"government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
<< <i>Coin collectors wanting to eliminate coins..... makes no sense to me. Just don't collect them. >>
Coin collectors are also tax payers. There is nothing wrong with wanting to eliminate government waste.
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
<< <i>So let's say we get rid of the cent. What would happen to our collectible key dates?(1909s-vdb,1914-d,1955ddo,1969-s ddo,1972 ddo,etc) Increase,decrease,or stay the same?
TOM >>
I don't think it would have any effect. Key dates for other obsolete series (half cents, large cents, 20 cents, trade dollars, large size silver/clad dollars, etc.) are doing just fine.
I liked this point so much, I decided to look into it more.
<< <i>Nickels cost even more to make - If we eliminate the penny, we will need more nickels in circulation. Nickels cost 7.7 cents to make, (2.7 cents over face value, as opposed to 0.26 cents over face value to make a penny,) so making each nickel costs 1.44 cents more than making each penny. Since the penny costs 0.26 more than face value to make, the Mint can make 5 pennies and still lose less money than making 1 nickel. And, of course, if we eliminate the penny, we'll need a lot more nickels, which will offset the savings of stopping penny manufacture. >>
Essentially, the point is: minting 5 one cent coins loses less than minting one 5 cent coin...
Look at document page 32, which is also .pdf page 34...
"UNIT COST OF PRODUCING AND DISTRIBUTING COINS BY DENOMINATION" (this includes costs of getting them out to the masses)
For FY 2009: One Cent cost us 1.62 cents and a Nickel cost us 6.03 cents. 5 x 1.62 = 8.1 Cents. (not true here) For FY 2008: One Cent cost us 1.42 cents and a Nickel cost us 8.83 cents. 5 x 1.42 = 7.1 Cents. (Here, the point is made) For FY 2007: One Cent cost us 1.67 cents and a Nickel cost us 9.53 cents. 5 x 1.62 = 8.5 Cents. (Here, the point is made)
I'm not sure where the 1.26 and 7.7 numbers came from, and they may be more current than the above.
I'd think that all those considering ending the cent, may well also need to consider eliminating the nickel as well, or perhaps changing the composition of it at least.
I'd think that all those considering ending the cent, may well also need to consider eliminating the nickel as well, or perhaps changing the composition of it at least.
<< <i>I'd think that all those considering ending the cent, may well also need to consider eliminating the nickel as well, or perhaps changing the composition of it at least.
Resurrect the Half-Dime! >>
...would love to see that!
"government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
<< <i>I'd think that all those considering ending the cent, may well also need to consider eliminating the nickel as well, or perhaps changing the composition of it at least.
I'd hate to lose my beloved cent. It's fun going through a bank box and looking for the unknown. That being said... I wish they would have ended the series in 2009 and started new, instead of changing the reverse and going on with the same tired Abe.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
<< <i>I'd hate to lose my beloved cent. It's fun going through a bank box and looking for the unknown. That being said... I wish they would have ended the series in 2009 and started new, instead of changing the reverse and going on with the same tired Abe. >>
...actually they're using the same (alleged) portrait of lincoln that was used on the 1909 cent starting this year.
"government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
<< <i>I really like cents and hate to see them go but it's probably not worth making them. I find them in parking lots, some people drop them like trash but I still get a smile to pick one up.
>>
Text
It only takes about one second of your time to pick up a penny. At that rate, you could pick up 60 X 60 = 3600 in one hour's time, which is $36 an hour, with no immediate tax deductions, and maybe even tax free if the IRS doesn't raid your piggy bank. Any numismatic discoveries would be an extra bonus, although don't expect to find bunches of non-counterfeit 1909S VDBs. Plus you get flexibility exercises without going to the gym.
<< <i>I'd think that all those considering ending the cent, may well also need to consider eliminating the nickel as well, or perhaps changing the composition of it at least.
Resurrect the Half-Dime! >>
Only if the spell it "Half Disme" ...
Whatever you are, be a good one. ---- Abraham Lincoln
Why not end the cent, half dollar, AND ALL paper currency. Mint the remaining fractionals + 1, 2, 5, 10, & 20 dollar coins. Think what it would save by closing the BEPs. Most folks don't carry around alot of cash now anyway.
HH
Need the following OBW rolls to complete my 46-64 Roosevelt roll set: 1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S. Any help locating any of these OBW rolls would be gratefully appreciated!
I say keep the penny, the nickel, the half, our ridiculous denominations, and the paper dollar. They are perfect examples of just how pathetically polarized, wasteful, and stuck in the past this country is. I certainly wouldn't want our money to suggest that certain lobbies (cotton,vending), don't stipulate what our currency is. I would not want our money to suggest the two Parties can actually work together for the good of our country. I wouldn't want our coinage to suggest we can grow with the times. And I wouldn't want our money to in any way suggest we are fiscally responsible people. Sad to say, our coinage and currency are in every way a perfect reflection of the intelligence and common sense in DC.
Comments
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<< <i>Coin collectors wanting to eliminate coins..... makes no sense to me. Just don't collect them. >>
Coin collectors are also tax payers. There is nothing wrong with wanting to eliminate government waste.
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
<< <i>So let's say we get rid of the cent.
What would happen to our collectible key dates?(1909s-vdb,1914-d,1955ddo,1969-s ddo,1972 ddo,etc)
Increase,decrease,or stay the same?
TOM >>
I don't think it would have any effect. Key dates for other obsolete series (half cents, large cents, 20 cents, trade dollars, large size silver/clad dollars, etc.) are doing just fine.
My Adolph A. Weinman signature
<< <i>Nickels cost even more to make - If we eliminate the penny, we will need more nickels in circulation. Nickels cost 7.7 cents to make, (2.7 cents over face value, as opposed to 0.26 cents over face value to make a penny,) so making each nickel costs 1.44 cents more than making each penny. Since the penny costs 0.26 more than face value to make, the Mint can make 5 pennies and still lose less money than making 1 nickel. And, of course, if we eliminate the penny, we'll need a lot more nickels, which will offset the savings of stopping penny manufacture. >>
Essentially, the point is: minting 5 one cent coins loses less than minting one 5 cent coin...
As usual, I go to the mint's 2009 annual report
Look at document page 32, which is also .pdf page 34...
"UNIT COST OF PRODUCING AND DISTRIBUTING COINS BY DENOMINATION"
(this includes costs of getting them out to the masses)
For FY 2009: One Cent cost us 1.62 cents and a Nickel cost us 6.03 cents. 5 x 1.62 = 8.1 Cents. (not true here)
For FY 2008: One Cent cost us 1.42 cents and a Nickel cost us 8.83 cents. 5 x 1.42 = 7.1 Cents. (Here, the point is made)
For FY 2007: One Cent cost us 1.67 cents and a Nickel cost us 9.53 cents. 5 x 1.62 = 8.5 Cents. (Here, the point is made)
I'm not sure where the 1.26 and 7.7 numbers came from, and they may be more current than the above.
I'd think that all those considering ending the cent, may well also need to consider eliminating the nickel as well, or perhaps changing the composition of it at least.
Otherwise, they should drastically cut down the mintage to 1 or 2 million and sell rolls to collectors for $5 a roll.
If they ever need to get more in commerce, they can boost the mintage now and then.
Resurrect the Half-Dime!
<< <i>I'd think that all those considering ending the cent, may well also need to consider eliminating the nickel as well, or perhaps changing the composition of it at least.
Resurrect the Half-Dime! >>
...would love to see that!
<< <i>....Only if they get rid of the sales tax, which is the only reason we need cents anyway. >>
Nahh... we're addicted to our "99 cent" pricing schemes for everything.
60 years into this hobby and I'm still working on my Lincoln set!
<< <i>I'd think that all those considering ending the cent, may well also need to consider eliminating the nickel as well, or perhaps changing the composition of it at least.
Resurrect the Half-Dime! >>
how about pieces of ten?
That being said...
I wish they would have ended the series in 2009 and started new, instead of changing the reverse and going on with the same tired Abe.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
<< <i>I'd hate to lose my beloved cent. It's fun going through a bank box and looking for the unknown.
That being said...
I wish they would have ended the series in 2009 and started new, instead of changing the reverse and going on with the same tired Abe. >>
...actually they're using the same (alleged) portrait of lincoln that was used on the 1909 cent starting this year.
<< <i>I really like cents and hate to see them go but it's probably not worth making them.
I find them in parking lots, some people drop them like trash but I still get a smile to pick one up.
Text
It only takes about one second of your time to pick up a penny. At that rate, you could pick up 60 X 60 = 3600 in one hour's time, which is $36 an hour, with no immediate tax deductions, and maybe even tax free if the IRS doesn't raid your piggy bank. Any numismatic discoveries would be an extra bonus, although don't expect to find bunches of non-counterfeit 1909S VDBs. Plus you get flexibility exercises without going to the gym.
<< <i>I'd think that all those considering ending the cent, may well also need to consider eliminating the nickel as well, or perhaps changing the composition of it at least.
Resurrect the Half-Dime! >>
Only if the spell it "Half Disme" ...
Whatever you are, be a good one. ---- Abraham Lincoln
Think what it would save by closing the BEPs. Most folks don't carry around alot of cash now anyway.
HH
1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
Any help locating any of these OBW rolls would be gratefully appreciated!