Should the U.S Penny Stay or Go?

December 27th, 2012 Tipsico Coin

In fall of 2012, Canada stopped producing pennies and now intends to phase out their circulation. The claim was that it cost their government more money to construct a one-cent piece, than it was actually worth.

Since then, there has been a lot of talk and debating going on about whether or not the U.S. should follow suit and eliminate our penny as well. Now, President Obama did mention in his budget plan that he would like to change the materials we use to craft coins. This plan offers an alternative solution to the problem, instead of eradicating the penny all together. This may be an ideal fix, however eliminating the penny does not seem to be in our near future, phew!

 

Is Eliminating the US Penny Bad for Coin Collectors

Photo Courtesy of http://www.usmint.gov/

Now, what does that mean for us, the coin enthusiasts? Will the value of the penny increase if the government decides to cease production? Will pennies suddenly become worth more? Even with the glimmer of hope that a penny would someday increase in value, the rise may not be a substantial one; pennies are extremely abundant. So, should we even consider the idea of eliminating our one-cent piece?


What is your stand on the penny apocalypse? Let us know what you think!

 

 

Post By Alex Pancheco of Tipsico Coin LLC.

 

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