Business news for the masses

{"contentId":"1898047","authorDomain":"alolson"}

Design changes unveiled for Lincoln penny

Next year, the penny will be getting not just one new look but four of them, the first changes to the 1-cent coin in 50 years.

{"contentId":"1898047","authorDomain":"alolson"}
  • Enjoy this article? Help vote it up the 'Vine.
Jump to discussion page: 1 2
{"commentId":3049463,"authorDomain":"alolson"}

What should the U.S. Mint do with the penny? Should we be spending this money on revamping a coin that has so little value?

{"commentId":3049463,"threadId":"364829","contentId":"1898047","authorDomain":"alolson"}
    Reply#1 - Mon Sep 22, 2008 8:02 PM EDT
    {"commentId":3051817,"authorDomain":"way2fastbird"}

    OMG! Now I've heard of the pinnacle of fiscal irresponsibility! I guess the US Mint has to have something to do? We'll loose money on every new penny they strike! This speaks volumes of a society that cannot deal with the real issues. Does anyone remember ancient Rome?

    {"commentId":3051817,"threadId":"364829","contentId":"1898047","authorDomain":"way2fastbird"}
      #1.1 - Mon Sep 22, 2008 11:24 PM EDT
      {"commentId":3056634,"authorDomain":"newvistaschool"}

      Our Elected Idiots and their politically appointed sidekicks are insane! Did someone put something in the water in DC? This country is going into a depression and these nitwits are coming out with a new penny design? The penny is worthless and soon to be even more so and it should be eliminated! But oh wait! Let's put the Democrats / Republicans in office they'll solve it - The Democrats and Republicans alike are idiots and have the country divided thinking one party is better than the other when in reality they are the same losers! Get rid of the Penny you Dopes!

      {"commentId":3056634,"threadId":"364829","contentId":"1898047","authorDomain":"newvistaschool"}
        #1.2 - Tue Sep 23, 2008 11:29 AM EDT
        Reply
        {"commentId":3049829,"authorDomain":"acfox3"}

        Get rid of pennies and nickels altogether. It is absolutely inane for a government to mint money that is worth less than the cost of its creation. This could only happen in a completely dysfunctional country such as the U.S. Maybe U.S. lawmakers are afraid to admit that inflation has decimated the purchasing power of the dollar during the past 50 years.

        {"commentId":3049829,"threadId":"364829","contentId":"1898047","authorDomain":"acfox3"}
          Reply#2 - Mon Sep 22, 2008 8:35 PM EDT
          {"commentId":3050028,"authorDomain":"japajew"}

          We either need to get rid of pennies or mint them out of another cheaper metal. I would prefer getting rid of them altogether. I've personally never handed a cashier a penny in my entire life...completely useless.

          {"commentId":3050028,"threadId":"364829","contentId":"1898047","authorDomain":"japajew"}
            Reply#3 - Mon Sep 22, 2008 8:52 PM EDT
            {"commentId":3050193,"authorDomain":"cloudyb"}

            I feel the useful life of the penny is over, especially since it costs to produce than it is worth. It is a great nostalgia piece, but useless in this economy. Round up or down the prices and synchronize the taxes. Let's get real and on with it.

            {"commentId":3050193,"threadId":"364829","contentId":"1898047","authorDomain":"cloudyb"}
              Reply#4 - Mon Sep 22, 2008 9:07 PM EDT
              {"commentId":3050234,"authorDomain":"kramer-mw"}

              Why are we bothering with redesigning pennies? Good grief! The US and the Mint have far greater issues to deal with.

              {"commentId":3050234,"threadId":"364829","contentId":"1898047","authorDomain":"kramer-mw"}
                Reply#5 - Mon Sep 22, 2008 9:10 PM EDT
                {"commentId":3050270,"authorDomain":"gregory-hinton"}

                What a waste of resources and taxpayer's money. Do away with the worthless coin. As in other countries, round up and down to nearist 5 cents.

                {"commentId":3050270,"threadId":"364829","contentId":"1898047","authorDomain":"gregory-hinton"}
                  Reply#6 - Mon Sep 22, 2008 9:12 PM EDT
                  {"commentId":3050366,"authorDomain":"tandc35"}

                  It costs how much to mint a penny? To me just another example of someone in government having way to much time on their hands. How about government doing something constructive, like inventing a truth serum for politicians to prevent double speak.

                  {"commentId":3050366,"threadId":"364829","contentId":"1898047","authorDomain":"tandc35"}
                    Reply#7 - Mon Sep 22, 2008 9:21 PM EDT
                    {"commentId":3050684,"authorDomain":"kcpaull"}

                    While some people want to get rid of coins that cost more to make than they are worth, to some people, those who have to budget every single cent, pennies can be a life saver. I still bend over to pick up pennies I see in parking lots because I can remember when I didn't have enough money to eat more than crackers and potted meat. Also, I'd rather not make someone rich by rounding up to the nearest nickel or dime.

                    My husband still tracks every penny he earns and some might say why do that if you're comfortably well off and both of us will tell you that that is the only reason we are in good shape financially. We aren't rich, but we aren't saddled with a huge debt load either. If you want to have money to spend you save every penny you find or earn not throw them away like they are worthless.

                    {"commentId":3050684,"threadId":"364829","contentId":"1898047","authorDomain":"kcpaull"}
                    • 1 vote
                    Reply#8 - Mon Sep 22, 2008 9:46 PM EDT
                    {"commentId":3050954,"authorDomain":"kellortega"}

                    Get rid of the penny. Costs too much to make and funny that the last comment implies that those who don't value the penny, don't value money. That has nothing to do with it. The cost of making the penny is twice what is worth so I would say that is NOT valuing money. Other countries (like Australia) have gotten rid of the penny and it worked out fine.

                    {"commentId":3050954,"threadId":"364829","contentId":"1898047","authorDomain":"kellortega"}
                      Reply#9 - Mon Sep 22, 2008 10:08 PM EDT
                      {"commentId":3050995,"authorDomain":"sherrywright1"}

                      It is time to get real and eliminate both the penny and the nickel. How much money would our government save by making such a decision? Do an experiment: drop a few pennies and nickels and watch how many people just pass them by and don't even bother to pick them up. SIMPLIFY LIFE - ELIMINATE THESE WORTHLESS COINS!

                      {"commentId":3050995,"threadId":"364829","contentId":"1898047","authorDomain":"sherrywright1"}
                        Reply#10 - Mon Sep 22, 2008 10:11 PM EDT
                        {"commentId":3051360,"authorDomain":"proscribe"}

                        Good idea kel, so now the 99 cent stores can go up a penny and become the $ stores, I'll go along with that. Besides, I hate pennies, sometime I think they breed and multiply in my pockets.

                        {"commentId":3051360,"threadId":"364829","contentId":"1898047","authorDomain":"proscribe"}
                          Reply#11 - Mon Sep 22, 2008 10:42 PM EDT
                          {"commentId":3051423,"authorDomain":"tech701"}

                          Do away with coinage and paper money all together! We live in the computer age. Everyone uses debit and credit cards, who deals with cash anymore?

                          We haven't been on the gold standard in decades.

                          And while we are at it, do away with checks! Last time I stood in line at the grocery store an old lady was writing a check, took 10 minutes just to fill the thing out!

                          We don't need coins, paper money or checks. These are a waste of resources, time, and money.

                          {"commentId":3051423,"threadId":"364829","contentId":"1898047","authorDomain":"tech701"}
                            Reply#12 - Mon Sep 22, 2008 10:46 PM EDT
                            {"commentId":3051560,"authorDomain":"arachellea"}

                            who gives a crap

                            {"commentId":3051560,"threadId":"364829","contentId":"1898047","authorDomain":"arachellea"}
                              Reply#13 - Mon Sep 22, 2008 10:59 PM EDT
                              {"commentId":3052204,"authorDomain":"mikelibera"}

                              the lincoln penny is one of the great american coins, honoring one of the great american presidents; a president whom arguably saved the nation during its greatest trial. these coins have given untold numbers of children their first coin collection; complete collections which today are worth thousands of dollars. there is also a tremendous amount of recent history in pennies (example: shell-casing pennies from actual shells fired in ww2 and salvaged to send home to make pennies or steel (zinc) pennies made also during ww2 as a result of metal shortages at home). lots of people have mint sets from their birth year; sets which would be incomplete without the great lincoln penny. i love the penny and have watched many changes as it has evolved over the years. "a penny saved is a penny earned!"

                              {"commentId":3052204,"threadId":"364829","contentId":"1898047","authorDomain":"mikelibera"}
                                Reply#14 - Tue Sep 23, 2008 12:00 AM EDT
                                {"commentId":3052269,"authorDomain":"jlowe-2"}

                                Keep the penny circulating. If we get rid of it....what do we do...round up to the nearest nickel, dime, quarter or what. Personally, I'm tired of paying too much for groceries, gas, etc. I don't want to give anyone more than they are do.

                                {"commentId":3052269,"threadId":"364829","contentId":"1898047","authorDomain":"jlowe-2"}
                                  Reply#15 - Tue Sep 23, 2008 12:08 AM EDT
                                  {"commentId":3054376,"authorDomain":"jplynch"}

                                  somethings will round up, some down. the market and competition will sort that out. the efficiencies that will be gained by getting rid of a worthless piece of currency will be worth it. And if rounding is a problem, we already got rid of the half-cent coin, and we've never had (that I know of) a 1/10 cent coin.

                                  {"commentId":3054376,"threadId":"364829","contentId":"1898047","authorDomain":"jplynch"}
                                    #15.1 - Tue Sep 23, 2008 8:57 AM EDT
                                    Reply
                                    {"commentId":3052757,"authorDomain":"sqarg"}

                                    You want to dispose of inefficient currency? Then start with paper notes. Take a look at how long a paper dollar bill lasts (not to mention the germs it can carry) compared to a metal coin. And, I agree with "A Dad" when he says get rid of checks too. If you have a checking account, then get a debit card to go with it and ditch the checks. They're time consuming to fill out, to balance and to track when necessary. And they're not very "green" either. They're a waste of our natural resources. As for the future of coins, I'd like to see a different value set offered then what we have now. I'd like to see quarters, $1, $5, $20, and $100 coins only, no pennies, nickels or dimes. If you're truly, concerned about the losses imposed by missing those other coins then use a credit/debit card for your purchases.

                                    {"commentId":3052757,"threadId":"364829","contentId":"1898047","authorDomain":"sqarg"}
                                    • 1 vote
                                    Reply#16 - Tue Sep 23, 2008 1:31 AM EDT
                                    {"commentId":3053118,"authorDomain":"philcommander"}

                                    Replace Lincolns profile with George Bush.
                                    He deserves to be on a coin that is worthless.
                                    On the back there should be an engraving of an oil rig.

                                    {"commentId":3053118,"threadId":"364829","contentId":"1898047","authorDomain":"philcommander"}
                                    • 1 vote
                                    Reply#17 - Tue Sep 23, 2008 3:16 AM EDT
                                    {"commentId":3053212,"authorDomain":"codeblue"}

                                    When several new pennies were displayed on your web site, I did not see In God We Trust. It also did not show In God We Trust on the side. I am asking you people this question; where is the inscription, "In God We Trust on the new penny?" This web-site is where I go for the news. I hope you have an answer. I know already that a lot of people will not accept, or say they won't, the new penny without it. We will just ask for an old penny; the same way we do with the new gold dollar coin. We just politely say we would like a paper one dollar bill.

                                    {"commentId":3053212,"threadId":"364829","contentId":"1898047","authorDomain":"codeblue"}
                                    • 1 vote
                                    Reply#18 - Tue Sep 23, 2008 3:54 AM EDT
                                    {"commentId":3053724,"authorDomain":"evans-ric"}

                                    Why is our government wasting time and effort on this in the first place. Have we nothing better to waste our resources on these days? It's more valuable to melt down the pennies we have now and sell them to China as scrap copper than it is to mint more. Give me a break!

                                    {"commentId":3053724,"threadId":"364829","contentId":"1898047","authorDomain":"evans-ric"}
                                    • 1 vote
                                    Reply#19 - Tue Sep 23, 2008 7:32 AM EDT
                                    {"commentId":3062349,"authorDomain":"codeblue"}

                                    They need the copper in this country. In times of unrest as it is now. We may need to copper for amo. Also I am in need of someone to explain how this program works. Voting etc.

                                    {"commentId":3062349,"threadId":"364829","contentId":"1898047","authorDomain":"codeblue"}
                                    • 1 vote
                                    #19.1 - Tue Sep 23, 2008 4:03 PM EDT
                                    Reply
                                    {"commentId":3054171,"authorDomain":"Chas819"}

                                    We need to stop using pennies. If we drop the penny there will be an open space in cash register drawers for a dollar coin! Millions of dollars would be saved every year if pennies weren't minted and dollar bills weren't printed.

                                    {"commentId":3054171,"threadId":"364829","contentId":"1898047","authorDomain":"Chas819"}
                                    • 1 vote
                                    Reply#20 - Tue Sep 23, 2008 8:35 AM EDT
                                    {"commentId":3054267,"authorDomain":"2morrells"}

                                    Get rid of the penny and quarter and replace them with 20 and 30 cent coins. In another 5-10 years when inflation has further eroded the worth of money replace the nickel with a 40 cent piece. I would much rather deal with coins worth 10, 20, 30 and 40 cents. It makes for much less change in the pocket, and the government could probably produce much less new coins per year as a result, saving money and simplifying transactions.

                                    {"commentId":3054267,"threadId":"364829","contentId":"1898047","authorDomain":"2morrells"}
                                      Reply#21 - Tue Sep 23, 2008 8:46 AM EDT
                                      {"commentId":3054344,"authorDomain":"jplynch"}

                                      The penny is valueless. They're difficult to spend (no machine takes them). Merchants give them away. Money is meant to facilitate commerce. The smallest unit of money should have some practical value: you should be able to buy something with it. You can't with the penny. It should have been removed long ago.

                                      {"commentId":3054344,"threadId":"364829","contentId":"1898047","authorDomain":"jplynch"}
                                        Reply#22 - Tue Sep 23, 2008 8:54 AM EDT
                                        {"commentId":3056618,"authorDomain":"vermieden"}

                                        I don't think we should mint any more pennies, but I also do not think we should remove it altogether. Just keep the copper in circulation. Cut back on new mintings, most people don't care, the ones who do collect special coins are doing it to not spend them, have them fricken order them from the mint like those commercials we see for the Liberian $20 dollar-9/11 Commerative. And for the record, I've never been pissed off that I have a penny in my pocket, but those dollar coins I get from the Post Office actually get on my nerves. If you can't find a place that takes pennies, you are probabaly not in the US. If you can find a place that takes those Dollar coins, your LUCKY!!!

                                        {"commentId":3056618,"threadId":"364829","contentId":"1898047","authorDomain":"vermieden"}
                                          Reply#23 - Tue Sep 23, 2008 11:28 AM EDT
                                          {"commentId":3058452,"authorDomain":"b4r4n5k1"}

                                          You can't just stop minting pennies if you keep them in circulation. There will be penny shortages after a while. On second thought that actually might be good as stores will round up and down to give change and everyone will get used to dealing without pennies.

                                          I'm not sure what are you talking about the dollar coin. It's accepted absolutely everywhere in US. It's legal tender and no-one can refuse it. As a matter of fact most vending machines take it but they don't take the penny.

                                          {"commentId":3058452,"threadId":"364829","contentId":"1898047","authorDomain":"b4r4n5k1"}
                                            #23.1 - Tue Sep 23, 2008 12:58 PM EDT
                                            Reply
                                            {"commentId":3063265,"authorDomain":"kingdutka"}

                                            Viva Revolution! Overthrow the government! Democracy?? Not in the US, that's for sure! What a joke...

                                            These are the same idiots that blew up the Twin Towers in NY and blamed terrorists...

                                            {"commentId":3063265,"threadId":"364829","contentId":"1898047","authorDomain":"kingdutka"}
                                              Reply#24 - Tue Sep 23, 2008 4:46 PM EDT
                                              {"commentId":3071251,"authorDomain":"michaelswann"}

                                              The Federal Reserve, which distributes money to banks, pays face value for coins. If a coin costs less to manufacture than the face value, the Mint makes a profit. The Mint roughly makes $45 million a year in coin sales, the penny costs about 1.23 cents to produce and the nickle costs about 7.3 cents to produce, but the dime costs about 4.2 cents, the quarter costs about 10.2 cents, and the dollar coin costs about 16 cents. On the whole the Mint makes a profit producing coins.

                                              They didn't redesign the penny for no particular reason, it's not a pointless endeavor. Just like the 50 state quarter project and the commemorative Lewis & Clark nickles, the pennies are being redesigned to celebrate part of our nations history, it's a keepsake. I plan on keeping some of each of the four designs. Those coins will have greater value in the future after they go back to the original design.

                                              And those that want to drop the penny. Deal with it, it's the current system and it's not going to change. The penny is not the smallest unit - most transactions made by America's major firms are broken down to tenths, even hundreths of a penny and gas is priced to the third digit, i.e. $3.78(9) - that's the little 9 that you see at the pump - it actually means something.

                                              So stop whining about the "valueless" penny. It's not going anywhere. There are worse things in life anyway.

                                              {"commentId":3071251,"threadId":"364829","contentId":"1898047","authorDomain":"michaelswann"}
                                              • 1 vote
                                              Reply#25 - Wed Sep 24, 2008 1:33 AM EDT
                                              {"commentId":3076919,"authorDomain":"kramer-mw"}

                                              Keepsakes should come from the Franklin Mint not the Fed. Pointless waste of money.

                                              {"commentId":3076919,"threadId":"364829","contentId":"1898047","authorDomain":"kramer-mw"}
                                                #25.1 - Wed Sep 24, 2008 12:39 PM EDT
                                                {"commentId":3526880,"authorDomain":"michaelswann"}

                                                It doesn't matter where a keepsake comes from and if you want to get nit picky the coins come from the Federal Mints in Denver & Pensylvania - the people in charge of coin production?

                                                If you're worried about the government wasting tax payer dollars, than do something about healthcare or the numerous line items in the Federal Budget that need to be removed. There are items in the budget that are still being acounted for from 30, 40, even 50 years ago. Money is being sent to programs that don't even have any purpiose.

                                                Layoff the coinage unless you want start bartering with handmade goods, stones, and your children.

                                                {"commentId":3526880,"threadId":"364829","contentId":"1898047","authorDomain":"michaelswann"}
                                                  #25.2 - Thu Oct 16, 2008 11:30 AM EDT
                                                  Reply
                                                  Jump to discussion page: 1 2
                                                  {"canLink":false,"threadId":"364829","isPrivate":false}
                                                  Leave a Comment:
                                                  You're in Easy Mode. If you prefer, you can use XHTML Mode instead.
                                                  As a new user, you may notice a few temporary content restrictions. Click here for more info.
                                                  {"threadId":"364829","contentId":"1898047"}
                                                  Start TrackingStart Tracking
                                                  Stop TrackingStop Tracking
                                                  RSS feedSyndicate this contentRecent Articles & Seeds
                                                  Al Olson's Latest Comments
                                                  Comments & Feedback