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What if cents are discontinued?
mcgrover
Posts: 209 ✭
I have been of the opinion that when the one cent coin is discontinued, the value of the existing cent coins will rise. I have nothing to base this opinion on except my own sense of supply and demand, and I have no sense what the increase might be, except in the 10% range. Does anyone disagree with this - either that they won't be discontinued, or that the value won't rise? Is there any speculation going on? Has there ever been a coin series that decreased in value after being discontinued? Interested to hear other's opinions.
"If someone says 'A penny for your thoughts' and you give them your 2 cents worth, what happens to the extra penny?" G.Carlin
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what about half cents, 2 cents and 3 cents?
There would be a general public perception (false in most cases) that one-cent coins
are rare. . . that they'll become scarcer and scarcer. . . that they're all valuable
collectibles now.
Americans who don't consider themselves coin collectors will save the coins, advertisers
will promote them to the mass market, all sorts of new folders, albums, display cases,
etc., will be produced and marketed.
When the half cent and large cent were discontinued in the late 1850s, there was
a popular increase in interest in the old copper coins. Americans sought to collect
one of each date of large cents dating back to the 1790s. It was a huge boost to
the popularity of coin collecting in the United States.
Conditions are different today; yes, there are many more Americans than there were
in 1857, but the quantity of Lincoln cents minted is in the billions. So real scarcity
for the type won't be a factor for many generations.
Still, demand will increase while supply remains static. Simple economics tells us
that the older coins (Wheat cents and older) will increase in value.
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<< <i>My old Jimi Hendrix albums have not increased in value ....yet. >>
What if 6 turned out to be 9?
Maybe the UNSEARCHED ROLLS / UNSEARCHED BAGS will disappear.
There would be massive promotions for the "Last Penny" set by telemarketers.
The main beneficiary of the influx of collectors will be on the 1955 doubled die and 1909-S VDB, as they are always in demand.
My own feeling is that the Mint should make cents only for the collector market for awhile. Collector rolls, Mint sets and Proof sets - of course at their normal huge premium.
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<< <i>......... they're the exact opposite of rare. They made a half-trillion of them. >>
Got that right. My understanding is that half of all coins produced during the history of mankind are Lincoln cents.
The mint is looking into alternate metals over copper.
The only metals cheaper are aluminum, lead, steel, and zinc. Obviously lead is out.
The remaining three are comparable in cost. So, as it is now, there is no possible metallic replacement for the zinc cent.
The economics already exist to halt the cent and nickel production.
Perhaps a tipping point will be when major retailers like Walmart will decide on its own to round to nickels.
The Canadian cent was discontinued recently. What is happening to the cent market in Canada?
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And they should go back to bronze, as well as a more natural, aesthetically pleasing design of Lincoln.
<< <i>My prediction - by 2025 the cent will no longer be manufactured. My reason for such a statement - absolutely no foundation in fact - just logic says that it already is too costly to produce.... >>
RickO thinks that logic will shape something controlled by a governmental body
The main reason one-cent coins are produced by the billions each year is that their value has declined to the point that they are a nuisance to carry around in change, or to roll up and take to the bank. So people tend to accumulate them in jars or elsewhere rather than re-spend the ones they receive in change. Cents tend to circulate in one direction, store to consumer, while there is more two-way circulation for higher value coins.
Eliminating the cent, as Canada did, would only be a temporary fix unless inflation were brought to a halt. Eventually we would have to eliminate the nickel, then the dime, and on and on.
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<< <i>I have been of the opinion that when the one cent coin is discontinued, the value of the existing cent coins will rise. I have nothing to base this opinion on except my own sense of supply and demand, and I have no sense what the increase might be, except in the 10% range. Does anyone disagree with this - either that they won't be discontinued, or that the value won't rise? Is there any speculation going on? Has there ever been a coin series that decreased in value after being discontinued? Interested to hear other's opinions. >>
Uhhhhhh.........No.
I don't think that there are that many modern Lincoln Cent Collectors.
There are lots and lots of Looky Lou's searching for the "next big thing" but I just cannot believe that folks are sticking these away in Dansco's. Even if they were, they've made multiple "billions" of these cents every year for the past 49 years so, the current supply should last for several thousand lifetimes.
Of course, this does not take into consideration the many doofie that will get sucked into a sudden price increase should an announcement be made (and I'm sure the TV Hucksters will be all over it) but sudden surges in popularity rarely last and usually lots of folks end up with very "expensive" coins (on paper at least) which have no real lasting value.
Just my opinions..........
The name is LEE!
(I'm joking, but after thinking about it for a moment, I must say I wouldn't be surprised...)
<< <i>Since prices are denominated in dollars and cents, a one-cent coin is necessary to allow exact change to be given for cash transactions. >>
If it is necessary in order to allow for exact change, why doesn't the mint make 1/2 cent and 1/3 cent coins?
per $1 , they would probably only be worth around 85 cents per $1.
If there was a discontinuation of the penny then one part of the litter problem would be gone. Now how are we going to
solve the cig butts problem ?