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Old 06-22-2020, 07:32 PM
 
Location: Boston, MA
2,249 posts, read 3,719,465 times
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Maybe it is about time that we ought to finally eliminate the U.S. penny and round up and down to eliminate some hassle and save on costs. Then we can focus on increasing mintage of the more important coins, especially the quarter, which gets actual practical use.
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Old 06-22-2020, 07:37 PM
 
12,645 posts, read 16,084,599 times
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I disagree. Keep minting cents for collectors only, and charge $1.00 each. Then the mint can finally make money on them.
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Old 06-22-2020, 07:55 PM
 
Location: Boston, MA
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Quote:
Originally Posted by pvande55 View Post
I disagree. Keep minting cents for collectors only, and charge $1.00 each. Then the mint can finally make money on them.

I'm talking about circulation pennies. You can still do that because a penny worth a $1.00 is no longer a circulation coin but a special collector's coin. The U.S. Mint does make those too. Circulation pennies cost too much to produce, take up too much time and energy of the Mint, and as we are seeing during these unusual times, their existence in circulation is contributing to a coin shortage.
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Old 06-23-2020, 07:30 AM
 
5,252 posts, read 2,969,872 times
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IMHO, get rid of the penny and dollar bill.

Replace with dollar coin and two dollar bill.

Round sales needing pennies to nearest nickel.
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Old 06-23-2020, 09:09 AM
 
Location: The Triad (NC)
30,256 posts, read 66,830,798 times
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Quote:
Originally Posted by robr2 View Post
Round (total transaction) sales needing pennies to nearest nickel.
This alone might be enough.
I make that edit because otherwise retailers will just use it as an excuse to raise prices instead.
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Old 06-23-2020, 09:09 AM
 
Location: Massachusetts
11,240 posts, read 12,186,924 times
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Quote:
Originally Posted by pvande55 View Post
I disagree. Keep minting cents for collectors only, and charge $1.00 each. Then the mint can finally make money on them.
No collector wants the new junk. Look at the state quarters. They were geared towards collectors and so many people started saving them that the price of an MS circulation quarter is $5 unless it happens to be an error found in circulation. Those purpose collector sets are a dime a dozen.



The coin shortage should come to an end and more and more people emerge from their shutdown and venture out. I have a huge 5 gallon bucket of coins I haven't been able to cash in because my bank has been closed for people going inside, therefore I am unable to cash in the coins. One of these days i'll get to it, but right now I don't need it.
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Old 06-23-2020, 10:59 AM
 
1,785 posts, read 877,964 times
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Quote:
Originally Posted by pvande55 View Post
I disagree. Keep minting cents for collectors only, and charge $1.00 each. Then the mint can finally make money on them.

I collect, and almost all my 19th century Indian heads are only worth a few dollars.
Only a few pennies have any true value, generally minting errors; 1943 copper wheat penny is worth $80K.
Even the majority of my Morgan silver dollars are only worth their 1 oz weight of $18.
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Old 06-23-2020, 02:31 PM
 
Location: Silicon Valley
4,888 posts, read 2,197,155 times
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I think we could safely make a dime the smallest coin at this point, and eliminate the quarter, nickel and penny. We'd have to up the production of the 50 cent piece though. Prices would have to round to the nearest 10 cents, but many people don't want the pennies anyway. Certainly one doesn't want to spend the pennies....so they're only good for one transaction...making change, and then they go out of circulation, stuffed away in a home jar of some sort.

In the meantime, to help address the issue, we can all go to our coin depositories we have at home and actively try to use more change in making our purchases. I'm not saying make a $20.28 purchase all in pennies, but giving exact change would be helpful.
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Old 06-23-2020, 04:29 PM
 
2,665 posts, read 3,150,199 times
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Quote:
Originally Posted by robr2 View Post
IMHO, get rid of the penny and dollar bill.

Replace with dollar coin and two dollar bill.

Round sales needing pennies to nearest nickel.

Get rid of pennies and nickles. Round prices to the .10
Replacing dollar with a coin may or may not work.
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Old 06-23-2020, 05:07 PM
 
Location: Log "cabin" west of Bangor
6,003 posts, read 7,209,209 times
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We already have $1 coins.
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