Will Elon discontinue the penny?
ambro51
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If he’s going to target government waste and inefficiency ……..
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ambro51
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If he's going to target the real cause and culprit, end the federal reserve.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
It's a fair question. It's been cost prohibitive to mint the Lincoln cent for many, many years. We would certainly miss it, though
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I'm not sure why they haven't switched to plastic or compressed paper. Sure, they would be more prone to counterfeiting, but who would bother?
Francis LeRoy Henning
I am a newer collector (started April 2020), and I primarily focus on U.S. Half Cents and Type Coins. Early copper is my favorite.
He's not going to be Secy of the Treasury, director of the Mint, head of the Fed. So please tell me what power this particular person would have to discontinue part of this nation's legal tender?
"Brother, can you spare a dime?" (Especially a 1975 no S proof?)
Here’s hoping they will also quit making the worthless nickel…
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I can't wait till the Cent and/or Nickel are discontinued and then merchants of all stripes get to "round" up every single item in the American economy. It seems like a pittance, but people will be howling. Maybe even some of those who advocate for the change.
The reason: Americans, as a society and as individuals, never seem to tire of whining/moaning/bitching/complaining about something, it is almost in their DNA as it were. But carry on.
Be careful what you wish for. A central bank is a necessity for every economic system that is gotten by the horse and buggy and buggy whip stage. Even then, problems started when Andrew Jackson shut down the Bank of the United States in 1836. Hamilton advocated for a central bank, and he was right.
Your problem might be with Federal Reserve policies, not the institution.
I think that the cent will go away at some point, at least for general circulation.
As a coin collector I hope that it can stay in Proof and Mint sets. The cent is the only U.S. coin that offers the opportunity to collect a coin for every date from 1793 to the present, except for 1815. That's my motivation for forming a date set of cents. I recently bought a 1799. It's not pretty, but it fills the hole.
How is the Fed responsible for waste? They don't decide if we strike cents or nickels.
What would you replace it with? No control mechanism for interest rates or monetary policy? No coins and currency?
True. But most likely he will have very close input; lists and suggestions for consideration that others WITH the power to do so, can implement and make happen.
Perhaps the time is close for the end of the physical cent. (except for the cash cow the US Mint will get by still issuing them in specialty sets, etc.)
Those were nickels, when a nickel was worth more than today.
No. He wants every cent he can get his hands on. What rich men do.
That will never change. Humans are a waring species. Eastern Europe goes back to the Mongols and before. Since we civilized people have no need to battle on our land constantly we settle for bitching.
I would not be pleased if they did away with the cent or the nickel. Perhaps a change to aluminum alloy for the cent is not so much of a stretch though.
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Does the CENT need to be annually minted when there are trillions of them in the wild ?
Delete annual production, then let the remaining CENTS circulate.
They only need to mint less. Like 2 million. Just until the penny pinchers let go. It will balance out. Some day.
Things were fine in 1815 without it
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No need to eliminate it, really. Just allow more competition between currencies.
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i remember those days
They only Mint them when they are needed. There aren't bags of them sitting in vaults. The problem with cents is they don't circulate because people don't carry them.
I'm not sure where that 2 million number comes from. The Mint only makes the coins needed. There aren't a billion 2024 cents sitting in vaults. There are a billion 2024 cents in jars and in the ground.
Stop making cents for commerce and only make them for sale to collectors and coin dealers in proof sets, mint sets, and rolls of 50. Make them out of copper and charge buyers based on the cost of making them and a small profit to the US Treasury.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
wouldn't it take a while to even notice if they stopped making cents/nickels? the trillions out there already could continue to circulate for years, right?
If the mint stopped making them for commerce, people would start hoarding them.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
No. They are made because banks order them, and that is because businesses order them, and that is because consumers don't spend them (i.e. - put them back into circulation).
Yes. I am aware.
I am a newer collector (started April 2020), and I primarily focus on U.S. Half Cents and Type Coins. Early copper is my favorite.
To that effect, you can do to the penny what was done to the half dollar. I would also give the mint broad statutory authority to mint copper large cents the size of a half dollar in either pure copper or the pre 1982 brass alloy. That would also be an outlet for many of these new US Mint designs coming out that would be unaffordable in gold.
You could reintroduce half dimes instead of nickels.
Maintaining the cent and nickel give the illusion of financial stability. If he wants to deal with that, then eliminate them.
The cent will eventually go the way of the half dollar and the Sac where they will no longer be struck for circulation but will be available in proof and mint sets and in roll/bag form directly from the mint. They've already made trial strikes for a copper plated zinc five cent piece that can be made profitably... it will be interesting to see if anything comes of it. I personally like the idea of pricing everything in .10 increments and adjusting sales taxes to the nearest dime where applicable so that the final cost also is in .10 increments. Easy to figure and it can take cents and nickels out of the equation.
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With an aluminum cent just think of the new error types with a new metal.
The only Elon could put a stop to Cent production would be to buy the mines and refineries supplying the raw material to the Mint and halt that supply.
My stance aligns with some of the above comments that circulation production should be limited, but little by little year after year so the economy can adjust properly to not having the coin around. The cent should still be produced for collectors' purposes and reintroduced into circulation as needed.
And a newly collectible Large Cent would just be fantastic.
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Can this subject be beaten to death anymore than it is.
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A mistake may have been made in 1909 by putting a person on a coin. After that, there is no way to change the design without disrespecing that person. We have been stuck with Lincoln, Jefferson, and Roosevelt for most folks’ entire lives.
Don’t get me wrong, I love Lincolns and they are my main series. But there is no way to end the series unless they get discontinued altogether.
Maybe I could complete my set if that happened.
We could all about eliminating CAC cents...
Zinc pennies make good fertilizer. I leave 'em in the ground when I find them metal detecting.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
I sure hope not,,,,,,, I collect Full Step Coins.
We are slowly moving to a cashless society so be careful what you wish for!
Many sporting venues do not accept cash at all at their concession stands.
The younger generations rely on debit cards and dislike cash and coins.
Societies are progressing to having all transactions tracked electronically and eliminating cash and coins all together. 😮
Canada got rid of them in 2012 and look what has happened to them. I am not sure what their businesses do, round up? I think they still sell their gasoline ending in 9/10ths cent per liter. I like cents/pennies but when they start getting closer to a nickel to produce, it might be time to eliminate. I have heard the 'zinc lobby' is pushing hard to continue. The new zinc cents corrode/rot like I have never seen with nickel or clad. I can only imagine how many billion dollars of state quarters are around the world sitting in collections, jars, hoards ...
If people don't want cents then they can just decline to accept them in change. Problem solved.
I think we are debating the cost of producing a penny. Not whether we still want to use them😉
It just occurred to me that I haven’t made a cash purchase in a long time. Perhaps round up for cash purchases only, but that would be tougher on the folks who can afford it least.
It was pretty easy using cash in australia, they got rid of the penny so all transactions are rounded.
They also don't have a sales tax so if the item says $5 on the shelf it costs exactly $5 with no change whatsoever.
I think if we move away from the penny it would be a good time to reconsider this whole sales tax thing, our lives could be infinitely easier without the penny and sales tax.
The substantial truth doctrine is an important defense in defamation law that allows individuals to avoid liability if the gist of their statement was true.
The alternative to a sales tax is a VAT tax, which Australia does have. Be careful what you wish for....
Might be a grass always being greener on the other side of the fence thing, but yea I would happily adopt a VAT system if it made things easier.
It's way simpler to pay $3 for a monster energry drink than it is to pay $3.22 for a $2.99 Monster drink with tax. and if some VAT magic goes on in the background, great. Simplified all our lives significantly.
The substantial truth doctrine is an important defense in defamation law that allows individuals to avoid liability if the gist of their statement was true.
Now wouldn't that be cool! Every year a new Cent rarity. Would be quite a boon to Numismatics.
The Fed is just doing the bidding of the Treasury to finance the spending that Congress authorizes. We just need to stop spending beyond our means.
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Except that VAT is usually much higher (18% or more in some countries) than US state sales taxes.
That 2.99 drink would have a 10% VAT in Australia so it would be 3.30 there. And if.the numbers end up at an odd amount, they'll be happy to simplify it by rounding up.
How about bringing back the half cent?
Or adding the farthing?
I hate it when all those transactions are rounded (up?) to the nearest cent.
Have ever heard of the counterfeit Henning Nickel. I realize that a nickle in the 50s had buying power compared to what a nickel can try to buy today. A criminal would make a fake ham sandwich if there was money to be made.
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