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 Replies: 56 / Views: 6,924 |
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Pillar of the Community
 United States
4614 Posts |
I read this about a week ago. The numbers that the Treasury has for cent production say that they make LOTS of money on the coins or at least they did in 2000. Why would the government lie to us? WHY?!? Quote:
Are there any plans to remove the one-cent coin (more popularly known as the "penny") from circulation?
You may be interested to know that the penny is the most widely used denomination currently in circulation and it remains profitable to make. Significantly, it is Congress that determines the denominations of coins that the Mint must produce and put into circulation. Each penny costs .81 of a cent to make, but the United States Mint collects one cent for it. The profit goes to help fund the operation of the United States Mint and to help pay the public debt. In 2000, this profit added up to about $24 million. As the United States Mint produces the coins that Congress mandates, it does not have the authority to abolish a unit of currency. If directed to do so by legislation enacted by the Congress and signed by the President, the Treasury Department would again study phasing out the penny. Because the demand exists and the Federal Reserve Banks require inventories to meet the demand, the United States Mint is committed to producing the penny. https://www.treasury.gov/resource-c...nations.aspx ANA ID: 3203813 - CONECA ID: N-5637 Clean a coin that may be worth collecting? Please DON'T! When in doubt, leave it dirty!! 
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Bedrock of the Community
United States
18070 Posts |
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Moderator
 United States
171046 Posts |
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Okay, which/what coins do we actually need? Dollars. 
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Moderator
United States
171046 Posts |
Quote:The numbers that the Treasury has for cent production say that they make LOTS of money on the coins or at least they did in 2000. Why would the government lie to us? WHY?!? Quote:
...Each penny costs .81 of a cent to make, but the United States Mint collects one cent for it. The profit goes to help fund the operation of the United States Mint and to help pay the public debt. In 2000, this profit added up to about $24 million... I checked the Wayback Machine. It only goes back to 2011 for that page, but very little has changed in that time. I would not be surprised if the quoted content has been there since 2000, when it would have been somewhat accurate. 
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Pillar of the Community
United States
599 Posts |
I have to say, getting (or giving) pennies in change is just a nuisance. I'd like to see it phased out.
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Pillar of the Community
Canada
5091 Posts |
It seems that this subject comes up every 6 months or so. All the same good arguments are used, but unfortunately none are read by your congress. So I think that your 1 cent coin will be around for a few years longer.
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Pillar of the Community
United States
646 Posts |
Sure, retailers could just round off. But that ignores sales taxes. At 6% here in PA, a $1.25 item has 7.5 (8) cents sales tax. The state is not going to give up those 2.5 cents, and I don't want to pay any more taxes than I have to. And I can pretty much guarantee that retailers will round UP, not down.
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Moderator
Canada
10449 Posts |
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Honestly if the federal government stopped making pennies, but kept them circulating, we probably could go 50 years or more before seeing a shortage Up in Canada, we ceased production of the 1-cent in 2012. In a matter of two years, I was amazed how we never saw them anymore. Dollar stores don't even sell 1c coin wrappers anymore. The time I see a penny out in the wild, is from piggy banks, coin jars and of course, ashtrays in older cars. There are still lots of pennies out there, but you just don't see them day-to-day. 10c coins have become the new "penny" in terms of seeing change lying on the ground. It is the smallest coin, and some folks can't be bothered to pick them up.
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
United States
3202 Posts |
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Making coins we actually need. Okay, which/what coins do we actually need? These issues (among broader questions) have been debated at length on another thread. For the sake of brevity:  Eliminate currency to encourage a move to a cashless society and deter street level drug dealing. Allow a sufficient period for people to turn in their currency, and then demonetize the currency. Only mint four coins: twenty-five cent, one dollar, five dollar, and twenty dollar. Make the five and twenty dollar large enough and heavy enough to support meeting the first objective. Enact a change-rounding act, rounding up and rounding down by specific ending numbers. Don't fret the "red herring" arguments, such as sales tax. The tax is on the total transaction. Over the course of a year, it will average out to very nearly zero impact. Quote:
10c coins have become the new "penny" in terms of seeing change lying on the ground. It is the smallest coin, and some folks can't be bothered to pick them up.  This. The twenty-five cent is the lowest denomination with any commercial value.
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Valued Member
United States
119 Posts |
Be ye not deceived, all coins will be "killed" here shortly to make way for the new digital currency!  |
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Pillar of the Community
United States
1487 Posts |
Absolutely. Just as the Kennedy half was in 2001 and available only to collectors through sets/rolls. ANA member - PAN Member - BCCS Member There are no problems only solutions - the late, great John Lennon
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New Member
United States
16 Posts |
You have valid points.I don't think it would make much of a difference to me one way or the other except....... what will we toss into a fountain? what will we drop into the penny jar at 7/11? ...... what will we throw into the toll booth on the highway? LOL just kidding of course.
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Pillar of the Community
United States
4614 Posts |
I'm with jbuck! Bring back the FULL sized dollar... and the Half Cent. What? Too far? ANA ID: 3203813 - CONECA ID: N-5637 Clean a coin that may be worth collecting? Please DON'T! When in doubt, leave it dirty!!
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Bedrock of the Community
United States
18070 Posts |
Oh heck, replace all coinage with 25 cent aluminum discs, about the size of present day nickels. Very minimal design work up front, then stays the same thereafter--reduces burden on the taxpayer, no?
Makes things easier for Dansco as well.
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Pillar of the Community
United States
3202 Posts |
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Replies: 56 / Views: 6,924 |
First Page
Posted 07/14/2020 4:39 pm
