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With Canada now withdrawing their one-cent coin from circulation and the Great Britain debating whether they should stop producing their penny, some are looking to the United States to figure out a direction. In fact, a line buried in an article whose link was lost in the digital surf noted that the European Union will keep its 1- and 2-eurocent coins while waiting to see what the United States and Great Britain does.
There are good arguments on both sides ranging from the coin is too expensive to make to the argument that rounding creates a regressive tax on those who pay using cash. These coins are annoying or they provide equality with those paying cash versus those paying with credit.
An alternative would be to change the composition of the coin. Various new metals can make the coin profitable again and keeping the coin in production. Even keeping the costs at par would be better than the negative seigniorage the U.S. Mint generates today.
What do you think?
Should the United State stop producing the one-cent coin?
Total Voters: 91
Loading ...Image is The King of Errors: 1955 Double-Die Obverse that was graded AU-58BN by NGC proudly owned by the author.
I have the same feeling with the 1¢ coin as I did back pre-2006 with Pluto: Push sentiment aside and do what makes sense financially/monetarily.
Of course, I’m also of the opinion we should simply lop a decimal off of our monetary system so you’d also need to get rid of the 5¢ and change the 25¢ coin, but most would think that’s just crazy talk.
We should have gotten rid of the cent years ago.
The nickel as well. When making a purchase it
would be rounded to the nearest 10 cents if paying
with cash otherwise just slide the ole plastic. Next
we should eliminate the One ,Five and Ten dollar
notes and replace them with coins. Most people
use debit or credit cards for their purchases. I think
that this could be a significant savings in payroll
and benefits. These are just some random thoughts.
Have a good day!!
I say get rid of the penny, but we shouldn’t punish paying in cash by rounding to the nearest 10 cents and leave it alone for credit. The continuation of us using our credit and debit cards is going to make coin collecting an obsolete hobby. No young person will get into it.