Stop Making Cents!
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Loading ...November 29, 2012 in Economics
For 103 years, the US Mint has been producing the Lincoln Cent~The longest run in US history and likely one of the longest currency runs in world history. The obverse (front) design has remained virtually unchanged since Lithuanian immigrant Victor David Brenner’s design was adopted in 1909. Over the years, mintage numbers have increased and at this point in time, literally “Billions and Billions” are in circulation today. This virtually ensures the impossibility of any shortage, even if the production of the Lincoln Cent were halted.
Considering the state of the Federal Government’s budget presently (Fiscal Cliffs and such), I question the wisdom of their continued production/minting. Incidentally, I am an avid coin collector and possess a wide variety of their variations through the years, but all good things must come to an end, especially when precious tax dollars are at stake. I firmly believe that this is one budget cut most Americans would favor, especially if Cent production were merely halted as opposed to ceasing the usage of the one cent piece in financial transactions. This may only be a drop in the bucket when it comes to the “fiscal cliff” yet this is also an obvious microcosm of how wasteful our current Federal Government has become~Spence
gunznsilverbullets said on December 3, 2012
Timothy Geithner announced plans by the US Treasury to completely remove both the penny and the nickel from circulation beginning in January 2013. I believe that this is happening for two reasons, it currently costs more for the US Treasury to produce the penny and nickel than the face value of the coin. For example, it costs the government over two cents to produce a single penny. Secondly, I believe that the US government is preparing for inflation by phasing out the penny and nickel. The reason being, with inflation, prices rise. Because of this there is no need for low denomination coins such as 1 or 5 cent coins. Soon enough all of your purchases will be rounded to the tenth cent.
Spencer said on December 4, 2012
Well, I did not feel the same way about the nickel but the Fed has made worse moves which have gotten us to this point. If they actually looked out for the American public instead of globalist interests, this would strike me as good news. I think a wait and see approach is best at this point~
Brian said on November 29, 2012
It is the start of the cashless society where government will be able to watch what you spend your money on.
Spencer said on November 30, 2012
My point is that there are SO many pennies in circulation that no more should be minted and that it has become an unnecessary expenditure. I use cash money as much as possible myself.
Spencer said on November 29, 2012
http://en.wikipedia.org/wiki/Lincoln_cent_mintage_figures
Spencer said on November 29, 2012
http://www.snopes.com/business/money/pennycost.asp