Many of the reasons for eliminating the penny apply to other coins as well. Inflation has destroyed the value of nickels and dimes as well as pennies. 20 We could easily get rid of pennies, nickels, and dimes and be no more inconvenienced than the average person in 1913.
They're Bad for the Environment
They come from mines in the earth — zinc mines, mostly, because pennies are more than 97% zinc. As the U.S. Mint explains, the copper surface of a penny accounts for only 2.5% of its metal content. ... Producing pennies also uses a great deal of energy.
For most pennies, those minted in recent years are worth, well, a penny. Most wheat cents (wheat pennies were minted between 1909 and 1956) are worth about 4 to 5 cents. Those in better condition can have double-digit value. Special examples (especially those in near perfect condition) can be worth much more.
Those who favor keeping the penny believe the penny plays an important role in keeping down the costs of the goods and services we buy. If there were no pennies, stores and restaurants would round up to the nearest nickel. This means consumers would end up paying $0.55 for something that should cost only $0.51.
The Death of the Penny – US Mint to Cease Penny Production in 2023. ... 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.
Why Do Pennies Still Exist? Pennies have almost no purchasing power; it costs more to mint a penny than a penny is worth; and the U.S. Mint could cut its workload significantly just by ceasing production.
Copper Pennies Are NOT 100% Copper!
It wasn't until 1982 that pennies started getting minted with 97.5% zinc. (Surprisingly, there are many people in the US that don't know that the modern day penny is zinc. ) Copper Pennies Are NOT Worth Copper Spot Price!
Retire the Penny is a commonsense, non-partisan coalition of individuals, businesses, and political leaders who understand that eliminating the penny from circulation could save the US government close to $85 million annually. The penny costs twice as much as to produce than it is worth.
While there are some Kennedy half minor varieties, there are no issues that are exceedingly rare or expensive. The mint made special collector coins from 1965 to 1967, and again beginning in 1992. ... Although they appear unique, billions of these coins were minted and carry no premium value.
CoinTrackers.com has estimated the 1977 Lincoln Penny value at an average of 1 cent, one in certified mint state (MS+) could be worth $8.
You should keep all pre-1982 pennies. If you can distinguish between 1982 brass and zinc pennies, keep the brass ones. All wheat pennies are worth keeping. Keep all pennies (even recent ones) that appear to have something “off” about them — they may be error or die variety coins.
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