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 Replies: 99 / Views: 9,549 |
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Valued Member
United States
121 Posts |
I'm sorry to say,but anyone "wanting" to get rid of the MOST interesting U.S.coin in the collecting hobby,would be like shooting yourself in the foot! This coin,I believe,drives this hobby and makes it catch NEW collectors to begin their quest in the "hobby for Kings." My 2 cents.-joey " I love the Abe's!  |
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Pillar of the Community
 United States
602 Posts |
Personally, I started out with wheat cents and tokens. If people start melting cents, then it'll be harder to find wheats and the remaining wheats would increase in price.
I just bought an 1909-1940 album for them little guys. Album came with a bunch of wheats in them, including a 1909-P.
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Pillar of the Community
United Kingdom
2135 Posts |
Many years ago British Railways cited astronomical costs as a reason for not opening new stations. They claimed that it cost £1,000,000 to erect a platform and a ticket machine.
It's nonsense, of course, but they had apportioned the indirect overheads unfairly to support their calculations and argument.
Are the US Mint's cost calculations available for scrutiny ?
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Moderator
 United States
189767 Posts |
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One option not given in your poll, which I have heard several people express sentiments in favour of in the past, is that production for circulation cents be ceased ASAP, but production for collector sets is continued. If they are made for collectors, they do not need to be made as cheaply as possible, since they will be sold for far more than 1 cent. So they could even be restored to the pre-1982 alloy. Yes.  Quote:
Personally, it's not an option I am in favour of - I prefer "mint sets" to contain examples of coins that actually circulated. But it is an option for those who would seek a "third way" in between continuing to waste money producing worthless coins and altogether ceasing production of a favourite coin they collect. Well, we already have non-circulating half dollars and dollars in these sets, so...  |
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Moderator
United States
189767 Posts |
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Labor: Isn't everything pretty much done by robots? Robots are not cheap, but they are more efficient. Quote:
Machinery: More efficient machines that do not break down as much or wear down slower. But they do break down. We are talking about minting several billion cents each year. There will be problems, they will need to be fixed. Quote:
Overhead: Use more efficient lights :) Done. However, those HVAC systems are hardly sipping energy. Quote:Shipping: You got me there. This is a hassle, as I have to ship stuff for ebay and it is expensive unless you find the CHEAPEST possible way to ship stuff using certain boxes/etc. and combinations of them and labels/stamps/etc. Yuck. This is already a mess. Now you understand. I do have a solution. Replicators. However, replicators make money unnecessary.  |
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Moderator
United States
189767 Posts |
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I think the penny being fazed out would lessen the chance for younger collectors to be interested in numismatics... When I started collecting cents they could buy what a dime buys now. Dimes are very easy to collect. |
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Moderator
United States
189767 Posts |
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If the penny is withdrawn, then all prices ending in 1c, 2c, 3c, 4c etc will be rounded up to the next 5c. Not next, nearest.  Rounding goes up and down. A lot of places will round down since cash costs less than taking plastic. Quote:
The minimum price rise for anything will be 5c, adding significantly to retail price inflation. No, it will not. |
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Pillar of the Community
United States
602 Posts |
If the penny ends up being taken out, I at least want time to hoard a few hundred at least. I would want to keep those as a part of my collection. Same with nickels if they go.
However, I think that pennies will go before nickels. Who knows? Maybe money itself will become obsolete and we will use some futuristic way of buying/selling...besides credit cards.
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Pillar of the Community
United Kingdom
2135 Posts |
jbuck,
I salute your confidence however in spite of the (UK) government's declaration when the UK abolished the half (new) penny, no prices went down.
My sister was working in retail at the time and I remember seeing the memo instructing staff to round all prices up.
Please explain how you can have a price rise for a purchase of a single item of less than 5c, if 5c is the smallest coin.
A shop can raise the price of an item from $1.35 to $1.36 but if a shopper wants only one, they'll need to pay $1.40.
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Moderator
United States
189767 Posts |
Ah! I should have realized that you are in the UK.  There is a big difference between our sales tax and your VAT. In the US, you never know the total until all items are tallied and sales tax is applied to that total. Sales tax varies by location (each state has their own, and each county in that state may add an additional levy); and to add more misery, some items are taxed at different rates. Because of sales tax, a retailer cannot simply round their posted prices to a nickel (or dime if I had my way). Only the final total, after taxes are calculated, is rounded (up or down to the nearest). I fully accept that price increases would and did happen in a VAT system.  In case you were wondering, I could find no evidence of price increases when we eliminated our Half Cent with the Coinage Act of 1857. I think this conversation would benefit if anyone has something that shows prices went up. In 1857, the Half Cent bought what 14 cents buys today; eliminating the dime would still have less effect. |
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Pillar of the Community
United States
655 Posts |
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The minimum price rise for anything will be 5c, adding significantly to retail price inflation. I seriously can't think of anything that costs less than a nickel. Quote:
I think the penny being fazed out would lessen the chance for younger collectors to be interested in numismatics... how many amateur collectors start with penny sets? No problem; nickels will be the next gateway coin. Quote:
My sister was working in retail at the time and I remember seeing the memo instructing staff to round all prices up. The invisible hand of the marketplace will keep costs in check. Quote:
When I started collecting cents they could buy what a dime buys now. Dimes are very easy to collect. Agreed: it would work with dimes too. Quote:
If we lose the U.S. cent, the Canadian cent will lose its refuge here in the U.S. Illegal aliens if you ask me; they should all self deport. |
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Pillar of the Community
United Kingdom
837 Posts |
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If we lose the U.S. cent, the Canadian cent will lose its refuge here in the U.S. and have nowhere else to go! I believe that as long as the U.S. cent circulates, the Canadian cent will still survive That is the most heart warming reason I have heard for keeping the penny !  
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Pillar of the Community
United States
1130 Posts |
Its easy for us to say just switch to nickels, but think about it. Nickels add up 5 times faster than pennies. The same way with the penny charities. People find it a lot easier to put in cents one at a time, than put in nickels or higher value coins.
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Bedrock of the Community
13014 Posts |
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Dimes are very easy to collect. Pennies are much better than Dimes imo. Unless were talking pre-Rosevelt ones. Quote:
Rounding goes up and down. A lot of places will round down since cash costs less than taking plastic. Theoretically, theres no way to know until it happens though. If you live in a small town or middle America youre likely right. However if you live in a big city or a coast you can bet the vast majority of places will just add a nickel to make sure they got what they were before. Quote:
Its easy for us to say just switch to nickels, but think about it. Nickels add up 5 times faster than pennies. The same way with the penny charities. People find it a lot easier to put in cents one at a time, than put in nickels or higher value coins. Exactly. Hundred of millions if not billions a year end up in the hands of charities from people throwing pennies in their collection boxes. That alone makes me fine with keeping the penny |
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Moderator
United States
189767 Posts |
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However if you live in a big city or a coast you can bet the vast majority of places will just add a nickel to make sure they got what they were before. No, this is wrong. If they really care about making sure they got what they were getting before, then proper rounding will average out the same. We already round to the nearest cent for taxes, the nearest nickel is a trivial change. Quote:
Exactly. Hundred of millions if not billions a year end up in the hands of charities from people throwing pennies in their collection boxes. That alone makes me fine with keeping the penny I said this in the other thread, I will repeat it here... So, people are so heartless and uncaring that they only give worthless cents to charity? We will all stop giving to charities if there were no cents to give? Wow, I guess humanity is dead. More often than not, people dump all of their change into these containers (the ones near cash registers or store exits at least). I see it all the time and have done it myself more than once. It is much easier to do that sort it out. Also, better than carrying all of that heavy change in your pockets! (You know who you are.) Since I am right, we should eliminate the dollar note to get those oh-so-heavy dollar coins out there and dumped into those charity kettles.  |
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Replies: 99 / Views: 9,549 |
First Page
Posted 10/02/2013 11:45 am
