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World coin collector's Blog

14 Jan 2021

Pennies should not be abolished

Coins | World coin collector

Keeping pennies in The United States is worth it. First of all, the debt started 24 years after zinc pennies were minted. Starting, in 1909 the penny was minted in lower figures than today. One problem is the mints are minting too many pennies. If they minted less pennies, they would be worth more and less cost for the national government. Like in 1931 to 1933 the coins were minted less of giving them more value. Second of all, Lincoln pennies save at least 100 lives a year according to ABC news. Also, in Canada The penny was steel starting in 1996 not 1982 a big difference. The Canadian dollar is also worth 78 cents in American money of the time of typing this essay. The American economy is very different because America had 16 percent as of 2020, however Canada had only 1.39% of the world GDP. Also, the most common prices end in .99 not .90 or.95. So, the price will be rounded up not down. Lets say you have a product being sold for 9.99 USD, If there are no pennies the business will not want to pay and extra cent for the product so they round the customer up because the US is a mixed market economy. Is 130 billion dollars, worth loosing 100 people? How would loosing 2,400 people in 24 years affect the economy? Depending on what the business does. If there are no pennies a customer will have to pay an extra 4 cents for every extra cent, that will add up a lot of money that the business does not deserve. If business increase income, then inflation will bring the dollar down. Also, the penny is an Icon of history because, 1 Lincoln, and 2 being the first coin minted at each state. That is disrespect to our nation. Why would the pennies from 1652 and later not be icons of American history? The 1792 Birch and Silver center cent were the first coins minted at Philadelphia. The silver center cent is the only penny in American history that contains silver in it. Also 1943 copper and bronze pennies are worth up to 1.7 million dollars according to heritage auctions. Also, the penny had 1/100 fraction which added something to look at and think of why it was put on there. Just think of the mintage of the 1793 wreath type large cent, Mintage 63,353. Think of the different edges on the 1792 there is the vine and bars edge, there is also the lettered edge, (ONE HUNDRED FOR A DOLLAR). The lettered edge is much rarer than the vine and bars edge. There is also a Strawberry leaf variety on the vine and bars edge with only 4 known to exist. Then there is the 1793 beaded border 1793. Then there is the head of 1794, 1795 and the Jefferson head in 1795. The 1794 starred reverse and groovy edges are the special differences on 1790s coins. In 1796 there were several different reverses like the reverse of 1794, 1795, 1797. Iron can be the new composition with a plating.


Comments

walking liberty

Level 4

i agree that they should keep them. maybe make them out of aluminum

TheNumisMaster

Level 5

Awesome information! I love the US cent!

Longstrider

Level 6

Keep the cent and STOP government spending. We are getting very close to discussing the government. I am stopping this line in my comments. Thanks. Nice blog.

I agree that the cent should be kept, but one quick thing I want to mention. The United States National Debt is 18 Trillion or so. That is true. It is not because of the cent though. Many trillions are added to the debt due to increased spending on many programs, but not really for the cent. Even if the cent were to contribute to the debt, it would be like 130 million per year (13 billion cents per year x 1 cent over face to make). Thank you for writing this article though.

I. R. Bama

Level 5

18.4 trillion is the sum total of the national debt to date, not from Minting cents.

Zinc costs are not at 1c for a once-cent piece, but it is close and production is the cause for the extra deficit. increasing production would actually make more sense, although they aren't making much money unless they skyrocket already extremely high mintages. money with either. One cent pieces minted during the great depression were worth more because people made a lot less money, not because they minted less. I see many people just throw "pennies" down on the ground without a care.

CentSearcher

Level 5

Quick note, penny is a british term. The proper term is "cent". But I completely agree with you, and I don't see the end of the production of cents coming anytime soon

I. R. Bama

Level 5

While I agree with the premise CENTS should not be abolished, your math and reading is not correct. Zinc cents coated with two microns of copper cost less than bronze or copper cents. They cost 1.99 cents to produce. Whether you mint 1 or a million, you still will take a loss on each cent. Minting less will not change that basic fact. Minting less will not make a cent worth more (or less). I could not find a reference from ABC news on how cents save 700 lives a year so I would ask you to explain that idea more completely or give us a reference. Then you throw out a figure of 18.4 trillion dollars in relation to 2400 lost lives. That makes no sense to me. What is the causal relatiohip to loss of life with that figure? I can tell you that losing 100 people a year (for what reason is unclear) for 24 years (your figure of 24 years) will have zero impact to the economy. Lastly, the argument that we should keep the cent because of those wonder precedents you mentioned holds no merit because if it did we would still have a half cent, a two cent, a three cent and twenty cent coin still in circulation

The news report was in October of 2010, said that Lincoln pennies can measure 1/16 of an inch of tread for bad weather and not 700 people a year 100 people. The debt started in 2006 24 years after the penny was minted. Also Iron cost 8 to 16 cents per pound very cheap for the mint to make. 18.4 trillion is the debt from minting pennies.

Stumpy

Level 5

I've lived overseas in environments that did not use the Lincoln cent, everything was rounded up or down, also limited use of the One Dollar bill, we used lots of $2.00 bills. So I don't have a problem with ceasing production of the cent coin, I liked your blog, but cost wise, it needs to go. I will still save nice examples either way. Enjoyed your opinion on this subject.

Golfer

Level 5

#keepthepenny ! Very enlightening blog. The penny hopefully will be around for a while longer !

Mike

Level 7

Thank you on your research of the cent. There is more copper in other coins than the cent. It's only covered with copper. I enjoy them. I still like to coin roll. You never know what you will find. My wife found a 1931 S in change red!! As soon as she gave me the change I knew. Only 866,000 cents were made that year. There seems to be allot of finds The first cent authorized by the U.S. government was the Fugio 1787. Thanks I enjoyed it

Thank you ,we might keep the penny from those arguments.

Kurisu

Level 4

Agreed! Lots of great arguments to keep the penny!!! Thanks, enjoyed :-)

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