pretty quick. So I guess the roll hunters would have to "graduate" to nickels or something else. But the pennies would never be demonitized.
I was just wondering. If they change the composition of a nickel to zinc, would they call it a "zinkie"? Or if they changed it to steel, would they call it a "steelie"? Just askin.
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Pillar of the Community
United States
1302 Posts |
If they stop making the cent except for collectors issues- they should go back to the large cent... just saying.
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Moderator
United States
187914 Posts |
Quote:
But the pennies would never be demonitized. I agree. There is no need to do it, just quit making it and let it disappear from general circulation. Quote:
If they stop making the cent except for collectors issues- they should go back to the large cent... just saying. I am intrigued, but I disagree. The reason why I want it to be NIFC is so I can keep filling my empty album holes.  |
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Pillar of the Community
United States
4132 Posts |
I wonder if the elimination of the cent would drive interest in Jefferson nickel varieties. Lincoln Cent collectors seem to obsess quite a bit over fairly minor varieties, but there is comparatively little interest in varieties for other denominations. If everybody moves over to nickels for roll hinting, maybe that would change. |
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Moderator
United States
187914 Posts |
Quote:I wonder if the elimination of the cent would drive interest in Jefferson nickel varieties... Interesting idea. The same could be pondered when the dime becomes the bottom dog. |
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Bedrock of the Community
United States
17884 Posts |
Quote:I wonder if the elimination of the cent would drive interest in Jefferson nickel varieties. Probably. I think the Lincoln Cent is the most collected coin simply because it is the lowest denomination. Eliminate the cent and most new collectors will start with the nickel. This would cause a much greater interest in the coin. |
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Valued Member
United States
410 Posts |
I think people will move to the nickel for for several reasons:
1. They aren't very expensive
2. They never had a 90% silver version so you can still regularily find coins back to the 30's in rolls
3. They are a nice size. It is easy to see mint marks, etc
The only problem I see is the possiblilty that people start hording nickels like they did 90% silver coins. There is talk over in the bullion section of buying up nickels and holding them with the hope that copper will raise in value like silver did.
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Replies: 30 / Views: 3,856 |
Posted 02/24/2012 8:31 pm
