Thoughts On New Coinage

Ah, well, we all know that common sense departed Washington long ago. But as Redlock pointed out: "In 2002, 12 European countries brought the Euro coins (and bills) into circulation which was a major, big and huge effort -- and happpend with no problems to speak of." I'd love to see such a transformation in this country, with the same increasing, graduated-sized coins (maybe even including a 2¢ coin) with some of the same historic portraits (Lincoln, Jefferson, Washington) on them, using metals or even acrylic that will not soon increase to more than face value of each coin.

So what does it take? A congressman who is an avid coin collector who somehow retained enough common sense to grasp how much money could be saved by conversion? Someone here to crunch some numbers to send to him (or her) to help convince other senators and representatives to co-sponsor the bill? An inspired committee to come up with designs that everyone can live with? I dunno, but just dumping the dollar bill (good idea, that) isn't going to do it.

And while we're at it, let's get some overdue changes with our paper money, too, like getting rid of portraits of alcoholic presidents and duplicates to portraits on coins, and adding Braille dots to make it easier for blind people to dispense money.

The U.S. and Canada have coinage that is very similar. Even the dollar coins are the same size. In Canada all U.S. coins are freely accepted. It only makes sense that someday dollar coins will be used exclusively. Although the U.S. is the only country I know of that still uses miles. I never understood why? If a city is 500 km it takes 5 hours. If it is 500 miles lets see 500 divided by 60, you can see where I am going.

I'm reluctant to let go of the penny, not because of nostalgia, but because it allows us to still deal in the smallest denomination. A dollar is 100 cents, and although it's "just a cent", I'd want to do a cash transaction for say $1.87 , rather than have to round up to $1.88.

I haven't seen any acrylic coinage as of yet, and I have to admit that I would be resistant to pulling metal out of coinage. I guess I'm still a bullion person. Although our money doesn't contain the value of metal we issue our coinage for(except the nickel), our coinage does carry a base bullion value, weather it be Copper, Nickel, Silver, Gold, or whatever. The idea of an Acrylic coin seems like monopoly play money to me.

It is getting harder to come up with an alloy to keep the penny in production though. It's already 97.5% zinc. Aluminum and Zinc are roughly the same price per pound, so I don't see Aluminum being the answer. The production cost would probably be the same as the zinc/copper alloy we currently use. We need some alloy near 50 cents a pound to actually get back to profitability after taking into account production costs, etc.

Oddly enough copper could be viable for the nickel if we cut down the nickel % and thin the coin. That's also supposing that copper doesn't skyrocket in price. production costs for a nickel is around 2.3 cents per coin, so you need an alloy of no more than 2.7 cents per coin. If we say made the nickel half as thick as it is now and make it like 97.5%copper with a nickel shell, we'd have a coin the same weight as a copper zinc penny, same diameter as the current nickel and an alloy price around 2.33 cents per coin, add in production, and you get 4.66 cents roughly total cost. Not great, but still better than the 9.22 cents per nickel it costs us now. If copper we to take off, it would screw that idea.

Aluminum would be a great option at this point for the nickel though. The problem right now isn't so much the copper(although it's recent volatility doesn't help), but Nickel is $12 a pound.

Your idea will never work. It's too practical. Remember, the mint is part of the government.

at most end 50 cent coins

Interesting topic with a lot of ideas. I can't say I know much about the metallic content of our coins but I have gotten some State Quarters in change from purchases I've made and even a few Presidential$ and it seems to me they do not hold up well in circulation.I saved the best looking ones,maybe someone in the future might want them for their collection,but most I used to make other purchases.

The surface of the coins are discolored,chipped,scratched,or just plain wore off.I've gotten 2009-2010 pennies and I think it's sad to see black spots on them already.Seems to me silver coins lasted in circulations for quite a while until people started collecting.Even the Indians,Lincolns,Buffalo's and Merck's survived feast,famine,war and melt downs.

I have not seen a $2 in 20yrs. didn't know if they were printed or not.OK I'll get off my soap box now. gasman96

No need to do that. Just stop making them and the people will empty those jars for face value.