No More Pennies

[srcdco]

The branch manager at my local bank told me this morning that they got an email from Loomis late yesterday saying that since the government is stopping minting pennies, effective immediately banks can no longer order them. She said I can have whatever they have in stock or what others may bring in. She also mentioned that she heard Brinks is doing the same thing.
I'll miss searching pennies. I usually find the most in them.

Scott

 

[jewelerguy]

I was in the automotive section at Walmart the other day buying a battery for my daughter's car. The customer in line in front of me made a purchase and paid cash and the cashier rounded the amount up/down accordingly and told him they were no longer dealing with pennies. Even though I knew it would happen sooner or later, it seemed an odd way to conduct business. I suppose we'll all get used to it eventually.

 

[3cylbill]

So does that mean I can melt my copper pennies for scrap ..?

 

[MIhunter]

So does that mean I can melt my copper pennies for scrap ..?

no

 

[jrf30]

So does that mean I can melt my copper pennies for scrap ..?

nope. Not even after they stop making them. Not until they are declared no longer legal tender, and that will be another decade unless people stop using them in stores.

 

[MIhunter]

nope. Not even after they stop making them. Not until they are declared no longer legal tender, and that will be another decade unless people stop using them in stores.

No US coin has every been demonetized. To melt pennies the Feds would have to lift the ban. They will wait until after they have collected the circulating pennies for themselves. That is what they did with silver coins in the late 60s

 

[srcdco]

The branch manager at my local bank told me this morning that they got an email from Loomis late yesterday saying that since the government is stopping minting pennies, effective immediately banks can no longer order them. She said I can have whatever they have in stock or what others may bring in. She also mentioned that she heard Brinks is doing the same thing.
I'll miss searching pennies. I usually find the most in them.

Scott

I went to another bank that uses Brinks and asked if they are still able to order pennies. The response was that they can order them, but that Brinks hasn't delivered any for the last 2 weeks. So they haven't been told they can't get them, but they aren't getting them.

Scott

 

[bc5391]

The branch manager at my local bank told me this morning that they got an email from Loomis late yesterday saying that since the government is stopping minting pennies, effective immediately banks can no longer order them. She said I can have whatever they have in stock or what others may bring in. She also mentioned that she heard Brinks is doing the same thing.
I'll miss searching pennies. I usually find the most in them.

Scott

Just think, you will be digging fewer, now it will be nickles $$$.
So for me, instead of digging 70+ pennies, 70+ nickles, loving it already.

 

[Gene Mean]

US to mint its last penny as Treasury halts production after more than 230 years

A historic end to U.S. penny production as Treasury Secretary Scott Bessent strikes the final coin Wednesday. Rising costs make each penny cost about 4 cents to produce.

www.foxbusiness.com

 

[jose159]

Nickels won't be far behind as it is said that each nickel cost almost 14 cents to produce!

 

[MIhunter]

Nickels won't be far behind as it is said that each nickel cost almost 14 cents to produce!

Dropping the nickel won't be as simple as the penny
It took years of the penny costing more the a penny to produce and being of so little value that is was generally thrown away.
Also with the quarter, nickels are need to make change. The quarter would need to be dropped as well or changed to a 20 cent coin.
US coinage doesn't change easily

In Canada with end of the penny, mintage of the nickel (as well as the dime and quarter) have dropped, likely caused by a general shift to cashless transactions.

 

[robertk]

In Canada with end of the penny, mintage of the nickel (as well as the dime and quarter) have dropped, likely caused by a general shift to cashless transactions.

That’s probably the end game — no cash at all. Not only will the money be worthless, it won’t even actually exist other than as a number on a screen.

 

[MIhunter]

That’s probably the end game — no cash at all. Not only will the money be worthless, it won’t even actually exist other than as a number on a screen.

Even if the government is able to keep inflation to 2%, that still will mean the purchasing power of coins and bills will be reduced by 2% a year. There is no plan to add higher denomination bills, so over time, more and more denominations will be become nearly worthless like the penny. This can only make electronic payments, even more desirable to the population.

 

[bc5391]

That’s probably the end game — no cash at all. Not only will the money be worthless, it won’t even actually exist other than as a number on a screen.

This is the way, a cashless country.

 

[wainzoid]

You might as well just tattoo a qr code or bar code on my forehead and get it over with.

 

[russau]

That’s probably the end game — no cash at all. Not only will the money be worthless, it won’t even actually exist other than as a number on a screen.

Robert won't that put the bank robbers out of business? Without bank robbers what will happen to new shows of bank robbers ?

 

[cintisteve]

So does that mean I can melt my copper pennies for scrap ..?

Pennnies ( actually One cents) after 1982 aren’t copper but plated . So the copper value wouldn’t be much.

 

[MIhunter]

Pennnies ( actually One cents) after 1982 aren’t copper but plated . So the copper value wouldn’t be much.

With the rise of the price of zinc ($1.5/lb), the melt value of our current one cent coins is 0.87 cents!

 

[ConceptualizedNetherlandr]

Robert won't that put the bank robbers out of business? Without bank robbers what will happen to new shows of bank robbers ?

digital crime

 

[xr7ator]

Dropping the nickel won't be as simple as the penny
It took years of the penny costing more the a penny to produce and being of so little value that is was generally thrown away.
Also with the quarter, nickels are need to make change. The quarter would need to be dropped as well or changed to a 20 cent coin.
US coinage doesn't change easily

In Canada with end of the penny, mintage of the nickel (as well as the dime and quarter) have dropped, likely caused by a general shift to cashless transactions.

We need to start using the zinc we used to use for pennies and make nickels with it.