Elon musk is trying to force USA mint [opgelost]

Elon musk is trying to force the USA mint to stop minting usa pennies. if it happens all USA pennies will go up in value soon 

Good day, colleagues around the world.

I was just about to write the same thing. It hit me too, I just love that coin, it's the love of my life.

Colleagues across the big pond, what's going on?

Musk,Musk, Who is he and why doesn't he like 💰💸 money? An example from our newspaper yesterday where it says about it:

that he lights up on dimes and further that it is his goal

Wrong, everything wrong. What has worked for a hundred years 💯 and is a symbol of America. not so!

I bet I have more pennies at home than this beggar Elon.

When the US withdrew from the international postal service agreement about five or six years ago, a carousel of price gouging and problems erupted in the international postal service.

The reason was that the US pays more than others.

Now it's healthcare, territory, armaments, etc.

Yes, the USA has nothing to pay for and pay for others, we should talk and find a way. Those who want to lead together and work together should do so, and those who don't want to should walk and not cry.

The EU and most countries with their own currencies pay the lowest value for the coin. This is the value of labor, metal, and energy.

Someone please tell him not toDon't bother me. , that beggar who doesn't like money.

Ivan

I'm having a hard time seeing the value of the US 1 cent coins would go up anytime soon, considering they are minted in the billions! Just look at Canada (they're still independent, right? 🤭) when they stopped minting their 1 cent coin. Their value are pretty much unchained, and no one's lying sleepless at night regretting getting rid of all their 1 cent coins.

Mosty 1958-1793 area of the penny will go up 

People who are going to meltdown 1982-1959 will cause those to go up 

ngdawa

I'm having a hard time seeing the value of the US 1 cent coins would go up anytime soon, considering they are minted in the billions! Just look at Canada (they're still independent, right? 🤭) when they stopped minting their 1 cent coin. Their value are pretty much unchained, and no one's lying sleepless at night regretting getting rid of all their 1 cent coins.

Canada pennies are going up ½ to 20 cents per year depending on how many are minted by year. 

No brainer and certainly not the first time it's been suggested. And no, Elon Musk is not trying to force the US Mint to do anything. The Mint does what the US Federal Government tells it to or not to do. The US Mint does not make policy.

Seigniorage means profit made by a government by issuing currency, especially the difference between the face value of coins and their production costs. Notice the two denominations “below the line.”
 

And to think there are enough people to melt down enough pennies (after sorting by year/weight) to have any effect on the value of collectable pennies is ludicrous.  

usa 95% coppers 1982-1959 pennies may increase in value because they will be most melted by coin roll hunter. 1958-1793 will increase by .01-$3000 depending on the mintage of p,s,d mint mark / year of minted

odinstein1988

usa 95% coppers 1982-1959 pennies may increase in value because they will be most melted by coin roll hunter. 1958-1793 will increase by .01-$3000 depending on the mintage of p,s,d mint mark / year of minted

Haha.

odinstein1988

usa 95% coppers 1982-1959 pennies […] 1958-1793 will increase by […].

I don't mean to be rude, and sorry for going off topic, but may I ask why you write the year spans the wrong way? Writing newest to oldest. Is that an American thing, just like you write dates all wrong (lol), or is it another reason? 

Sorry again, but besides numismatics I'm also very interested in linguist, so this really caught my eye and got me thinking. I'm just curious and fascinated, that's all. 😇

I don't like Elon or his neo fascist ways.

But Americans cancelling their pennies is nothing new, I remember debates about it on CCF from like 2010 and even here. Now it costs about 3 cents for metal and minting of each penny and since numbers are in the billions, its a huge waste of money (They get it back through the cheap cost of dimes, quarters and dollars, which all cost a few cents each, nickels cost close to their face to mint as well). Plus paper notes cost next to nothing.

Still the coin has almost no use and no value, its only there as many stores love prices ending in a 9 or 99 etc.

Compared to other first world countries without severe inflation, the US coin system is worthless and useless. The coins up to and worth a quarter basically have no realistic buying power (Lollies and small snacks at most). Half dollars are basically gone and various attempts at $1 coins have all been flops. America needs to do something about it though. When quarters were clad back in 1965, a quarter was worth more than $3 is today - inflation has rendered these coins useless.

I remember a thread on CCF, about found money and people finding piles of dropped coins worth a few $ was nothing, many Americans so rich now don't even keep the coins, but throw them away or donate them.

Compare that to NZ, our smallest coin 10 cents is considered worthless and its worth 5.7 US cents, our biggest coin the $2 is worth well over a single dollar (They are usually worth more, but our dollar is really in one of its low points). Look at coins like a Japanese 100 yen worth about 80 US cents and its smaller and thinner than a quarter or a Swiss Franc. The 500 Yen and 5 Francs are worth around $5 each (I know the Japanese yen is worth a lot less now). America is a note fuxated society. Plus for the so called “Leader of the world” their currencies are stuck in the 1970s - all paper notes ($1 not changed since 1928) and metal coins that have had almost no changes since 1965.

Look at the era of the designs - Okay 1 cent is 2009, but replaced a design from 1909/1959 - Nickel 2004 but similar to 1938 design, Dime - unchanged since 1946 except metal in 1965, Quarter okay its commems now, but pre 1999 quarters with a 1932 design can still be used and the Half Dollar designs date from 1964. Get with it America.

I say get rid of penny and nickel. Bring in a bronze or copper steel dime, a very small steel quarter and half dollar, then a brass $1 coin and bimetallic $2 and $5 coin. Start the notes at $10.

Lots of threads on forums about This topic. I collect cents and It makes sense to do away with the physical cent for general circulation. It has no buying power. I would support including it in collectors’ sets, Proof and Mint. It has often been the starting point for many collectors. It was for me. It’s the only coin that has been every year except 1815 from 1793 to date.

Moneytane

 (They get it back through the cheap cost of dimes, quarters and dollars, which all cost a few cents each, nickels cost close to their face to mint as well). 

Even the dime, quarter and half dollar are not cheap to produce. The total unit cost of each is more than half their denomination. Dollar coins are no longer made as circulating coins so they don't count.

I thought they were still issuing Sacajewa dollars, with Native American/Aboriginal/First nations/ whatever name is acceptable to use now,  themes on them? Also I know that Halves were no longer issued for circulation after about 2000 and a couple of million are minted annually only for various sets of coins issued to collectors. Is that the same with Sacajewas?

They do cost less to make in relation to face value than pennies.

Anyway they need to stop making paper dollars and make more attractive and eyecatching coins to get the public attentions. I stand by my earlier comments, mint useful not obselete denominations. Just because it was a useful coin in 1793, 1893 or even 1983 - does not mean it is today.

½ dollar coins are still issued for circulation.  58 million in 2023, 38 million in 2024. I have no idea where they all are. I have not gotten one in change in at least 25 years and have not spent one is probably that long or more.

Dollar coins stopped being made for circulation in 2012.  

As far as the dollar banknote, I just wrote this recently in another post:

Unlike the penny which may cease to be minted the US $1 banknote will not be stopped. One dollar coins have been rejected by the US public starting with Eisenhower Dollar (too big, too heavy) then the Susan B. Anthony Dollar (too easily confused with the quarter) then the Sacagawea Dollar (just because and we don't want to carry it around), the Presidential Dollars (same reason).  Unless you're using one as a token in the subway or vending machine there's almost no circulation.  Hand one to a human to buy something and they look at it and look at you with a “what the heck is this” expression.

Half dollars (and the older Ike dollar coins) are unpopular because they are too bulky. Most cash registers do not have a register for them and most wending machines are unlikely to accept them. 1987 and 2002-2020, halves were struck in limited numbers (2-4 million/mint/year) and were not intended for circulation (NIFC). Though, it is still possible to find them in rolls. I average ~10 NIFCs per box.  Starting from 2021, mintage has increased significantly and a lot more of these newest years are now showing up in circulated boxes, though most are till from the early years, 65-74 and 76 bicentennials, when mintage figures were in the hundreds of millions.

Dollar coins are still being minted, but similar to half dollars, are no longer being released into circulation by the mints, probably because they have failed to gain popularity with the public. For Presidential and American Innovation dollar coins, they kept the same size as Susan B Anthony, but switched the alloy to aluminum-bronze (which I hate) to make them easier to distinguish from quarters.

For Susan B. Anthony dollars, the NIFC year is 1981.
For Sacagawea/Native American dollars, the NIFC years are 2002-2008 and 2012-present.
For Presidential dollars, the NIFC years are 2012-2016 and 2020 (when Bush Sr. died).

All American Innovation dollars are NIFC.

I don't hunt dollar coins very often (1-2 boxes/year), but have found NIFCs in rolls before.

So strange for us, we have been used to $1 coins since 1991 and no one bats an eyelid here.

We successfully got rid of our $1 and $2 notes back in 1990 and it was after people were complaining about how quickly they wore and the usual complaints about hygiene as the working classes and less socially adept don't have purses or wallets but shove notes in their pockets (I have always had a wallet since I was 8, my latest is some $200 thing from our most exclusive department store).

Australia heave hoed their $1 back in 1984, Britain adopted pound coins a year earlier and Japan first had 100 yen coins in the 1950s.

But I agree at the same time, all these coins are smaller and thicker (Except Japan) than American dollar coins.

NZ dollar is 23mm in size, Aussie 25mm, British pound 23mm etc.

Maybe a really small and thicker dollar might help there?

Like the old British Pound coins that were some of the most faked coins?

Moneytane

… it was after people were complaining about how quickly they wore and the usual complaints about hygiene as the working classes and less socially adept don't have purses or wallets but shove notes in their pockets .

Guilty! I'm less socially adept - never had a purse or wallet for my cash money. Never been pickpocketed either.

Men who have their wallet sticking out of their back pocket should be slapped with a wet newspaper.

Perhaps we should just wait and see what comes first - US$ 1, 2 and 5 as coins or the collapse of the US Dollar (and then noone cares about coins anymore).

American do not like to carry coins in their pockets. I pay by cash whenever I can. Any change goes into a bucket when I get home.  If $1 and $5 banknotes go away I will change to electronic payment and never vote for the representative that approved the change again.

Me too, I am a cash bandit. Shops hate it when they get the eftpos terminal ready (Debit card payment system) and then I flick out the cash.

Some shops ban cash, which is illegal, but they still do it.

Cash now also has a taint, its for the lower class (Homeless beg for it) and those who don't have a bank account (You need a fixed address and money coming in - so around 20% of the population over 15 years, does not have one), and its also widely used by recent immigrants (Chinese and other Asian immigrants love it) and those in the casino gambling/drug dealing communities.

Out of interest, I had been saving all my change since last March and banked it today - $333.30 in 10c, 20c, 50c, $1 and $2 coins.

Starting again!

Can I ask any of you Americans?

Does you country have an eftpos like system, where you pay for small purchases digitally with a hand held terminal in places like supermarkets, gas stations etc. Not with credit cards but with a debit card that links to your account be it check or savings etc. So its not credit money but debit money you have.

Here in NZ, its like over 95% of all cash transactions are done with eftpos and the banks charge nothing for it in most cases (Some greedy banks may charge a small fee). It has advantages as its everywhere and free, whereas credit cards always attarct a surcharge between 0.5 and 5% of the cost of the item. Also you can eftpos amounts as little as one dollar, and even get cash out in multiples of $10 in some places, although they will charge fees and demand a signature and many supermarkets discourage it as its time consuming.

I ask too, as EFTPOS has superseded cash in our country.

Two years ago I took all my bucket change (probably 30 years worth) to the Coinstar machine.  

Nickels $80

Dimes $243

Quarters $520

The 21,000 pennies are still in the bucket.

Yes, almost everyone with a bank account has debit cards that act just like credit cards. There's the same digital receipt trail.

Moneytane

Me too, I am a cash bandit. Shops hate it when they get the eftpos terminal ready (Debit card payment system) and then I flick out the cash.

Strange. Around here, most shops love cash, so they can avoid paying card processing fees, which typically run 1.5%-3.5%.

Moneytane

Can I ask any of you Americans?

 

Does you country have an eftpos like system, where you pay for small purchases digitally with a hand held terminal in places like supermarkets, gas stations etc. Not with credit cards but with a debit card that links to your account be it check or savings etc. So its not credit money but debit money you have.

Not quite, we use tap to pay that is linked to our debit cards (which even younger people haven't got ahold of yet) or an app called Zelle for some very few merchants that is an instant cash transfer service. Small businesses always prefer cash.

Regarding the original topic, I hope we finally do away with pennies and maybe make the nickel smaller or lighter. A $2 or $5 coin would not be unwelcome. $1 and $5 notes are often in rags.

As an American, I would prefer if we kept producing $1, 2, and 5 bills, even if we began minting and using coin counterparts, as banknotes are a bit more uniform to carry in a wallet and are more lightweight than coins are. I never carry coins with me unless I’m taking them to the bank to put them in savings or received them as change. Often times, I’ll put coin change in a tip/donation jar or give them to a houseless person just to avoid carrying them after a purchase. Most people I know—be them with a purse, wallet, or neither—prefer banknotes or a card to coins. Many will near-exclusively use Apple pay or similar to avoid carrying anything “extra” at all (I do this at amusement parks and other crowded areas that are known to take card to avoid pickpockets).

Voided_Username01

 I’ll put coin change in a tip/donation jar or give them to a houseless person just to avoid carrying them after a purchase. 

The nearest homeless person is 💯 kilometers away from me, I won't carry a penny there Čechie first abolished the 10, then the twenty, and finally the 50 halér. 

She left 1,2,5,10,20,50 CZK crown -Yes, a lot of small coins and they are also used daily even though prices are rounded up (upwards)

But collectors - do you know what a pleasure it is when my grandson and I take the wallets of my wife-grandmother and my son's father from my grandson upon request and dump the contents of the wallets 💰 - coins on the table and look for rare vintages.

Ivan

5.839 Per lb is the copper price now 

What does stopping making zinc pennies have to do with copper price? That's like saying the rise in silver price was caused by stopping making pennies.

Some people are melting copper era pennies now. not the zinc ones yet. wait till copper reaches $25 per lb then zinc pennies will be melted 

i also think pennies will go up like the 2 cent piece did