Disappearing Cents
Bikingnut
Posts: 3,540 ✭✭✭✭✭
More and more lately, I've encountered vendors who don't have cents in the cash drawer. They aren't being minted anymore, but I would have thought that the disappearance would have been gradual given the trillions that have been minted over the years. Where are they going?
US Navy CWO3 retired. 12/81-09/04
Looking for PCGS AU58 Washington's, 32-63.
Looking for PCGS AU58 Washington's, 32-63.
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People are probably hoarding them!
"Another day, another Collectors Universe forum scrolling session."
- Someone, probably
I was thinking that might be part of it. That's a lot of hoarding. Maybe for vendors it's not worth that hassle to have them.
Looking for PCGS AU58 Washington's, 32-63.
Think of how many cents are out there in small household hoards. Just what will their eventual fate be? I haven't seen any effort by any entity to bring them out of hiding, which has been surprising.
Even though it's illegal, it wouldn't surprise me if a lot of them are being melted.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
They sit idly in 100 million sock drawers and jars. No motivation to take the trouble to turn them In. Some charitable group should send kids around to relieve people of their change. Like the scouts, say. The disappearance of coins in circulation is happening quickly it seems.
No incentives i dont think unless your doing better with the money
Some of the grocery stores in my area offered gift cards worth double the face value of cents that were turned in.
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They probably have a hoard. I do, but I just started sorting them out. I needed an organizing principle.
1. Cull Any spots rust or corrosion on zinc pennies - coinstar bag
2. Wheaties (hardly ever see them) SAVE in wheat Group 1
3. Memorials before 1970 -- SAVE in memorial Group 2
4. 1971 to 1981 -- Save in memorial Group 3
5. 1982 -- Transitional year - Group 4
6. 1983 -- 2008 -- Save memorial zinc Group 5
7. 2009 -- Lincoln Anniv. SAVE SAVE SAVE
8. 2010 - 2025 - save and mount any pristine
9. 2025 --- special case, last year low mintage
I have a bunch of penny cards and old Whitman books that I try to fill in the holes.
I use stackable plastic tool boxes (cheap) to save on storage.
I know others that use ammo boxes as well
Trillions huh?
They made more than a billion steel cents in WWII. When was the last time you saw one of them.
If you look closely you'll see staggering attrition on all of the pennies because they had no value and they still don't. They get tossed in the trash, sucked up in vacuum cleaners, and allowed to rot by the buckets full in basements.
I'm surprised that I still see as many as I do.
In a few years a nice G or better 1966 memorial will be scarcer than a 1919-S in the same grade.
The steel cents are a special case. Non-collectors have been saving them since I was kid in the 50’s.
My uncles did back to the 40s