Goodbye to production of the Lincoln Cent (article has been debunked) the question is the same?
MarkW63
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What does or how does this effect those that have the Lincoln Cent collection?
For me it means the end of the coin so in that there won't be any newer dates of the coin to look for after 2022 and the 2023 Proof sets to be auctioned off in April 2023 that's IT! the date range will be complete.
I got a pre-order in for the Uncirculated 22 P & D and I'm looking out for the 22 Proof, and I'd really like to land a 2023 proof set when they become available but with only 50,000 projected to be minted that might make getting them tricky.
Do you feel that the end of the Lincoln's cents changes the value of our Lincoln cent collections?
Does the death of the Lincoln translate into more collectable demand for the coin?
https://cashmoneylife.com/us-mint-cease-penny-production/
"I Prefer Dangerous Freedom Over Peaceful Slavery"
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Comments
Cent production is required by law
There is no bill in Congress to cease production
This rumor seems to come up yearly
It seem to be early this year
What @MsMorrisine said!
Uhh, this was written on April 1st, 2021! And that's a wrap (patting myself on the back for this great detective work).
10-4,
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Did you read the entire article?
The article was written on Aoril 1, 2021. And if it was not already obvious, ar the very end of the article it is revealed that it was an April Fool's joke.
@ElmerFusterpuck and @JBK beat me to it.
Well I never thought the article was a newly printed article, I saw the past date, but I thought the article just went by without me seeing it!
And like a lot of people that have been looking for the Lincoln cent to go out of production.
There are untold numbers of people that have been hoarding buckets of the coppers waiting to cash them in for scrape copper fro years!, they've been people selling them on ebay by the pound for a number of years now. They legally can't scrape them as long as the coin is current tender. So, yea! I thought the article was real, and I just missed it when it first came out.
About 15 years ago I saw a News Paper article in the break room at work that was talking about a US bill that was to be voted on eliminating the US One Cent Coin. The article went into detail about an odd change round up if passed, the article said that similar bills has been brought up for votes in the past but they all had failed.
Okay!
The question is still the same!
When the Lincoln cent production ends at some point in time, what effect would that have on the current collections of them?
Do they become more collectable?
Would the value of collections go up?
"I Prefer Dangerous Freedom Over Peaceful Slavery"
Thomas Jefferson!
One of these days, one of these days, POW...
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Don't delay. The time to buy BVD stock is NOW. When pennies are no longer being made, BVD will skyrocket in price. You heard it here first.
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Well, no I didn't read the bottom line and I should have, but I've been looking for the end of the coin for so long that I have been expecting a notice like that for MANY years now.
So, I was easy taken with the details in the upper part of the article.
I tell my grand kids all the time, that not all jokes are funny, and the way to tell is when others in the room aren't laughing, or there are two that's mad!
So, I've been duped on realistic written satire articles before, I didn't like it then, and I'm not laughing now!
I ran across an entire satire site for news stories a couple of years ago, and I read the entire article, then I later researched the sites profile and there they stated they were a satire site.
That site, and the people who put the above article together isn't humorous at all to me.
But, I've been duped again, and I'm sure it want be the last time.
But, I know there is an ongoing battle to kill the US One Cent Coin, its been on the chopping block for MANY years now.
"I Prefer Dangerous Freedom Over Peaceful Slavery"
Thomas Jefferson!
I have seen this article before... Last year actually. They almost got me last year.... but I read the entire article. Cheers, RickO
If these articles aren't satire as well...
So, I totally expect the end of the Lincoln any time!
https://www.aol.com/article/news/2017/04/02/two-senators-announce-plan-to-eliminate-penny-replace-dollar-bi/22022666/
https://www.coinworld.com/news/precious-metals/legislation-seeks-to-eliminate-dollar-note-and-cent.html
"I Prefer Dangerous Freedom Over Peaceful Slavery"
Thomas Jefferson!
Copper penny hoarding isn't a JOKE! these people are serious, and it only matters to them if its COPPER, not rarity, not a Double Die!
https://www.youtube.com/watch?v=7Es-pATepMg
This is an older news article (not satire) showing how extreme people can be over the very issue of the attempt to kill the Lincoln Cent.
"I Prefer Dangerous Freedom Over Peaceful Slavery"
Thomas Jefferson!
Even if the government stops making the cent for circulation, I think that it should be included in the Mint and Proof sets. The cent is the only U.S. coin that has a continuous run of dates from 1793 to present, excluding 1815. There are a lot of cent collectors out there, and I think think that they would like to keep the date set going. In other words, the mint should be able to turn a profit if it makes cents for collectors, but not for circulation.
This is at least the 3rd time we've debunked this rumor in the past year.
I'm sure it will not be the last time it will need to be debunked in the coming year, especially as people only read what they want of the article.
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Legislation is always being introduced to do all sorts of things. These coin-related proposals are nothing new.
As for copper (bronze) cent hoarding, it hit it's pinnacle several years ago. I did not watch the video above, but I wonder if those guys were running a Ryedale, a special purpose machine marketed to the cent hoarders.
The drop in copper prices from its all-time high combined with rules against melting cents mostly killed off that pursuit. Many if not most hoarders dumped their stashes back into circulation.
Yep.
October 2021 thread:
https://forums.collectors.com/discussion/1064489/are-you-doing-anything-with-the-lincoln-cent-now-that-production-will-stop-april-fools
May 2021 thread:
https://forums.collectors.com/discussion/1058133/end-of-the-road-for-the-cent-no-its-not-nevermind-it-was-an-april-fools-post
Well, the question wasn't about the article, the article even satire wasn't the question, notice I never stated a question about the article, but rather questions about a collection like Lincoln Cents if (when) they're done away with?
I can be metal detecting and dig up a Lincoln cent and the question comes to mind!
Each year when I add the current years Lincoln's to the collection I have the thoughts of, will these be the end of the Lincoln's!
So, lets not make a big deal about the repeated debunks of the article, and go back to the questions I ask about Lincoln Cent collection.
From The Title Post!
Do you feel that the end of the Lincoln's cents changes the value of our Lincoln cent collections?
Does the death of the Lincoln translate into more collectable demand for the coins?
"I Prefer Dangerous Freedom Over Peaceful Slavery"
Thomas Jefferson!
If they were smart, they would. Round all purchases to 5 Cent intervals.
I don't want them to., just sayin.
Bring back the circulating Buffalo nickel I say.
Pete
Well, I was never one for April Fool Jokes, and to this day when I see April 1 or June 23rd, I'm not reminded of a national joke days. I don't ever remember a time in my life when I've given April 1st any thought at all.
So, No, April 1st didn't catch my attention at all, I don't see any difference in the 1st of any mouth being any different, maybe New Years Day, but that's only because of a yearly calendar change. I like to joke and have fun, but a special joke day of the year, No!
So, today is the day before tomorrow, its also the day after yesterday, but today is all we have!
"I Prefer Dangerous Freedom Over Peaceful Slavery"
Thomas Jefferson!
The question may not have been about the article directly, but you would not have started the thread if you have not jumped to a conclusion and read the full article. So, the article is/was the impetus for you to start your thought process and ask the questions.
As to your questions there is no way for anyone to answer as nobody has a working crystal ball here. We can guess and speculate all we want but that is all it will be. My guess is that the mint will be making cents well after I'm gone.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
That fine, but a lot of other people take April 1st "seriously" as a joke day, so anytime I see an outrageous or unusual story on that date I am automatically suspicious.
Plus, the details in the story didn't add up, at least not to me.
The video covers several different hoarders, not just one. But, copper is like the stock market, its up and its down, but your right about the copper all time high. The hoarders know that WHEN the coin isn't actual current currency they can (or believe) they can sell them for melt, and they also know that's they can get more than face value out of them even if they wait for a rise in copper prices.
Seems, they are still selling bulk copper pennies on ebay, but I'm sure its not the market that it was when copper was near $3.00 a pound.
https://www.ebay.com/sch/i.html?_from=R40&_trksid=p2380057.m570.l2632&_nkw=bulk+copper+pennies&_sacat=253
"I Prefer Dangerous Freedom Over Peaceful Slavery"
Thomas Jefferson!
Got ya. Two punches for flinching.
Hoard the keys.
Okay, now that you've researched those past forum threads to prove your point, how does that answer my questions about the value of Lincoln Cent collections IF the coin was remove from circulation and recalled by the US mints?
I really did have a question beyond the authenticity of the article!
I admit I screw up and in posting a Satire article, the reason I didn't poor over it in detail, is because I'm 100% expecting the day when that event really happens, that leads me back to my questions?
I wasn't alive when past coins where drop from production, but, thinking I might be with the Lincoln cent, so, If I had NEVER seen that article, if I had never posted it, I still have those questions?
"I Prefer Dangerous Freedom Over Peaceful Slavery"
Thomas Jefferson!
I'll see if I can answer the question.
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The problem is that it's a "big" (unlikely) IF.
It's possible that the mint might stop making cents.
However, it is extremely unlikely that they will be "recalled".
So I'd prefer not to speculate on something that I believe is extremely unlikely.
I think once the cent is out of production, the cent will be recalled.
How have other denominations been affected when they were discontinued?
US numismatic history is full of examples to study.
I’m only going by them wanting the copper value for themselves, but I also acknowledge one important point: the cents are now money in the federal reserve system. The mint has already been paid for them once they shipped.
That NEWS paper article I read in the break room all those years ago was in one of the national finical publications, and the only reason I read it was the headlines to the story was open laying face up.
Many things in the REAL NEWS paper article went along with the satire article.
Congress had a bill up to vote up about doing away with the US Cent,
Similar Bills had come up in the past that was voted down.
The NEWS paper article went on to explain at the time if the bill was to pass what it would mean to the public and how it would play out in the market place,
Cash purchases would still be excepted!
The bill included a Cash Roundup of all purchases, up to the next nickel.
Consumers would only be able to purchase items as marked with out a roundup but only by using Checks, Credit Cards, or other instant transfers.
The NEWS paper read went on to say that many feel that the attempt in the government to get rid of the Penny Coin was its first step in getting rid of ALL money as we know it. If the public is forced to pay more via a cash roundup, this is force the public to use other means of payment other than cash money.
So, yep! I only had to bla....bla.... some of the read in what seemed to be a realistic article.
There is LOTS of reasons by a good many in government to keep bringing these bills to the table! It gives them more power over the people!
So, yep! that satire sh** article isn't something I find humorous at ALL and not just because I got suckered into it.
With countries excepting microchip injection, and the covid stuff, lock downs, expansion of the IRS, banks likely being forced to report ALL accounts that has a total over $10,000 a YEAR of activity. National change shortages, drive thru's not taking cash because of covid (not happening right now but it did) but you can hand then a credit card and they'll grin great big!
Yep, I'm not happy at all about that satire article, to say the lest. Okay, the joke is on me, but it wasn't a bit funny.
"I Prefer Dangerous Freedom Over Peaceful Slavery"
Thomas Jefferson!
Yep, that was also in the NEWS paper article, the mint would have to buy back all the cents but at FACE value, but there wasn't going to be a law (at that time) to force the return of the pennies, so they could be scraped for melt if so desired.
"I Prefer Dangerous Freedom Over Peaceful Slavery"
Thomas Jefferson!
But, its not a matter of if??? its a matter of when!!
They're good size groups in government that DO NOT LIKE me going to your house and handing you say $1,500 cash for a gold coin and them not knowing it!!! its puts to much outside of their control, so its going to happen.
"I Prefer Dangerous Freedom Over Peaceful Slavery"
Thomas Jefferson!
Thanks for this. These penny hoarding hacks will undoubtedly eventually be responsible for having subscribed to the melting pot some great modern rarities. '69-S DDO comes to mind. '83 Bronze is another. What a legacy to be proud of.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
Doesn't seem to have hurt the Canadian economy when they eliminated the cent..
No effect. All cents still exist all collectors are still alive.
I thought I would post these articles here before this threads heads over the hill
https://en.wikipedia.org/wiki/Penny_debate_in_the_United_States
This article from 2021.
https://pantagraph.com/business/local/watch-now-does-it-make-sense-to-keep-the-penny-some-think-so/article_508849a2-30bd-5ee4-934c-51b7f787f5d2.html
During the covid pandemic they tested the waters with our change and current currency, the central banks withheld circulating change, could that have been a market test? I think so.
Good night all!
"I Prefer Dangerous Freedom Over Peaceful Slavery"
Thomas Jefferson!