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 Replies: 29 / Views: 5,793 |
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Valued Member
United States
371 Posts |
I do wonder when Electronic Banking will take over for physical currency completely.
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Pillar of the Community
United States
1042 Posts |
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I'll bet in 30 years you won't see zincolns like that. Maineman750, that's why I'm also saving all the BU zincolns I find!  |
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Moderator
 United States
188660 Posts |
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They keep saying they would save millions of $$ a year but "the public won't use dollar coins." What they never seem to mention is that if we don't have a choice them we will use the coins. Well said! Quote:
I'm not a huge fan of losing the paper, btw, just sharing some stuff I've heard about over the past several years. And here is where we shall disagree.  There is no reason to keep printing the one dollar note. The argument that "I do not want a pocket full of dollar coins" is nonsense. The BEP should increase production of the two dollar note when it becomes the smallest paper denomination. One should receive, at most, one single dollar coin for each transaction. |
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Valued Member
United States
373 Posts |
I just wanted to be sure of something - the 2009 Lincoln cents are pure copper plated 99.2% zinc, and .8% copper. Is this correct?
I guess in 2008, I heard the 2009 cents would be made of mostly copper, and not copper plated zinc. I guess I heard wrong.
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Valued Member
United States
91 Posts |
I agree with Jbuck, if we had more $2 bills then we wouldn't need so many dollar coins and there would be less griping about them.
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Valued Member
United States
277 Posts |
I love searching my pennies and nickel as much as the next guy, but I believe its in the best interest of everyone to eliminate both denominations or drastically reduce supplies. I would not mind it the coins went the way of the half dollar, mint them for collectors. Issue them in the mint sets. That way they save millions for not producing them for circulation, make money on the sales, and the people who care about them can still continue to get them.
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Pillar of the Community
United States
880 Posts |
Carrying around dollar coins if you had to would be okay I guess. I can't stand carrying change around in my pocket for the simple reason that it can't buy you anything...
I would not care to get change for a $5 with two bills and a coin though.
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Pillar of the Community
United States
757 Posts |
well some of us may be overlooking the fact that if the cent were eliminated we'd be able to melt our hoards tomorrow!
i don't want to get rid of the cent, but I reaallly also want to get rid of the cent.
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Valued Member
United States
310 Posts |
"I love searching my pennies and nickel as much as the next guy, but I believe its in the best interest of everyone to eliminate both denominations or drastically reduce supplies. I would not mind it the coins went the way of the half dollar, mint them for collectors. Issue them in the mint sets. That way they save millions for not producing them for circulation, make money on the sales, and the people who care about them can still continue to get them."
Then all transaction would have to be rounded to the nearest dime. I just really don't like rounding. I just think a re-alloy or other change is needed, and I'm all for the dollar coin and 2 dollar bill.
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Moderator
United States
188660 Posts |
Quote:
I just wanted to be sure of something - the 2009 Lincoln cents are pure copper plated 99.2% zinc, and .8% copper. Is this correct?
I guess in 2008, I heard the 2009 cents would be made of mostly copper, and not copper plated zinc. I guess I heard wrong. The 2009 cents issued in mint sets, proof sets, and the Lincoln Coin and Chronicles set are 95% copper. The ones released for circulation are the normal copper coated zinc. |
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Valued Member
United States
373 Posts |
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Bedrock of the Community
Australia
21788 Posts |
I have suggested in another thread that injection moulded plastic low value coins should be introduced. That suggestion was immediately queried, that it would lead to forgery of those coins on a massive scale.
I don't think so.
If pennies are to be continued, they have to be produced at less than one cent cost per coin overall. That means that the intrinsic value of the penny should be as close to zero as possible, like the intrinsic value of a banknote.
If , when all of the operating costs of the Mint are taken into account, and it still costs more than one cent to produce a cent, then production should be terminated. Not even the most efficient forger would bother to produce plastic pennies, unless there was a buck profit in it for him.
Otherwise, it just becomes an exercise in futility.
Edited by sel_69l
02/15/2011 02:42 am
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Bedrock of the Community
Australia
21788 Posts |
I have just checked the current price for zinc and copper on the London Metals Exchange (LME).
The intrinsic value of metal in a Zincoln is about 0.6 of a cent, and about 10% of that value is due to the amount of copper in the coin.
It has been reported that the overall cost of producing a Zincoln is 1.79 cents per coin. That means the total administrative cost of producing each coin without the metal value, is still over one cent each.
It IS an exercise in futility. At least the forgers won't be interested in producing plastic coins!
Edited by sel_69l
02/15/2011 02:43 am
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Moderator
United States
188660 Posts |
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It IS an exercise in futility. Agreed! It is time for the Lincoln Cent to go NIFC. |
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Replies: 29 / Views: 5,793 |
First Page
Posted 01/11/2011 9:17 pm
