Comments on: US Mint Coin Production Tops 1.6 Billion in January

By: Vachon

Vachon — Fri, 02 Mar 2018 00:21:52 +0000

I suspect the fate of the cent will be abandonment. I don’t think it’ll be officially abolished. More like, over a span of time, more and more businesses will stop ordering the coins for whatever reason and production will drop until it’s little more than like the Kennedy halves: made generally for collectors.

By: Joe C.

Joe C. — Thu, 01 Mar 2018 21:13:38 +0000

Old Collector,
Hurrah! You got that right. Can’t you just see the half dollar the size of a dime?

By: Joe C.

Joe C. — Thu, 01 Mar 2018 19:13:18 +0000

They could reduce the size of the cent to where the mint would break even. Also, it would take up less space in the junk drawer.

By: billymac11

billymac11 — Wed, 28 Feb 2018 21:53:31 +0000

Unlikely to eliminate the one cent piece for all the many reasons discussed. But, couldn’t we take a one-year holiday from minting 8 billion one use-only cents (many are likely only used once, then put in a change jar somewhere) and satisfy commerce’s need for a cent by reusing all the ones already out there?

By: Mouse

Mouse — Tue, 27 Feb 2018 23:41:29 +0000

Holy smokes Munzen, what a bureaucratic nightmare and a waste of hard working Americans tax dollars. The Canadian government will declare a coin or bill (sometimes allowing Canadians to vote on who they want on a bill) than it is sent to the mint. The mint does the rest. Design and right to production..fast.

Seems to me that members of your government have a pretty sweet job. A whole lot of debate and nothing gets done. If it ran like any business it would go into receivership and bankruptcy fast. Sad thing, its wasted tax dollars that could be used for many other things.

I guess no system is perfect and change, especially dealing with any government, takes generations to change. Such as life.

Mouse

By: Munzen

Munzen — Tue, 27 Feb 2018 22:55:10 +0000

Mouse,
I’m not sure how coinage decisions are made in Canada but here in the US nearly everything has to run a gantlet of private interests with big lobbying power and hundreds of congressional members each with their own little agendas. Even something as simple as a coin’s design gets batted around like a volleyball. About 20 years ago the Mint wanted to change the design of the nickel to honor the Lewis and Clark expedition bicentennial in 2003. The Virginia congressional delegation tied the process in knots because – they claimed – they were concerned that the new designs might ‘dishonor’ Thomas Jefferson. The delay was so long that the actual anniversary was missed; the new coins came out a year late – and only the reverse was changed.

Today the zinc lobby and the Illinois delegation expend all sorts of efforts to maintain cent production, and the company with the monopoly contract to make the special paper for $1 bills fight tooth and nail to prevent that denomination’s replacement with the billions of $1 coins we have sitting in storage. I expect my great-grandchildren, if they ever exist, will still be using Lincoln cents and spending dollar bills with a 1928 design (as well as SAE units, but that’s not a topic for this board!)

By: Tinto

Tinto — Tue, 27 Feb 2018 21:47:21 +0000

The Mint only made their $391 + million on the dimes and quarters … both the penny and nickle were losers ..

By: Sullivan9791

Sullivan9791 — Tue, 27 Feb 2018 19:12:19 +0000

Hey all,
Just remember the US Mint made a whole lot od Seigniorage year. Ending up with $391.5 Million in profits, so the penny doesn’t cost us tax players one cent .

By: Mouse

Mouse — Tue, 27 Feb 2018 18:57:55 +0000

My Canadian mint (RCM) deleted production of the penny in 2012. It was the best decision they could have made as tax dollars to produce the coin had and were being wasted. The numismatic coin division has been taking a bath – substantial loss of monies for years and is not designed to make any attempt to float the inflated cost of manufacturing circulation coins. All of these departments (circulation / bullion / numismatic / departments run independently, as I am sure they do as well in the USA. You cannot take from Peter to pay Paul. When tax dollars are being lost / mis-managed – decisions need to be made fast – to either correct the issue or immediately stop production. Its our money, not theirs.

Mouse

By: Joe C.

Joe C. — Tue, 27 Feb 2018 18:51:40 +0000

Old collector,
You are right about that. Have a GOOD day.