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wagsthadog
Penny Hoarding Member
USA
565 Posts |
 Posted - 05/14/2009 : 00:36:41
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Hi all-
Not a conspiracy theorist, and I know that this horse has been ridden into the ground, but hearing about the LOW minting numbers from the mint for all coins this year makes me wonder....might they pull the plug on certain coins???
Only reason I ask is that once they get used to the surplus money they save (HAW! government saves..) by not minting coins, it might be a hard sell to increase the budget next year, and next....
Wacky world- that's why I'm SO grateful for every piece of silver I find- cause the party can always end!
JMO wags
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Only when they CAN'T have it, ......THEN they'll want it.
I love Cents. If you get an UNC box, you win. If you get a regular circ. box, you win. If you get a zinc box, you don't lose....so you still win. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 05/14/2009 : 01:23:55
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| Cents have been discontinued in a number of countries including Malaysia, Fiji and others. In Malaysia, where I've got some experiance, prices are just adjusted to not need pennies. In China, where the small denomination coins (below 1 Yuan) are little used, everything functions just fine. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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JP_007
Penny Sorter Member
USA
58 Posts |
Posted - 05/14/2009 : 06:31:46
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| Even if they did stop making the cent I think it would take a few years in order for it to affect businesses and such. Its not like they would say as of January 1 all of the billions of cents in circulation are no longer acceptable forms of payment. Also, if they did stop making them, and no longer accept them, we would just be able to melt our zinc cents as well because they would have no monetary value other than their metal content. My only concern is that businesses are going to have to start rounding up prices even when your not even using cash. If you were rounded out of 50 cents a day that would amount to 182.50 for the year.....and that would be around 7847.50 until I retire. GO PENS! |
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gatzdon
Penny Sorter Member
39 Posts |
Posted - 05/14/2009 : 08:29:06
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quote:
Originally posted by JP_007
.........My only concern is that businesses are going to have to start rounding up prices even when your not even using cash. If you were rounded out of 50 cents a day that would amount to 182.50 for the year.....and that would be around 7847.50 until I retire. GO PENS!
In colombia, about 2250 pesos equals one dollar.
They still make and distribute the 20 peso coin. Only the high volume discount stores still use them for physical change. I imagine it would be similar here in that places like Walmart would still use them, but 7-11 would not. In colombia, I believe the stores that still use the 20 peso coin use it because it gives the impression that they are giving you the lowest price possible.
Now, all the mom and pop stores round everything to the nearest 50 pesos. This makes their life and the customer's easier. It also helps that there isn't a sales tax to muddy up the waters. You see a price on the shelf, say 850 pesos for a bottle of soda. You pay 850 pesos.
Now you will still find certain items that are percentage based end up with odd numbers out to the one peso digit. If you pay cash, it will be rounded to the nearest 20 or 50 peso depending on the store's policy, BUT if you pay with credit card, your transaction will be for the exact amount with no rounding.
I really don't see why it would be any different here in the states. Walmart will still use pennies. 7-11 will round up to the nearest $10 (for your convenience and safety of course). and your credit card will be charged for the exact amount out to the nearest penny.
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 05/14/2009 : 09:05:11
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government is loathe to discontinue because enough voters like them, there is the perception that doing so causes prices to round up, and its an admission that inflation has irreversibly eroded the dollar.
at some point, however, the penny is history.
the question is, how soon after that point will we no longer be able to get them from banks. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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daviscfad
1000+ Penny Miser Member
USA
1664 Posts |
Posted - 05/14/2009 : 09:22:22
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| i say quite making new cents! The only thing i do not like about not making anymore cents though is the thought of not being able to sort |
Inquiring minds want to know |
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Mikep2020
Penny Collector Member
USA
402 Posts |
Posted - 05/14/2009 : 09:25:48
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| If they do discontiue the cent, I think it will be phased out over a period of time. I don't think anything will change right away, but banks will start limiting penny boxes to commercial business only, and existing stockpiles at the banks will continue making their way into circulation, but when people return pennies to the bank, they may be shipped off to never be seem again. Major sorting facilities will start reducing the amount of pennies they send back into circulation, then they will start blaming all the hoarders out there for the drop in supplies. As the supplies start to dwindle and over time it may be difficult to get pennies at all, and when individual businesses run out of pennies they will be forced to round to the nearest nickel for cash transactions but maintain exact prices for debit and credit purchases. Electronically, pennies will not disappear, only the cash version which will help force more people to electronic transactions that otherwise would pay cash for small purchases so they don't loose between 1-4 cents for every cash transaction. |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 05/14/2009 : 23:01:33
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| The way things are set up right now if the "heavy hitters" wanted to sort out the copper. 95%+ of all copper cents IN CICRULATION (not in hoards) would be gone within 3 months. |
Copper Penny Investing
www.portlandmint.com |
Edited by - highroller4321 on 05/14/2009 23:02:01 |
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Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 05/15/2009 : 14:11:18
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If you look at the mintage figures, the cent has been slowly dying since the mid-1980s. It could quietly fade away like the half dollar, and Swedish Rounding (to the nearest nickel) will be practiced by increasing numbers of willing merchants.
"Take a penny, leave a penny" is the voluntary death of the cent. |
Sorting Map
2010 First Finds Contest
Are you a Buffalo Hunter?
Wanna take seignorage away from the Fed? Spend *any* coins!
We cannot afford this government.
Cerulean's Standing Offer: $3/lb shipped for foreign coins |
Edited by - Cerulean on 05/15/2009 14:11:56 |
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n/a
deleted
478 Posts |
Posted - 05/15/2009 : 15:49:13
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Australia and New Zealand did away with the bronze 1 cent and 2 cent coins in the early 1990's. It's just a matter of time before the USA and Canada follow suit.
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Kurr
1000+ Penny Miser Member
2906 Posts |
Posted - 05/15/2009 : 15:54:24
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I thought of this another way. They want to do away with the cent because it's a marker of how far we have fallen.
A penny used to be able to buy quite a bit. They have inflated the money supply so much that the penny is being "portrayed" as useless. If we start do do away with the smaller denominations, what comes next? Larger notes. I heard Zimbobwe just released a 50 billion note.
They are trying to hide the evidense. IMHO. |
The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 05/15/2009 : 16:03:58
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| Just look at the farthing and half-penny in Great Britain as an example of how the one cent coin will go out. They will stop minting them, but the coin will remain legal tender. People will just stop using them over the course of a couple years as the metal and numismatic value slowly begins to exceed the face value. Another reason to hoard them. Imagine if you had saved 100,000 copper farthings in the 1930s! |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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Nickelmeister
Penny Hoarding Member
Canada
588 Posts |
Posted - 05/15/2009 : 16:39:35
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quote:
Originally posted by Kurr
I thought of this another way. They want to do away with the cent because it's a marker of how far we have fallen.
A penny used to be able to buy quite a bit. They have inflated the money supply so much that the penny is being "portrayed" as useless. If we start do do away with the smaller denominations, what comes next? Larger notes. I heard Zimbobwe just released a 50 billion note.
They are trying to hide the evidense. IMHO.
I find it baffling that there doesn't exist a larger denomination than the $100 note in either Canada nor the US (even though larger denominations existed in both countries earlier). 100 bucks is not that much! I believe there is a 500 Euro note currently. |
www.WinnipegGoldBuyer.com
Standing offer for sale of quality, second-hand solid gold jewellery:
<$100 USD worth - spot +25%, plus actual shipping
$101-500 worth - spot +20%, plus actual shipping
$501-1,000 worth - spot +15%, plus actual shipping
$1,001+ worth - spot +10%, plus actual shipping |
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buyingsilvers
Penny Collector Member
441 Posts |
Posted - 05/15/2009 : 16:45:38
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no its not. It's somewhat irritating having to go to the bank to pull $100 bills.
I dont understand why the ATMs are still all stuck on $20s. $500 in $20 notes is not too fun. |
Edited by - buyingsilvers on 05/15/2009 16:45:53 |
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Nickelmeister
Penny Hoarding Member
Canada
588 Posts |
Posted - 05/15/2009 : 17:19:40
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quote:
Originally posted by buyingsilvers
no its not. It's somewhat irritating having to go to the bank to pull $100 bills.
I dont understand why the ATMs are still all stuck on $20s. $500 in $20 notes is not too fun.
Ever withdrawn money from an ATM in a Vegas casino? They dispense $100 FRNs exclusively :) I am not kidding. |
www.WinnipegGoldBuyer.com
Standing offer for sale of quality, second-hand solid gold jewellery:
<$100 USD worth - spot +25%, plus actual shipping
$101-500 worth - spot +20%, plus actual shipping
$501-1,000 worth - spot +15%, plus actual shipping
$1,001+ worth - spot +10%, plus actual shipping |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 05/15/2009 : 20:33:26
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High denomination bills were removed from circulation as they were used largely by criminals. Regular businesses write checks or do wire transfers. Plus there was the practical issue that most stores do not want to break a $1000.
China also uses the 100 bill as its largest bill and it's only worth around US$20. They use cash a lot more then we do to. It can take stacks of 100's to buy a plane ticket or pay rent and you don't have a choice because a lot of places don't accept plastic. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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n/a
deleted
478 Posts |
Posted - 05/15/2009 : 21:00:46
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I worked in New Zealand back in the 90's. They had a 20 Cent cupro-nickel coin which I think has been removed from circulation around 2006. It was so big and heavy that it would pull your pants down if you had a pocket full of them. The locals all hated them along with the 50 cent piece. They were just too large.
The size of the coin was : 28.58 millimeters = 1.125 inches! This was 20 NZ cents which at the time was worth around 13 USA cents. I have a bunch of them that I saved but they are in storage somewhere.
Here is a link showing the massive New Zealand Cupro-Nickel coins used well into the 21st century. They've all been replaced with steel based coins. This is the future of our penny. Save them while you can.
You must be logged in to see this link.
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Edited by - n/a on 05/15/2009 21:07:25 |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 05/17/2009 : 19:33:12
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quote:
Originally posted by Nickelmeister
quote:
Originally posted by Kurr
I thought of this another way. They want to do away with the cent because it's a marker of how far we have fallen.
A penny used to be able to buy quite a bit. They have inflated the money supply so much that the penny is being "portrayed" as useless. If we start do do away with the smaller denominations, what comes next? Larger notes. I heard Zimbobwe just released a 50 billion note.
They are trying to hide the evidense. IMHO.
I find it baffling that there doesn't exist a larger denomination than the $100 note in either Canada nor the US (even though larger denominations existed in both countries earlier). 100 bucks is not that much! I believe there is a 500 Euro note currently.
Agreed! I think there should be a $500 or even a $1000 FRN. However the goverment wont ever do this... |
Copper Penny Investing
www.portlandmint.com |
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misteroman
Administrator
USA
2565 Posts |
Posted - 05/17/2009 : 21:53:12
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| If they made $500 and $1000 bills all the rappers would have to change their songs.Gov't would probably put Obama on it |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 05/17/2009 : 21:54:51
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| It's against the law to have a living president/individual on currency. |
Trolling is an art. |
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c140cessna
Penny Collector Member
USA
419 Posts |
Posted - 05/17/2009 : 22:07:42
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quote:
Originally posted by misteroman
If they made $500 and $1000 bills all the rappers would have to change their songs......
Never thought of that....damn funny.... |
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If they discontinue the cent----then what?!?
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