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 Replies: 97 / Views: 11,548 |
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New Member
United States
44 Posts |
Recently I've heard lots of talk about ceasing minting on the US Penny, and I wanted to know what other collectors and enthusiasts thought about this. Personally I think it's a good idea because A) The penny has virtually no buying power, and B) The penny costs more to make than it's worth, causing the government to LOSE money while making money.
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Pillar of the Community
United States
5202 Posts |
The same as it is in the other 751 threads on the subject   |
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Pillar of the Community
United States
5844 Posts |
Aw, be nice to the newbie...  Personally, I was always dead set against the idea of eliminating the cent until they switched to the new "shield" design that makes it look like play money in my opinion. Now, I can't wait to see it disappear. |
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Moderator
 United States
54280 Posts |
Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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Pillar of the Community
United States
982 Posts |
The U.S. Mint hasn't minted any Kennedy halves for circulation since 2001, but it still mints and sells new Kennedys to collectors every year. In other words, even if the U.S. Mint were to stop minting cents for circulation, Lincoln cents would likely never really go away... |
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Rest in Peace
United States
17900 Posts |
They are nothing more than sales tax tokens.
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Pillar of the Community
United States
4212 Posts |
At nearly $5K a ton, I'm more interested when the melt is OKd.
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Moderator
United States
187914 Posts |
Awe, almost all of the comments that I would have made have already been made. Thanks, guys!  Quote:
They are nothing more than sales tax tokens. That description is misapplied. Sales taxes are not always to the cent and we are already rounding them to the nearest cent (up or down). This is true even if you do not understand why 'percents' and 'cents' are not synonymous. Charleston, SC has an 8.5% sales tax. This works just fine without a Half Cent and still results in significantly lower transaction totals than a 9% sales tax would (disproving the concept that everything is rounded up). So, cents are actually tokens for those who cannot do the simple math needed to properly round totals to the nearest nickel.  Or dime, as I feel the nickel has outlived its usefulness as well.  |
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Pillar of the Community
United States
513 Posts |
Edited by Garoyn
08/15/2016 3:15 pm
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Moderator
United States
187914 Posts |
Nice!  |
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Rest in Peace
United States
18456 Posts |
I've commented on this subject many times in the past . I'm all for doing away with the Lincoln Cent circulation strikes . and IMHO it will happen sooner than later .  |
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Moderator
United States
187914 Posts |
Of course, I need to mention the ideal situation: NIFC 95% copper cents for the collectors! It would also be nice if they sold them in their own sets, like the ATB Quarters and Presidential dollars, so those who only collect cents can get them without the unwanted extras. |
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Pillar of the Community
United States
992 Posts |
Great idea until you consider that on a one dollar purchase that with tax runs to $1.01 to $1.04, you're going to increase it's cost by 1 to 3 percent, with similar numbers for any purchase that is not exactly ending in a nickel.
So folks at the lower end of the economic scale are going to lose money without the penny. No doubt about it.
There are things that governments do, such as postal services, highways, battleships, and pennies, that are going to cost money. Get over it. The public good is better served with pennies and postage, than it is with ludicrous demands to make a profit. If you want to pay $67 to send a letter to Kotzebue, Alaska, go right ahead, but don't pay for it with pennies.
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Pillar of the Community
United States
2023 Posts |
If the price with tax runs to $1.02 or $1.02, the no-cent price will round down to $1.00. That's a wash against prices that round up to the nearest $.05.
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Pillar of the Community
United States
1068 Posts |
Get rid of the cent, nickel, and dollar bill and bring back half dollars and circulate dollar coins...
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Valued Member
United States
446 Posts |
As a coin collector, I want to see the cent stay.
From a practical standpoint, I don't believe we need the nickel or dime.
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Replies: 97 / Views: 11,548 |
Posted 08/15/2016 1:12 pm
