| Author |
 Replies: 175 / Views: 7,881 |
|
|
|
Moderator
 United States
157664 Posts |
Quote:Very few people will miss this coin... Keep in mind the average grocery tab is $50 and even if the store lost Two Cents on every transaction it is insignificant because pennies have had no value in many years. Well said.  For this reason, I feel like most will round down because it is easy and it makes the customer happy. Those would do not will lose their customers to those who do.  It is also important to remember that this "loss" of income only comes from cash sales, which may be less that 20% for most.
|
|
Pillar of the Community
 United States
1286 Posts |
A "mini mart" near my home gets my rolled coins as I accumulate them. The store manager tells me it saves her a trip to the bank . . .
" Even a clock that's stopped is right twice a day. "
|
|
Moderator
United States
157664 Posts |
Quote:
A "mini mart" near my home gets my rolled coins as I accumulate them. The store manager tells me it saves her a trip to the bank . . . 
|
|
Moderator
United States
157664 Posts |
Coins We Love: Does It Make Cents?!Quote:
But, responsibly, yes, it's probably been the right thing to do for 20 years... I guess it's like growing up - some things change, but sentimentality won't bring back the way things were.
|
|
Pillar of the Community
United States
6369 Posts |
Quote:
A "mini mart" near my home gets my rolled coins as I accumulate them. The store manager tells me it saves her a trip to the bank That is a truly symbiotic relationship! 
-makecents-
|
|
Pillar of the Community
United States
965 Posts |
Solution 1) Devalue the Dollar by a factor of 10, create new style coins and bills worth 10 each of the prior versions. This keeps old coins and bills values but brings us back to about what we were in 1970. Problem is that it is unworkable and would likely cause a depression.
Solution 2: Make the Dime the lowest value coin. This would require eliminating the nickel and quarter as well as the penny. They should then reduce the size and weight of the half dollar to around that of the current nickel and then create a $2 coin, and perhaps a $5 down the road to allow for elimination of the $1, $2 and $5 bills. This is probably the most practical, the worst part would be the screams of the vending lobby. Their voices are diminishing anyway as coins fall out of favor more and more every day.
Solution 3) Continue the status quo (minus the penny of course) for now, perhaps replacing the nickel with a smaller zinc replacement. While it is likely that even that may not reduce the cost of the nickel to less than 5 cents it should help. This is likely the most likely scenario in the current climate.
Regardless of what they do, it is a good bet that any savings garnered by whatever solution they come up with (or don't) will be eaten up by endless studies and accommodations. I have to give the Donald this one; like him or not at least something is getting done.
|
|
Bedrock of the Community
United States
12441 Posts |
Quote:
perhaps replacing the nickel with a smaller zinc replacement. No more zinc coins, please! I would rather the nickel die than be made of zinc. Zinc is only one step above iron on my list of worst coin materials ever.
In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
|
|
Valued Member
United States
415 Posts |
Quote:
Solution 1) Devalue the Dollar by a factor of 10, create new style coins and bills worth 10 each of the prior versions. This keeps old coins and bills values but brings us back to about what we were in 1970. Problem is that it is unworkable and would likely cause a depression. I would vote for that of the 3 options. Inflation bubbles have to pop sometime. If this were a poll, then I'd lose by a landslide.
|
|
Pillar of the Community
Russian Federation
4934 Posts |
Quote:
Solution 2: Make the Dime the lowest value coin. This would require eliminating the nickel and quarter as well as the penny. They should then reduce the size and weight of the half dollar to around that of the current nickel and then create a $2 coin, and perhaps a $5 down the road to allow for elimination of the $1, $2 and $5 bills. This is probably the most practical, the worst part would be the screams of the vending lobby. Their voices are diminishing anyway as coins fall out of favor more and more every day.
My preferred variant of this: abolish the dime, keep the quarter and half dollar, go back to full sized dollars, and maybe introduce $2 coins that are either about dime sized but thicker, or, alternately, twice the size of a dollar (i.e. about 50 mm and 45 grams). People would probably not like using those, but hey that's a point towards cashless. OTOH the Mint would probably not like having to make coins that big; modern coinage technology isn't really built for that. EDIT: to pander to the MAGA crowd, make the dime-sized-but-thicker coin $2.50 and call it "Quarter Eagle", then make larger thick sizes corresponding to a $5 "Half Eagle", a $10 "One Eagle", and (if inflation goes that way) either a $20 "Double Eagle" or a $25 "Quarter Union".
Edited by january1may
02/14/2025 08:47 am
|
|
Bedrock of the Community
United States
16857 Posts |
Bartering may not be that far off--potatoes, onions, chickens, distilled beverages, etc...
|
|
Valued Member
United States
236 Posts |
Coin Community, beware of the COPY 2025 Lincoln Cent. It is on ebay, maybe other online stores too, and probably Fleamarket, etc... |
|
Pillar of the Community
United States
3197 Posts |
An EO to control mint output is subject to government opponents who don't like being told what to do, but an EO to round totals to the nearest quarter might meet with less resistance. Since such rounding would decrease the need for cents, nickels and dimes, the Mint would then adjust coin production via its own decision, which is always more palatable than being ordered.
|
|
Pillar of the Community
United States
4065 Posts |
My prediction: we will do a Canada. We will stop making new cents, old cents will circulate, and most businesses will just round up or down for cash transactions. Nobody in broader society will notice or really complain.
|
|
Pillar of the Community
United States
4858 Posts |
Maybe the US Mint should just use steel in coinage like Canada. Though I don't know if steel is cheaper than copper and nickel.
|
|
Valued Member
United States
415 Posts |
My worst nightmare (or wildest dream) is that coins would be minted of solid steel. It would be so easy and inexpensive to counterfeit quarters.
|
| |
Replies: 175 / Views: 7,881 |
First Page
Previous Page
Posted 02/13/2025 12:37 pm
