OMG! We're Finally Getting Rid of the Penny. What Does This Mean?

OAKSTAR · August 20, 2025 9:15AM

An OUTSTANDING synopsis by John Feigenbaum on getting rid of the penny.

https://www.youtube.com/watch?v=QhE1hWhxgP8

sanddollar · August 20, 2025 9:21AM

Please Oakstar, don't make this political.

OAKSTAR · August 20, 2025 9:34AM

@sanddollar said:
Please Oakstar, don't make this political.

Hey @sanddollar aka @OnBendedKnee - Bite me!!

sanddollar · August 20, 2025 9:39AM

@OAKSTAR said:

@sanddollar said:
Please Oakstar, don't make this political.

@sanddollar aka @OnBendedKnee - Bite me!!

@OAKSTAR, no. I don't think I will.

telephoto1 · August 20, 2025 10:26AM

I'm not really getting "outstanding" out of that, but to each his own.
Mostly restating what everyone knows along with a quick plug or two for Whitman folders and the RB.

johnny9434 · August 20, 2025 10:28AM

off and running, i love it

privatecoin · August 20, 2025 11:00AM

And we're one step closer to dollars being worth less than TP.

CoinHoarder · August 20, 2025 11:06AM

Now, everybody will be able to finish a complete set.

Will this make the keys and semi keys increase in value?

BryceM · August 20, 2025 11:23AM

It means the nickel is next, and it’s about time.

Steven59 · August 20, 2025 11:30AM

I see "sanddollar" is messing with "OAKSTAR" again!

cladking · August 20, 2025 12:04PM

Several nits to pick;

First off the 3.7 (or 3.9) cents the mint claims as a cost basis for these is laughably low. For many years half of mint production was of pennies but they calculate the cost without adding in such costs. Secondly banks do not provide services. When stores quit ordering pennies they will be returned to the FED (actually counting houses because the FED no longer dirties their hands with pennies). Banks are unlikely to stock pennies in a short time. Also you can't eliminate a five cent coin because there is no way to bridge the gap between dimes and quarters. But you can turn the five cent coin into a small aluminum coin with a very low cost.

Finally you can buy rolls and rolls of 1910 cents for far less than Redbook prices. Indeed, current wholesale on them is 8C and you can expect to get a few VG's and even F's for this price. Even sorted they shouldn't cost more than 20c and with a mintage of 146 million you can rest assured there are plenty available. By the same token I have no idea where you can get a Gem 1968 cent with no carbon spots for $1. Indeed, I don't know where you can get one for $10. The wholesale price on out of the money slabs is $3 and some of these will be 1968 Gem pennies but the hunt will be long. You can order a Gem on eBay for 1 to $20 but it won't be Gem and it will have carbon spots.

Collecting moderns is almost like work. There are no maps to guide you so you have to find your own way and you might find it even involves heavy lifting. You will not find Gem 1968 cents in circulation. You also are also unlikely to find one in circulation!!!!!!!!!!!!!!!!!!! Believe it or not more than half a century of people throwing away pennies has taken a very heavy toll on how many survive. Pennies have been less than worthless for many years so the attrition rate is simply staggering. 1968 one cent coins actually had a little value for several years so most of them circulated and wore before they were thrown in the trash or dropped on the road. Finding pennies from the late-60's is not easy. If you do find a 1968 it will be a fright with significant wear, gouges, and corrosion. It will not be a nice strike and not a Gem. Of course this is irrelevant since there probably isn't one in your change jar. the '66, '68-S, and '69 are even less likely. You can't go down to your local shop and order rolls of nice G's and VG's. They won't even have a single Gem. You might be able to pick up one or two tarnished and carbon spotted ones in mint sets- Maybe.

Steven59 · August 20, 2025 12:48PM

I don't think any of us will see the day Lincoln Cents won't be in circulation anymore.

gumby1234 · August 20, 2025 12:54PM

It means that the ban on melting them may come to an end also.

Edited to add Firing up the melting pot now.

olympicsos · August 20, 2025 1:13PM

@BryceM said:
It means the nickel is next, and it’s about time.

Easy bring back half dimes.

olympicsos · August 20, 2025 1:19PM

@cladking said:
Several nits to pick;

First off the 3.7 (or 3.9) cents the mint claims as a cost basis for these is laughably low. For many years half of mint production was of pennies but they calculate the cost without adding in such costs. Secondly banks do not provide services. When stores quit ordering pennies they will be returned to the FED (actually counting houses because the FED no longer dirties their hands with pennies). Banks are unlikely to stock pennies in a short time. Also you can't eliminate a five cent coin because there is no way to bridge the gap between dimes and quarters. But you can turn the five cent coin into a small aluminum coin with a very low cost.

Finally you can buy rolls and rolls of 1910 cents for far less than Redbook prices. Indeed, current wholesale on them is 8C and you can expect to get a few VG's and even F's for this price. Even sorted they shouldn't cost more than 20c and with a mintage of 146 million you can rest assured there are plenty available. By the same token I have no idea where you can get a Gem 1968 cent with no carbon spots for $1. Indeed, I don't know where you can get one for $10. The wholesale price on out of the money slabs is $3 and some of these will be 1968 Gem pennies but the hunt will be long. You can order a Gem on eBay for 1 to $20 but it won't be Gem and it will have carbon spots.

Collecting moderns is almost like work. There are no maps to guide you so you have to find your own way and you might find it even involves heavy lifting. You will not find Gem 1968 cents in circulation. You also are also unlikely to find one in circulation!!!!!!!!!!!!!!!!!!! Believe it or not more than half a century of people throwing away pennies has taken a very heavy toll on how many survive. Pennies have been less than worthless for many years so the attrition rate is simply staggering. 1968 one cent coins actually had a little value for several years so most of them circulated and wore before they were thrown in the trash or dropped on the road. Finding pennies from the late-60's is not easy. If you do find a 1968 it will be a fright with significant wear, gouges, and corrosion. It will not be a nice strike and not a Gem. Of course this is irrelevant since there probably isn't one in your change jar. the '66, '68-S, and '69 are even less likely. You can't go down to your local shop and order rolls of nice G's and VG's. They won't even have a single Gem. You might be able to pick up one or two tarnished and carbon spotted ones in mint sets- Maybe.

The obverse hub was at its worst in 1968 too.

Morgan White · August 20, 2025 1:32PM

@olympicsos said:

@cladking said:
Several nits to pick;

First off the 3.7 (or 3.9) cents the mint claims as a cost basis for these is laughably low. For many years half of mint production was of pennies but they calculate the cost without adding in such costs. Secondly banks do not provide services. When stores quit ordering pennies they will be returned to the FED (actually counting houses because the FED no longer dirties their hands with pennies). Banks are unlikely to stock pennies in a short time. Also you can't eliminate a five cent coin because there is no way to bridge the gap between dimes and quarters. But you can turn the five cent coin into a small aluminum coin with a very low cost.

Finally you can buy rolls and rolls of 1910 cents for far less than Redbook prices. Indeed, current wholesale on them is 8C and you can expect to get a few VG's and even F's for this price. Even sorted they shouldn't cost more than 20c and with a mintage of 146 million you can rest assured there are plenty available. By the same token I have no idea where you can get a Gem 1968 cent with no carbon spots for $1. Indeed, I don't know where you can get one for $10. The wholesale price on out of the money slabs is $3 and some of these will be 1968 Gem pennies but the hunt will be long. You can order a Gem on eBay for 1 to $20 but it won't be Gem and it will have carbon spots.

Collecting moderns is almost like work. There are no maps to guide you so you have to find your own way and you might find it even involves heavy lifting. You will not find Gem 1968 cents in circulation. You also are also unlikely to find one in circulation!!!!!!!!!!!!!!!!!!! Believe it or not more than half a century of people throwing away pennies has taken a very heavy toll on how many survive. Pennies have been less than worthless for many years so the attrition rate is simply staggering. 1968 one cent coins actually had a little value for several years so most of them circulated and wore before they were thrown in the trash or dropped on the road. Finding pennies from the late-60's is not easy. If you do find a 1968 it will be a fright with significant wear, gouges, and corrosion. It will not be a nice strike and not a Gem. Of course this is irrelevant since there probably isn't one in your change jar. the '66, '68-S, and '69 are even less likely. You can't go down to your local shop and order rolls of nice G's and VG's. They won't even have a single Gem. You might be able to pick up one or two tarnished and carbon spotted ones in mint sets- Maybe.

The obverse hub was at its worst in 1968 too.

Last year of the hub introduced in 1916.

Silvano · August 20, 2025 1:47PM

What probably saves the nickel is that it is at least durable. The zincolns get compromised and dirty easily. His proposal for a 5 or 10 dollar circulating coin I have questions about. How easy would it be to fake a clad 10 coin? Not many counterfeiting protections could be put into a coin, yet 10 bucks is getting into real money.

So imo, i think that keeps the realm of circulating coinage to a dollar max.

blitzdude · August 20, 2025 1:51PM

What does it mean? Higher prices for all. RGDS!

ksmooter61 · August 20, 2025 1:58PM

Eliminate the cent, nickel, quarter, 1-dollar and 5-dollar bills. Re-design the half just bigger than the nickel. Create a new 5-dollar coin.

Will leave dimes and halves as return change, dollar coins will become the norm for coin ops and the 5-dollar coin as the basic spender. Seigniorage would be profitable. If everybody wants quarters continue as commemoratives.

Creg · August 20, 2025 2:08PM

Welcome to the forum @ksmooter61. No photo of a crappy coin nor inquiry of its worth to make us all troll each other?

ksmooter61 · August 20, 2025 2:15PM

Hey Creg, thanks. I'm sure I have one of those rare Lincoln's with the L melding with the rim somewhere here...

Typekat · August 20, 2025 2:51PM

Definitely quit making nickels at a loss, and quit printing $1 bills.

Everything will sort out just fine…

Aspie_Rocco · August 20, 2025 2:55PM

Be right back, I will ask @Morgan White to make a meme for me…

jmlanzaf · August 20, 2025 4:25PM

@CoinHoarder said:
Now, everybody will be able to finish a complete set.

Will this make the keys and semi keys increase in value?

No. See Europe and Canada.

jmlanzaf · August 20, 2025 4:28PM

@gumby1234 said:
It means that the ban on melting them may come to an end also.

Edited to add Firing up the melting pot now.

I see no reason why that would necessarily follow any time soon, if at all.

jmlanzaf · August 20, 2025 4:31PM

@Typekat said:
Definitely quit making nickels at a loss, and quit printing $1 bills.

Everything will sort out just fine…

$1 bills are highly cost effective. The most recent study they did showed no cost savings from switching to the more expensive $coin since the lifetime of dollar bills have gotten longer.

https://www.gao.gov/products/gao-19-300

keyman64 · August 20, 2025 4:35PM

It means the OP doesn’t live in the US? Why say we when this is the US Coin forum? The US Mint has never produced a penny for circulation in the United States.

Aspie_Rocco · August 20, 2025 5:07PM

Morgan White · August 20, 2025 5:20PM

@Aspie_Rocco said:
Be right back, I will ask @Morgan White to make a meme for me…

jmlanzaf · August 20, 2025 6:03PM

@keyman64 said:
It means the OP doesn’t live in the US? Why say we when this is the US Coin forum? The US Mint has never produced a penny for circulation in the United States.

keyman64 · August 20, 2025 6:15PM

Must be a typo. I just read what’s on the coin and silly me doesn’t believe everything I read on the internet. There is a country that we declared our independence from that produced a penny if I recall. I’m one that celebrates Independence Day and I also don’t bow to kings and queens. Maybe others do?

Steven59 · August 20, 2025 6:29PM

@keyman64 said:
Must be a typo. I just read what’s on the coin and silly me doesn’t believe everything I read on the internet. There is a country that we declared our independence from that produced a penny if I recall. I’m one that celebrates Independence Day and I also don’t bow to kings and queens. Maybe others do?

So how do you say you're an old grumpy pissed off person when you don't actually come right out and say you're an old pissed off person?

So now, how are we supposed to roll our "Cents" - they only make "Penny" wrappers anymore!

jmlanzaf · August 20, 2025 6:33PM

@Steven59 said:

@keyman64 said:
Must be a typo. I just read what’s on the coin and silly me doesn’t believe everything I read on the internet. There is a country that we declared our independence from that produced a penny if I recall. I’m one that celebrates Independence Day and I also don’t bow to kings and queens. Maybe others do?

So how do you say you're an old grumpy pissed off person when you don't actually come right out and say you're an old pissed off person?

So now, how are we supposed to roll our "Cents" - they only make "Penny" wrappers anymore!

I love this argument. It is the second time this month! Lol

jmlanzaf · August 20, 2025 6:58PM

@keyman64 said:
Must be a typo. I just read what’s on the coin and silly me doesn’t believe everything I read on the internet. There is a country that we declared our independence from that produced a penny if I recall. I’m one that celebrates Independence Day and I also don’t bow to kings and queens. Maybe others do?

Morgan White · August 20, 2025 7:04PM

@jmlanzaf said:

@Steven59 said:

@keyman64 said:
Must be a typo. I just read what’s on the coin and silly me doesn’t believe everything I read on the internet. There is a country that we declared our independence from that produced a penny if I recall. I’m one that celebrates Independence Day and I also don’t bow to kings and queens. Maybe others do?

So how do you say you're an old grumpy pissed off person when you don't actually come right out and say you're an old pissed off person?

So now, how are we supposed to roll our "Cents" - they only make "Penny" wrappers anymore!

I love this argument. It is the second time this month! Lol

keyman64 · August 20, 2025 9:45PM

Glad I could help everyone tonight.

Tramp · August 21, 2025 7:36PM

@jmlanzaf said:

@Steven59 said:

@keyman64 said:
Must be a typo. I just read what’s on the coin and silly me doesn’t believe everything I read on the internet. There is a country that we declared our independence from that produced a penny if I recall. I’m one that celebrates Independence Day and I also don’t bow to kings and queens. Maybe others do?

So how do you say you're an old grumpy pissed off person when you don't actually come right out and say you're an old pissed off person?

So now, how are we supposed to roll our "Cents" - they only make "Penny" wrappers anymore!

I love this argument. It is the second time this month! Lol

I just heard the same at ANA today where someone corrected another dealer employee regarding cents. Lol

Overdate · August 21, 2025 8:05PM

@CoinHoarder said:
Now, everybody will be able to finish a complete set.

Will this make the keys and semi keys increase in value?

Yes, I've started stacking multiples of the 1943 cent. At today's price it's a steel.

OMG! We're Finally Getting Rid of the Penny. What Does This Mean?

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