| Author |
 Replies: 194 / Views: 13,550 |
|
|
|
Pillar of the Community
United States
1026 Posts |
Yes new this was coming some day. some years back I had around $200.00 in cents. But some years ago I took them to the bank and cashed them in yes I did go through them.
I am sure after some short time now cents will get harder and harder to find.
You do realize when the cent is, if that ever happens things will get rounded off to the nickel until the mint stops making them.
I believe at some point the banks will be instructed by the mint to hold and return all cents but that is far down the road.
|
|
Moderator
 United States
164102 Posts |
Without the Mint making replacements as they do now, cents will likely just disappear from circulation long before any entity organizes itself well enough to recall them. I give it six months, a year tops before you stop seeing them. The copper hoarders will take theirs and the Zincolns will dissolve into oblivion.
|
|
Valued Member
United States
54 Posts |
I can see a run on the banks for 2025 cents.
From the law that was posted, it doesn't seem like there is a minimum mintage that the Federal Reserve has to adhere by. It seems like they can just stop, however to stop forever - there needs to be an act of Congress.
Kind of confusing to me.. That's all.
We shall see what happens.
|
|
Pillar of the Community
United States
1477 Posts |
That literally takes an act of Congress.
|
|
Pillar of the Community
 United States
4682 Posts |
My understanding is that the President can order the head of the Treasury to not mint a particular coin, as the Treasury and Mint are part of the executive branch. Congress decides the denominations available to mint, as well as their composition and broad design parameters. If the President tried to eliminate a denomination by executive decision, I imagine that an opposed Congress could force through quotas or court decisions to resume minting.
I would not worry about alloy recovery. This is America. If you wave a dollar on a corner and tell people they can keep 25¢, there will be three businesses there by lunch.
|
|
Pillar of the Community
United States
4682 Posts |
Just a follow up thought, but didn't Congress force minting of 1921 Morgan dollars in the face of no real demand and executive opposition? I seem to recall that 40% Kennedy halves also had a similar path to minting. |
|
Moderator
United States
164102 Posts |
Quote:
From the law that was posted, it doesn't seem like there is a minimum mintage that the Federal Reserve has to adhere by. It seems like they can just stop... Correct. Supply and demand. The banks demand cents from the Fed, the Fed from the Mint. That is what drives mintage numbers. The Treasury is telling the Mint to stop fulfilling orders. The same thing happened to dollar coins in 2012, yet they still exist as NIFC. The cent will likely do the same. The Mint can even decide to sell bags and rolls (at a premium) to satisfy demand beyond what the annual sets would provide. Quote:
however to stop forever - there needs to be an act of Congress. Do not hold your breath. As long as the mint can profit from selling NIFC cents, there is no need Congress to do anything.
|
|
Moderator
United States
164102 Posts |
Quote:
That literally takes an act of Congress. Quote:Just a follow up thought, but didn't Congress force minting of 1921 Morgan dollars in the face of no real demand and executive opposition? Be honest... Does anyone think this is a hill our harshly divided Congress will come together to defend? 
|
|
New Member
United States
40 Posts |
Quote:
I am for the elimination of the cent as well as the elimination of the dollar bill. I would only want the cent to be produced for proof sets but could accept the loss there too. I feel the same way, hopefully Congress will do so. And then maybe we can design circulating coins with Lady Liberty on them instead of dead Presidents? At least for those who like Liberty.
|
|
Pillar of the Community
United States
1379 Posts |
If the cent is discontinued, what would the incentive be to produce any for proof sets ? Imagine the expense of cranking up the machinery designed to produce millions of coins at a time just to strike a couple hundred thousand (if that) . Would collectors who currently take a pass on annual proof sets decide to buy them if a proof set was the only way to get that year's cent ? Would uncirculated Mint Sets continue to include a coin no longer produced for circulation ?
I'll enjoy following the developments surrounding this proposed change as the various stakeholders weigh in and our forum participants offer their perspectives. Will common sense prevail ?
" Even a clock that's stopped is right twice a day. "
|
|
Pillar of the Community
United States
1026 Posts |
Think I will go to my bank and ask if they have any rolls of new cents, but my bank does not help you much usually.
|
|
Pillar of the Community
Canada
5045 Posts |
The USA will not run out of one cent coins anytime soon.
13 years after Canada eliminated the one cent coin, coin stores still have buckets of them that they will sell for little more than face value, and this in spite of vast numbers being melted via the alloy recovery program. So if there is a run on the banks for one cent coins, they will go back to the banks in a few years once people realize that they are still worth only face value.
There are 100s of billions of them floating around (I have a few thousand!), and that will keep the value down for decades if not longer, especially if the old ones are not melted. There was nothing to suggest the existing one cent coins would be demonetized or destroyed.
|
|
Moderator
United States
164102 Posts |
Quote:
If the cent is discontinued, what would the incentive be to produce any for proof sets... See my previous comment about the dollar coins. The premium charge on cents sold in sets, rolls, bags will earn a profit, as long as the demand from collectors exist. I would expect Mint sales of cents to increase if they went NIFC. Regardless, the market will decide and the Mint will oblige.
|
|
Moderator
United States
164102 Posts |
Quote:
13 years after Canada eliminated the one cent coin, coin stores still have buckets of them... Thank you for the perspective of your long term observations!  I still believe they will quickly disappear here, but am willing to be proven wrong over the next few years. 
|
|
New Member
United States
40 Posts |
My understanding is that there is a zinc lobby, but I have to believe it could be bought off if we moved to a zinc-based dollar coin. Unfortunately, there is also a paper lobby.  |
| |
Replies: 194 / Views: 13,550 |
First Page
Previous Page
Posted 02/10/2025 09:55 am
