1976 approval for small size Eisenhower dollar 1 1

[VKurtB]

On 2/12/2023 at 12:38 PM, olympicsos said:

Other currencies have coins worth less than one American cent and they’re used regularly. 

OTOH, Switzerland, which has a currency near to par with ours, has eliminated entirely their 1c and  coin and virtually eliminated the 5c. The last time I was in Switzerland (for two weeks) in 1980, the 5c was never encountered in daily commerce. The smallest coin being used was 10c. 

[World Colonial]

On 2/14/2023 at 8:20 AM, VKurtB said:

OTOH, Switzerland, which has a currency near to par with ours, has eliminated entirely their 1c and  coin and virtually eliminated the 5c. The last time I was in Switzerland (for two weeks) in 1980, the 5c was never encountered in daily commerce. The smallest coin being used was 10c. 

I presume it depends upon the local cost of living.  Last I knew, Bolivia still made 5c coins, but their currency (Boliviano) is worth between 14 and 15 cents on the dollar.

The country isn't nearly as poor as most might think assuming they know anything about it, but income levels are very low statistically.

[olympicsos]

On 2/12/2023 at 9:13 PM, RWB said:

Cents and nickels should be eliminated. They serve now only as tokens for retail sales tax payment on cash, only, transactions. They can be easily replaced by automatic rounding in cash registers based on simple over/under/split changes to individual state sales tax laws. At present, I no longer see the utility of higher value coins, either. Paper works well for cash $5 and $10 purchases.

They may not even need congressional approval to phase out cents and nickels from circulation. My understanding is the federal reserve can simply elect not to order cents and nickels for circulation just like they’ve done with half dollars and dollar coins in the past. The US Mint has a past practice of not minting certain denominations for circulation. If there’s a shortage of cents and nickels, maybe merchants can implement rounding for cash transactions on their own and then maybe we will have harder data based on US spending habits on the effects of cent and nickel elimination from circulation. And the US Mint can still include cents and nickels in numismatic products for a premium. 

Edited February 25, 2023 by olympicsos

[J P M]

If they stop making cents and nickels then all the existing ones would go up in value and we would not want that to happen.

[olympicsos]

On 2/25/2023 at 5:45 PM, J P M said:

If they stop making cents and nickels then all the existing ones would go up in value and we would not want that to happen.

Unless you collect them or take them out of circulation yourself like how silver was taken out in the 1960s. They could also end the ban on melting cents and nickels combined with the federal reserve not ordering any more cents and nickels without going to congress. I know of coin dealers who’ve been telling lower end collectors to put away pre 1982 cents for years now and has been predicting a numismatic premium eventually. 

Edited February 25, 2023 by olympicsos

[RWB]

On 2/25/2023 at 8:55 AM, olympicsos said:

They may not even need congressional approval to phase out cents and nickels from circulation. My understanding is the federal reserve can simply elect not to order cents and nickels for circulation just like they’ve done with half dollars and dollar coins in the past. The US Mint has a past practice of not minting certain denominations for circulation. If there’s a shortage of cents and nickels, maybe merchants can implement rounding for cash transactions on their own and then maybe we will have harder data based on US spending habits on the effects of cent and nickel elimination from circulation. And the US Mint can still include cents and nickels in numismatic products for a premium. 

That's a practical approach which would allow production of the coins only for collector sets. The difficulty is that some yo-yo (non-cello playing type) would put up a stink because the coins are listed in law as circulating media. (However, the $$$ savings should -- make this a bi-partisan slam-dunk (well, except for that crazy woman from Georgia).

[GoldFinger1969]

On 9/4/2021 at 9:33 PM, RWB said:

Yes. Small size Ike dollars were struck in test batches. Destruction of the dies and test pieces is recorded.

None "survived" ?  Not even sent to the Smithsonian ?

[RWB]

On 2/25/2023 at 10:44 AM, GoldFinger1969 said:

None "survived" ?  Not even sent to the Smithsonian ?

Correct.

[GoldFinger1969]

On 2/25/2023 at 10:46 AM, RWB said:

Correct.

Is it up to some Mint higher-up to determine if the patterns survive for sale or to the Smithsonian ?  Does the engraver get to decide ?

Obviously, I'm thinking of the survival of most of the patterns of ASG.

[olympicsos]

On 2/25/2023 at 6:43 PM, RWB said:

That's a practical approach which would allow production of the coins only for collector sets. The difficulty is that some yo-yo (non-cello playing type) would put up a stink because the coins are listed in law as circulating media. (However, the $$$ savings should -- make this a bi-partisan slam-dunk (well, except for that crazy woman from Georgia).

It’s already established that merchants do not have to accept ALL forms of cash as legal tender. They can refuse to accept cents like they do $100 bills. Half dollars are listed in law as circulating media, but the times I’ve spent them, I’ve even had merchants yell at me. 

Edited February 25, 2023 by olympicsos

[RWB]

On 2/25/2023 at 1:07 PM, GoldFinger1969 said:

Is it up to some Mint higher-up to determine if the patterns survive for sale or to the Smithsonian ?  Does the engraver get to decide ?

Obviously, I'm thinking of the survival of most of the patterns of ASG.

Ultimately, the director could order examples of experimental pieces donated to the Smithsonian along with complete and accurate documentation. I recall Ed Moy doing some of that..but not sure it lasted. Earlier, most experimental and pattern pieces - such as small Ikes - were destroyed.

[VKurtB]

On 2/25/2023 at 9:44 AM, GoldFinger1969 said:

None "survived" ?  Not even sent to the Smithsonian ?

Don’t look for the “stainless steel nickels test strikes” to show up at the Smithsonian either, and I KNOW those exist because I’ve held them in my hot little hand. Held the webbing from which the blanks were punched, too. 

Edited February 26, 2023 by VKurtB