Feb 06
Penny and Nickel Coins to be Phased Out in 2013
Feb 06
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I saw this on wpix news but they didn’t state what you can do if you still have change. Can I pay the actual amount instead of rounding up?
Dude, read the last paragraph…
The government are idiots. They are spending hundreds of thousands a day to mint the $1 coin that nobody wants and now they’re going to cut the coins that we use everyday instead.
Vending machines don’t accept pennies, and both nickels and pennies just end up taking up space in jars. How often are you buying groceries and you wait ad get out the exact change? It slows other people down costs the government more money. Its logical, besides America got rid of its half cent in 1857 for being worth too little. Frankly we should consider getting rid of the dime as well since we use quarters the most anyway. And one last thing wheat pennies will become even rarer, which will increase their value so with the pennies that I have, I’m not complaining.
IDIOTS!!!
It seems like each day the news is more whacked. The current administration doesn’t know what they’re doing. Why not just change to steel coins?
Why not just outsource to China?
The mint actually produced steel pennies in 1943 because copper was needed for the war effort. They were zinc plated to protect the steel from rust, but the zinc peeled off and the coins rusted anyways. At the same time, nickles were made with a 35% silver content. They are now traded for their value in silver.
Also, the government experimented with aluminum cents in the ’70s but the alloy was too hard to use in the minting process.
Yup, you are right, it is the current administrations fault that the penny and nickel are no longer feasible.
Please stop trying to politicize everything. It is sickening.
Well Scotty, it is political, the more the current administration continues to produce dollars and cents out of thin air…now listen here……the more worthless the money becomes!!!! Do ya get it?
I use my credit card all the time now anyway. Why do they have to do all the rounding carp?
They should just make the coins out of steel instead of doing away with them.
Dork. You missed the point. Steel coins will be almost t as worthless as the paper money is now. You might as well make the pennies and nickels out of wood.
This is a good idea. Should have been done a long time ago.
My own son suggested it ten years ago
Dad?
Now we need to get rid of timezones and daylight savings time.
So now we’re following Canada?
Leading from behind again! It’s the Obama way!
well if you read the article, it states that the penny is worth 4.8 cents. Sounds to me like we are being screwed again by our government. I think they should pay us what the coins are worth….
The article say to cost to manufacture a penny is 4.8 cents. Not the value of a penny. Cost and value are not interchangeable words.
I heard on the news that even though the coins are going to stop being manufactured they may be in use for a few more years.
VOTE! VOTE! VOTE!
I am posting around on this. If enough people know maybe it can be stopped.
Don’t be taking my change.
I’m just going to use my card.
This is just whats wrong with this country sine Obama took office. If you don’t like it then you know what to do come November.
How is this political? Are you suggesting that it is Obama’s fault that it is no longer economical to keep the penny and nickel in circulation? Stop trying to politicize everything, it is a big part of why the GOP lost this November.
It IS political because it’s a decision made by a political appointee. To repeat JP’s earlier response:
“Well Scotty, it is political, the more the current administration continues to produce dollars and cents out of thin air…now listen here……the more worthless the money becomes!!!! Do ya get it?” You obviously have now historical knowledge of the late 1970’s. I don’t usually engage in name-calling but you are an IDIOT!!!!!
they need to repeal this.
I will sell you my pennys and nickles cheaper!
They should offer to buy used coins. .03 for a penny, .10 for a nickel, they save money, coin holders make money!! Wasting tax payers $$ is what the Govt. does best. No wonder the US is broke!!
You can\’ make coins out of steel unless its stainless and that would cost more.
I have a roll of 1943 steel pennies that would argue with you.
How’re they going to get us to stop using them?
You try to “routnd up” when I buy something and see what happens.
You will look angry at some clueless, minimum-wage earning cashier, while realizing there’s nothing at all that you or the cashier can do? My, how intimidating and effective.
This is just crazy. Especially for the nickle!
This will not work… You will need nickels or change the quarter to .30 cents. If and item is .75 cents and I have three quarters. Sorry, but you have to round up to .80 cents I would need a nickel. HELLO!!!!!!!!!!!!!!!!!!!
Umm they’re only saying to round up on the amounts that would need pennies or nickels so no you would not need one. Three quarters would do just fine for paying for an item at $0.75. They even explained this and gave an example.
Really….. I guess I didn’t understand. If an item was .60 cents and I gave them 3 quarters what would they give me back in change?
this is bunk, the mint is out to make profit, they charge the U.S. treasury to make the money. It is a profit scam this isn’t going to go away just because they get rid of pennies and nickles, the next thing you know they are going to complain that they lost profit and have to charge more to make dollar bills it will never end….
I don’t quite agree with getting rid of the nickel, but the penny is a completely worthless piece of currency, and should have been phased out years ago.
I’ve only heard information on this a few times besides this article.
This is so true (I could show you many links!) but don’t worry about it. Pennies & Nickles were minted for a long time, plus the cost to mint both is even higher than the author states.
Truth!
The treasury secretary is an idiot. Makes me wonder what else he may do.
So what if they lose money minting those coins. They practically last forever — unlike paper money. $187 million is barely a rounding error in the budget. I’d like to know what they are going to do when the dime and quarter cost too much.
It’s high time we did away with these nominal denomination coins. I can’t wait for the implanted debit card/chip. That will be so handy.
At which point the “authorities” will know every purchase you make for your whole life and use that information to control you any time they want.
Canada is a socialist dream come true. Soon it’ll be a nightmare though!
Yancey, you are truly frightening. It is amazing there are so many people who think like you (or “fail” to think – like you). Are you so willing to give up all your freedom for technological whizz-bang convenience? Think carefully about what you wish for. Really think about the consequences of what you are suggesting!
John I’m pretty sure Yancey was being sarcastic…
There is so much coverage of this “event”!
But not in the mainstream news. ;-(
seems that the decision has come suddenly, without prior consideration. just recently they spent a large amount of money for producing Penny and Nickel…. You will find this everywhere. what will happen to this large amount of expenditure/ investment… However, this decision will make a huge change to the gold and silver market i guess…. I have found this article interesting and relevant as well http://www.takeshiyashima.com/us/my-blog/79-blog-posts/455-silvers-smoking-guns-part-ii-investment-paradox
I can understand getting rid of the penny, even though i do not like the idea of getting rid of Our currency. I can also understand rounding up to the nearst nicklé, but i do not think getting rid of the nickle will be a good idea. It will be needed.
they might phase out the dime next. on the bright side it would be harder for inept cashiers to give the wrong (coin) change when the most it could be is 3 quarters
WAIT A MINUTE — YOU MEAN OUR GAY , BLACK ,MUSLIM, KENYA BORN PRESIDENT LIED TO US WHEN HE SAID HE WAS GOING TO GIVE US CHANGE . BASS TURD
he meant he’ll shortchange Americas sorry a**!
Once they take them out of circulation there will be no way to enforce the laws against selling them for scrap. Scrap prices are down at the momment but they peaked a while back wher a pre 1983 penny (solid copper) was worth almost 3 cents and a nickel was worth almost 10 cents. Some of us have been hording for quite some time. There was one story of a guy who bought $1 million worth of nickels.
Consider inflation, In 1960 the Penney was worth 8 cents in todays money and the nickel was worth 39 cents. We made change just fine back then. Getting rid of the Penney and nickel won’t make any difference at all. Let’s do away with all the coins and round to the nearest dollar. If what you are selling is worth 33 cents sell it 3 for a dollar. Just because something has been around as long as you can remember doesn’t mean it’s always going to be around. Change happens – go with it!
Oh-oh…! Governments want to continue printing, printing, printing…they need that INFLATION.
(Why, when I was a kid, could a nickel buy FIVE piece of chewing gum?? But not now…why not?)
Shame on them…they should be FORCED to continue producing pennies and nickels to teach them a lesson about deficit spending!!!
And while they’re at it, SILVER DOLLARS, please!
“Some have asked whether our silver coins will disappear. The answer is very definitely no.
Our present silver coins won’t disappear and they won’t even become rarities. We estimate that there are now 12 billion–I repeat, more than 12 billion silver dimes and quarters and half dollars that are now outstanding. We will make another billion before we halt production. And they will be used side-by-side with our new coins.
Since the life of a silver coin is about 25 years, we expect our traditional silver coins to be with us in large numbers for a long, long time.
If anybody has any idea of hoarding our silver coins, let me say this. Treasury has a lot of silver on hand, and it can be, and it will be used to keep the price of silver in line with its value in our present silver coin. There will be no profit in holding them out of circulation for the value of their silver content.” – Lyndon B. Johnson, July 23, 1965.
Public statement solicited from Geithner! Are you, and if so for how long, a member of The Pilgrims Society, Second Floor, 122 East 58th Street, New York. What IS it with this group claiming the President and Secretary of State as “honorary” members, yet refuses to make a membership roster available for public viewing? With the entire USA military and all our foreign relations under the direction of these two officials, some of us want to know who they’re associating with, out of public view!
I buy something at Dollar Tree for 1 dollar, my state sales tax is 7%, so I now pay 1.10 instead of 1.07 Dollar Tree has to pay the tax to the state. The state says you owe us tax on 1.03 because that is what the buyer paid. Am I looking at this right?
I was wondering about sales tax transactions as well. So are the states going to change their sales tax to 10%? Are all the stores going to stop pricing stuff at $9.99 and make it $10? I’m sure that the number crunchers for the big box stores are trying to figure out which pricing structure will make the most profit for them as we speak…
US is late again with the money system.
In Canada the pennies will be out by Dec. 31 2012. But not the Nickel.
Since +/- 10 years we don’t have a one dollar in paper.
In metal we have the one and two dollar.
We get used very fast.
When I was a kid, my father pay me in one dollar bills to make-it bigger. 🙂
I should like to point out that Banks carry money exchanges out to FOUR digits. This will be a windfall for BANKS, who will round to THEIR favor, as will the notorious Yankee Traders.
This story totally scares me. Geitner’s speech was unexpected….
It costs almost 10 cents to make a dime…Almost 25 cents to make a quarter. So?
Who cares how much it costs to make? That is the price of doing business. Minting and printing money costs money…period. Always will.
So, the Feds want to stop minting nickels and pennies to save what? How much is being saved by the Fed buying $40billion in mortgage backed securities every month (QEIII)?
Why aren’t people waking up to the insanity that is entrenched in our government?
The problem is that when all physical currency no longer exists, then all your money will be digital, and the government can simply transfer it to their account whenever they want to.
When you see $1,000 bills you’ll know hyperinflation is underway for real.
OK, this what Geithner et al should do: collect all the pennies and reissue the copper-plated (STEEL) coin as a nickel… then do the same with the nickel coin, collect, melt, and re-issue them as dimes (there’s no rule that says a nickel has to be five cents, a nickel used to be three cents in 1875 or so…), then withdraw the dime coins. Keep the quarters. This has the effect of eliminating the penny, which is a pain anyway to keep around. Round all transactions to the nearest five cents (so three quarters or fifteen “5 cent coppers”) will still pay for a 75-cent transaction, five-cent copper plated coins cover the former “nickel” function).
Then the government can go blow all the treasury savings by issuing WIN (Whip Inflation Now) buttons like Gerald Ford promoted in the late 70s (which was rich because the Fed causes inflation, what the hell would a WIN button do??), and we can all wear them and pretend we have control over something.
What you don’t seem to understand is that this is a wealth grab. The same as F.D.R. in the “30”s with gold and L. B. J. in the “60”s with silver. As with silver the government has all ready been removing the penny from circulation, long before the announcement . ” Desperate Times Calls For Desperate Measures”. To see how desperate the government is for cash go to DANIEL AMERMAN’S “The Economic Deception At The Heart Of The Fiscal Cliff” and you will get a bone chilling jolt in the icy sea of economic reality. Yea! We will get Cyber Digits for money if we don’t starve to death first. That will be the total wealth grab. Money, REAL MONEY, belongs to the people not the government. It will then be better managed to the benefit of all and not to a privileged elite.
Think your money is not subject to the laws of supply and demand on oil.
Your money’s real wealth is being stolen by systematically reducing the supply of coins to zero and replacing it with paper.
Since 1913 the US fiat dollar has lost 97% of its real purchasing power. You can not replace something of value with worthless US paper and not have it show . The US issued pennies’ base medal, is now literally worth more than the mint face value.
Thank about that for a second, it took 236 million paper dollars to produce only 49 million dollars worth of real copper pennies, a loss of $187 million in minting costs.
Even a moron may finely see how truly worthless this paper has become. Your government can’t print oil or gas, therefor to produce real money, it must ever devalue the fiat dollar in order to pay the very fuel intensive and always increasing cost of mining and minting. The US can no longer hide the desperate truth from the little people, it’s now in your face, you have but to look.
The Roman Emperors did the same thing, they cut the edges of coins to inflate the money supply. It’s a way of confiscating real value . Fast forward to 2012 and now coin is devalued with fiat paper.
Thus even paper money will be to costly to ship and it will be replaced with magic digital money. Eventually of course this will lead to a confiscation of what is left of your financial freedom. Hey what’s a few pennies among friends anyway?
When the government tells you that copper pennies are worthless , what they are really saying is that our money is worthless , and oh by the way the copper is just fine but it’s not for you little people.
Move along nothing to see here.
Why not just contract the making of these coin out to the private sector? We all know what it costs when the government gets involved!!
Why don’t they make the Lincoln cent a 5 cent piece and just get rid of the nickel?
“The CONGRESS shall have power to coin Money and regulate the value thereof.” Geithner works in the executive branch. Who told him he could make this decision?
When your looking at your money here is something to remember:
Federal Reserve banks, including the capital stock and surplus therein and the income derived therefrom, shall be exempt from Federal, State, and local taxation, except taxes upon real estate.
Title 12 section 531 ( H. R. 7837 Public, No. 43 December 23, 1913)
These people haven’t paid cent one in taxes for 90 + years and now you want to rise taxes and make cut on “We the People”………..Oh Please!!!!
It makes one wonder if this isnt the beginning of them eventually illuminating all our physical money to start the chip implant so they can track us and control us and bringing in a one world money…. Just a thought
I have been saying for years to get rid of some of the change. So we round up or down. Statistically, it’ll wind up a wash. Some up, some down. It’s just not financially sound to create a product that costs more than its value.
This may end up being a bit of a ramble, but I’ll try to organize my thoughts. It’s always bothered me how much people under value the penny, from a social/philosophical point of view. A lot of my friends, throw away the the pennies they get in change or drop them in the parking lot when we are leaving, I even have one friend who drops any change (coins) he gets. Ever since I was a child in the seventies, people have argued that we should drop the penny, and that was when a kid could still find penny candy. My problem is this, if people decide that $0.01, is worthless and zero X any number is zero, won’t that ultimately to under value the dollars they have, since anything made of a hundred zeros is simply zero. I know I’ve already been told I think too much.
I also wonder if anyone knows if the government has looked into non-metal lower denomination coins, like ceramic/plastic composite. As a coin collector/accumulator , I would miss those coins.
Lastly, I’m in favor of the dollar coin, but wonder if dropping both dollar bills and half dollars, would be best, increasing quarters and adding the dollar coin to replace the function of the half. Does anyone else, see a point in having the half dollar and why? So you know, I do like kennedy it has nothing to do with him lol.
Might as well get rid of the one dollar bill since it’s only worth 3 cents compared to a century ago. We can thank the Dems for the worthless dollar.
[…] Via: SkewNews […]
[…] […]
[…] nickels cost more to produce than they were worth in the market. In fact, the Mint posted a loss of $187.7 million last year – more than triple the losses recorded associated with coin minting in […]
[…] More… Filed under: Uncategorized […]
[…] skewnews.com/penny-and-nickel-coins-to-be-phased-out-in-2013/#.ULRVg7d5mc1 Posted by goldielocks @ 12:57 am :: Uncategorized Comment RSS […]
[…] nickels cost more to produce than they were worth in the market. In fact, the Mint posted a loss of $187.7 Million last year – more than triple the losses recorded associated with coin minting in […]
[…] nickels cost more to produce than they were worth in the market. In fact, the Mint posted a loss of $187.7 Million last year – more than triple the losses recorded associated with coin minting in […]
[…] The original story… http://skewnews.com/penny-and-nickel-coins-to-be-phased-out-in-2013/#.ULg9P1xI0y3 Tim Giethner Share this:ShareFacebook This entry was posted in Uncategorized and tagged […]
[…] Skew News – Earlier this week Canada announced that they would be phasing out their penny coin. On the heels of the Canadian announcement, U.S. Treasury Secretary, Tim Giethner stated in a press conference today that the U.S. Mint will remove the penny and nickel coins from circulation, starting early in January 2013. […]
[…] Jeff M. corrects my oversight – this is a fake news story, although the wide distribution certainly says something about the state of our economy. I am […]
[…] The original news source was a satire piece from SkewNews.com. […]
[…] nickels cost more to produce than they were worth in the market. In fact, the Mint posted a loss of $187.7 Million last year – more than triple the losses recorded associated with coin minting in […]
[…] Not yet, but I’m sure it’s in the works and could happen in the near future .I think the hoax originated here and it went viral.I also noticed that wealth wire pulled down from their website. Share […]
[…] full SkewNews.com article can be viewed at skewnews.com/penny-and-nickel-coins-to-be-phased-out-in-2013/. ? Posted by eeos @ 2:12 pm :: Uncategorized Comment […]
[…] Penny and Nickel Coins to be Phased Out in 2013 […]
[…] Dear… At about the 4:20 mark, Mr. Phillips apparently thinks the satire website Skew News story about the U.S. Mint getting rid of the penny and nickel next year was true. It was not, as detailed […]
[…] Some background: SkewNews.com staff writer Henry Wallen published his piece on Nov. 29 on the Sutori.com website. He has since issued a retraction. You can read the retraction — and the original post — at this website: http://skewnews.com/penny-and-nickel-coins-to-be-phased-out-in-2013/. […]