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 Replies: 19 / Views: 3,397 |
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Pillar of the Community
708 Posts |
Poll Question
Here is the reverse of the highest denomination coin question. Here is the poll for what you think should be the lowest.
I choose bring back the 20 cent coin, use the half and round to the nearest dime.
Edited by Fox
05/29/2015 04:40 am
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Pillar of the Community
United States
818 Posts |
I picked the penny because people throw them on the ground thinking they're worthless, but that just means more free money for me!
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Pillar of the Community
798 Posts |
The reason why I picked the last option on the list is because you do not have Half Cents on your list and they (should) be the lowest denomination there is. Of coarse they cant bring it back though as it wouldn't be able to buy anything... Just like a cent. |
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Pillar of the Community
United States
5825 Posts |
As the composition stands for current US coins the lowest denomination should be the dime. The current cost of production for cents and nickels is MORE than their face value. Last I heard the US loses about $150,000,000 a year in cent production alone. If the US dumps the cent (it will never again be cost effective to produce) AND redesign the nickel into something that will cost less then 5 cents to produce then I would vote for the nickel to be the lowest denomination. And while the US is at it dump the dollar bill and switch to the dollar coin and $2 bill. The Federal Reserve vaults are loaded with them just sitting there. Edited by kanga
05/29/2015 09:06 am
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Pillar of the Community
United States
3463 Posts |
I voted for the cent. It works, why change it? Quote:
The current cost of production for cents and nickels is MORE than their face value. I think the mint still makes a profit on cents, they didn't when they contained more Copper, but that's why they changed! I'm not sure about nickels. |
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Moderator
 United States
187702 Posts |
Quote:
I think the mint still makes a profit on cents, they didn't when they contained more Copper, but that's why they changed! No, they do not. Even if the cent were made from thin air, manufacturing and handling still cost more than one cent each. The cent needed to go ten (or more) years ago. We got rid of the Half Cent when its time came. Why is the cent so difficult? Ignorance of reality. The nickel is in the same boat. Sure, we can change to plated steel and buy a few years, but we all know those few years will turn into twenty more of wasted money. Fox, this poll has too many overlapping (or in this case, irrelevant) options. I chose the first dime option. How we handle the quarter is irrelevant to the choice. |
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Pillar of the Community
United States
3463 Posts |
I guess I am behind the times. After a little research I find that cent production was $0.97 in 2005 and since then it has cost more than one cent to make one. What does this say about the economy? Maybe that is what needs worked on more than the composition of coins.
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Bedrock of the Community
United States
20753 Posts |
Quote:
I guess I am behind the times. After a little research I find that cent production was $0.97 in 2005 and since then it has cost more than one cent to make one. What does this say about the economy? Maybe that is what needs worked on more than the composition of coins. Comes up all the time. Our government pays sometimes hundreds of dollars for a hammer and no one complains. The government spends money like they make it.  And we worry about a few Cents to make a Cent? And I still think all coins will soon enough be a thing of the past. All plastic cards soon enough. |
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Moderator
United States
187702 Posts |
Inflation is going to happen since economies cannot grow without it. The only thing that can (and probably should) be argued is the rate.
That being said, the cent becoming worthless was inevitable. It needs to go.
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Pillar of the Community
United States
6130 Posts |
I say we issue the Mill. I mean, it's in the Constitution for crying out loud!
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Pillar of the Community
United States
1158 Posts |
I picked dime. Rounding all prices to the nearest 10's instead of 100's is just going to be the easiest way to do it and lets us kill the nickel, penny and quarter.
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New Member
United States
19 Posts |
I think it might be easier to eliminate firstly just the penny, and not both the penny and the nickel at the same time. You can get people used to the idea of rounding this way as a kind of intermediate step to killing the nickel.
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Bedrock of the Community
United States
17884 Posts |
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I say we issue the Mill. I mean, it's in the Constitution for crying out loud! It's in the Mint Act of 1792, it isn't in the Constitution. |
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Moderator
United States
187702 Posts |
Quote:
I think it might be easier to eliminate firstly just the penny, and not both the penny and the nickel at the same time. You can get people used to the idea of rounding this way as a kind of intermediate step to killing the nickel. I agree. We need to eliminate both, but I am all for taking baby steps since we have waited this long. Besides, the five cent piece can get by for a few years if we change it to plated steel. |
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Bedrock of the Community
United States
17884 Posts |
Problem is if you change it to plated steel you are probably still going to have to change or reprogram every coin mechanism out there. Just discontinuing it means not having to make any changes to the equipment. The machines can continue to accept the nickel as long as it lasts in circulation.
If you discontinue the cent it will probably disappear almost immediately. I'm not sure how long the nickel would stick around.
Oh and dropping the cent, keeping the nickel and rounding to the nearest 5 cents may also cause an INCREASE in the demand and coining of five cent pieces. Since we lose more per coin on the five cent than we do on the one cent, dropping the cent and keeping the five cent may mean an increase in the loses, not a decrease.
Edited by Conder101
06/02/2015 11:42 am
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Moderator
United States
187702 Posts |
That settles it then!  Drop both and remove NIFC status from the half dollar. The dime is the new cent, the half dollar the new nickel. Let the quarter linger as long as it can, at least until the first ATB round ends.  |
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Replies: 19 / Views: 3,397 |
Posted 05/29/2015 07:37 am
