Comments on: US Coin Composition Debate Returns with High Penny and Nickel Costs

By: Munze

Munze — Tue, 15 Mar 2011 03:10:00 +0000

Babe Loucks – did you do a quick internet search (e.g. http://www.usmint.gov) before locking your new shield penny in a vault? It’s the new design that replaces the old Lincoln Memorial. There are -billions- of them just now starting to drift into circulation so they’ll be about as rare as beach sand.

However I’m not at all sure about the other two coins. There are a few known 1944 steel cents but AFAIK, ALL 1981 cents were struck in bronze, and no other 20th-century US coins except 1943 cents were struck in a metal that sticks to a magnet. It’s faintly possible you could have an off-metal strike from a foreign planchet, though. Regardless, you’d need to have the coins inspected in person.

And for what it’s worth, even a genuine 1944 steel “wheatie” won’t pay for retirement but it’d at least buy a nice car.

Finally, with all due respect, did you mean “shiny”? I think “shinny” means related to your shins …

By: babe loucks

babe loucks — Sat, 05 Feb 2011 21:35:10 +0000

My husband and I are trying to find information on three pennies. “1944″ steel wheat penny, it passes the magnet test. “1981″ steel penny, yes it does exist and looks like a shinny new dime. It also passes the magnet test. Our latest addition is a “2010″ copper penny with a shield on the reverse side and a “one cent” banner streaming accross the bottom of the shield. We have been storing them in a bank vault and would prefer to know if we are just waisting our money with our maximum security plan of if we are justified and may be sitting on a nice retirement fund.

By: US Mint to Issue 2010 Proof Eagles, Research Coin Compositions in HR 6162 | Coin News

Mon, 27 Sep 2010 19:11:37 +0000

[...] coin composition debate returned in July when Director Moy noted that in Fiscal 2009 it took 1.62 cents to produce the [...]

By: Lee Brewer

Lee Brewer — Wed, 11 Aug 2010 17:03:33 +0000

A dollar coin is a stupid option! This info comes from a country who uses one – Canada! Back when Canada switched over – they thought it was a good idea. The problem is that the banks got stuck with tons of dollar coins b/c the cost (metal is more a lot heavier) to ship them out to get larger bills.

Also – as is typical from their example, when a dollar became pocket change – everything inflated in price. Hence they needed the Twonie (two dollar coin). Pockets are heavy with change now and complaints re heard!

By: American Palladium Eagle Coins Recommended | Coin News

American Palladium Eagle Coins Recommended | Coin News — Tue, 10 Aug 2010 14:28:34 +0000

[...] topic was not discussed to the same degree as changing coin compositions or producing proof American Silver Eagles at the expense of the bullion versions. However, it tied [...]

By: Scott Dalrymple

Scott Dalrymple — Sat, 31 Jul 2010 00:57:24 +0000

Of course rationally they should get rid of the dollar bill and the penny but less rationally and more realistically they should make steel pennies and not even change the colour. Am I the only one that thinks those pennies in the picture look much much better?

By: JayKay

JayKay — Tue, 27 Jul 2010 01:54:37 +0000

I’m always amazed that these debates focus on the (admittedly not-inconsiderable) losses due to negative seigniorage for cents and nickels but NEVER EVER bring up the enormous expense associated with continued production of $1 bills. The US is pretty much alone among major nations in keeping its lowest-denomination bill, despite estimates of direct costs upwards of $750 million a year, similar indirect costs, and an increasing problem with pollution resulting from disposal of used bills.

Somehow hundreds of millions of Europeans, Aussies, Canadians, etc can use $1 / €1 / £1 coins (and even 2′s) without problems, but as more than one person has said to me, “getting rid of the dollar bill would be un-American”. Sheesh!

By: brian prawls

brian prawls — Sat, 24 Jul 2010 22:17:39 +0000

get rid of pennies altogether, round to the nearest cent. Prices almost always end with 99 cents. Rounding a penny will not have an effect. I noticed some businesses like restaurants do this and set prices so that with tax, it comes out to be even dollar or 50 cents.

By: Vachon

Vachon — Sat, 24 Jul 2010 13:59:05 +0000

This is definitely a Congressional matter and not one for the Treasury. It’s one of those rare, impossible-to-contest facts. It’s right there in the Constitution. I understand changing the composition of the cent and nickel but the idea of messing with the compositions of the dime and higher baffles me. They are already produced far below face-value. Why is there even an inkling of thought in that matter? Am I the only one who’s proud of the fact that the United States has had a pretty good track record with coin compositions? The fact that decades worth of coins are readily available in change is important to me as a collector. The fact that our coins have not changed in size since the 1850s is important as it allows the occasional anomalous coin from yesteryear to enter circulation (briefly). Two years ago, I got a 1906 Indian Head Cent from a roll of cents at work. I’m not sure if finding a century old coin is possible in any country around the world except the United States. Just leave things alone. Change what has to be changed, but only that.

By: Brian Young

Brian Young — Sat, 24 Jul 2010 12:48:39 +0000

If it saves taxpayer $$$, let’s have steel pennies & nickels. Vending machines were adjusted for the new currency back in the 1990s, so they can be adjusted for the new coins. This may even create new jobs for a few months. The steel industry can also use the boost if the mint has steel pennies & nickels in 2011.