Goodbye US cent coin

[Ralph Sir Edward]

The last circulating cent coin has been produced.

U.S. Mint in Philadelphia presses final pennies as the 1-cent coin gets canceled

The U.S. Mint has ended production of the penny, a change made to save money and in recognition of the growing irrelevance of the 1-cent coin. The last pennies were struck Wednesday at the mint in Philadelphia, where the country’s smallest denomination coins have been produced since 1793, a year...

www.mprnews.org

However, the comment in the article about the 1/2 cent being the last discontinued denomination is not true. The last ones were the 3 cent nickel and the 3 dollars gold piece, in 1889.

 

[TolmiePeak]

Next they should eliminate nickels. They cost 14 cents to produce.

 

[geist1223]

When I was in the Army in the 1980's (40+ years ago) the Military did away with the Penny in Europe. So the total Bill at any of the On Base Facilities was round up or down. It all worked out. Saved this US Government a lot of money not having to ship Pennies around. I have never understood why we have not done that every where in the USA.

 

[moonstone]

Canada stopped producing pennies in 2012 and they were taken out of circulation in Feb. 2013. Prices are rounded up or down to the nearest 5 cents for cash transactions only. I think the majority of Canadians do not miss the penny but they were easier and lighter to have in a wallet than our $1. or $2. coin!
We still have a fairly large jar of Canadian pennies at home plus a smaller one of American pennies. Our little granddaughters like to play with them.

~Diane

 

[sponger76]

When I was in the Army in the 1980's (40+ years ago) the Military did away with the Penny. So the total Bill at any of the On Base Facilities was round up or down. It all worked out. Saved this US Government a lot of money not having to ship Pennies around. I have never understood why we have not done that every where in the USA.

They must have reversed that policy a long time ago. I've been in the Army 20 years now, and throughout my entire career that has not been a thing on any of the bases for any of the branches. The closest to it is when I was in the Middle East for OIF, the facilities on the FOBs used pogs instead of coins. But the prices still weren't rounded up or down and necessitated using 1-cent pogs. And back stateside, they definitely to this day still use pennies and don't round anything up or down.

 

[TolmiePeak]

Crazy that Japan still mints 1 yen coins which are worth less than a penny.

 

[1Kflyerguy]

I am one of the people who rarely use cash, and almost never carry loose change. I won't miss the penny. But agree it would be better if we had a national policy on rounding.

 

[Passepartout]

Makes no sense!

 

[Brett]

Canada stopped producing pennies in 2012 and they were taken out of circulation in Feb. 2013. Prices are rounded up or down to the nearest 5 cents for cash transactions only. I think the majority of Canadians do not miss the penny but they were easier and lighter to have in a wallet than our $1. or $2. coin!
We still have a fairly large jar of Canadian pennies at home plus a smaller one of American pennies. Our little granddaughters like to play with them.

~Diane

I also have a penny/coin jar which I will leave to my beneficiaries

 

[bizaro86]

I am one of the people who rarely use cash, and almost never carry loose change. I won't miss the penny. But agree it would be better if we had a national policy on rounding.

Seems like "how to round" is so straightforward that is shouldn't be difficult to agree upon.

 

[RX8]

I find on the ground about 50 pennies a year. I expect to find even more now.

 

[gravityrules]

Final cent for circulation struck at Philadelphia Mint

U.S. Treasurer Brandon Beach led a ceremonial striking ceremony at the Philadelphia Mint to mark the end of circulation of the one-cent coin after over 230 years.

www.coinworld.com

Better article, same subject, will be interesting to see how this plays out.
I do not expect that the cent will be demonetized (sorry copper cent hoarders, that will still mean you can't legally arbitrage the higher melt value)

I'm in the camp that this action is long overdue and is not going to be a problem for consumers and retailers.

Federal Reserve contractors suspend Lincoln cent orders

The ending of one-cent coin use in the United States moves closer to reality as carriers are no longer ordering or getting the Lincoln cent, cutting off the supply of new coins to banks.

www.coinworld.com

Same source with detail on the termination of delivery contracts to/from Federal Reserve Banks

 

[PigsDad]

Should have been done 20 years ago, IMO.

Kurt

 

[easyrider]

I also have a penny/coin jar which I will leave to my beneficiaries

You could start a penny pitching league.

Bill

 

[vacationtime1]

Seems like "how to round" is so straightforward that is shouldn't be difficult to agree upon.

It isn't. We already round off to the nearest penny and no one cares about it (a percentage sales tax almost invariably results in a price which is a fraction of a cent).

 

[1Kflyerguy]

It isn't. We already round off to the nearest penny and no one cares about it (a percentage sales tax almost invariably results in a price which is a fraction of a cent).

Don't forget about gas priced in 9/10 of a cent.

 

[isisdave]

There are 300 billion in circulation, so any shortage of pennies in the near term will be artificial.

 

[bizaro86]

There are 300 billion in circulation, so any shortage of pennies in the near term will be artificial.

Yeah, but like 299.99 billion of them are in jars in people's houses.

 

[jorcus]

The problem is not getting rid of the penny. The problem is doing it without laws in place for retailers to adjust without getting fined or sued.

Penny shortages causing big legal, business headaches in much of US

Retailers, banks and employers could collectively lose hundreds of millions of dollars a year due to uncertainty and a lack of government coordination around the elimination of the one-cent coin.

www.courthousenews.com

 

[WaikikiFirst]

I find on the ground about 50 pennies a year. I expect to find even more now.

Must be inflation round here. I swear that about 10x/yr I see a dime on the ground in the parking lot of the local lake.

 

[PigsDad]

Must be inflation round here. I swear that about 10x/yr I see a dime on the ground in the parking lot of the local lake.

Where we live, people drop $100 bills all the time and don't bother picking them up -- not worth their time.

 

[RX8]

Where we live, people drop $100 bills all the time and don't bother picking them up -- not worth their time.

Must be inflation round here. I swear that about 10x/yr I see a dime on the ground in the parking lot of the local lake.

My kids have eagle eyes finding money on the ground. I am surprised at what they find. My best find took place in your neighborhood. My wife and I took a very early morning walk in Waikiki when I spotted what appeared to be a soaking wet dollar bill stuck on the side of a curb. Picked it up and was surprised to see it was a $100 bill.

 

[billymach4]

Don't forget about gas priced in 9/10 of a cent.

This is a per peeve of mine. Big Time.

 

[jp10558]

The problem is not getting rid of the penny. The problem is doing it without laws in place for retailers to adjust without getting fined or sued.

Penny shortages causing big legal, business headaches in much of US

Retailers, banks and employers could collectively lose hundreds of millions of dollars a year due to uncertainty and a lack of government coordination around the elimination of the one-cent coin.

www.courthousenews.com

100% this is the issue. IDK why we wouldn't change the law along with changing the coins, but we really should.

 

[jeffox]

It isn't. We already round off to the nearest penny and no one cares about it (a percentage sales tax almost invariably results in a price which is a fraction of a cent).

Without it we wouldn't have the plots of Superman III or Office Space.