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 Replies: 22 / Views: 2,855 |
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Pillar of the Community
United States
1037 Posts |
Well the US Mint finally sold out of their 2010 P&D roll pennies recently.
With Obama wanting to drop the penny, do you think the mint will roll out a new 2 roll penny set for 2014?
And does any one think the sold-out 2010 Two-Roll "Preservation of the Union" set will be worth more than a dollar?
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Moderator
 United States
56855 Posts |
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And does any one think the sold-out 2010 Two-Roll "Preservation of the Union" set will be worth more than a dollar? Those two rolls will cost you about $15 not a buck.Is it worth it,only if you want to buy them. John1  |
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Pillar of the Community
United States
589 Posts |
When did Obama say he wanted to get rid of the penny? The last interview he had he said there was no reason to stop making them. The cost now to make the Zincoln Penny is less than the old copper pre 1982's Lincolns. Someone correct me if I am wrong.
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Pillar of the Community
United States
1053 Posts |
 since it's no longer copper it is not wasting money. |
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Moderator
United States
188213 Posts |
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The cost now to make the Zincoln Penny is less than the old copper pre 1982's Lincolns. Someone correct me if I am wrong. I will. The cost to make a cent exceeds one cent, even if the material (copper, zinc, steel, navel lint) were free. So, even made from thin air, the cent loses money. |
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Bedrock of the Community
United States
19944 Posts |
Yep, jbuck is correct, it will ALWAYS cost more than 1 cent to produce a penny. This doesn't even consider the distribution cost. Think about all the man-hours to package, roll and move them around and the penny makes even less sense. It must be abolished, it serves no purpose anymore.
To the OP, I never saw the point in these sets. You can obtain OBW rolls at or near face value for most of the modern coinage. They are no different from what the mint sells.
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Pillar of the Community
 United States
1037 Posts |
John1; The Mint charges a premium for all its products. The Mint was selling the 2010 2-roll penny set for $8.95, not $15 as you stated. Once the math is done, one is paying $3.975 premium per roll for the pennies.
A Mint roll of quarters is $18.95, that's a $8.95 premium.
The advantages with Mint rolls are you know what you are getting. Not only coins on the roll-ends, but the entire roll. There's no guessing like with bank roll coins.
John Hutch; Obama brought this up shortly after his second inauguration. It made the News, but nothing became of it.
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Valued Member
United States
306 Posts |
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I never saw the point in these sets. You can obtain OBW rolls at or near face value for most of the modern coinage. They are no different from what the mint sells. Makes me...  |
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Bedrock of the Community
United States
17884 Posts |
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The cost now to make the Zincoln Penny is less than the old copper pre 1982's Lincolns. Someone correct me if I am wrong. The 2012 cents each cost Two Cents apiece to make. This was down due to lower zinc costs. The 2011 cents cost 2.4 cents apiece to make. The cost of materials in the cent are roughly .4 cents apiece. That means the cost of manufacture isa bout 1.6 cents each. So even if the materials were free you would still lose over half a cent apiece making cents. Copper cents today would probably be close to four cents apiece to make. |
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Moderator
United States
56855 Posts |
Welder, I got the price of $15 from ebay. John |
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Valued Member
United States
477 Posts |
Yes, I agree they could just stop making them but keep the ones in circulation there. There should be plenty to last as long as the US still uses physical money.
Unless, while it is illegal for citizens to melt them down the government would have no problem selling them as bullion and would probably claw the copper ones back in only leaving the zincers for commerce. It would be the silver/clad scenario all over again.
Rick
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Bedrock of the Community
United States
17884 Posts |
The problem is how would you keep the ones already made in circulation? You can't. So very quickly there would be shortages, deliberate hoarding, and the cent would cease as a circulating coin as all the businesses went to rounding because they couldn't get cent to make change. I suspect it would take a year maybe less for the cent to disappear.
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Pillar of the Community
872 Posts |
In my opinion, the penny should have been retired in the early 1980's when they decided to stop making copper cents.
There would have been plenty of pennies still in circulation, and they would have eventually been recouped by the mint, or collectors.
The cost associated with each coin has to be expensive. I think of the personnel, equipment, materials, transportation and storage to name a few.
Round down the cost to the nearest 5 cent increment shouldn't create a big deal. Banks and other fiancial institutions could keep the increments the same. Eventually the numbers would round to the nearest 5 cents.
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Valued Member
United States
477 Posts |
Yea, I did think of that and I'm sure they would all eventually end up as collectables, the ones the government didn't reclaim. But with so many in circulation how long until all those hoards actually have any numismatic value?
The cent could still be used in all electronic transactions without actually using the physical coin. Only in cash transactions would the coin be needed or the prices would need to rounded to the nearest 5.
Rick
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Moderator
United States
188213 Posts |
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The cent could still be used in all electronic transactions without actually using the physical coin. Only in cash transactions would the coin be needed or the prices would need to rounded to the nearest 5.  |
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Pillar of the Community
United States
1037 Posts |
I think the Mint should produce a NIFC MS penny from San Francisco for the collectable market. This seems to be a successful addition to the ATB Quarters when introduced in 2012. |
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Replies: 22 / Views: 2,855 |
Posted 08/11/2013 8:27 pm
