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 Replies: 194 / Views: 18,473 |
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Pillar of the Community
978 Posts |
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Even if they stop minting the cent...pennies won't disappear Greasy Fingers This does not matter. Look at wheat canada did. They got rid of their one cent coin and there are still alot of them. But banks nor stores can legally accept them and they can not be melted down. They are literally throwing them in the trash since they are completly worthless. |
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Pillar of the Community
978 Posts |
Every time I hear about pre-ordering something Eric Cartman always pops into my head:
***Comment removed***
*** Edited by Staff - The bad word filter is in place for a reason. Bypassing the filter and making the intended word obvious anyway is completely unacceptable. ***
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Pillar of the Community
United States
4867 Posts |
I can't really think of any cons here. While working the cash register, most people put the pennies in the take a penny tray. If they are on the ground, people don't pick them up.
It seems logical that with so little buying power and the fact that it costs more to mint pennies than they are worth that discontinuation would be preferred.
On that note, maybe they should discontinue dollar coins. Nobody wants them or uses them because they won't remove the dollar note from circulation. Until that happens, they are just wasting their time minting dollars. Billions of them are sitting in government vaults.
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Pillar of the Community
United States
584 Posts |
I think inflation is only going to increase with the end of the penny.  A penny would be worthwhile if the dollar was backed by an ounce of silver.  Everyone is so insistent on not going back to down-to-earth prices.  The penny and nickel are my favorite forms of money because they are not fiat currency.  They are actually worth something.  Maybe dollar bills should be backed by a 100-penny system.  Since it costs 2 cents to make a penny, then the dollar bill should have a $2 purchasing power.  Should the bottom fall out of the dollar bill, then pennies and nickels will become the common rate of exchange.  If there are no pennies and nickels, then we will regress to a medieval bartering system.  Or even worse, digital currency will take over the world.   |
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Moderator
 United States
54280 Posts |
One Roll Unsearched Shield Cents 2010 to date.
These have been in my family for at least 40 days.
Who knows what rare errors you might find.
Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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Moderator
United States
187446 Posts |
My predictions after production ends... They will not remain in circulation long—six months to a year maybe. We mint so many because they circulate in one direction. I do not think those habits will change. There will be coin jar dumps to boost the supply for a bit. Some people will want to get rid of them erroneously believing they will be demonetized since they are no longer made. Not all the jars will be dumped; the hoarders will hold tight. They will be offered for sale in all the usual places. The hype will drive prices up at first, but they will come back down when everything settles. Just my opinion. I will probably be proven wrong, so YMMV.  |
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Moderator
United States
187446 Posts |
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On that note, maybe they should discontinue dollar coins... they are just wasting their time minting dollars. Technically, they have been discontinued (from circulation) and it is not a waste of time. They are NIFC—just like the cent should become—because the Mint knows it can sell those for nice profit. Yes, I collect them and buy the sets direct from the Mint. I expect the cents to remain in these sets as well. |
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Moderator
United States
187446 Posts |
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I think inflation is only going to increase with the end of the penny. That is not how inflation works and the cent still exists electronically. Quote:
A penny would be worthwhile if the dollar was backed by an ounce of silver. Our money being backed by precious medals is never going to happen again. Quote:
Everyone is so insistent on not going back to down-to-earth prices. Prices can come down some, but large drops are impossible without causing a depression. Quote:
The penny and nickel are my favorite forms of money because they are not fiat currency. Yes they are. Quote:
They are actually worth something. Only nickels are above 100%. Barely. But you will lose money melting them and separating the nickel from the copper. Quote:
Maybe dollar bills should be backed by a 100-penny system... Surely you are just messing with us now. Quote:
Or even worse, digital currency will take over the world. It is going to happen eventually.  |
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Pillar of the Community
United States
3207 Posts |
FWIW, the cost of coin production is largely irrelevant, within reason, since the Mint's purpose is to make coinage that facilitates commerce. Proper cost analysis compares the cost of coin production with the cost of a lack of coins. A coin shortage inhibits commerce, which decreases tax revenues, perhaps more than the savings from decreasing mintage. Having said that, I agree ceasing cent production is long overdue. As for what will happen, maybe there are records of what happened upon the elimination of the Half Cent. How long was it before the Half Cent stopped circulating? Did people then discard Half Cents? |
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Pillar of the Community
 United States
6448 Posts |
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Prices can come down some, but large drops are impossible without causing a depression. I disagree with this assertion. You can't deflate a national fiat currency without risking a depression. But there are a number of market sectors where prices are currently held artificially high by non-market forces. Those market sectors have considerable sway over the economic prosperity of ordinary people. The biggest sector is energy. The government restricted supply and pushed taxes to increase the price of energy. Policy and supply can—and almost certainly will—be relaxed to meet demand and drop the price of energy, particularly fossil fuels. Equalizing supply and demand has tremendous economic effects because energy is the dominant cost in transportation, which adds cost to all the food and other goods moving around the country. Another major sector that affects most ordinary people is housing. Presently, policy and politics are allowing certain very powerful investment funds to drive up housing costs nationwide, particularly in cities. Those policies can be changed with the scribbling of a pen. The resulting decrease in housing prices would not threaten an economic depression. |
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Moderator
United States
187446 Posts |
I was speaking to pricing to the average consumer as a whole, the cost of living with "down-to-earth prices" as requested.
I agree, different sectors rise and fall for independent reasons, but a major reduction to the cost of living—say, a sharp return to that of the mid to late 20th century begin what is considered down-to-earth—would be really, really bad.
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Pillar of the Community
United States
4867 Posts |
Quote:
Technically, they have been discontinued (from circulation) and it is not a waste of time. They are NIFC—just like the cent should become—because the Mint knows it can sell those for nice profit. Yes, I collect them and buy the sets direct from the Mint. I expect the cents to remain in these sets as well. True, but I always felt issuing NIFC coins in sets felt weird. The annual sets are to highlight an example of the nations circulating coinage. If they are no longer being made for circulation maybe they shouldn't be included in the annuals. I love the idea of dollar coins, but really there is no point until the Fed pulls the dollar notes. And I feel the annual sets are just too big with having multiple designs. |
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Moderator
United States
187446 Posts |
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The annual sets are to highlight an example of the nations circulating coinage. If they are no longer being made for circulation maybe they shouldn't be included in the annuals. I disagree, but as a matter of personal opinion because I collect them.  For what it is worth, these coins could come back at any time. The half dollar did in 2018, and started another comeback in 2020 that continues today. The dollar coin can do the same, even though I would not count on it. The packaging would have to be changed if coins are only included in sets the years they actually circulate. It seems like that could get messy. I am happy for NIFC coins in the annual sets. I really like my 1973 P&D Ike dollars (one pair in Dansco, another in PCGS). The 1970-D, 1987 P&D, and 2002+ P&D half dollars look good in my Dansco albums, too. Quote:
I love the idea of dollar coins, but really there is no point until the Fed pulls the dollar notes. True. We can bang that drum together.  Quote:
And I feel the annual sets are just too big with having multiple designs. You cannot make all customers happy, just most. They sell enough to prevent this from changing any time soon. More options might be nice, a "circulating set" pulled from the regular business presses, perhaps? They did this for the ATB quarters—the circulating quarters set was cheaper than the uncirculated quarters set.  |
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Pillar of the Community
United States
6448 Posts |
Honestly, I think only a tiny number of people prefer dollar coins to dollar bills. People are willing to have the government suffer a relatively small cost inefficiency for a much higher convenience factor in daily life.
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Pillar of the Community
United States
3207 Posts |
If the cent goes NIFC, we'll have as many NIFC denominations (cent, half, dollar) as business strikes (nickel, dime, quarter), hmmm. If NIFC started during the 1800s, we'd still also be making Half Cents, Two Cents, trimes, Half Dismes, and lots more. If you think annual sets are expensive now, well. |
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Posted 02/12/2025 01:22 am
