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Change to composition for US coins coming?


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The Mint is holding meetings designed to assess the impact of changes to the composition of US coin series. There's an article in Coin World about a meeting being held in March to gain info from vending machine companies, etc.

 

http://www.coinworld.com/articles/mint-sets-stakeholders-meeting-march-13

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Put me in the nay camp - at least for dimes and up. Steel isn't really pretty. I can see an argument for the nickel being changed, but I'd rather the rest stay put.

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They really just need to eliminate the cent and nickel and stick to minting the dimes and quarters. The dime has the purchasing power of a cent in the 1960s. When the half cent was eliminated in 1856 it had the equivalent purchasing power of approximately a quarter in today's money. We just have gotten too complacent about having nearly worthless coins.

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The last info I found was from the 2012 US Mint Report and cents and nickels were costing way more to produce than their value. While the costs had declined at the time of the report they were still almost double the face value of the coin. I think elimination of the cent and nickel makes more sense than a change of content.

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When there is practically nothing, even the smallest bit of candy that you can buy for your lowest denomination coins it is time to eliminate them. Canada started making the 5 c coin out of rolled stainless steel. They eliminated the cent in 2012. For now the cents are still circulating but starting to disappear.

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When there is practically nothing, even the smallest bit of candy that you can buy for your lowest denomination coins it is time to eliminate them. Canada started making the 5 c coin out of rolled stainless steel. They eliminated the cent in 2012. For now the cents are still circulating but starting to disappear.

 

The withdrawal of the cent and nickel coins would only effect collectors of those series. I'm sure that within a short period of time they would disappear from circulation and most people would not even notice they're gone.

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The only problem with eliminating the 5c outright is that it doesn't go well in a system where the 1/4 and 1/10 units are entrenched.

 

NZ could do it because they were on a true decimal system rather than the quasi-decimal system that we got.

 

The 2 reales strikes again.

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The only problem with eliminating the 5c outright is that it doesn't go well in a system where the 1/4 and 1/10 units are entrenched.

 

NZ could do it because they were on a true decimal system rather than the quasi-decimal system that we got.

 

The 2 reales strikes again.

 

I think on paper there would be a problem while in reality few would care after a short period of time. Lots of moaning about prices being rounded up and all that stuff but it would settle quickly. Many people are paying with debit cards these days and the rounding would not have an effect on them.

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I concur on removing the cent. In fact on my military bases in Europe and other NON-CONUS locations there has not been cents for years and it is not a problem.

I'd like to keep the nickel for now.

I would like to dump the dollar bill and go to just a dollar coin with the $2 being the smallest bill for now.

It will be interesting to see what happens from a pratical and numismatic perspective.

 

Here in Europe I found the two euro cent coin very annoying and the Eurocent is not far behind. I like the areas where it just doesn't circulate.

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I wonder how much a dollar coin would save and if that means we could keep the cent :crazy:

 

I believe there have been studies done to estimate the savings of the dollar coin vs. the note but I cannot find the results right now. It was a pretty decent amount. There were the also the job loss arguments and such that went along with the whole picture.

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Here in Europe I found the two euro cent coin very annoying and the Eurocent is not far behind. I like the areas where it just doesn't circulate.

 

 

It doesn't help that the 1,and 2 euro cent coins are similar enough in size that it adds to confusion when they are not the coins you usually use. The crazy thing is how similar in size and composition the 2 euro cent and the old German 2 pf coins are in size. I have to wonder how many of the 2pf coins are in circulation still - I have gotten them in change.

 

The end of coin change in the military in SE Asia means a whole new range of Pog collectables - something I actively collect.

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The only problem with eliminating the 5c outright is that it doesn't go well in a system where the 1/4 and 1/10 units are entrenched.

 

NZ could do it because they were on a true decimal system rather than the quasi-decimal system that we got.

 

The 2 reales strikes again.

we could simply introduce a coin worth an 8th or a 1/16th of a cent. Venezuela has a 12 1/2 centimos coin circulating currently.

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we could simply introduce a coin worth an 8th or a 1/16th of a cent. Venezuela has a 12 1/2 centimos coin circulating currently.

 

 

It doesn't circulate now, inflation rendered it worthless. The Venezuelan Bolivar is worth much less than when it was introduced in 2007.

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we could simply introduce a coin worth an 8th or a 1/16th of a cent. Venezuela has a 12 1/2 centimos coin circulating currently.

 

I hate to say it, but the population at large would probably find it too confusing. Keep in mind that the NYSE was one of the last to go off the reale-style pricing (e.g. 1/64ths instead of 1/100ths)

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I hate to say it, but the population at large would probably find it too confusing. Keep in mind that the NYSE was one of the last to go off the reale-style pricing (e.g. 1/64ths instead of 1/100ths)

 

I was just going to say that Americans may not have the brights to figure this out...

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I was just going to say that Americans may not have the brights to figure this out...

 

I think the population as a whole could handle it but would say "Why bother?". Life is far too cumbersome for most people to welcome some artificially made challenge like a coin denomination change.

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What about simply reducing the amount of cents and nickels minted for a while? I don't see the reason to mint hundreds of millions when we probably have billions just sitting around in banks, vaults, and random places not being used.

 

When the circulating supply runs low, increase production a bit. Not like we need new designs each year or something.

 

Composition change seems like it would cost more to research and actually do than it would saving money. It'd be cool to have something like a brass coin but even brass isn't exactly cheap. What if (I mean when) we hit another huge war? Shortage!

 

My suggestion: I'd rather see the cent slowly phased out (but kept in mint/proof sets for those that care) and the nickel composition change. Make it out of cheaper metal. Maybe a little thinner. People won't like the rounding up but hey, they'll get used to it I guess.

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It doesn't help that the 1,and 2 euro cent coins are similar enough in size that it adds to confusion when they are not the coins you usually use. The crazy thing is how similar in size and composition the 2 euro cent and the old German 2 pf coins are in size. I have to wonder how many of the 2pf coins are in circulation still - I have gotten them in change.

 

The end of coin change in the military in SE Asia means a whole new range of Pog collectables - something I actively collect.

 

Wish I'd have known, I think my kids used some of my pogs for game pieces and crayon fodder LOL

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What about simply reducing the amount of cents and nickels minted for a while? I don't see the reason to mint hundreds of millions when we probably have billions just sitting around in banks, vaults, and random places not being used.

 

Remember the penny shortages of the 1970s?

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I have no problem with changing the metal content, particularly in the cents and nickels. I'd have no problem with an aluminium cent and a steel nickel, for example. I'd also like to see the paper $1 and $5 eliminated and $2 and $5 circulating coins added.

 

Personally, I wouldn't even mind a wholesale change in the currency. I'm a fan of the Euro system of 1, 2, 5, 10, 20 and 50 cent coins.

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I have no problem with changing the metal content, particularly in the cents and nickels. I'd have no problem with an aluminium cent and a steel nickel, for example. I'd also like to see the paper $1 and $5 eliminated and $2 and $5 circulating coins added.

 

Personally, I wouldn't even mind a wholesale change in the currency. I'm a fan of the Euro system of 1, 2, 5, 10, 20 and 50 cent coins.

 

I have no problem with changing the metal content, particularly in the cents and nickels. I'd have no problem with an aluminium cent and a steel nickel, for example. I'd also like to see the paper $1 and $5 eliminated and $2 and $5 circulating coins added.

 

Personally, I wouldn't even mind a wholesale change in the currency. I'm a fan of the Euro system of 1, 2, 5, 10, 20 and 50 cent coins.

 

With you on most of this but I think the 1 2 and 5 cent coins are not really needed and the public would adjust rather quickly to their being gone. I do like the $2 and $5 coin idea. In fact I'm a big fan of the Native American series $1 coins. They're very hard to find in my area but I try to spend them as often as I can and lots of people comment on how nice the designs are.

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With you on most of this but I think the 1 2 and 5 cent coins are not really needed and the public would adjust rather quickly to their being gone. I do like the $2 and $5 coin idea. In fact I'm a big fan of the Native American series $1 coins. They're very hard to find in my area but I try to spend them as often as I can and lots of people comment on how nice the designs are.

 

I don't like the idea of eliminating them; I prefer revaluing and making them worth something again.

 

Make one old nickel into one new penny, then the old dime is 2 new cents, the old quarter is 5 new cents, the half becomes ten new cents and the dollar is twenty new cents, and we've not only saved the penny but also moved to the Euro system in a relatively painless way. You add a new 50c piece which would be worth $2.50 of the old money (the quarter eagle returns!), and the old $5 is the new $1, and so on.

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