Production of the 1¢ & 5¢ to halt: US Mint may stop the production of the 1¢ and the 5¢ coins if cost of production to produce these coins cost more than what the coin cost to produce.

Bangee5 Loc: Louisiana

US Mint may stop the production of the 1¢ and the 5¢ coins if cost of production to produce these coins cost more than what the coin cost to produce. It sounds like I am repeating myself.

Here is the link. More cost savings on the way if Bill is Passed.

http://news.coinupdate.com/save-ii-act-would-prohibit-non-cost-effective-coins-and-currency-2168/

wings42 Loc: San Diego, CA

Bangee5 wrote:

US Mint may stop the production of the 1¢ and the 5¢ coins if cost of production to produce these coins cost more than what the coin cost to produce. It sounds like I am repeating myself.

Here is the link. More cost savings on the way if Bill is Passed.

http://news.coinupdate.com/save-ii-act-would-prohibit-non-cost-effective-coins-and-currency-2168/

No cents makes sense in Canada. They just round to the nearest nickel. I leave pennies on the counter already. They're more bother then they're worth.

Bangee5 Loc: Louisiana

wings42 wrote:

No cents makes sense in Canada. They just round to the nearest nickel. I leave pennies on the counter already. They're more bother then they're worth.

I try not to take pennies myself, leave them on the counter for the next customer. It would be nice to round off the tax here also but what is a dollar without 100 pennies?

DOOK Loc: Maclean, Australia

We abolished one & two cent coins in Oz a long time go. Five cent coins will be next.

larrywilk Loc: Palm Harbor, FL

Bangee5 wrote:

I try not to take pennies myself, leave them on the counter for the next customer. It would be nice to round off the tax here also but what is a dollar without 100 pennies?

I save all my pennies and donate them to my favorite charity, Moose Charities. Their original endowment fund of one million dollars was originally the "Penny Fund." Began in 1913 we celebrate 100 years this year.

Bangee5 Loc: Louisiana

larrywilk wrote:

I save all my pennies and donate them to my favorite charity, Moose Charities. Their original endowment fund of one million dollars was originally the "Penny Fund." Began in 1913 we celebrate 100 years this year.

That is a good idea. Thanks for the suggestion.

busted_shutter

They've talked about this for years. Only it makes sense, so it probably won't happen. If I only had 1/10 of the money the gov'ment wastes...I'd be rich and wouldn't have to worry 'bout pennies & nickles.

JCam Loc: MD Eastern Shore

The US Mint has been talking about getting rid of the penny for years, but this is the first I've heard of the nickel (that has precious nickle in it) being on the list.

Question will the stores round up or down? :lol:

The biggest beneficiaries will be the states who collect sales taxes! If everything is priced in 5 cent denominations, a bag of stuff will go up in costs and thus so will the states tax collections.

They could probably save more money by eliminating the $1 bill and replacing it with the old $2 which are I believe still printed; if not they still have the plates.

Bangee5 Loc: Louisiana

JCam wrote:

The US Mint has been talking about getting rid of ... (show quote)

From what I understand is that it is cheaper to print the $1.00 & $2.00 bills than it is to mint the 1¢ & 5¢ coins. What is also of interest is that people owning more than $500,000 to the government will have their passports canceled.

nikonnut Loc: Las Vegas

I was living in Europe during the introduction of the Euro. Aside from it being a very historical moment it was interesting to see how the denominations would be handled. There was a 1 and 2 Euro cent coins. Withing 3 months all retailers rounded to the nearest 5 cents and discontinued the smaller coins. It truly was an interesting time to live there.

busted_shutter

Love handing out $2 bills. Cashiers have no clue where to put...lol

Bushpilot Loc: Minnesota

Good! Get rid of the dollar bill while they're at it.

JCam Loc: MD Eastern Shore

I don't at all mind getting rid of the $1.00 bill, but I don't want to replace it with a coin the size of a quarter, and that you have to really look at to see if you are handing the clerk, or feeding the parking meter at night, with a $1.00 or $0.25.

The mint has tried that several times, but whom ever is running that operation is too dense to realize the populace doesn't want them

Bangee5 Loc: Louisiana

JCam wrote:

I don't at all mind getting rid of the $1.00 bill, but I don't want to replace it with a coin the size of a quarter, and that you have to really look at to see if you are handing the clerk, or feeding the parking meter at night, with a $1.00 or $0.25.

The mint has tried that several times, but whom ever is running that operation is too dense to realize the populace doesn't want them

I wouldn't want Bills replaced with coins either but pay for an item $4.00 and under you will need those $1.00 bills. A $2.00 bill wouldn't work when breaking a $5.00.

wings42 Loc: San Diego, CA

JCam wrote:

I don't at all mind getting rid of the $1.00 bill, but I don't want to replace it with a coin the size of a quarter, and that you have to really look at to see if you are handing the clerk, or feeding the parking meter at night, with a $1.00 or $0.25.

The mint has tried that several times, but whom ever is running that operation is too dense to realize the populace doesn't want them

Canada has a beautiful $1.00 coin, the "Loony", brass with a very different feel and shape from the quarter and the half dollars. England has equally easy to use 1 and 2 pound coins, and Europe has beautiful bi-metal 1 and 2 euro coins. My only problem with the money while traveling was a chronic shortage.

Canadian 1 dollar "Loonie"