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Customer received an interesting letter......
COINS MAKE CENTS
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Maybe I missed it on here, one of my customers told me today that they received a letter from Littleton that the US Mint will stop making the cent starting in 2023?
Has anyone heard anything about this? Is lottleton on to something or just speculating?
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"Death of the Penny - US Mint to Cease Penny Production in 2023" https://cashmoneylife.com/us-mint-cease-penny-production/
"News: Penny Production Will Stop in 2023: Here’s Why — Tally" https://www.meettally.com/blog/news-penny-production-will-stop-in-2023-heres-why
"What Will Happen When the U.S. Stops Making Pennies in 2023 | Newswire" https://www.newswire.com/news/what-will-happen-when-the-u-s-stops-making-pennies-in-2023-21409166
That said, I hadn't heard about this until now, surprised Coin week hasn't done an article about it given the numismatic significance of this change.
I did quick Google search and found a bunch of articles saying the penny will be phased out in late 2022. It's about time, my US small cent collection has been getting boring. Only missing a couple key date IHC and the super rare coins like 1856 FE and 1943 copper etc.
Wow, didn’t see that coming. I bet there will be a zillion 2023 ones saved and a zillion different finishes the mint will sell.
TurtleCat Gold Dollars
It says 50,000 proof only will be minted in 2023 and auctioned off to collectors starting at $179. With that mintage it's a key date for sure
And if they are all zincolns then they’ll rot away eventually. Maybe they will do them in bronze as a tribute like the 2009 series?
TurtleCat Gold Dollars
Think I’ll pass as $179 for a zinc coin we know will degrade just is not a good thing. I’ll look for a last issue from the past
🎶 shout shout, let it all out 🎶
Entirely stop making or merely pause production for a few years? There are plenty of instances where production years have been skipped throughout numismatic history.
Apparently stop 🛑
🎶 shout shout, let it all out 🎶
The have been talking about this for years, it costs 2.5 cents to make each penny. This is the end following the example of Canada and England. Even when I was studying abroad in Spain in 2005/2006 they had the 1 and 2 cent pieces but many vendors rounded to 5 or 10 cents.
I just made a dansco with blank pages to get my penny collection through 2045 last year too....
I dunno if it’s true because look at the date on the first article that was linked above🤔
Mr_Spud
About time
The earliest mention I can find on google for that is from an article on April 1st. The announced date to discontinue is also mentioned as April 1st.
Collector of randomness. Photographer at PCGS. Lover of Harry Potter.
I've seen it if I do a Google search info about it but what I'm surprised about is I didn't really see it on an credible websites? Or ones I've heard of yet?
No not opening a political thing so please don't anyone else but you would think fox News, CNN, msmbc, or one of them would have reported something by now. Or shoot maybe even the us mint
HAPPY COLLECTING
Hmmmm. April 1st. Doesn't that ring a bell with anyone?
Another hint: read the entire article and there is a statement at the very end.
No mainstream news outlet is reporting it. There is no press release or other statement on the Mint’s website. It sounds like some thing made up to sell worthless modern coins.
It is in the law that they must make them
Well, if I got suckered then I’m happy to have a good laugh at it.
I’d rather be fooled this way than on something else…
TurtleCat Gold Dollars
Fiat always fails.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
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Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
G-d I hope so.
Well, it was a happy thought while it lasted.
should stop making pennies, start making thruppence. those would only cost about thruppence to make...
Well, it WOULD be a great idea! We could also use bi-metallic $2.50 and $5 coins, too.
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Great transactions with oih82w8, JasonGaming, Moose1913.
Funny.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
What is funny is the people who would hear about the penny going away, and start hoarding thousands and thousands of zinc pennies because they will become valuable...
It must be true, I just saw it on CNN
Sometimes I think that animals are smarter than humans, animals would never allow the dumbest one to lead the pack
Less hits when you metal detect 😂
Lafayette Grading Set
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
That would be funny if Littleton got had by an April Fool's article.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars
Sure would!
1 and 2 cent euros were minted for the smaller economies of eastern europe. they rarely circulate in western europe, as you said. but they were never "eliminated" in those countries, they just aren't utilized
Maybe they should get rid of the penny, and the paper dollar. And then start making a dollar coin the same size as a small cent... 🤔
Another thing to consider in regard to Europe...
Since they use a VAT (value added tax) that is built into retail prices, they don't usually end up with odd amounts at the cash register neatly as often as we do in the US with our widespread state sales taxes. It is very easy in Europe to keep prices at increments that preclude the use of the smaller coins.
How has it worked out for Canada? They stopped circulating pennies in 2013.
This is not yet reality. Nor do I expect it to be in the foreseeable future. It would take a congressional act to achieve this, which would be accompanied by great debate on both sides. Cheers, RickO
Wayne
Kennedys are my quest...
If you read it on the internet YOU KNOW IT IS TRUE!
WOW !! Interesting developments Only 50,000 coins and only to collectors or Lincoln cent enthusiasts. That'll be a rare coin for sure. Don't cha Think?
Most will go to coin dealers, flippers and speculators.
Worry is the interest you pay on a debt you may not owe.
Yes, I know. I was half heartily making sport of the "low" mintage. In a few years nobody cares.
No reflection on the OP that I quoted
I hope the mint at least use copper planchets considering what they are charging.
Worry is the interest you pay on a debt you may not owe.
Inflation is double taxation. Will everyone be happy when we're all trillionaires and can't buy a loaf of bread with it? Fiat always fails.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Very well.
The cashier rings up your sale/meal/whatever and let’s say it comes to $47.63. He/she announces the total at that point and you have the option of paying the exact amount with a credit or debit card. If you tender cash, the cashier enters that amount and the machine prints a new line that says “Rounding” or the like and the adjustment as “+.02” or “-.01” or whatever and the new total to the closest nickel. Very easy and you never gain or lose more than two cents!!!
It would take a law - and even that might be challenged - to force people to accept a rounding scheme.
I'll tell you what - if the rounding is always in my favor then I am on board.
But, people and businesses can do this right now by refusing the cent coin part of the amount due. So how come few people or businesses do it?
Next April 1st I'll start the rumor the government is studying unjumping the shark.
Of course the study will cost a few billion and conclude it's not necessary to unjump any sharks.
The shark was jumped in January
Deleted
I do not believe inflation matters or is even real.
How does inflation calculate an iPhone or a GPS sonar fish finder on a kayak that was not available 30 years ago.