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Lincoln values when discontinued next year-please give me your 2 cents
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Started by BearlyHereBear,

57 posts in this topic

Mr.Bill347

Mr.Bill347

Posted
Posted

Apparently the US Mint is going to begin a buy back program to attempt to reclaim the 23 trillion pennies out there. Because so many remain, and because stores wont ACCEPT them after a given date., I would expect the graded and proof and mint cent pennies to increase somewhat in value. But, because so many people have collected them for so long, it makes me doubt that. I have every penny except the 1909 S VDB so I can tell you mine are going nowhere. I don't care if I can spend them or not, That isn't why I got them in the first place. I will attempt to get in on the 2023 Proof which will be limited to 50,000, but as usual they think they can sell them for $179. Yep, the mint plans on creating more chaos!. Canada discontinued theirs without all the hype, and you can still get mint rolls of them specially wrapped which I bought for 18.99 now (24.99). So 100 10 year old mint state Canadian pennies are worth around 2.5C. Not really an investment so I wont be scurrying out to buy up all the mint rolls that I can. I might pick of three rolls of 2022 just for the memory. We have known for some time that the penny wasn't worth the cost of manufacturing. Long term, the older more rare cents should increase. That's my two cents worth. As a side effect, expect state and local sales taxes to increase to round up to the nearest nickel as well to make accounting easier for stores and cashiers. Now if they eventually make it illegal to own, that is a whole different game!

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RWB

RWB

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The bill I proposed last year included elimination of 1 and 5-cent coins, addition of a titanium $5 coin, and cash purchase rounding (but not credit rounding). The bill was not acted upon.

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BearlyHereBear

BearlyHereBear

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On 5/31/2022 at 11:29 AM, Oldhoopster said:

Do you have any references, or is this just wild speculation?

The US Mint announced this morning that they will phase out the production of new pennies beginning in late 2022, and mint the last batch of pennies on April 1, 2023.

The final batch of pennies will be released in proof sets which will be auctioned off to coin collectors with the proceeds going toward our national debt.

The last run will be limited to 50,000 proof sets, and opening bidding is expected to start at $179.99, which is affordable, considering you will own a piece of US numismatic history.

 

 

 

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Mr.Bill347

Mr.Bill347

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Posted
On 5/31/2022 at 12:34 PM, RWB said:

The bill I proposed last year included elimination of 1 and 5-cent coins, addition of a titanium $5 coin, and cash purchase rounding (but not credit rounding). The bill was not acted upon.

If Roger is suggesting it, how far from reality can it be?

 

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FlyingAl

FlyingAl

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Posted
On 5/31/2022 at 10:54 AM, Mr.Bill347 said:

If Roger is suggesting it, how far from reality can it be?

Making a wise decision is sometimes not too easy for some. It's been tried, and it failed. Why? I have no idea.

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VKurtB

VKurtB

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All you ever have to read is, “this morning the Mint announced”, and you have two things to consider. 1) The Mint cannot decide this; Congress would have to do it. 2) Go to www.usmint.gov and you’ll see no such thing announced. Geez, people, get a grip. 

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zadok

zadok

Posted
Posted
On 5/31/2022 at 12:34 PM, RWB said:

The bill I proposed last year included elimination of 1 and 5-cent coins, addition of a titanium $5 coin, and cash purchase rounding (but not credit rounding). The bill was not acted upon.

...good...

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zadok

zadok

Posted
  • Popular Post
Posted
On 5/31/2022 at 12:12 PM, Mr.Bill347 said:

Apparently the US Mint is going to begin a buy back program to attempt to reclaim the 23 trillion pennies out there. Because so many remain, and because stores wont ACCEPT them after a given date., I would expect the graded and proof and mint cent pennies to increase somewhat in value. But, because so many people have collected them for so long, it makes me doubt that. I have every penny except the 1909 S VDB so I can tell you mine are going nowhere. I don't care if I can spend them or not, That isn't why I got them in the first place. I will attempt to get in on the 2023 Proof which will be limited to 50,000, but as usual they think they can sell them for $179. Yep, the mint plans on creating more chaos!. Canada discontinued theirs without all the hype, and you can still get mint rolls of them specially wrapped which I bought for 18.99 now (24.99). So 100 10 year old mint state Canadian pennies are worth around 2.5C. Not really an investment so I wont be scurrying out to buy up all the mint rolls that I can. I might pick of three rolls of 2022 just for the memory. We have known for some time that the penny wasn't worth the cost of manufacturing. Long term, the older more rare cents should increase. That's my two cents worth. As a side effect, expect state and local sales taxes to increase to round up to the nearest nickel as well to make accounting easier for stores and cashiers. Now if they eventually make it illegal to own, that is a whole different game!

...u could always melt them down to make bullets, so u have something to shoot when they come to take ur guns n cents.....

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J P M

J P M

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Posted
On 5/31/2022 at 3:30 PM, zadok said:

...u could always melt them down to make bullets, so u have something to shoot when they come to take ur guns n cents.....

I think they still use lead for bullets . A copper bullet might be a little rough on your barrel . Some have copper tips on them but mostly lead. 

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The Neophyte Numismatist

The Neophyte Numismatist

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@BearlyHereBear I don't get it.  Why trot out a joke from Aril Fools on May, 31? You are in the newbie section, so why try to confuse people? 

Here is my answer:

Would I own an example of the last cent or nickel minted?  Sure, why not?  Do I think it would be a great coin to hoard in volume?  Probably not.  Like the 1950-D nickel, I suspect it will be hoarded in volume.  Another "neat" item for my collection that will never be rare.  But, it won't be worth the hype...

My soothsaying powers say that this future coin will have an early rise in value.  YouTubers will hype it up, and then you will see the prices drop 12-18 months later.  This is the same pattern and mania that happens with every new coin every year (remember the 2019 W cent craze?).  Some collectors love to overpay for the latest fad.  The phenomenon is one that actually has me scratching my head, but I expect this to be the same (if/when it happens).

I have not been around this hobby long, but I have seen the movie before.

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gmarguli

gmarguli

Posted
Posted
On 5/31/2022 at 10:06 AM, FlyingAl said:

Making a wise decision is sometimes not too easy for some. It's been tried, and it failed. Why? I have no idea.

There have been two extremely stupid reasons for not eliminating the cent.

1) The zinc producers bribe make donations to members of Congress.

2) It is racist as it will hurt the poor the most if stores go to rounding. Even though this has been disproven by multiple studies, some insufficiently_thoughtful_persons in Congress still push this garbage.

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Mr.Bill347

Mr.Bill347

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Posted

Well I got sucked in to the ploy! I’m usually not a gullible person ,  it BarelyHereBare got me here. It wasn’t anywhere near April 1, so I let my guard down. BHB your just another troll!

 

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Mr.Bill347

Mr.Bill347

Posted
Posted
On 5/31/2022 at 5:29 PM, gmarguli said:

There have been two extremely stupid reasons for not eliminating the cent.

1) The zinc producers bribe make donations to members of Congress.

2) It is racist as it will hurt the poor the most if stores go to rounding. Even though this has been disproven by multiple studies, some insufficiently_thoughtful_persons in Congress still push this garbage.

With all due respect, removing Cents from the poor? Racist? Gimme a break!

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VKurtB

VKurtB

Posted
Posted
On 5/31/2022 at 3:25 PM, DWLange said:

Does zinc make a good bullet? hm

I just suck on zinc to lower the severity and duration of colds. 

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zadok

zadok

Posted
Posted
On 5/31/2022 at 5:29 PM, gmarguli said:

There have been two extremely stupid reasons for not eliminating the cent.

1) The zinc producers bribe make donations to members of Congress.

2) It is racist as it will hurt the poor the most if stores go to rounding. Even though this has been disproven by multiple studies, some insufficiently_thoughtful_persons in Congress still push this garbage.

...no more alms for the poor, hear that Elizabeth?......

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zadok

zadok

Posted
Posted
On 5/31/2022 at 6:27 PM, VKurtB said:

I just suck on zinc to lower the severity and duration of colds. 

...i think theres a lot of same minded people in DC...they just suck too.....

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VKurtB

VKurtB

Posted
Posted
On 5/31/2022 at 6:51 PM, zadok said:

...i think theres a lot of same minded people in DC...they just suck too.....

Especially lately. 

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RWB

RWB

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The "rounding argument" has been used since the half cent was eliminated. The presumption is that the sell would always round up in their favor, thus causing the buyer to lose a small amount with every transaction. The proposal I made (and made by many, many others) eliminates that by including round-up/round-down specifications in the law. Further, the present move away from cash transactions means that the majority of purchases would be completely unaffected. The annualized loss or gain totals just 3-cents.

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VKurtB

VKurtB

Posted
Posted (edited)
On 5/31/2022 at 7:00 PM, RWB said:

The "rounding argument" has been used since the half cent was eliminated. The presumption is that the sell would always round up in their favor, thus causing the buyer to lose a small amount with every transaction. The proposal I made (and made by many, many others) eliminates that by including round-up/round-down specifications in the law. Further, the present move away from cash transactions means that the majority of purchases would be completely unaffected. The annualized loss or gain totals just 3-cents.

And it’s not like there aren’t empirical examples. Canada eliminated the cent, and Switzerland eliminated the 1 and 2 rappen, and even the 5 rappen is rarely seen in the wild. All Swiss commerce is rounded to the nearest 10 rappen. And the Swiss Franc is above par to the U.S. dollar. If you’re going to suggest we can’t eliminate the cent AND the nickel, how could the Swiss? The only excuse is that taxes are in the shelf price, and not an add on. 

Edited by VKurtB
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