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The Grumpy Old Man
markm
.:.::. .:.:..:.

August 2015
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The Grumpy Old Man [userpic]
Shouldn't this coin have been phased out already?

But, no, they've got to go and redesign the penny. Bah, I say, Lincoln deserves better than the penny.

Even the nickel seems like a small denomination these days, what with the devaluing of the dollar thanks to the current war spending, but I'd be happy to be rid of the penny and the dollar note at this point.

Comments

See, I use pennies a lot. Mainly because I still shop at dollar and 99-cent stores. Once the penny goes, my shopping bill goes up.

> To commemorate the event, the U.S. Mint, at the direction of Congress, will introduce four rotating designs on the 1-cent coin for that year depicting different aspects of Lincoln's life.


Hmm, I've seen this before. It's like the comic book industry in the 1990s, when they'd release an issue with four different covers so you'd buy it twice. Pennies already fall quickly out of circulation; they seem to want to make sure that all of them do out of this run. An odd thing to do when the price of copper is making pennies unaffordable -- but maybe that's the point. I read somewhere, in a commentary on this, that the Mint essentially makes money if coins don't circulate, because it's like people are paying the Treasury the face value for them to own them. So now they're making all of these fancy coins to make sure they don't circulate, which is madness.

The comic book industry didn't fare well at the end of that cycle of madness. It nearly bankrupted itself. Comic books became worthless penny stocks. Hmm.

Also, I saw a program on the History channel about the Lincoln penny. In fact, people made the "Lincoln deserves better" argument at the time, but the counter-argument was that the humble penny was in fact the right way to honor him. A democratic denomination, affordable, if you will, by everyone, found in the pockets of rich and poor, adult and child, white and black. A coin for the people. Makes a little more sense if you think of it that way.

Are there historical precedents for cancelling a low denomination coin or note? What happens to the economy in that case?

Are there historical precedents for cancelling a low denomination coin or note? What happens to the economy in that case?

Indeed, examples abound. The British farthing and half penny are no more, and the smallest denomination Norwegian coin still valid is 50 øre, where it used to be 1. Prices are just rounded to the nearest amount.

Oh god damn yes. What I would give for some nice, solid, one- and two-dollar coins in widespread circulation, and fiery death to that nasty wallet-clogging stripper bait.

my my what a way with words

Hm, would patrons be forced to use five dollar bills? Maybe that's the lobby that's keeping the one dollar bill in circulation!

Are you kidding? Just imagine the fun trying to stuff dollar coins into a G-string.