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Uh Oh! Will The US Cent Go Bye-Bye As Well. OH The Horror!

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cladhunter13's Avatar
Canada
1161 Posts
 Posted 02/15/2013  12:09 pm Show Profile   Bookmark this topic Add cladhunter13 to your friends list Get a Link to this Message Number of Subscribers
Quick little read pulled from Yahoo. I hope the US cent is not pulled as well.

http://news.yahoo.com/blogs/ticket/...olitics.html
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52Raymo's Avatar
United States
8515 Posts
 Posted 02/15/2013  12:50 pm  Show Profile   Check 52Raymo's eBay Listings Bookmark this reply Add 52Raymo to your friends list Get a Link to this Reply
I can see his point. I've seen people reach into their pockets and if they come out with pennies, just throw them. Myself, I can't pass a penny without picking it up.
Oregon coin geek.....*** GO BEAVS ! ! ! ***
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Fat Freddy's Avatar
United States
1200 Posts
 Posted 02/15/2013  1:25 pm  Show Profile   Bookmark this reply Add Fat Freddy to your friends list Get a Link to this Reply
That was the first preliminary warning sign/hint. Now that discussion of the subject has been formally opened, it'll roll from here. The USA will
undoubtedly end up having to follow the example set by Canada.

The government is into hard economic/budgetary times, and beloved to not, possessed of major historical significance or not, the penny is a
budgetary drain that's going to end up in the history books with the 2-cent piece and the 3-cent piece.

I'm going to be sorry to see it go, but I think its end is both inevitable and probably not very far off.
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52Raymo's Avatar
United States
8515 Posts
 Posted 02/15/2013  1:38 pm  Show Profile   Check 52Raymo's eBay Listings Bookmark this reply Add 52Raymo to your friends list Get a Link to this Reply
I'll have to buy a new album I suppose.
Oregon coin geek.....*** GO BEAVS ! ! ! ***
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jbuck's Avatar
United States
187672 Posts
 Posted 02/15/2013  2:55 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
Was mentioned and discussed earlier...

https://goccf.com/t/139399&whichpage=10#1278542

But since this is a dedicated thread, I will leave it open and move it to a more visible forum.
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jbuck's Avatar
United States
187672 Posts
 Posted 02/15/2013  2:59 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I'll have to buy a new album I suppose.
Maybe not. I hope the US Mint knows it would have profit with an NIFC cent in the annual uncirculated and proof sets.
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cladhunter13's Avatar
Canada
1161 Posts
 Posted 02/15/2013  3:02 pm  Show Profile   Bookmark this reply Add cladhunter13 to your friends list Get a Link to this Reply
Sorry about that. I mentioned it in CRH forum as it would directly affect the US Cent roll hunters as the removal of the Canadian Cent has affected the Canadian Roll Hunters.

Thank you for allowing the thread to remain open.

Now I must get my US cents organized to see which years I still need. I find quite a few here in Canada. Living in a border town helps with the US coin count per box. I will be watching and waiting for new information in the future to see what will happen.
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jbuck's Avatar
United States
187672 Posts
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MercuryDime's Avatar
Canada
262 Posts
 Posted 02/15/2013  3:17 pm  Show Profile   Bookmark this reply Add MercuryDime to your friends list Get a Link to this Reply
I don't miss it in Canada that much because of the cost. I like my old pennies though and I"ll still pick up any pennies I see.
Edited by MercuryDime
02/15/2013 3:18 pm
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Doug58s's Avatar
United States
899 Posts
 Posted 02/15/2013  3:35 pm  Show Profile   Bookmark this reply Add Doug58s to your friends list Get a Link to this Reply
I also read this earlier today... and also the part that indicates Congress actually controls the outcome of the penny. Oh my, that means nothing will happen any time soon.

The other side of that coin... they actually don't lose money by making the penny. Since the mint makes a profit every year and turns that back to the general fund. What they don't do is make a larger profit, probably have to send the jobs over to China for that to happen..
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cladhunter13's Avatar
Canada
1161 Posts
 Posted 02/15/2013  3:39 pm  Show Profile   Bookmark this reply Add cladhunter13 to your friends list Get a Link to this Reply
I will miss getting my weekly boxes of cents here in Canada. What can I say...I love the cent. I will move forward with nickels as I have been searching them already. Maybe dabble a bit in dimes. Only issue I have with dimes is That there are not so many varieties to look for as with cents. I have never been much of a silver hoarder. Maybe that would change if I happen to make a good score while CRH. At least the summer is not to far away so I can get back out swinging the coil and puling coins from mother earth.

My favorite cent to collect is the US Wheat cent. My grandfather started me on the path to collecting coins. I have a lot of great memories of sitting with him and filling the old Whitman blue folders. It was always very exciting when we found a coin to fill a hole in the folder. Just the fact that I may not be able to share the experience of collecting cents one day with my grand kids is a bit disheartening. There is always other denominations to search but, cents have always been my favorite.
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52Raymo's Avatar
United States
8515 Posts
 Posted 02/15/2013  4:08 pm  Show Profile   Check 52Raymo's eBay Listings Bookmark this reply Add 52Raymo to your friends list Get a Link to this Reply
Clad....how long ago did you roll hunt with your Grampa ? Do you still have the old Whitmans ?
Oregon coin geek.....*** GO BEAVS ! ! ! ***
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cladhunter13's Avatar
Canada
1161 Posts
 Posted 02/15/2013  4:46 pm  Show Profile   Bookmark this reply Add cladhunter13 to your friends list Get a Link to this Reply

Quote:
Clad....how long ago did you roll hunt with your Grampa ? Do you still have the old Whitmans ?


For several years during my childhood. From age 5 till around age 13. At age 13 I moved to a different state. He still collected and when we did get together he would show me any new coins he added to his collection.

I talked to my father after my grandfather passed away suddenly of a heart attack in 2002. My dad says he does have my grandfathers coins...at least what he could find of them. When I'm able to make a journey to the states to where my father lives...I will be able to take a look. I'm interested to see what has survived the years. When my grandfather passed...he had never made a Last Will and my grandmother was suffering from alzheimers and was in no condition to say if anything was stashed or hidden anywhere. Unfortunately...my father had to sell off a lot of my grandfathers and grandmothers belongings as the State of Michigan required it to help offset the care my grandmother needed. My father saved what he could and kept what the state could not make him sell.
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jbuck's Avatar
United States
187672 Posts
 Posted 02/15/2013  5:12 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
... they actually don't lose money by making the penny. Since the mint makes a profit every year and turns that back to the general fund
Not so fast, my friend!

The biggest chunk of seigniorage came from the one dollar coin. When those went NIFC, the US Mint profit margin took a huge hit. They are dangerously close to losing money and actually needing to take money from the general fund. The losses on the cent and nickel are the cause.
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Doug58s's Avatar
United States
899 Posts
 Posted 02/15/2013  5:36 pm  Show Profile   Bookmark this reply Add Doug58s to your friends list Get a Link to this Reply
@jbuck - the mint won't lose money. The profit is in the resell to collectors - they raise the prices. I am not advocating the penny or even the nickle stay - I am pointing out facts. On the other side of that, eliminating either of those will increase inflation to the consumer - rounding will occur and it will not be down.
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ghostrider's Avatar
United States
1116 Posts
 Posted 02/15/2013  5:40 pm  Show Profile   Bookmark this reply Add ghostrider to your friends list Get a Link to this Reply
All the mint needs to do is increase the coinage amount. Instead of the penny it should now be the 2 cent piect, the nickle be become the 6 cent piece, the dime goes to 11 cent and so forth. With the Bureau of Engraving increasing the bill value accordingly.

There problem solved. Let's move onto the next problem. Any questions?
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