| Author |
 Replies: 57 / Views: 7,512 |
|
New Member
Turkey
10 Posts |
Hello CoinCommunity, I read this (here http://www.bbc.com/news/business-36226813 ) "...I think we should get rid of them, says taxi driver Mr xxxx. I used to throw them out of the window. They're useless, aren't they?..." Penny coin, or one cent coin or whatever coin it is, is worthless...? |
|
|
|
Valued Member
United States
406 Posts |
Many people believe so. Its face value is so small, it is nearly unusable in commerce. This is all due to inflation. Canada already got rid of their cent in 2013.
|
|
Pillar of the Community
7234 Posts |
I don't see it happening any time soon. The mint losses more money per piece to make a nickel than it does per piece to make a cent. And there is no talk about getting rid of the nickel.
|
|
Pillar of the Community
United States
616 Posts |
Americans are quite conservative when it comes to our currency. I've seen this idea raised several times over the past few decades and its gone nowhere - even as the penny continues to decline in value and appearance. The zinc pennies wear terribly and get ugly much faster than their copper predecessors. Personally I'd have no problem with it, but there has to be something "in it" for citizens to get behind the effort. They need a good reason for them to lose the penny other than saving the government money.
|
|
Pillar of the Community
United States
2023 Posts |
Quote:
The mint losses more money per piece to make a nickel than it does per piece to make a cent. But every transaction uses up to 4 cents and they wear out quickly, compared to only 1 long-lasting nickel per transaction, if any. In 2016, just over 1.5 billion nickels and 9 billion cents were produced. Losing less per cent can still cost more overall when you're producing 6 times as many. |
|
Pillar of the Community
United States
1609 Posts |
I'm making a school project about why we should get rid of em. 3 of my main points are:
-What would you rather carry around? 3 and a half pounds of pennies, or a 1 gram $5 bill?
-Try to think of one thing that you can buy for a single penny. Yeah, right.
-Say you had $1000 in your pocket. Would it be a fair trade for you to give me that $1000 and me to mail you $150 (in pennies) a month later?
Edited by RoyCoinBoy
09/24/2017 2:57 pm
|
|
Pillar of the Community
7234 Posts |
Quote:
Losing less per cent can still cost more overall when you're producing 6 times as many. Actually doesn't that equal out to the same amount of money lost? If the mint loses .5 cents (1/2 a cent) per Shield cent and 3 cents on each nickle that means 6 X .5 = 3. So it is a wash out when comparing the costs - considering the amount of each series minted means only that the mint loses the same amount minting 1.5 billion nickels as it does minting 9 billion cents. Edited by Mark1959
09/24/2017 3:02 pm
|
|
Pillar of the Community
7234 Posts |
|
|
Rest in Peace
10197 Posts |
Do we need to bring HER up again, Mark?  |
|
Pillar of the Community
United States
2023 Posts |
Quote:
Actually doesn't that equal out to the same amount of money lost? If the mint loses .5 cents (1/2 a cent) per Shield cent and 3 cents on each nickle that means 6 X .5 = 3. So it is a wash out when comparing the costs - considering the amount of each series minted means only that the mint loses the same amount
minting 1.5 billion nickels as it does minting 9 billion cents. The most recent figures I found are at http://www.coinworld.com/news/us-co...016.all.html, dated Feb 2017. This lists the cost to produce a cent as 1.5 cents each, and a nickel as 6.32 cents each. Cents are still the bigger loss overall. |
|
Pillar of the Community
7234 Posts |
Don't worry Butch, I don't think Lil' Janey will get jealous.  |
|
Pillar of the Community
Norway
1358 Posts |
*knock knock knock* Penny!
*knock knock knock* Penny!
What they should do is get rid of the penny and find a cheaper way of producing nickels. Different metal composition, for example.
I have a bag of a few kilograms of pennies at home and you can be sure that I won't bring them on a US trip: the plane may not take off with all the extra weight.
What will keep the penny alive for a few more years is fear. Fear of change (no pun intended). Fear that everyone will lose money when Swedish rounding is introduced (which is bull, as it just equals out at the end of the day). Fear that it will scare away potential young numismatist as some people started with a penny album 50 years ago. Please note that a penny then had more purchasing power than a nickel has now. Canada still has coin collectors despite abandoning the cent. And so do The Netherlands and Finland. And the fear that you can't annoy the authorities anymore in case they annoy you with a bill you don't like. I recall reading an article about a guy paying some taxes with a few wheelbarrows gull of cents. I agree that it's 5 times less childish and 5 times less impressive if you show up with nickels.
I recall that the Smithsonian in DC had a poll last year: put a cent in either the tray for remain or quit. The one with quit was in the lead then...
Edited by UltraRant
09/24/2017 3:42 pm
|
|
Pillar of the Community
7234 Posts |
Quote:
What they should do is get rid of the penny and find a cheaper way of producing nickels. Different metal composition, for example. SHHHH! That's all we need next are Zinckels. |
|
Pillar of the Community
Norway
1358 Posts |
Zinc looks much nicer when nickel plated, you know. |
|
New Member
 Turkey
10 Posts |
Thanks for answers. It seems that big majority of people, perhaps all think same, the penny coin is worthless, useless, and it should be thrown away, it should be phased out. If I added a poll into this thread (which I don't know how to do), I guess 100% of people would vote for phasing it out. Then, a new question arises. The mint people, or better to say, the govermental authorities (as mentioned in the numismatists definition of the coin) who are the Congress members in this case as the mint has no authority in phasing it out, the Congress aren't thinking the same as the community think. Isn't it strange that the community and the Congress are thinking opposite. If it is not because of the "fear of change" that UltraRant mentioned, I can think of only one reason and it is that the Congress have never thought about the penny at all.Probably, the Congress members don't have a penny problem.
Ps: So, I am welcome and I guess this post was a good introduction enough. Still, if their opinions of those who haven't expressed their opinions on this penny coin question yet depend on "who is asking this question", ok, I'm from planet x of galaxy y and a friend over there is wondering why in the world people are producing the penny coin and throwing them away. (joke aside, it is late here in the night. good evening to the west and good morning to the east.)
|
|
Bedrock of the Community
United States
94367 Posts |
 to the CCF! |
| |
Replies: 57 / Views: 7,512 |
Posted 09/24/2017 1:30 pm
