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Posted 05/09/2012 2:24 pm
Quote:
A "complete" stoppage on minting something ? ....... I'm not really sure what happens....but another example is the Ike dollar, Buffalo nickel, and the Suzy B.....and even some others that still "linger" for many many years with a complete stoppage of minting.
A "complete" stoppage on minting something ? ....... I'm not really sure what happens....but another example is the Ike dollar, Buffalo nickel, and the Suzy B.....and even some others that still "linger" for many many years with a complete stoppage of minting.
Just look at what other countries have done or will do and you'll get the answer.
The Ike, SBA, and Buffalo nickel aren't the same thing. There are still dollar coins and nickels being used. A design change has nothing to do with not minting the denomination. Plus once a coin is minted, almost no one in this country will ever reject it. It is still legal tender, except maybe for the Trade dollar, Half Cent, etc, since most people have no idea what they are and don't know how to interpret them.
The Kennedy half isn't minted for circulation anymore, because the Federal Reserve isn't requesting them anymore, since they have so many sitting there in their vaults.
Once the cent is stopped from being minted, I can guarantee you that the banks and FR will pull them all from circulation. The FR will mandate that they do it. Congress will probably put that in writing in the law that says to stop minting the cent, if they are smart. Otherwise they'll have to go back and create another law.
Edited by wquinn
05/09/2012 2:29 pm
05/09/2012 2:29 pm
