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 Replies: 43 / Views: 5,142 |
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Valued Member
United States
368 Posts |
i was wondering about this. how much longer do you think the one cent will be minted here in the USA?
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Bedrock of the Community
13014 Posts |
Probably years if not decades. You hear rumblings about getting rid of it every now and then but never really see a serious push. The political will just doesn't really seem to be there.
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Pillar of the Community
Canada
2805 Posts |
Hopefully they'll stop before 2020, but I don't think anything gets done in America.
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Bedrock of the Community
Australia
21786 Posts |
It will take legislation to remove it.
The only reason I can see why it continues to be issued, is that state taxes (which vary from state to state), are charged at the point of retail sale, and the need to supply exact change.
Hence the need for legislation.
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Pillar of the Community
Canada
2805 Posts |
I'd like to see a huge sweeping reform, like Spain did with the Peseta in 1989/1990. The Peseta is worth just under a cent. It was a size-based system, where each denomination got bigger and bigger, and the 100-peseta coin was downsized to a smaller brass version before the major reform (it had previously existed as a silver coin, and a rarely seen large base-metal coin). Sound familiar? After the reform, each coin was given a unique size and shape, and the size still increased with value. The result is a nice, diverse coinage that can be easily used by the visually impaired and won't get confused for coins of other denominations. By adding bimetallic and clad compositions, this lineup can be diversified even more:  There was also a circulating 500 peseta coin! It's still worth over $4.00 today, because the peseta is infinitely convertible - if the U.S. took the leap and introduced a $2 and $5 coin in one go, it could have one of the highest-valued circulating coins in the world.  Anyway, I thought this was a nice example of a coinage reform. By the way, the 1-peseta coin was changed to aluminium, and probably would have been discontinued (like the half peseta in 1980) had the country not converted to the Euro. It's also interesting that the 25-peseta coin has a hole AND a portrait of a monarch: usually these portraits are centrally located, so holed coins just have the monarch's name or title: but Juan Carlos I got a nice standing bust that neatly sidesteps the hole. |
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Valued Member
United States
214 Posts |
Take a visit to Canada for a week - you will like the change.. or lack of the penny. The $1 and $2 coins are very handy. You have change in your pocket and the amount of money you have adds up quick. I don't bother carrying around change here - too much hassle, when I get it I look at it and but it in a box at home :)
Edited by havanacoins
09/09/2013 01:53 am
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Bedrock of the Community
Australia
21786 Posts |
I suspect most Americans have a bikkie barrel for loose change. Australian homes don't usually have storage for loose change. The One and Two Cent coins were withdrawn from circulation some years ago. |
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Moderator
 Australia
16805 Posts |
To translate sel's colourful Australianism, for those who may be wondering: "bikkie barrel" = "cookie jar".
I'd also agree with sel's observation: most people here in Australia actually use all of our coins. I know I do, every day; I almost never have leftover coins at the end of the day I don't plan on using.
As for the OP's question, I'd agree with nalaberong and give the American 1 cent coin until the end of the decade. Six more years. By that time, 1 American cent will be so worthless you could not possibly make the coin profitably, no matter what you made it out of.
Smart governments eliminate unprofitable coins as quickly as possible. Less-smart governments wastefully drag the process out far longer than necessary, but eventually are forced to succumb. Inflation is a rising tide that will eventually swamp the cent, sooner rather than later.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
United States
1053 Posts |
I hope they keep it around longer.
If they didn't, would I still be able to roll hunt ?
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Bedrock of the Community
United States
20753 Posts |
This comes up all the time, everywhere. In the news, on the internet, TV, everywhere. No one really cares though. Yes those on coin forums may say ome thing or another but remember that if you check the population of all the coin forums in the USA, just a drop in the bucket so to speak. With 300,000,000 people in the USA and most just don't care, the Penny may last anywhere from one hour to a thousand years.
In reality I've mentioned this many times in the past. It really doesn't matter since more and more people are not using cash of any kind. At stores I see more and more people using only a credit or debit card. My Son never uses cash for anything. I seldom use cash either. And now with BOA giving 1, 2 and 3% back on purchses, just not logical to use cash. With cash I get nothing back. Eventually, and possibly soon, some kid will be saying "Hey Grandpa, what was that stuff you USED to use called cash?"
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Bedrock of the Community
13014 Posts |
Quote:
With 300,000,000 people in the USA and most just don't care Exactly that. As long as people really just dont care its likely to stay. On the list of things people get worked up over or want to see action on it falls way down the list. No one gets elected or loses their job over their stance on the penny which is why its unlikely the status quo will be changed |
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Moderator
United States
187446 Posts |
Quote:
The only reason I can see why it continues to be issued, is that state taxes (which vary from state to state), are charged at the point of retail sale, and the need to supply exact change. No, this is misleading. Purchase totals (with sales tax applied) are already rounded to the nearest cent. There is no reason why it cannot be rounded to the nearest nickel or dime (or whatever the lowest denomination is) for exact change. |
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Valued Member
United States
180 Posts |
The Zinc companies have some very good lobbyists. The penny is not going anywhere anytime in the next few years.
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Pillar of the Community
Canada
2805 Posts |
Quote:
The Zinc companies have some very good lobbyists. The penny is not going anywhere anytime in the next few years. To me, this sounds ridiculous... |
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Moderator
United States
187446 Posts |
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Bedrock of the Community
United States
20753 Posts |
Quote:
Purchase totals (with sales tax applied) are already rounded to the nearest cent. There is no reason why it cannot be rounded to the nearest nickel or dime (or whatever the lowest denomination is) for exact change. Similarly there was a time when many of us used what was called tax tokens or Mills. In Missouri, for example there was a .001 and a .005 Mill. This was used to pay taxes since taxes were in many cases less than a Cent. And in so many instances a sale would come out to be 2 for .05 and you could buy one for .025. As taxes rose to include whold Cents, not many people even noticed. If in stores today, everything would be rounded to the nearest Nickel, no one would notice the vanished Cent. Not much chance those days will ever return. |
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Replies: 43 / Views: 5,142 |
Posted 09/09/2013 12:38 am
