Another Attempt To Eliminate The Penny?

spy88 · February 19, 2013 8:51AM

Here

I can remember back in 1965, Bainbridge Island, Puget Sound I was 16 and would go to the one and only bank to search thru penny rolls for good dates.
They got so used to me, they would let me sit at a officers desk to spend hours going thru all they had. No bars, steel walls, no bullet-proof plexiglass, just friendly people and a swingdoor to the back offices business. Aaaahhh the good old days! WOW have things changed!!!

Anyway, just wondering what you that collect these little zinc/copper things will do if they actually get rid of them? Talk of a aluminum penny makes me cringe and a lead or steel one not much better.

ProofArtworkonCircs · February 19, 2013 1:22PM

<< I can remember back in 1965, Bainbridge Island, Puget Sound I was 16 and would go to the one and only bank to search thru penny rolls for good dates.
They got so used to me, they would let me sit at a officers desk to spend hours going thru all they had. No bars, steel walls, no bullet-proof plexiglass, just friendly people and a swingdoor to the back offices business. Aaaahhh the good old days! WOW have things changed!!!>>

In the early 60's, my bank told me they couldn't give me my usual quantity of silver dollars because Christmas was coming and other customers wanted them. However I could take their big bag of silver dollars and go thru them at the lobby counter. If I found any I needed, I could buy those. I thought it was heaven on earth for several weeks. Then they told me I had to wait for the previous customer to finish going through the bag.

19Lyds · February 19, 2013 6:01PM

<< <i>Anyway, just wondering what you that collect these little zinc/copper things will do if they actually get rid of them? Talk of a aluminum penny makes me cringe and a lead or steel one not much better. >>

Truth be told, the "pennies" (cents) that people actually collect anymore have long been out of print and are still readily available by the roll from any number of sources.

Eliminating this unit of money from the American Economy will have little effect on Lincoln Cent Collectors. Well.........about as much affect as when the Large Cents were eliminated. Or perhaps the Indian Head.

From an economic point of view, continuing to mint these is simply a waste of money and time.

Having said that, I must state that I do not see nor read Obama's comment as an "attempt to eliminate the penny". Merely an observation on his part that people no longer "use" the coin.

19Lyds · February 19, 2013 6:02PM

<< <i> I thought it was heaven on earth for several weeks. Then they told me I had to wait for the previous customer to finish going through the bag. >>

<giggle> Kinda takes the wind out of our sails doesn't it?

TwoSides2aCoin · February 19, 2013 8:23PM

Little ?

braddick · February 19, 2013 10:26PM

ricko · February 20, 2013 12:22AM

It is about time.... when costs exceed value, common sense dictates you change.... Cheers, RickO

spy88 · February 20, 2013 6:16AM

<< <i>It is about time.... when costs exceed value, common sense dictates you change.... >>

Gotta agree with you there but you have to remember this is our Government we are talking about (not to mention the zinc and copper industry that will definitely lobby against it if it gets to the House for a vote). Government and common sense have never been bedfellows!

I know the steel industry would just

to have the mints business!

By the way, anybody know where we get all our copper and zinc? US or overseas? (Too lazy to find out for myself).

BryceM · February 20, 2013 6:32AM

Zinc, not sure, but until very recently the largest open pit mine in the world was the Bingham copper mine in Utah. It's still in operation and produces about 300,000 tons of copper, 400,000 ounces of gold, and 4 million ounces of silver each year. This one mine produces about 15% of the US copper production. Bingham alone produces enough copper for around 4 trillion cents per year.

In other words, the 4 billion cents that are minted each year (each containing 2.5% copper), require about 275 tons of copper per year. This is roughly 0.01% of our nation's copper use ..... hardly a reason for any lobbyists to get real uppity about it.

ebaybuyer · February 20, 2013 1:09PM

if the mint stopped production of the cent tomorrow, there would still be plenty to circulate for the next decade. if the mint bought them back from the public at two cents each it would probably still cost less than minting new ones

lcoopie · February 20, 2013 1:18PM

The whole discussion is silly IMO
Just deflects attention away fom important issues

spy88 · February 21, 2013 2:01AM

lcoopie, there is another "silly" penny topic on the first page.

I know I could find more for you but I always keep my personal feelings about them to myself.

Another Attempt To Eliminate The Penny?

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