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 Replies: 34 / Views: 4,029 |
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New Member
United States
13 Posts |
Will the US cent go the way of the 1/2c, 2c, 3c, and 20c coins? Will they go aluminum, or worse (perish the thought) plastic? Post rumors and conspiracy theories here!
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Bedrock of the Community
Australia
21786 Posts |
The only real reason for the continuance of the one cent is to make up exactly the extra to pay for State taxes. From my experience, they don't appear to be used for anything else.
Apparently, they are used for one transaction only, and are hoarded until it is worth the time and effort to cash them into a bank, to be recycled.
The result is that that they do not see anywhere near enough frequency of use. I see that as highly inefficient, and even with Zincolns, that makes the cost of production too high.
That turns out to be an unnessessary cost on the taxpayer.
So get out there, and collect the copper ones!
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New Member
 United States
13 Posts |
Sel, I concur! I wonder if a cent ban would just raise taxes to the nearest 5 cent price point. I guess the state could round up or down, but rounding UP would be the final solution I'm sure.
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Moderator
 United States
14463 Posts |
according to a website, zincoln cents have about $0.0066 in metal value. In metal alone, that's a 34% profit per coin (for every $100 in coins produced, that's $34 profit). I don't know and I can't guess the production cost, but I would bet the mint makes a nice profit on zincoln cents.
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Valued Member
United States
433 Posts |
if they did stop making them payments on every thing would have to change like $1.99 things would have to either go up or down and most likely it would be up which sucks and hopefully not cause I love looking for cool and rare cents
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Pillar of the Community
United States
3276 Posts |
i thought that even with zinc cent's, it is costing the government more than 1 cent to make each zinc cent. If I am not mistaken, the government is constantly losing money as they produce cents... and same with nickels. i would not mind paying a few extra cents for my taxes if it were rounded to the nearest nickel. I collect Lincoln Cent's so i'd hate to see them go, but we may be getting to that point. There was once a need for a Half Cent, but with inflation, that denomination was too small to need. I think we are getting to the point where cents are too small of a denomination. who knows, maybe in a few hundred years, there will be no more coins worth less than $1. only time will tell what will happen with the Lincoln Cent, whether it be getting rid of it or changing the composition. oh and our coins will never be plastic. it would be too easy to fake them I believe, and also they would not be too sturdy. and imagine grading a plastic coin. lol. I would quit collecting if we turned to plastic. |
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Valued Member
United States
184 Posts |
I know these are theories and everything but do you truly believe you should save those copper pennies? Yea they take up space and nothing will happen for a long time. I guess if we really knew everybody would have plenty of silver saved up already. Just wanted to see what people thought about actually saving them. I saw there was a post awhile back and they had you vote if you saved your copper or not and it was close but more people do save them.
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Valued Member
United States
184 Posts |
oh and add to the future our coins and dollars bills will some way be incorporated to our credit cards or it would have to be something electronically.
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Moderator
United States
187862 Posts |
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Will the US cent go the way of the 1/2c, 2c, 3c, and 20c coins? Yes, it will have to because there will come a time when no material will be cost effective to use. As electronic transactions become an increasing majority of all transactions, coins in general and the cent specifically become less relevant. |
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Pillar of the Community
United States
1915 Posts |
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The result is that that they do not see anywhere near enough frequency of use You have obviously never been to a 99¢ store |
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Bedrock of the Community
United States
20753 Posts |
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Will the US cent go the way of the 1/2c, 2c, 3c, and 20c coins? Will they go aluminum, or worse (perish the thought) plastic? WHAT? When did they stop making those?  I keep on getting them in change all the time and usually just respend them.  Your obviously new here since this subject has been beaten to death lots of times. Surprized that someone hasn't LINKED to those other posts. The way I look at it is as long as stores, shops, on line organizations, etc. make items for $1.99, $3.47, $18.36, etc. the Cent just can never go away. Even our government uses the Cent all the time. For example when I got a State Tax Refund check it had a .16 on it. When I cashed it the bank had to give me that .16 somehow. I can't think of any buisness, anywhere where the total price for anything is exact. Like $1 or $5 or even $0.50 In order to stop the cent, the enitire country would have to change their sales systems. |
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Valued Member
United States
296 Posts |
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Your obviously new here since this subject has been beaten to death lots of times. This, and a few others... Quote:
Surprized that someone hasn't LINKED to those other posts. Nobody wants to be bothered scrolling past the first page, they aren't gonna be bothered with clicking on a link.  Quote:
The only real reason for the continuance of the one cent is to make up exactly the extra to pay for State taxes. From my experience, they don't appear to be used for anything else.
When is the last time you were to the States? Pennies get used in commerce as much as any denomination here. In all reality, getting rid of the penny makes perfect sense. Because of inflation it will go the way of the ½ cent. Other countries have done it with no problem. In fact get rid of the nickel while we're at it. Round things to the nearest tenth. Fear not, soon enough our currency will go the way of the French Franc, Japanese Yen, Mexican Peso, etc, etc... The dollar will be the lowest denomination coin. Laying on the street that nobody wants to pick up. There will be a use yet for all those unwanted Presidential dollar coins... It will be the new "penny" It's funny how a culture that complains about rounding up will cost them money if we get rid of the cent and nickel, yet that same culture throws away the very same coins, and won't pick them up off the ground...  A culture that is shockingly wastfull in general... Electronic transactions can still be in 1 cent increments. INHO, until we find a new coin to deify Lincoln, the cent will stay forever. Regardless of the cost. |
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Pillar of the Community
United States
2651 Posts |
The government loses money...basically the Federal Reserve makes the money and then sells it to the government with interest. The Federal Reserve is a private company.
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Pillar of the Community
United States
931 Posts |
The penny is almost worth as much as a dollar these days.
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Rest in Peace
United States
9104 Posts |
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Pillar of the Community
United States
3402 Posts |
It's time to get rid of the cent. Any purchases .04 and less found down, any .05 and higher round up. Easy!
KK
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Replies: 34 / Views: 4,029 |
Posted 07/22/2011 11:49 pm
