cent costs too high?

Hedger

The United States Mint reported that the cost of producing the cent is almost as high as the value of the metal used to make it. If this occurs what will the mint use for alloys? Perhaps plastic cents will come into play? It would change the collecting world forever. Just imagine PGCS inserting a nice Gem MS 69 plastic cent into a slab. Maybe the government will start issuing "credits" like in Star Trek and eliminate coinage all together when costs exceed limitations for profits. This would give the hobby a real kick in the pants. Somehow though, I believe Proof coin sets will be around forever.

Baley

they just need to stop making pennies.
there are enough pennies in people's jars and coffee cans to last forever.

LincolnCentMan

Perhaps alluminum?

David

cladking

With the value that remains in a single cent there simply is no need to make these anymore.

There are high costs associated with the rolling, striking, and handling of any coin and these
costs may already exceed one cent. Even if all the metal or other material for the penny had
no cost whatsoever it will be impossible to profitably make a cent before too much longer.

The use of this coin became a burden many years ago.

merz2

This has been discussed many times.IMHO the Mint should discontinue the Cent after 2009.

ddink

They should definitely stop making the cent. After all, what can a penny really buy? They should also discontinue the nickel, since a nickel can't really buy anything anyway. Following the same logic, the dime should get nixed too, since a dime is all but worthless. Leave the quarter, since you can use them for coke machines

Surely you must admit, by the same argument you use to condemn the penny, you condemn the nickel and dime as well?

dollardude

<< With the value that remains in a single cent there simply is no need to make these anymore.

There are high costs associated with the rolling, striking, and handling of any coin and these
costs may already exceed one cent. Even if all the metal or other material for the penny had
no cost whatsoever it will be impossible to profitably make a cent before too much longer.

The use of this coin became a burden many years ago. >>

My sentiments exactly. I have been a proponent of eliminating the penny for several years. The penny has no real value, and is not worth producing. From what I have read, the ONLY reason the penny still exists is due to a political lobby. So, again, politics rules over common sense. What else is new?

cladking

<< <i>

Surely you must admit, by the same argument you use to condemn the penny, you condemn the nickel and dime as well? >>



Yes. It really does apply to the nickel also now days, but the dime does still have nominal purchasing
power. In order to make change in a world with quarters and dimes the five cent coin is necessary.
In a few very short years they will be looking for an alternative metal for this coin. Let's hope they don't
make the same mistake as they did with the cent.

richbeat

In the May 2004 issue of COINage, David Ganz notes that the latest Mint report shows a profit margin of just .0002 cents per coin. That's still a profit of over $1 million depending on how many cents are struck. I mentioned in an earlier thread on the subject, that maybe it is finally time to switch to aluminum. However aluminum is more expensive than zinc. I think that the Mint's options are beginning to run out and I don't think they will continue to strike cents for any great length of time at a loss. I could be wrong about that, but their actions in the past (1974 and 1982) would indicate that they are not willing to do it. I would have to agree with the others that the cent probably needs to be retired.

foodude

Just imagine PGCS inserting a nice Gem MS 69 plastic cent into a slab. Plastic in plastic And if they are plastic, what will about toning lovers