should we lose the lincoln cent or not?

tahoe98 · August 25, 2010 1:25AM

...here's a susan headley debate

what say you?

D · August 25, 2010 1:37AM

In short, yes.

-D

LanLord · August 25, 2010 1:47AM

I think we need to do away with the 1 cent coin, but we should do it with style, with panache, with a bang!

Let's have a different obverse, perhaps Lincoln face on, and a new reverse every day of the year! AND, the specific date for each reverse should be stamped on the edge of the coins, there should be dentils on the obverse and elongated ornaments (like the SLQ obverse) on the reverse. It should be made partly of copper, and partly of plastic with a few glass ones made accidentally to get interest in the coin roaring!

I think that should just about do it!

BuckStopsHere · August 25, 2010 1:50AM

My biggest concern would be the rounding up problem. In my opinion it would be foolish to think that retailers would ever round down. I also think that very few would round up to the next nickel. It would be closer to "This item is priced at $1.46. Instead of $1.50 let's make it $1.60. Nobody will even notice." It doesn't sound like much, but when every item has ten or fifteen cents tacked on it will add up fast. Not to mention that sales taxes would also be rounded up.

My other big concern is that we wouldn't be able to buy super special TV offers for $19.99 any longer!

PerryHall · August 25, 2010 2:03AM

Get rid of the cent and paper dollar. Change the composition of the nickel to a cheaper metal like steel with a nickel plating.

DNADave · August 25, 2010 2:57AM

I'd like to get rid of the 1/10 cent on gasoline first, then get rid of the cent in cash transactions only.

Aren't the majority of purchases done with some sort of card now anyhow?

PerryHall · August 25, 2010 3:03AM

<< I'd like to get rid of the 1/10 cent on gasoline first, then get rid of the cent in cash transactions only.

Aren't the majority of purchases done with some sort of card now anyhow? >>

We can still use the cent as a unit of accounting when using credit cards, debit cards, writing checks, etc. Actual cash transactions would involve rounding up or down to the nearest nickel.

Papi · August 25, 2010 3:11AM

<< My biggest concern would be the rounding up problem. "This item is priced at $1.46. Instead of $1.50 let's make it $1.60. Nobody will even notice." >>

Don't they do that now? The incredible shrinking package that costs the same amount.

I say get rid of the penny and put both portraits of Lincoln & Washington on the dollar bill.

mrearlygold · August 25, 2010 3:14AM

<< 

<< My biggest concern would be the rounding up problem. "This item is priced at $1.46. Instead of $1.50 let's make it $1.60. Nobody will even notice." >>

I say get rid of the penny and put both portraits of Lincoln & Washington on the dollar bill. >>

What's the symbolism behind that? One president who supported the Dec of Independence and Constitution and the other who destroyed it?

We should get rid of it but then again if we wanted our money to symbolize the freedoms the country was founded on, the lincoln cent wouln't exist.

19Lyds · August 25, 2010 3:24AM

Yes.

Eliminate the one dollar bill as well.

Papi · August 25, 2010 3:24AM

<< 

<< 

<< My biggest concern would be the rounding up problem. "This item is priced at $1.46. Instead of $1.50 let's make it $1.60. Nobody will even notice." >>

I say get rid of the penny and put both portraits of Lincoln & Washington on the dollar bill. >>

What's the symbolism behind that? One president who supported the Dec of Independence and Constitution and the other who destroyed it?

We should get rid of it but then again if we wanted our money to symbolize the freedoms the country was founded on, the lincoln cent wouln't exist. >>

The suggestion wasn't about symbolism. It was simply about retaining, somehow, Lincolns' portrait on two pieces of currency.

Forget the dollar, put him on the dime, put him on the nickel, put him somewhere.

By the way, that's great idea for the Fed. They could redesign the $1 with the portraits of all the deceased presidents, one each year.

They could sell them as collectibles, and eliminate the deficit.

johnny9434 · August 25, 2010 3:28AM

1 cent as well as the 1 dollar bill as well

19Lyds · August 25, 2010 3:33AM

<< My biggest concern would be the rounding up problem. In my opinion it would be foolish to think that retailers would ever round down. I also think that very few would round up to the next nickel. It would be closer to "This item is priced at $1.46. Instead of $1.50 let's make it $1.60. >>

Prices wouild not have to change and probably would not since the rounding would occur on your total bill, not each individual item.

Besides, a .99 cent taxable item never actually costs you .99 cents and taxes get rounded up or all the time anyway. California State Sales tax is 8.75%. How much do you think you pay on a 1 dollar purchase? 8 or 9 cents?

PerryHall · August 25, 2010 3:35AM

<< My biggest concern would be the rounding up problem. "This item is priced at $1.46. Instead of $1.50 let's make it $1.60. Nobody will even notice." . >>

In your example, rounding $1.46 up to $1.60 is almost a 10% round up. People will notice and will stop shopping with any merchant pulling this stunt.

tahoe98 · August 25, 2010 3:42AM

<< 

<< My biggest concern would be the rounding up problem. "This item is priced at $1.46. Instead of $1.50 let's make it $1.60. Nobody will even notice." . >>

In your example, rounding $1.46 up to $1.60 is almost a 10% round up. People will notice and will stop shopping with any merchant pulling this stunt. >>

...nah, no-one will notice. sorta like the mint increases.

DeepCoin · August 25, 2010 3:58AM

I think we should get rid of the cent, nickel and quarter as well. Down size the half dollar and you have a dime, half and dollar coin. Also get rid of the paper dollar and institute a 2 dollar coin.

The last time we got rid of a coin demonination for being too small was in the 1850's when the half cent was discontinued.

For all the worriers about rounding, just round to the nearest 10 cents. It all averages out over time and how many micro purchases do you have a day using cash?

England uses a two pound coin as well as a one pound one. Canada has the one and two dollar coins and the lowest demonination of the euro in paper is the 5. When will we wake up???

Artist · August 25, 2010 4:04AM

A market value that has 1/200 the purchasing that it did when the denomination debuted?

A cost of manufacture that actually exceeds its face value?

An obverse design that has now been reworked so many times in its 101 years of service, that it now verges on parody?

A "new" reverse design that recycles 145 year old motifs; except that in leu of any real fresh insight, intellect or sophistication, it instead relies on clip-art quality graphics & off-the-rack Microsoft Word fonts?

And a planchet that is literally toxic to wildlife & children? (There is a sign at the edge of the Grand Canyon that urges visitors not to through pennies, siting the death of rare California Condor as direct result of the practice - likewise there are also many documented instances where small children have been hospitalized with stomach ulcers do to the accidental ingestion of these coins.)

Brother, I'd say we lost the cent a long time ago...

1Mike1 · August 25, 2010 4:57AM

No.

19Lyds · August 25, 2010 5:05AM

<< And a planchet that is literally toxic to wildlife & children? (There is a sign at the edge of the Grand Canyon that urges visitors not to through pennies, siting the death of rare California Condor as direct result of the practice - likewise there are also many documented instances where small children have been hospitalized with stomach ulcers do to the accidental ingestion of these coins.)

Brother, I'd say we lost the cent a long time ago...

>>

I'm quite surprised that the EPA even allows production of this coin with this particular alloy.

ambro51 · August 25, 2010 5:44AM

Sure, Why not allow Progressive Insurance to "make" the coins. Put that painted up bimbo FLO on them, and let them pay the US govt three cents for each one they produce.

After all...it is NOT POSSIBLE to get through the day without seeing FLO and that freaking advertising for Progressive Insurance..so why not let them get their message even more in your face.

copperhunter · August 25, 2010 6:12AM

Could we stop making new one cent pieces and allow the exisiting cents to carry us through - after all there are billions of non collectiable zinc cents out there in poor condition that will not be hoarded. A few years down the road, reinstitute 2 and 3 cent pieces in volumes relative to their face value (if necessary) with cheaper alloys to cover the grounds between 0 and 5 cent increments. It would be fun for us collectors and minimize government waste.

ricko · August 25, 2010 6:16AM

Eliminate the cent and the one dollar bill. Force the public to use the one dollar coins. Cheers, RickO

Teva · August 25, 2010 6:20AM

How about a two or three cent lincoln?
I see no reason to do away with paper dollar bills
as others have suggested in this thread I use them every day.

melikecoins · August 25, 2010 6:21AM

I have Lincoln cents all over the place

They have little value and are a pain

But they have made me a lot of money

Glen

ambro51 · August 25, 2010 6:50AM

Though I seldom use them in actual commerce, as single coins, I do delight in searching through the cans of change that accumulate and looking for 'good ones'. Then, after rolling up about 50 rolls of them, hauling them to the bank and taking the proceeds and going up to Allens Clam Bar in New Gretna and having a really nice seafood dinner for the wife and I....for 'free'.

lsica · August 25, 2010 7:09AM

The only two coins that should be made in circulation type quantities are the dime and quarter. It's insane for what they cost to make the cent and nickel anymore (except for coin sets)

Manorcourtman · August 25, 2010 7:13AM

No. I'd miss going through 50,000+ each new year for the GEMs!!

tahoe98 · August 25, 2010 9:59AM

<< Eliminate the cent and the one dollar bill. Force the public to use the one dollar coins. Cheers, RickO >>

...shouldn't be too hard, with all the other stuff being forced on us from.................i better stop,

i'm drifting into politics.

DieClash · August 25, 2010 12:03PM

<< Eliminate the cent and the one dollar bill. Force the public to use the one dollar coins. Cheers, RickO >>

Sage advice!

ecichlid · August 25, 2010 12:19PM

Eliminate the dollar bill. Eliminate the penny and the nickel.

droopyd · August 25, 2010 12:28PM

In Japan, they technically still have 1 and 5 yen coins, but they are very rarely used. Most prices are rounded to the nearest 10 yen.

They have 10, 50, 100 and 500 yen coins in circulation.

Bills come in 1000, 5000 and 10000 yen denominations (a 2000 yen bill exists but is rarely used).

Seems to work for them.

melvin289 · August 25, 2010 12:42PM

If you are old, you probably started in this hobby with a blue Whitman folder going through your parents change.
No, keep the 1¢ coin.

Ron

mrpotatoheadd · August 25, 2010 12:45PM

<< If you are old, you probably started in this hobby with a blue Whitman folder going through your parents change. >>

They do make nickel and dime folders, you know.

edited to add... people already throw pennies away (look around outside the local mini mart or at the drive-thru window at Jack in the Box) and lots of businesses are voluntarily rounding off totals in the customer's favor, so I'd say the issue is pretty close to being settled.

The fact the government hasn't figured this out yet and continues to pour dollars down the rathole making more pennies so that people have something to toss in the parking lot is no real surprise.

PerryHall · August 25, 2010 5:17PM

<< If you are old, you probably started in this hobby with a blue Whitman folder going through your parents change.
No, keep the 1¢ coin.

Ron >>

I have no problem making them for proof sets and mint sets. Heck, sell mint rolls to collectors and coin dealers. But, they've outlived their usefulness in daily commerce.

jhdfla · August 25, 2010 5:28PM

<< Though I seldom use them in actual commerce, as single coins, I do delight in searching through the cans of change that accumulate and looking for 'good ones'. Then, after rolling up about 50 rolls of them, hauling them to the bank and taking the proceeds and going up to Allens Clam Bar in New Gretna and having a really nice seafood dinner for the wife and I....for 'free'. >>

It's been some time since I've been in Jersey, but Captain Cat's Clam Bar in Thorofare on Crown Point road used to have some great seafood!

Overdate · August 25, 2010 5:49PM

When hyperinflation arrives, the question will be whether we should quit making coins.

melvin289 · August 25, 2010 5:58PM

I know the 1¢ coin has probably outlived its usefulness but after all it's as American as apple pie and baseball.
Someday in the future a child will hear Poor Richards adage of, "A penny saved is a penny earned." "Daddy, what's a penny?"
I remember when you could buy 2 MaryJanes for a penny. A lolipop was a penny. A tootsie Roll was a penny.
If the government wants to save save money there are many other ways they can do so. For one they can quit giving free rides to people that have never paid 1¢ in tax their entire life but live as well as I do and eat better than I do. Cutting out the penny is not the answer to their problem.

A penny for your thoughts.
Ron

GrumpyEd · August 25, 2010 6:15PM

I really like cents and hate to see them go but it's probably not worth making them.
I find them in parking lots, some people drop them like trash but I still get a smile to pick one up.

1040taxman · August 25, 2010 8:34PM

So let's say we get rid of the cent.
What would happen to our collectible key dates?(1909s-vdb,1914-d,1955ddo,1969-s ddo,1972 ddo,etc)
Increase,decrease,or stay the same?

TOM

pursuitofliberty · August 25, 2010 9:08PM

Economically speaking, we should discontinue the cent, the nickel and the one dollar bill ... no question.

For banking and electronic transactions, our system will probably always be reconciled to the nearest 1/100th of a dollar, and that doesn't need to change.

Practically, using dimes and quarters would suffice ... except dimes and 20c pieces would be better. The 25c piece messes up the rounding to the 1/10th.

So actually 10c, 20c, 50c and 1$ coins would be ideal for cash transactions and vending operations. Price everything to the nearest 1/10th for those, and round all other cash totals to the nearest 1/10th.

Again non-cash transactions would be the same as they are now.

Unless we're buying really small items at less than 10c each (do they exist anymore?) and are buying only one or two at a time, a few cents here and there wouldn't matter ... even to the lowest income level.

Since we're on that note then, let's also redesign the minor coins. New designs for the dime and fifty cent piece (please!)... a new twenty cent denomination ... bag the quarter altogether.

I'm sure faced with the current situation, our founding fathers would have already done this.

fcloud · August 25, 2010 9:25PM

With monetization and devaluation the dollar will only be worth a cent, so they should get rid of all coins and simply end at the $1 without a decimal.

SaorAlba · August 25, 2010 9:48PM

I will disagree with the majority - slightly - I think it should be kept as a 95% copper NCLT coin for mint and proof sets only, but eliminated for circulation.

dpoole · August 25, 2010 10:50PM

Overwhelming consensus here to get rid of the cent and the paper dollar, and I'm not surprised at all.

Nothing keeps those fossils in production save for sheer inertia.

tahoe98 · August 26, 2010 1:05AM

If the government wants to save save money there are many other ways they can do so. For one they can quit giving free rides to people that have never paid 1¢ in tax their entire life but live as well as I do and eat better than I do. Cutting out the penny is not the answer to their problem.

...YOU SAID IT!

BigRick · August 26, 2010 1:10AM

Lose the cent & the dollar bill IMO.

19Lyds · August 26, 2010 1:27AM

<< So let's say we get rid of the cent.
What would happen to our collectible key dates?(1909s-vdb,1914-d,1955ddo,1969-s ddo,1972 ddo,etc)
Increase,decrease,or stay the same?

TOM >>

My guess is they would stay the same.

bigmarty58 · August 26, 2010 2:28AM

<< I will disagree with the majority - slightly - I think it should be kept as a 95% copper NCLT coin for mint and proof sets only, but eliminated for circulation. >>

swhuck · August 26, 2010 4:35AM

<< Get rid of the cent and paper dollar. Change the composition of the nickel to a cheaper metal like steel with a nickel plating. >>

Of course you're right, but it makes too much sense to ever happen.

I'd like to see a two dollar coin, possibly bimetallic, as well.

(Edited to expand)

We cannot get rid of the nickel unless we get rid of the quarter as well, simply because of how the math works for making change. Because the quarter is so ubiquitous, especially in vending machines, we can't get rid of it.

mdwoods · August 26, 2010 5:25AM

<< Eliminate the cent and the one dollar bill. Force the public to use the one dollar coins. Cheers, RickO >>

I agree

MrEureka · August 26, 2010 5:38AM

No need to eliminate the cent. Just charge 2 or 3 cents for each coin and let businesses and banks order as many as they want. Then, the market can decide if the coins are really worth the cost. Of course, we already know the answer to that question. But if the cent disappears from circulation, at least the politicians don't have to take the blame. They can blame the greedy banks.

robec · August 26, 2010 5:49AM

Coin collectors wanting to eliminate coins..... makes no sense to me. Just don't collect them.

should we lose the lincoln cent or not?

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