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My Interview in CoinsWeekly: "Farewell to the Penny: (No) Impact on Numismatics"
ThePennyLady
Posts: 4,495 ✭✭✭✭✭
I was recently interviewed by Sebastian Wieschowski for this article which just came out in CoinsWeekly about the impact of ceasing production of the U.S. Cent. My general view is that, like what occurred when Canada did away with their penny, I doubt it will have much impact. Do you agree/disagree?
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agree
Based on your credentials I'd imagine it would be difficult for anyone to disagree with your conclusions.
Great article.
peacockcoins
Agreed. If anything there might be a spike or more interest involved, jmo
Note: it's don't expect the zinc cents lasting long 🫤
I don't think there will be much impact. Those that search rolls may have a tough time, years down the road.
At some point the supply of cents will start to dry up. Maybe that will cause people to start cashing in all the cans and jars they have tucked away. There might be some cool coins found.
I remember the penny shortage about 30 years ago. I was working in a retail store and we had a hard time getting cent rolls but we were finding some nice coins. Once we found 6 or 8 rolls of steel cents. Another time we found several rolls of early wheat cents and many unc rolls from the 50s.
I'm not sure if melting is going to increase. Right now, I don't think the price of copper is enough to make much after the refining cost. I may be wrong about that.
For the most part I agree. Maybe there is some profit to be made by melting in bulk like hundreds of thousands of pennies, but most likely not very much.
God comes first in everything I do. I’m dedicated to serving Him with my whole life. Coin collecting is just a hobby—but even in that, I seek to honor Him. ✝️
For the most part I agree. People may want a premium for their cents as in previous shortages.
There's also the illegality of said act that must be weighed.
Agree
Yeah, I think no impact. I hope they mint them for collector sets though
Cents got a lot of collectors started, including me, 65 years ago. One could afford to set aside cents from the money available. As the face value increased, the coins saved got more expensive.
Of, course today, with inflation, a quarter or half dollar is not what it used to be. Still, I find all of the quarter designs the mint is issuing today to be a disincentive to collect, not an attraction. If it were not for Proof sets, I wouldn’t bother with them.
The cent currently has the most complete date set of all U.S. coins. From 1793 to 2025, only one date is missing, 1815. That was because the embargo during the War of 1812 left the mint with no cent planchets. It would be great if the cent could be issued as a non circulating coin, but that’s not going to happen.
Agree. And thank you for the article contribution.
Charmy, as always thanks for sharing your expertise and the Coins Weekly article.
I too hope that the Lincoln cent will continue to be produced in the mint and proof sets.
Wayne
Kennedys are my quest...
As far as I can tell, people still collect all the other defunct denominations with seeming fervor. I just sold a half cent for $12K two weeks ago in spite of their discontinuance in 1857.
If I had to guess what the future brings, I see only more interest as the kids and kooks are always interested in whatever they’re not “supposed” to be.
Empty Nest Collection
I disagree, but not in the way that you might think. Will stopping the coinage of cents cause numismatics to fail or dissolve, no the sky is not falling, at least not yet. But many here and in general are pushing for more denominations to be 86'd as well as the cent, especially the nickel but to lesser degrees the dime and quarter as well. As these people push for less coinage and a cashless system what will encourage new generations to become collectors? A great many collectors got started by collecting from change, how can future generations do that if coins are eliminated?
If you continue to push for and succeed in removing hard cash/currency from everyone's pocket eventually the desire to collect what is no longer there will fade. Coupled with the over financialization of numismatics we will see numismatics go the way of stamp collecting. It will be a slow death not likely to happen in what is left of my lifetime or likely anyone here. But I have no doubt that those who continue to push for a cashless society will also, eventually, kill numismatics.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
I agree. Throw your zincoln tokens around in your yard to encourage healthy grass growth. Zinc is important for plants due to its various functions:
Enzyme activation: Zinc activates enzymes crucial for plant development and metabolism.
Crucial component in auxins: Zinc is essential for growth hormones.
Carbohydrate processing: It helps process carbohydrates, sugars, and starches.
Cold resistance: Zinc improves the plant's ability to withstand cold temperatures.
Internode regulation: It regulates and elongates the space between leaves on stems.
Chlorophyll production: Zinc assists in the production of chlorophyll.
Whoever is careless with the truth in small matters cannot be trusted with important matters.
When the government stops making the penny, they should try melting them down to make more $1 Coins, then get rid of the paper dollar. Also, they should think about getting rid of the nickel and dime at the same time. Nickels cost a lot to make too. Something like 14c to make a nickel. Dimes are more or less breakeven.
Speaking for myself, my genuine interest in numismatics began when I first was given a Morgan dollar by my grandfather. A big, heavy, silver coin that was fascinating to a level well beyond state quarters or Lincoln cents.
In fact, to this day, I have very little interest in series which have a (obverse) design that is still in use. I can get down with IHC’s and flyers, I can get down with Walkers and Barbers, but I’ll pass on the Mt Rushmore Coins. I don’t think I’m the only one of my kind either, so I wouldn’t be so quick to lament over the fact that new collectors won’t emerge from circulation. I actually think having the same designs for a century might have enabled disinterest among the younger age groups, and some time apart might help reinvigorate things
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No impact except an excuse to raise everyday prices. No worries, we can just blame the fed and inflation. THKS!