The U.S. 1-cent ("penny") may be one step closer to its final demise

Prethen

In an interesting article in the most recent Coin World, it's very possible Canada will do away with its 1-cent coin. A couple of pertinent quotes from that article are: "The penny has simply outlived its purpose." and my favorite... "It is a piece of currency...that lacks currency."

We've talked this one to death on forums like this. However, I think now that our neighbors to the north are seriously mulling this one over, the U.S. Treasury and federal government might take notice on this issue.

It's long overdue. The "penny" is useless for cash transactions and its only purpose is to fill coin jars.

Personally, I'd like to see a pure decimal cash system (10-cent, 20-cent, 50-cent, 1 dollar) which would be highly efficient and more profitable for the Mint.

ambro51

The Lincoln Cent may soon join the Kennedy Half Dollar as a struck for collectors coin.

You cant get rid of the billions out there, but you can stop making NEW ones, except for mint sets and numismatic sale.

The Lincoln cent will never be discontinued, though its purpose and issue may be changed.

no one will miss cents in general commerce for thirty years...... present supply is sufficent.

SaorAlba

I hate to see them go only because I like buying up boxes and bags of them from my banks and finding oldies and coppers. Otherwise they really can be a nuisance. Frankly nickels can go also, they have no real spending power anymore. The dime is the lowest value coin that has some usefulness.

edix2001

I don't know if "the present supply is sufficient" when the cent serves as a single use coin. Most of them end up in the gutter.

ambro51

Id say to only strike a collectors cent, from copper per original alloy, and make proofs for proof sets, and Uncirculateds for Mint sets. AND BY GOD>>>someone please at the mint get rid of those black pool spots!!

PerryHall

Get rid of the cent. It's no longer cost effective to produce. Make them in copper for mint sets and proof sets for the collector market.

seanq

<< <i>
We've talked this one to death on forums like this. However, I think now that our neighbors to the north are seriously mulling this one over, the U.S. Treasury and federal government might take notice on this issue. >>




I thought the same thing about the $1 and $2 coin, and look how little traction those have in the U.S. I agree that it amkes all sorts of sense, but I still don't see it happening for another generation or so.


Sean Reynolds

YogiBerraFan

<< <i>Get rid of the cent. It's no longer cost effective to produce. Make them in copper for mint sets and proof sets for the collector market. >>



I enjoy collecting cents from circulation but I find myself agreeing with the above statement. The new product turns ugly so quick. For the most part they are junk unless you happen to be one of the first few that handle them.

BaseballAbs

Adios one cent. I will be collecting you now.

claychaser

Its pretty simple. Just eliminate the cent and paper dollar, and use the freed up spot in the till for prez bucks. As inflation goes, then eliminate the nickle and use a "2 buck" coin. And on it goes....

LindeDad

<< <i>Its pretty simple. Just eliminate the cent and paper dollar, and use the freed up spot in the till for prez bucks. As inflation goes, then eliminate the nickle and use a "2 buck" coin. And on it goes.... >>



that make so much cent'se it will never be a government policy.

kiyote

I just came back from Australia which is decimal based and I loved it-- They don't have pennies or two cent coins anymore, just .5, .10. .20, .50, $1 and $2 coins. The 50 cent coins actually circulated, too!

lordmarcovan

<< <i>The Lincoln Cent may soon join the Kennedy Half Dollar as a struck for collectors coin.

You cant get rid of the billions out there, but you can stop making NEW ones, except for mint sets and numismatic sale.

The Lincoln cent will never be discontinued, though its purpose and issue may be changed.

no one will miss cents in general commerce for thirty years...... present supply is sufficent. >>

lkeigwin

<< <i>I just came back from Australia which is decimal based and I loved it-- They don't have pennies or two cent coins anymore, just .5, .10. .20, .50, $1 and $2 coins. The 50 cent coins actually circulated, too! >>

I like this. And the reason the .50 piece circulates is it's practical. In the U.S. it isn't because two .25 pieces are easy enough.

The cent and the paper dollar should go. $1 and $2 coins are a good idea, as Canada has demonstrated.
Lance.

Prethen

Our northern neighbors are brighter than us on this one. I just hope our government catches on and says...."Duh!"

jmski52

It never seems to occur to Congress that the problem isn't that pennies are worthless. They didn't get that way on their own - it is that the dollar is being destroyed. Pick your reasons why.

mrdq

Canadians had colored currency DECADES before us and dollar coins / $2 coins are in place. They see the writing on the wall as we do but their legislature ACTS on it.

coolest

What is practicle to you is not of interest, what is of interest is that THEY make money on the cents they produce and all the coins that we dont use ammount to a large additional amount of free money for those issuing the coinage.

TrustNo1

Canada was also so broke at one point they used paintballs for their war games.

tahoe98

...i'm not sure it's wise to copy other countries styles. look what happened to copying health care.

relicsncoins

<< <i>I just came back from Australia which is decimal based and I loved it-- They don't have pennies or two cent coins anymore, just .5, .10. .20, .50, $1 and $2 coins. The 50 cent coins actually circulated, too! >>



Do they still have $5 coin? When I was there in the early 90's they had one.

copperhunter

I was back in Austrailia and New Zealand before the Olympics in 2000 and loved their currency, especially the 20 cent piece and $2 coin. They came in handy at the gambling machines that were everywhere! Thought that the progressiveness at the time of the different colored and sized bills were a great idea also!

PinkFloyd

They make no sense (resisted the urge for a bad pun). They are a waste of time and money to make. I can see them sticking around as a collector's piece though. I think the nickel should be out as well. I'd like to see 10c, 25c, 50c, $1 and $2.

DieClash

I always find this topic interesting so I went back to 1914 to see what the purchasing power of our currency then would buy today. Why? 1914, because it was the first year of our modern banking system with the creation of the FED.

2009------1914
$0.10----- $0.005
$0.25----- $0.01
$0.50----- $0.02
$1.00----- $0.05
$2.00----- $0.09
$5.00----- $0.23
$10.00----$0.45
$20.00----$0.90
$22.10----$1.00

In 2009 a dime is the equivalent of a half-cent in 1914 currency
Likewise, in 2009 you would need $22.10 to meet the buying power equivalent of a single dollar in 1914.

In 1857 the U.S. ceased production of the half-cent b/c it was worthless and deemed unnecessary. Today you would need 10 pennies just to match the historic value of the half cent!

I am all for converting to a decimal system beginning with $0.10, eliminating the rag buck and $2 bill, replacing them with coins.

Cheers!



Kirk

Prethen

<< <i>What is practicle to you is not of interest, what is of interest is that THEY make money on the cents they produce and all the coins that we dont use ammount to a large additional amount of free money for those issuing the coinage. >>


uh....wrong....
The Treasury is losing money on both 1-cent and 5-cent coins.

ambro51

A blast from the far distant past may work today.

n 1783 a remarkable group of pattern coins made its appearance: the "bit" of 100 units, the "quint" of 500 units, and the "mark" of 1,000 units.


If we make the "bit" 12 1/2 cents, the "quint" 62 1/2 cents, and the "mark' $1.25.....that would pretty well take care of coinage needs,

Are we tied to the word "dollar" too much to change from it?

droopyd

<< <i>...i'm not sure it's wise to copy other countries styles. look what happened to copying health care. >>



oh no you di'int!

BaronVonBaugh

Lets drop the size of the nickel to the size of the old half dime. Then we could keep it around a few more years.

The cent might still be ok if it was dropped to the size of the 3c silver.

It is traditional to change the size as needed.

claychaser

<< <i>I always find this topic interesting so I went back to 1914 to see what the purchasing power of our currency then would buy today. Why? 1914, because it was the first year of our modern banking system with the creation of the FED.

2009------1914
$0.10----- $0.005
$0.25----- $0.01
$0.50----- $0.02
$1.00----- $0.05
$2.00----- $0.09
$5.00----- $0.23
$10.00----$0.45
$20.00----$0.90
$22.10----$1.00

In 2009 a dime is the equivalent of a half-cent in 1914 currency
Likewise, in 2009 you would need $22.10 to meet the buying power equivalent of a single dollar in 1914.

In 1857 the U.S. ceased production of the half-cent b/c it was worthless and deemed unnecessary. Today you would need 10 pennies just to match the historic value of the half cent!

I am all for converting to a decimal system beginning with $0.10, eliminating the rag buck and $2 bill, replacing them with coins.

Cheers!



Kirk >>



So this is interesting. A beat up Morgan dollar is worth about - $22.10 -- the same figure as Kirk shows above using the inflation since 1914!