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 Replies: 15 / Views: 1,113 |
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Pillar of the Community
United States
1228 Posts |
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Valued Member
United States
442 Posts |
Change two words on the reverse. From ONE CENT to Two Cents. |
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Rest in Peace
United States
3730 Posts |
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New Member
United States
6 Posts |
As much I like the Lincoln Cent, it's time for it to go. Perhaps small amounts could be made for collectors. |
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Moderator
 United States
188770 Posts |
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Pillar of the Community
United States
615 Posts |
I kind of think the nickel should be done away with as well. Maybe bring back the Half Dime or round to the nearest 1/10 of a dollar. The problem is the quarter. We should have dumped the 25cent piece and kept the 20cent piece. If you go to 1/10 of a dollar and it is 20 cents... is a quarter worth 20 cents or 30 cents... cause you can't give 5 cents has change. I mean I really think the smart thing to do would be 5 cent ( Half Dime) maybe 10 cents 25 cents 1 dollar coin 5,10,20,50,100 dollar bills I would say the Federal government offer to buy all 1 cent and 5 cent coins from the banks until say 12/31/2010..then make them not legal tender anymore. Melt them down and use them to make new coins.... sell the zinc (or make the Half Dimes out of it) This would fix the vender machine problem I think... they could just put the new Half Dime in place of nickel as the standard. Don't most use coin compares? -SWUSC |
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Pillar of the Community
United States
3098 Posts |
...or a holed cent...
And I DO NOT like any expiry dates on coins(or banknotes for that matter).
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Valued Member
United States
284 Posts |
I agree. Stay away from expiration dates unless the basic currency changes. Any pennies floating around after a possible discontinuation of their minting should still be accepted as legal tender, just like Ikes, Peace, and Morgan dollars are all acceptable at the cash register today if I am not mistaken. After reading about it more and more, I do think it's time to stop making the penny. I understand that we're all fans of Abe Lincoln and his place in American history but we already have him on the $5 bill which is a good spot to be at. Go ahead and make a 1/2 ounce or 1/4 ounce commemorative silver coin with Lincoln on the front. Rounding up and down to the nearest nickel should not be a problem. Some say that we can lose money at the cash register. I think it will even itself out with 50% being rounded up and 50% being rounded down. Better yet, incorporate the tax into the price like Europe and the US gas stations do and get rid of rounding at the register all together. -- Boris |
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Pillar of the Community
United States
615 Posts |
Here is my point with the expiration... If you are rounding purchases, then the cents are not being used. It is like the Franc, the Mark, and etc in Europe. The Ikes, Peace and etc all still have a place in commerce as a dollar is still a measured unit. The cent would not be a unit anymore.
You need some way to help pull them back in some short time frame. You can't have cents rolling back to the mint for the next 30 years as it would be an added cost to recycle them when in year 5-30... you aren't getting that many back.
This is why we wont get rid of it though. We can't do it in a way that doesn't cost a ton of money and not tick people off. We lose 50 Million dollars a year on the cent, or around 15 cents a person. No one in Congress is going to vote to save 15 cents a person and risk losing that vote next election.
-SWUSC
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Pillar of the Community
United States
3294 Posts |
My view is that we should just stop making the one cent junk. There was enough made in the last 50 years to supply all the needs for the next 50 years. Then at least a ton of $ is not getting wasted making new ones, and maybe people would be more supportive of retiring them later.
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Valued Member
United States
284 Posts |
Well, how does the government take coins out of circulation now? I remember reading that banks help filter out worn bills and separate them from that which is still in OK condition. If we do something like that with coins then let the penny slowly disappear after we stop minting it. Let them be legal tender though. If I have 5 pennies then I should be able to spend them to get me my last five cents to complete the transaction.
If we absolutely must continue making pennies then make them out of some kind of high density plastic unless there is a cheaper metal out there. I hear people saying stainless steel.
Can you imagine them being outsourced though? Scary thought!
-- Boris
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Pillar of the Community
United States
3294 Posts |
heck even Half Cents are still technically legal tender, but you don't see anyone using those. And if they did, I (and most others on this forum probably) would be only too happy to accommodate their transaction. So the question in my mind really is not whether to demonetize pennies, only to simply stop making 5-10 billion of them each year, and at least one of the main problems (spending 2c to make a 1c coin) associated with them would go away on its own. |
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Moderator
United States
188770 Posts |
Quote:
Rounding up and down to the nearest nickel should not be a problem. Some say that we can lose money at the cash register. I think it will even itself out with 50% being rounded up and 50% being rounded down. I have been saying this for a long time!  Quote:
If you are rounding purchases, then the cents are not being used Not necessarily. Electronic transaction will still be to the cent. For cash transactions, rounding would be done "on the fly" if you did not have any cents on you as it is currently done today! On more than one occasion, I have been given a nickel back instead of four cents. Quote:
There was enough made in the last 50 years to supply all the needs for the next 50 years. Then at least a ton of $ is not getting wasted making new ones, and maybe people would be more supportive of retiring them later. I have said this before... Given how little respect the cent gets, I believe that if the government stopped minting them for circulation and did not bother to tell anyone, it would be several years before the population at large would notice! |
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Rest in Peace
United States
2668 Posts |
Just wondering why we should do away with the cent when gas station prices are still to the tenth of a cent, and figured accordingly?  |
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Moderator
United States
188770 Posts |
The idea is to quit minting the cent as a physical denomination. It will still be a valid measure of monetary amount, just as mils are for your taxes and gasoline prices. Electronic transactions will still be carried out to the cent.
Edited by jbuck
01/15/2009 11:54 am
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Valued Member
United States
118 Posts |
Quote:
Parklane64:
Just wondering why we should do away with the cent when gas station prices are still to the tenth of a cent, and figured accordingly? oh I hate that! I wish they would remove the fraction from the gas stations and round up that 1/10 cent!  |
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Replies: 15 / Views: 1,113 |
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Posted 01/11/2009 03:13 am
