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- Thread starter bobski
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I can't help but wonder why it has been necessary to mint a mega-bazillion new pennies every year. Where do they all go? They don't rot away as is evident from the dates we see on those in circulation, often minted fifty, sixty years ago or older. Are the bank vaults brimming with uncirculated coins from many years past? It's true that many go into Mason jars on folks' dressers and kids' piggy banks and like fates, but they can't possibly account for the huge annual production of cents. Where are they?
Ok........you all knew there had to be one A-hole coin snob in the bunch!!
The United States has never made a "Penny". The brits did.........
The US has only minted "Cents" in the denominations of 1/2 cent, one cent, two cents, and a three cent piece, not to be confused with a 3 cent nickel.
Alright, I feel better...............
The United States has never made a "Penny". The brits did.........
The US has only minted "Cents" in the denominations of 1/2 cent, one cent, two cents, and a three cent piece, not to be confused with a 3 cent nickel.
Alright, I feel better...............
p345Fan
Single-Sixer
I have every denomination of US coins going back to the Civil War, up to the 1990’s. Several of each year. That is a family collection started by my Great Grandmother and ended with my Grandmother when she died in the 1990’s.
There are the rare Pennie’s that collectors pay thousands of dollars for. My grandpa and my mom were smart enough not to touch them. I collect the Civil War coins and WWI and WWII specifically. I bought tons of WWII Pennie’s and have a big bag of the steel ones.
They will all pass to my son and then to grandchildren, except for one. There is one penny in there that is worth upwards of 30K, and I will sell that one and use the funds to buy silver. But not yet.
There are the rare Pennie’s that collectors pay thousands of dollars for. My grandpa and my mom were smart enough not to touch them. I collect the Civil War coins and WWI and WWII specifically. I bought tons of WWII Pennie’s and have a big bag of the steel ones.
They will all pass to my son and then to grandchildren, except for one. There is one penny in there that is worth upwards of 30K, and I will sell that one and use the funds to buy silver. But not yet.
The way silver and gold are moving, it would be better to buy the silver now, Later your pennies will buy less.
p345Fan
Single-Sixer
Well, I can’t sell that penny right now.
p345Fan
Single-Sixer
My coin collection is part of a family trust. I have to get all of them graded. None of them have been cleaned, thank God. I have some neat ones in there. Some are things like double strikes. Actually some of them were owned by my great, great grandmother.
Got some Nazi coins in there too. My great grandmother got some really cool ones when she was working in a diner in North Dakota. A woman came in to eat, and ducked out of the bill. But, left a bunch of Nazi coins on the table. Apparently that was all she had. Got some Roman coins in there as well. Don’t know what they are worth. They are all in bad shape.
Got some Nazi coins in there too. My great grandmother got some really cool ones when she was working in a diner in North Dakota. A woman came in to eat, and ducked out of the bill. But, left a bunch of Nazi coins on the table. Apparently that was all she had. Got some Roman coins in there as well. Don’t know what they are worth. They are all in bad shape.
Popeye1959
Bearcat
I don't start the day carrying coins. I do carry paper currency and use it occasionally. Most often it is if I stop at a fast food joint or want a small item from a convenience store. Then all the coins at the end of the day go into a old small plastic butter container. When that gets mostly full, I count it and dump it into a lager container that previously held nearly 5lbs of Animal Crackers. I keep a piece of paper in the container with a running total. Current total as of this morning is $816.31. There are 2,871 pennies in the jar. A couple more inches and I'll cash it in.
The penny is being eliminated, and the nickel will likely follow. I read that it costs the taxpayer $0.14 to make a nickel, which does not seem like a good policy.
Back around 1980, when I was stationed in Germany, the military decided to stop using pennies. Apparently shipping cases of pennies from the U.S. to Germany was very costly, and the pennies kept disappearing into jars in people's apartments or something. So as of a certain date, everything in the PX and Commissary and anywhere else that U.S. currency was used, prices were rounded up or down to the nearest nickel. The system worked smoothly and no one, it seemed, missed the pennies at all. I think we could round to the nearest dime and after a short time everyone would accept that as normal practice. The dime would become the new penny, and with inflation it probably already is.
Back around 1980, when I was stationed in Germany, the military decided to stop using pennies. Apparently shipping cases of pennies from the U.S. to Germany was very costly, and the pennies kept disappearing into jars in people's apartments or something. So as of a certain date, everything in the PX and Commissary and anywhere else that U.S. currency was used, prices were rounded up or down to the nearest nickel. The system worked smoothly and no one, it seemed, missed the pennies at all. I think we could round to the nearest dime and after a short time everyone would accept that as normal practice. The dime would become the new penny, and with inflation it probably already is.
With inflation, the dollar could be the new penny.
contender
Ruger Guru
"I can't help but wonder why it has been necessary to mint a mega-bazillion new pennies every year. Where do they all go?"
Well, I can answer part of that.
Prior to WWII,, copper was readily available. But the war effort caused the USA to stop making copper pennies,, & for one year,, they were steel.
And,, a lot of the copper ones were 'salvaged" and melted down for the war effort. So pre-WWII copper coins are a little bit scarcer.
The copper penny's from 1909 to 1958 are known as "Wheat Pennies," due to the design on the back of them, Collectors keep them, and they have been largely removed from circulation.
Then in 1982, the alloy was changed to where there is less copper in them, and they added zinc. Then They went to a mostly zinc & copper clad penny.
Zinc can and will deteriorate.
As a metal detectorist,, I have unearthed zinc penny's badly corroded, and missing parts of it.
So,, the copper pennies are basically from 1959 until part of 1982. That's only 23 years of them.
Well, I can answer part of that.
Prior to WWII,, copper was readily available. But the war effort caused the USA to stop making copper pennies,, & for one year,, they were steel.
And,, a lot of the copper ones were 'salvaged" and melted down for the war effort. So pre-WWII copper coins are a little bit scarcer.
The copper penny's from 1909 to 1958 are known as "Wheat Pennies," due to the design on the back of them, Collectors keep them, and they have been largely removed from circulation.
Then in 1982, the alloy was changed to where there is less copper in them, and they added zinc. Then They went to a mostly zinc & copper clad penny.
Zinc can and will deteriorate.
As a metal detectorist,, I have unearthed zinc penny's badly corroded, and missing parts of it.
So,, the copper pennies are basically from 1959 until part of 1982. That's only 23 years of them.
needsmostuff
Blackhawk
Guess I'm weird but I try to carry and pay cash.
And YUP! that means change too,,,, plus I try to use it. When I head out in the morning I will be carrying 3 quarters, 2 dimes a nickel and 5 pennies.= 1 buck in change.
Sometimes I come home with more change but often I get rid of some.
In my weird logic if I complete the transaction with exact change, I have saved a dollar.
Plus, it is kind of fun to confuse the younger cashiers.
And YUP! that means change too,,,, plus I try to use it. When I head out in the morning I will be carrying 3 quarters, 2 dimes a nickel and 5 pennies.= 1 buck in change.
Sometimes I come home with more change but often I get rid of some.
In my weird logic if I complete the transaction with exact change, I have saved a dollar.
Plus, it is kind of fun to confuse the younger cashiers.
Time to upgrade the electric panel to breakers
Can't argue with any of that, Ty.
FWIW, annual cent production for the last ten years has averaged right at EIGHT BILLION cents, give or take a billion. Just can't quite see why that many replacements were necessary every year. I think Uncle Scrooge built a new vault and is hoarding them.
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Ahhh, cash!! I keep a few hundred in my pocket and some more in my safe for use when my credit card can't be used. I like to use my credit card cause I get points on Amazon when I use it, but there are a lot of places that I go to where I only use cash. Like restaurants and places that sell old stuff.
I just found out that there were 3.5 BILLION pennies minted last year. About a third of all coin production. Like I said, the may stop production, but they will be in circulation for decades- yet merchants are already rounding prices to the nearest nickel. In effect keeping pennies in circulation even longer,
Since I prefer cash transactions for privacy, I carry 3 quarters, 2 dimes and 5 pennies along with the paper.
Since I prefer cash transactions for privacy, I carry 3 quarters, 2 dimes and 5 pennies along with the paper.
Used to be that the reverse was true as well. A #14 brass washer with tape on one side would work like a dime in vending machines and telephones. Of course, this was a LONG time ago.
I still use cash quite a bit old school I guess
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I dont carry change, but keep some in my truck. I have a little bag all the quarters go in for use at the car wash. Smaller change goes in a wooden box on the dresser and gets cashed in when full. Last time I did it, I got about $80.
Busterswoodshop
Hunter
Actually that is true.
I went to buy some pins for my ramset and they didn't have the ones with the disc on them.
All they had were pins and disc sold separately.
The disc was 5 cents a piece.
So I used pennies , and saved 4 cents on every shot.
There are still self serv car washes that take quarters?
contender
Ruger Guru
"There are still self serv car washes that take quarters?"
Yep. We have 2 within 10 miles from here. And if I go out to 25 miles,, I can find several.
Yep. We have 2 within 10 miles from here. And if I go out to 25 miles,, I can find several.
One down the block from me as well.
Teflon97116
Single-Sixer
I was a cash guy for 65 years and had to adjust to plastic quickly during the plague. Super handy now at the gas pump, not trying to stop on the next .25, .50, .75 or dollar (especially when the quickest little tap adds 12 cents, DOH!!!).
Cash is still king for garage sales and Craigslist transactions. Seriously, my daughter's first used Hyundai cost her something like $2,156.48. We both emptied our pockets for the seller and 2-3 bucks of that was pocket change (and a little bit of lint). She paid me back that afternoon, proud to own her first car (and then had to wait a month to turn 16).
Beyond pennies, nickels and dimes, I also know that five 20s buried in the wallet can come in handy in a tight spot. I dip into mine probably once a year and then pump it back up at the ATM first chance I get.
Cash is still king for garage sales and Craigslist transactions. Seriously, my daughter's first used Hyundai cost her something like $2,156.48. We both emptied our pockets for the seller and 2-3 bucks of that was pocket change (and a little bit of lint). She paid me back that afternoon, proud to own her first car (and then had to wait a month to turn 16).
Beyond pennies, nickels and dimes, I also know that five 20s buried in the wallet can come in handy in a tight spot. I dip into mine probably once a year and then pump it back up at the ATM first chance I get.
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Now . . . what about all the existing pennies?
https://www.yahoo.com/news/articles/going-300-billion-pennies-123100809.html
What, exactly, is the plan for all the pennies?
"Many Americans—and many people who, though not American, enjoy watching from a safe distance as predictable fiascoes unfold in this theoretical superpower from week to week—find themselves now pondering one question. What is the United States going to do with all the pennies—all the pennies in take-a-penny-leave-a-penny trays, and cash registers, and couch cushions, and the coin purses of children, and Big Gulp cups full of pennies; all the pennies that are just lying around wherever—following the abrupt announcement that the country is no longer in the penny game and will stop minting them, effective immediately?
"The answer appears to be nothing at all. There is no plan."
https://www.yahoo.com/news/articles/going-300-billion-pennies-123100809.html
What, exactly, is the plan for all the pennies?
"Many Americans—and many people who, though not American, enjoy watching from a safe distance as predictable fiascoes unfold in this theoretical superpower from week to week—find themselves now pondering one question. What is the United States going to do with all the pennies—all the pennies in take-a-penny-leave-a-penny trays, and cash registers, and couch cushions, and the coin purses of children, and Big Gulp cups full of pennies; all the pennies that are just lying around wherever—following the abrupt announcement that the country is no longer in the penny game and will stop minting them, effective immediately?
"The answer appears to be nothing at all. There is no plan."
Yaworski
Hawkeye
Unless they demonitize the one cent coin, one hundred will still make a dollar.
DGW1949
Hawkeye
From the FWIW Department:
All this talk about pennies and change reminded me of something that a lot of people don't know. Namely, that the only thing left of what was once referred to as our "honest money" is the lowly nickel. All the rest has been transformed into junk metal, air bucks, or has been outright eliminated....Not that it really matters at this point, I just thought it to be interesting, that's all. Well that, and that like other reminders of my past, I hate to see it go. And go it surely will before long...because requiring a mark in your hand ain't really all that far away...tick-tock, tick-tock.
DGW
All this talk about pennies and change reminded me of something that a lot of people don't know. Namely, that the only thing left of what was once referred to as our "honest money" is the lowly nickel. All the rest has been transformed into junk metal, air bucks, or has been outright eliminated....Not that it really matters at this point, I just thought it to be interesting, that's all. Well that, and that like other reminders of my past, I hate to see it go. And go it surely will before long...because requiring a mark in your hand ain't really all that far away...tick-tock, tick-tock.
DGW
Years ago I collected pennies, and have several of the "blue books" full. I stopped with that. I noticed that the only "modern" coin you could easily collect out of circulation is the "lowly nickel". You will still find the Jefferson nickel in circulation from its 1938 beginning out of pocket change, including the occasional wartime "silver nickels". I gathered in a bunch of them until I stopped seeing a few of the scarcer ones, but still check out any nickels I come across just in case. They are still out there.
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